VIRBAC FRANCE : revenue, balance sheet and financial ratios

In 2024, VIRBAC FRANCE achieves revenue of 96.6 M€. Revenue is growing positively over 9 years (CAGR: +2.2%). Vs 2023: +7%. After deducting consumption (58.2 M€), gross margin stands at 38.4 M€, i.e. a rate of 40%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 9.0 M€, representing 9.3% of revenue. Positive scissor effect: EBITDA margin improves by +2.2 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 5.9 M€, i.e. 6.1% 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 7%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.0% 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 113.68. 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 0.0x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 86 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 81 days. The company must finance 5 days of gap between collections and payments. Inventory turnover is 69 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 107 days of revenue, i.e. 28.8 M€ to permanently finance.

Based on 124 transactions of similar company sales (all years), the value of VIRBAC FRANCE is estimated at 10 303 275 € (range 5 210 185€ - 33 742 926€). With an EBITDA of 8 967 150€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.