SYSTEME ETUDE TECHNIQUE : revenue, balance sheet and financial ratios

In 2025, SYSTEME ETUDE TECHNIQUE achieves revenue of 1.2 M€. Revenue is growing positively over 9 years (CAGR: +2.8%). Significant drop of -12% vs 2024. After deducting consumption (498 k€), gross margin stands at 691 k€, i.e. a rate of 58%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 155 k€, representing 13.1% of revenue. Positive scissor effect: EBITDA margin improves by +8.6 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 146 k€, i.e. 12.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 24%. 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 60%. 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 1.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 12.9% 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 306.80. 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 2.6x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 108 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 92 days. The company must finance 16 days of gap between collections and payments. Inventory turnover is 111 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 239 days of revenue, i.e. 788 k€ to permanently finance. Over 2017-2025, WCR increased by +56%, requiring additional financing.

Based on 61 transactions of similar company sales (all years), the value of SYSTEME ETUDE TECHNIQUE is estimated at 413 576 € (range 101 449€ - 782 264€). With an EBITDA of 155 257€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.33x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.