TISSAGE DE LA COURBE : revenue, balance sheet and financial ratios

In 2024, TISSAGE DE LA COURBE achieves revenue of 209 k€. Revenue is growing positively over 5 years (CAGR: +1.2%). Significant drop of -18% vs 2023. After deducting consumption (59 k€), gross margin stands at 150 k€, i.e. a rate of 72%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 7 k€, representing 3.5% of revenue. Warning negative scissor effect: despite revenue change (-18%), EBITDA varies by -56%, reducing margin by 3.0 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 24 k€, i.e. 11.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at -148%. 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 -39%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 6.6% 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 82.18. 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 7.5x. 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: 24 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 182 days. Excellent situation: suppliers finance 158 days of the operating cycle (retail model). Inventory turnover is 400 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 10 days of revenue, i.e. 6 k€ to permanently finance. Over 2020-2024, WCR increased by +115%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (31 transactions). This range of 13 395€ to 72 171€ is provided for information purposes only and requires in-depth analysis to be confirmed.