SIREN : 749831129
SPI2 is a French company founded 14 years ago, specialized in the sector Activités de conditionnement. Based in SAINT-VULBAS (01150), this company of category ETI shows in 2025 a revenue of 4.2 M€. 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
| Indicator | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 200 566 € | 4 977 652 € | 3 717 112 € | 4 541 333 € | 5 356 054 € | 6 514 257 € | 8 311 986 € | 8 524 517 € |
| Net income | 9 509 € | 42 367 € | 98 660 € | 291 569 € | 458 270 € | 639 459 € | 966 187 € | 867 435 € |
| EBITDA | 48 939 € | 99 956 € | 100 136 € | 379 347 € | 705 290 € | 982 962 € | 1 572 738 € | 1 727 538 € |
| Net margin | 0.2% | 0.9% | 2.7% | 6.4% | 8.6% | 9.8% | 11.6% | 10.2% |
In 2025, SPI2 achieves revenue of 4.2 M€. Revenue is declining over the period 2017-2025 (CAGR: -8.5%). Significant drop of -16% vs 2024. After deducting consumption (217 k€), gross margin stands at 4.0 M€, i.e. a rate of 95%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 49 k€, representing 1.2% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 10 k€, i.e. 0.2% of revenue. This profit can be retained or distributed to shareholders.
4 200 566 €
3 983 271 €
48 939 €
50 066 €
9 509 €
1.2%
The debt ratio (= Financial debt / Equity x 100) stands at 116%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 26%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 35.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.
115.812%
26.13%
0.31%
35.002
4.1%
In 2025, the debt ratio of SPI2 (115.81) ranks in the top 25% of the sector. This ratio measures the weight of debt relative to equity. A high ratio may indicate excessive dependence on external financing.
In 2025, the financial autonomy of SPI2 (26.1%) ranks below the median of the sector. This ratio represents the share of equity in total financing. An improvement would strengthen the competitive position.
In 2025, the repayment capacity of SPI2 (35.00) ranks in the top 25% of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A long duration may signal heavy debt relative to repayment capacity.
The liquidity ratio (= Current assets / Current liabilities) stands at 209.58. 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 73.6x. Operating income very largely covers interest expenses: high safety margin.
209.582
73.565
In 2025, the liquidity ratio of SPI2 (209.58) ranks below the median of the sector. This ratio measures the ability to cover short-term debt with current assets. An improvement would strengthen the competitive position.
In 2025, the interest coverage of SPI2 (73.6x) ranks in the top 25% of the sector. This ratio indicates how many times operating income covers interest expenses. High coverage means financial charges weigh little on profitability.
Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 55 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 40 days. The company must finance 15 days of gap between collections and payments. Inventory turnover is 13 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 36 days of revenue, i.e. 423 k€ to permanently finance. Notable WCR improvement over the period (-71%), freeing up cash.
422 577 €
55 j
40 j
13 j
36 j
Based on 158 transactions of similar company sales (all years), the value of SPI2 is estimated at 536 937 € (range 262 819€ - 1 050 292€). With an EBITDA of 48 939€, the sector multiple of 3.3x is applied. The price/revenue ratio is 0.36x (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.
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This estimate is based on the analysis of 158 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.
This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).
Compare SPI2 with other companies in the same sector:
Voir toutes les statistiques du secteur Activités de conditionnement
The revenue of SPI2 in 2025 is 4.2 M€.
Yes, SPI2 generated a net profit of 10 k€ in 2025.
The headquarters of SPI2 is located in SAINT-VULBAS (01150), in the department Ain.
The tax return of SPI2 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).
SPI2 operates in the sector Activités de conditionnement (NAF code 82.92Z). See the 'Sector positioning' section above to compare the company with its competitors.