THERMOLAB : revenue, balance sheet and financial ratios

In 2024, THERMOLAB achieves revenue of 714 k€. Over the period 2019-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.8%. Significant drop of -87% vs 2022. After deducting consumption (384 k€), gross margin stands at 329 k€, i.e. a rate of 46%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 33 k€, representing 4.6% of revenue. Warning negative scissor effect: despite revenue change (-87%), EBITDA varies by -98%, reducing margin by 31.5 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 68 k€, i.e. 9.5% 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 91%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.7% 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 1211.44. 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 1.8x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 118 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 93 days. The company must finance 25 days of gap between collections and payments. Inventory turnover is 515 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 562 days of revenue, i.e. 1.1 M€ to permanently finance. Over 2019-2024, WCR increased by +739%, requiring additional financing.

Based on 50 transactions of similar company sales (all years), the value of THERMOLAB is estimated at 119 797 € (range 64 705€ - 306 016€). With an EBITDA of 32 714€, the sector multiple of 1.8x is applied. The price/revenue ratio is 0.32x (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.