SAS DES COUSINS : revenue, balance sheet and financial ratios

In 2025, SAS DES COUSINS achieves revenue of 2.5 M€. Activity remains stable over the period (CAGR: -2.0%). Slight decline of -3% vs 2024. After deducting consumption (1.1 M€), gross margin stands at 1.3 M€, i.e. a rate of 54%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 540 k€, representing 22.0% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -22%, reducing margin by 5.1 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 339 k€, i.e. 13.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 5%. 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 80%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 19.2% 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 530.89. 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 0.1x. 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: 83 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 94 days. Favorable situation: supplier credit is longer than customer credit by 11 days. Inventory turnover is 15 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 129 days of revenue, i.e. 882 k€ to permanently finance. Over 2020-2025, WCR increased by +39%, requiring additional financing.

Based on 138 transactions of similar company sales (all years), the value of SAS DES COUSINS is estimated at 1 374 265 € (range 476 077€ - 2 409 416€). With an EBITDA of 539 846€, the sector multiple of 3.3x is applied. The price/revenue ratio is 0.41x (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.