SPIRIT MOTOR AIX : revenue, balance sheet and financial ratios

In 2025, SPIRIT MOTOR AIX achieves revenue of 2.6 M€. Revenue is growing positively over 6 years (CAGR: +1.4%). Significant drop of -29% vs 2024. After deducting consumption (1.9 M€), gross margin stands at 670 k€, i.e. a rate of 26%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 18 k€, representing 0.7% of revenue. Warning negative scissor effect: despite revenue change (-29%), EBITDA varies by -89%, reducing margin by 3.9 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -12 k€ (-0.5% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 38%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 31%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 130.29. 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 35.2x. 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: 4 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 75 days. Excellent situation: suppliers finance 71 days of the operating cycle (retail model). Inventory turnover is 100 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 74 days of revenue, i.e. 536 k€ to permanently finance. Over 2016-2025, WCR increased by +90%, requiring additional financing.

Based on 131 transactions of similar company sales in 2025, the value of SPIRIT MOTOR AIX is estimated at 521 868 € (range 342 521€ - 1 073 555€). With an EBITDA of 18 434€, the sector multiple of 3.0x is applied. The price/revenue ratio is 0.50x (in line with sector norms). 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.