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SUBSTIPHARM : revenue, balance sheet and financial ratios

SUBSTIPHARM is a French company founded 21 years ago, specialized in the sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques. Based in PARIS (75016), this company of category ETI shows in 2020 a revenue of 133.0 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

Financial history - SUBSTIPHARM (SIREN 480064385)
Indicator 2020
Revenue 132 999 762 €
Net income 10 365 638 €
EBITDA 16 664 464 €
Net margin 7.8%

Revenue and income statement

In 2020, SUBSTIPHARM achieves revenue of 133.0 M€. After deducting consumption (60.2 M€), gross margin stands at 72.8 M€, i.e. a rate of 55%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 16.7 M€, representing 12.5% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 10.4 M€, i.e. 7.8% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2020) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

132 999 762 €

Gross margin (2020) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

72 786 970 €

EBITDA (2020) ?
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

16 664 464 €

EBIT (2020) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

16 357 085 €

Net income (2020) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

10 365 638 €

EBITDA margin (2020) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

12.5%

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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 111%. Debt level is high: negotiating margin with banks is reduced. 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 3.9 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 8.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

Debt ratio (2020) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

110.808%

Financial autonomy (2020) ?
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

30.578%

Cash flow / Revenue (2020) ?
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

8.72%

Repayment capacity (2020) ?
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

3.899

Asset age ratio (2020) ?
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

51.7%

Solvency indicators evolution
SUBSTIPHARM

Sector positioning

Debt ratio
110.81 2020
2020
Q1: 0.0
Med: 9.34
Q3: 68.4
Average

In 2020, the debt ratio of SUBSTIPHARM (110.81) 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
30.58% 2020
2020
Q1: 14.08%
Med: 36.68%
Q3: 58.19%
Average

In 2020, the financial autonomy of SUBSTIPHARM (30.6%) 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
3.9 years 2020
2020
Q1: 0.0 years
Med: 0.01 years
Q3: 1.74 years
Watch

In 2020, the repayment capacity of SUBSTIPHARM (3.90) 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.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 183.41. 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 5.2x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2020) ?
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

183.409

Interest coverage (2020) ?
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

5.158

Liquidity indicators evolution
SUBSTIPHARM

Sector positioning

Liquidity ratio
183.41 2020
2020
Q1: 139.76
Med: 208.19
Q3: 335.17
Average

In 2020, the liquidity ratio of SUBSTIPHARM (183.41) 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.

Interest coverage
5.16x 2020
2020
Q1: 0.0x
Med: 0.25x
Q3: 3.9x
Excellent

In 2020, the interest coverage of SUBSTIPHARM (5.2x) 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) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 60 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 117 days. Excellent situation: suppliers finance 57 days of the operating cycle (retail model). Inventory turnover is 71 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 181 days of revenue, i.e. 66.8 M€ to permanently finance.

Operating WCR (2020) ?
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

66 824 400 €

Customer credit (2020) ?
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

60 j

Supplier credit (2020) ?
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

117 j

Inventory turnover (2020) ?
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

71 j

WCR in days of revenue (2020) ?
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

181 j

WCR and payment terms evolution
SUBSTIPHARM

Positioning of SUBSTIPHARM 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 SUBSTIPHARM is estimated at 16 065 704 € (range 8 028 859€ - 53 305 313€). With an EBITDA of 16 664 464€, 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.

Estimated enterprise value 2020
124 transactions
8028k€ 16065k€ 53305k€
16 065 704 € Range: 8 028 859€ - 53 305 313€
NAF 5 all-time

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
16 664 464 € × 0.7x
Estimation 11 729 869 €
5 545 127€ - 42 692 442€
Revenue Multiple 30%
132 999 762 € × 0.21x
Estimation 28 325 545 €
15 360 272€ - 85 798 540€
Net Income Multiple 20%
10 365 638 € × 0.8x
Estimation 8 515 534 €
3 241 073€ - 31 097 650€
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 SUBSTIPHARM 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 SUBSTIPHARM

What is the revenue of SUBSTIPHARM ?

The revenue of SUBSTIPHARM in 2020 is 133.0 M€.

Is SUBSTIPHARM profitable?

Yes, SUBSTIPHARM generated a net profit of 10.4 M€ in 2020.

Where is the headquarters of SUBSTIPHARM ?

The headquarters of SUBSTIPHARM is located in PARIS (75016), in the department Paris.

Where to find the tax return of SUBSTIPHARM ?

The tax return of SUBSTIPHARM 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 SUBSTIPHARM operate?

SUBSTIPHARM 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.