VAXIVIERE : revenue, balance sheet and financial ratios

In 2024, VAXIVIERE achieves revenue of 3.8 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.3%. Slight decline of -5% vs 2023. After deducting consumption (2.6 M€), gross margin stands at 1.3 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 103 k€, representing 2.7% of revenue. Warning negative scissor effect: despite revenue change (-5%), EBITDA varies by -47%, reducing margin by 2.1 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 151 k€, i.e. 4.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 20%. 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 59%. 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 2.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 276.70. 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 1.0x. 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: 31 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 46 days. Favorable situation: supplier credit is longer than customer credit by 15 days. Inventory turnover is 84 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 137 days of revenue, i.e. 1.4 M€ to permanently finance. Over 2016-2024, WCR increased by +45%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (39 transactions). This range of 211 684€ to 636 694€ is provided for information purposes only and requires in-depth analysis to be confirmed.