ROCHE : revenue, balance sheet and financial ratios

ROCHE is a French company founded 46 years ago, specialized in the sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques. Based in BOULOGNE-BILLANCOURT (92100), this company of category ETI shows in 2024 a revenue of 1.5 Mds€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-02

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - ROCHE (SIREN 552012031)
Indicator 2024 2023 2022 2021 2020 2019 2018 2017 2016
Revenue 1 464 418 908 € 1 298 812 330 € 1 196 737 814 € 1 153 925 216 € 1 061 370 185 € 999 958 361 € 1 059 478 865 € 1 307 090 113 € 1 414 713 077 €
Net income 62 029 739 € 56 682 830 € 31 096 317 € 27 336 538 € 17 267 117 € 21 399 895 € 34 455 213 € 21 428 146 € 25 974 686 €
EBITDA -38 313 115 € 9 549 967 € -41 810 195 € -28 098 392 € -29 896 404 € -46 902 586 € -55 841 250 € -23 616 517 € -10 890 906 €
Net margin 4.2% 4.4% 2.6% 2.4% 1.6% 2.1% 3.3% 1.6% 1.8%

Revenue and income statement

In 2024, ROCHE achieves revenue of 1.5 Bn€. Revenue is growing positively over 9 years (CAGR: +0.4%). Vs 2023, growth of +13% (1.3 Bn€ -> 1.5 Bn€). After deducting consumption (1.1 Bn€), gross margin stands at 322.9 M€, i.e. a rate of 22%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches -38.3 M€, representing -2.6% of revenue. Warning negative scissor effect: despite revenue change (+13%), EBITDA varies by -501%, reducing margin by 3.4 pts. This reflects costs rising faster than revenue. Negative EBITDA means operations do not cover current expenses: concerning situation. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 62.0 M€, i.e. 4.2% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2024) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

1 464 418 908 €

Gross margin (2024) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

322 860 298 €

EBITDA (2024) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

-38 313 115 €

EBIT (2024) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

65 101 083 €

Net income (2024) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

62 029 739 €

EBITDA margin (2024) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

-2.6%

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Chart evolution

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 23%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 3.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2024) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

23.426%

Financial autonomy (2024) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

9.183%

Cash flow / Revenue (2024) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

3.133%

Repayment capacity (2024) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

0.532

Asset age ratio (2024) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

53.4%

Solvency indicators evolution
ROCHE

Sector positioning

Debt ratio
23.43 2024
2022
2023
2024
Q1: 0.0
Med: 4.27
Q3: 43.96
Average

In 2024, the debt ratio of ROCHE (23.43) ranks above the median of the sector. This ratio measures the weight of debt relative to equity. A reduction effort could improve financial strength.

Financial autonomy
9.18% 2024
2022
2023
2024
Q1: 14.64%
Med: 38.36%
Q3: 60.56%
Average

In 2024, the financial autonomy of ROCHE (9.2%) ranks below the median of the sector. This ratio represents the share of equity in total financing. An improvement would strengthen the competitive position.

Repayment capacity
0.53 years 2024
2022
2023
2024
Q1: 0.0 years
Med: 0.0 years
Q3: 1.09 years
Average -12 pts over 3 years

In 2024, the repayment capacity of ROCHE (0.53) ranks above the median of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A reduction effort could improve financial strength.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 113.23. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Liquidity ratio (2024) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

113.232

Interest coverage (2024) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

-5.114

Liquidity indicators evolution
ROCHE

Sector positioning

Liquidity ratio
113.23 2024
2022
2023
2024
Q1: 132.74
Med: 202.27
Q3: 325.9
Watch

In 2024, the liquidity ratio of ROCHE (113.23) ranks in the bottom 25% of the sector. This ratio measures the ability to cover short-term debt with current assets. A ratio below 1 may signal potential cash flow tensions.

Interest coverage
-5.11x 2024
2022
2023
2024
Q1: 0.0x
Med: 0.41x
Q3: 6.25x
Average

In 2024, the interest coverage of ROCHE (-5.1x) ranks below the median of the sector. This ratio indicates how many times operating income covers interest expenses. An improvement would strengthen the competitive position.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 38 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 56 days. Favorable situation: supplier credit is longer than customer credit by 18 days. Inventory turnover is 59 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 80 days of revenue, i.e. 325.9 M€ to permanently finance. Notable WCR improvement over the period (-21%), freeing up cash.

Operating WCR (2024) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

325 906 428 €

Customer credit (2024) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

38 j

Supplier credit (2024) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

56 j

Inventory turnover (2024) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

59 j

WCR in days of revenue (2024) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

80 j

WCR and payment terms evolution
ROCHE

Positioning of ROCHE in its sector

Comparison with sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques

Valuation estimate

Based on 124 transactions of similar company sales (all years), the value of ROCHE is estimated at 207 513 603 € (range 109 234 349€ - 641 258 033€). The price/revenue ratio is 0.21x (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.

Estimated enterprise value 2024
124 transactions
109234k€ 207513k€ 641258k€
207 513 603 € Range: 109 234 349€ - 641 258 033€
NAF 5 all-time

Valuation detail by method

Ajustez les pondérations selon votre analyse

Revenue Multiple 30%
1 464 418 908 € × 0.21x
Estimation 311 883 739 €
169 127 161€ - 944 700 975€
Net Income Multiple 20%
62 029 739 € × 0.8x
Estimation 50 958 401 €
19 395 134€ - 186 093 621€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 124 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Commerce de gros (commerce interentreprises) de produits pharmaceutiques)

Compare ROCHE with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) de produits pharmaceutiques

Frequently asked questions about ROCHE

What is the revenue of ROCHE ?

The revenue of ROCHE in 2024 is 1.5 Mds€.

Is ROCHE profitable?

Yes, ROCHE generated a net profit of 62.0 M€ in 2024.

Where is the headquarters of ROCHE ?

The headquarters of ROCHE is located in BOULOGNE-BILLANCOURT (92100), in the department Hauts-de-Seine.

Where to find the tax return of ROCHE ?

The tax return of ROCHE is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does ROCHE operate?

ROCHE operates in the sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques (NAF code 46.46Z). See the 'Sector positioning' section above to compare the company with its competitors.