TSF : revenue, balance sheet and financial ratios

TSF is a French company founded 33 years ago, specialized in the sector Location et location-bail d'autres machines, équipements et biens matériels n.c.a. . Based in SAINT-DENIS (93200), this company of category PME shows in 2024 a revenue of 37.0 M€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-04-25

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - TSF (SIREN 389471517)
Indicator 2024 2023 2022 2021 2020 2019 2018 2017 2016
Revenue 37 026 158 € 39 257 937 € 35 395 497 € 33 677 124 € 22 085 811 € 28 065 782 € 28 671 753 € 29 708 374 € 30 281 014 €
Net income -954 604 € 5 939 653 € 1 647 950 € 1 218 320 € -2 337 770 € 552 787 € 801 754 € 309 309 € 1 696 251 €
EBITDA 2 800 352 € 5 997 801 € 5 170 134 € 4 430 648 € -490 144 € 2 522 690 € 1 840 231 € 1 872 537 € 2 552 745 €
Net margin -2.6% 15.1% 4.7% 3.6% -10.6% 2.0% 2.8% 1.0% 5.6%

Revenue and income statement

In 2024, TSF achieves revenue of 37.0 M€. Revenue is growing positively over 9 years (CAGR: +2.5%). Slight decline of -6% vs 2023. After deducting consumption (1.9 M€), gross margin stands at 35.1 M€, i.e. a rate of 95%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.8 M€, representing 7.6% of revenue. Warning negative scissor effect: despite revenue change (-6%), EBITDA varies by -53%, reducing margin by 7.7 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -955 k€ (-2.6% of revenue), which will impact equity.

Revenue (2024) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

37 026 158 €

Gross margin (2024) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

35 077 739 €

EBITDA (2024) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

2 800 352 €

EBIT (2024) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

223 282 €

Net income (2024) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

-954 604 €

EBITDA margin (2024) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

7.5%

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 110%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 40%. 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 11.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 5.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

Debt ratio (2024) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

110.377%

Financial autonomy (2024) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

40.421%

Cash flow / Revenue (2024) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

5.141%

Repayment capacity (2024) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

11.443

Asset age ratio (2024) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

21.6%

Solvency indicators evolution
TSF

Sector positioning

Debt ratio
110.38 2024
2022
2023
2024
Q1: -100.0
Med: 0.64
Q3: 140.56
Average -5 pts over 3 years

In 2024, the debt ratio of TSF (110.38) ranks above the median of the sector. This ratio measures the weight of debt relative to equity. A reduction effort could improve financial strength.

Financial autonomy
40.42% 2024
2022
2023
2024
Q1: 0.16%
Med: 27.61%
Q3: 57.05%
Good +8 pts over 3 years

In 2024, the financial autonomy of TSF (40.4%) ranks above the median of the sector. This ratio represents the share of equity in total financing. This comfortable position offers an appreciable safety margin.

Repayment capacity
11.44 years 2024
2022
2023
2024
Q1: 0.0 years
Med: 1.47 years
Q3: 3.37 years
Watch

In 2024, the repayment capacity of TSF (11.44) ranks in the top 25% of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A long duration may signal heavy debt relative to repayment capacity.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 243.75. 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 26.1x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2024) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

243.746

Interest coverage (2024) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

26.115

Liquidity indicators evolution
TSF

Sector positioning

Liquidity ratio
243.75 2024
2022
2023
2024
Q1: 5.79
Med: 108.88
Q3: 285.52
Good

In 2024, the liquidity ratio of TSF (243.75) ranks above the median of the sector. This ratio measures the ability to cover short-term debt with current assets. This comfortable position offers an appreciable safety margin.

Interest coverage
26.11x 2024
2022
2023
2024
Q1: 0.0x
Med: 0.31x
Q3: 3.91x
Excellent

In 2024, the interest coverage of TSF (26.1x) ranks in the top 25% of the sector. This ratio indicates how many times operating income covers interest expenses. High coverage means financial charges weigh little on profitability.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 32 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 54 days. Favorable situation: supplier credit is longer than customer credit by 22 days. Inventory turnover is 15 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 128 days of revenue, i.e. 13.2 M€ to permanently finance. Over 2016-2024, WCR increased by +216%, requiring additional financing.

Operating WCR (2024) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

13 167 613 €

Customer credit (2024) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

32 j

Supplier credit (2024) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

54 j

Inventory turnover (2024) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

15 j

WCR in days of revenue (2024) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

128 j

WCR and payment terms evolution
TSF

Positioning of TSF in its sector

Comparison with sector Location et location-bail d'autres machines, équipements et biens matériels n.c.a.

Valuation estimate

Indicative estimate only : the number of comparable transactions in this sector is limited (38 transactions). This range of 11 336 342€ to 17 872 237€ is provided for information purposes only and requires in-depth analysis to be confirmed.

Estimated enterprise value 2024
Indicative
11336k€ 11842k€ 17872k€
11 842 429 € Range: 11 336 342€ - 17 872 237€
NAF 5 all-time

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 38 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Location et location-bail d'autres machines, équipements et biens matériels n.c.a. )

Compare TSF with other companies in the same sector:

Voir toutes les statistiques du secteur Location et location-bail d'autres machines, équipements et biens matériels n.c.a.

Frequently asked questions about TSF

What is the revenue of TSF ?

The revenue of TSF in 2024 is 37.0 M€.

Is TSF profitable?

TSF recorded a net loss in 2024.

Where is the headquarters of TSF ?

The headquarters of TSF is located in SAINT-DENIS (93200), in the department Seine-Saint-Denis.

Where to find the tax return of TSF ?

The tax return of TSF is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does TSF operate?

TSF operates in the sector Location et location-bail d'autres machines, équipements et biens matériels n.c.a. (NAF code 77.39Z). See the 'Sector positioning' section above to compare the company with its competitors.