THALES SERVICES NUMERIQUES SAS : revenue, balance sheet and financial ratios

In 2024, THALES SERVICES NUMERIQUES SAS achieves revenue of 631.5 M€. Revenue is growing positively over 9 years (CAGR: +4.9%). Vs 2023: +4%. After deducting consumption (85.9 M€), gross margin stands at 545.5 M€, i.e. a rate of 86%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 34.0 M€, representing 5.4% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 13.1 M€, i.e. 2.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 41%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.3% 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 125.82. 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 90.7x. 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: 94 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 91 days. The company must finance 3 days of gap between collections and payments. Inventory turnover is 7 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 39 days of revenue, i.e. 69.1 M€ to permanently finance.

Based on 215 transactions of similar company sales (all years), the value of THALES SERVICES NUMERIQUES SAS is estimated at 50 868 920 € (range 24 249 744€ - 140 220 525€). With an EBITDA of 33 967 654€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.16x (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.