P.S.M. : revenue, balance sheet and financial ratios

In 2025, P.S.M. achieves revenue of 7.9 M€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +27.3%. Vs 2024: +8%. After deducting consumption (1.7 M€), gross margin stands at 6.2 M€, i.e. a rate of 79%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 779 k€, representing 9.9% of revenue. Positive scissor effect: EBITDA margin improves by +4.2 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 70 k€, i.e. 0.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 286%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 14%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.5 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 10.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 172.82. 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 22.7x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 298 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 135 days. The gap of 163 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 9 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 290 days of revenue, i.e. 6.4 M€ to permanently finance. Over 2017-2025, WCR increased by +366%, requiring additional financing.

Based on 142 transactions of similar company sales (all years), the value of P.S.M. is estimated at 2 119 761 € (range 370 318€ - 4 047 215€). With an EBITDA of 778 562€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.40x (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.