SAS OJ2D : revenue, balance sheet and financial ratios

In 2025, SAS OJ2D achieves revenue of 2.8 M€. Revenue is growing positively over 7 years (CAGR: +3.5%). Significant drop of -15% vs 2024. After deducting consumption (1.6 M€), gross margin stands at 1.1 M€, i.e. a rate of 41%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 330 k€, representing 12.0% of revenue. Warning negative scissor effect: despite revenue change (-15%), EBITDA varies by -47%, reducing margin by 7.2 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 233 k€, i.e. 8.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 11%. 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 57%. 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 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 254.68. 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 0.7x. 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: 72 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 58 days. The company must finance 14 days of gap between collections and payments. Inventory turnover is 40 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 121 days of revenue, i.e. 929 k€ to permanently finance.

Based on 124 transactions of similar company sales (all years), the value of SAS OJ2D is estimated at 330 393 € (range 164 890€ - 1 095 572€). With an EBITDA of 330 067€, the sector multiple of 0.7x is applied. 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.