PROXIGAZ : revenue, balance sheet and financial ratios

In 2025, PROXIGAZ achieves revenue of 8.0 M€. Activity remains stable over the period (CAGR: -0.0%). Slight decline of -7% vs 2024. After deducting consumption (0 €), gross margin stands at 8.0 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 388 k€, representing 4.8% of revenue. Warning negative scissor effect: despite revenue change (-7%), EBITDA varies by -47%, reducing margin by 3.5 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 350 k€, i.e. 4.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 142%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 8%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 11.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 101.64. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 1.0x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 87 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 39 days. The gap of 48 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 28 days of revenue, i.e. 619 k€ to permanently finance. Over 2016-2025, WCR increased by +108%, requiring additional financing.

Based on 229 transactions of similar company sales (all years), the value of PROXIGAZ is estimated at 1 215 559 € (range 518 547€ - 3 439 926€). With an EBITDA of 388 360€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.32x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.