VARIAN MEDICAL SYSTEMS FRANCE : revenue, balance sheet and financial ratios

In 2025, VARIAN MEDICAL SYSTEMS FRANCE achieves revenue of 161.7 M€. Revenue is growing positively over 11 years (CAGR: +2.5%). Slight decline of -6% vs 2024. After deducting consumption (99.8 M€), gross margin stands at 62.0 M€, i.e. a rate of 38%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 10.6 M€, representing 6.5% of revenue. Positive scissor effect: EBITDA margin improves by +4.2 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 10.2 M€, i.e. 6.3% 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 29%. The balance between equity and debt is satisfactory. Cash flow represents 5.9% 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 215.00. 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 10.2x. 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: 115 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 11 days. The gap of 104 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 19 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 47 days of revenue, i.e. 21.0 M€ to permanently finance.

Based on 197 transactions of similar company sales (all years), the value of VARIAN MEDICAL SYSTEMS FRANCE is estimated at 30 734 397 € (range 12 750 791€ - 67 462 917€). With an EBITDA of 10 591 186€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.28x (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.