TPS3 (TANKS PIECES SERVICES) : revenue, balance sheet and financial ratios

In 2025, TPS3 (TANKS PIECES SERVICES) achieves revenue of 4.3 M€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +17.3%. Vs 2024: +5%. After deducting consumption (2.9 M€), gross margin stands at 1.4 M€, i.e. a rate of 33%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 529 k€, representing 12.3% of revenue. Positive scissor effect: EBITDA margin improves by +7.9 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 366 k€, i.e. 8.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 47%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 43%. 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 9.0% 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 237.81. 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 5.5x. 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: 48 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 55 days. Favorable situation: supplier credit is longer than customer credit by 7 days. Inventory turnover is 69 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 112 days of revenue, i.e. 1.3 M€ to permanently finance. Over 2017-2025, WCR increased by +124%, requiring additional financing.

Based on 276 transactions of similar company sales (all years), the value of TPS3 (TANKS PIECES SERVICES) is estimated at 906 885 € (range 321 949€ - 2 225 118€). With an EBITDA of 528 805€, the sector multiple of 1.7x is applied. The price/revenue ratio is 0.18x (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.