WINELLI : revenue, balance sheet and financial ratios

In 2025, WINELLI achieves revenue of 670 k€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +42.0%. Significant drop of -13% vs 2024. After deducting consumption (544 k€), gross margin stands at 127 k€, i.e. a rate of 19%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 73 k€, representing 10.9% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -37%, reducing margin by 4.3 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 61 k€, i.e. 9.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 61%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 23%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.7% 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 236.45. 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 7.8x. 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: 58 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 31 days. The company must finance 27 days of gap between collections and payments. Inventory turnover is 35 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 20 days of revenue, i.e. 38 k€ to permanently finance. Over 2016-2025, WCR increased by +278%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (49 transactions). This range of 88 112€ to 269 073€ is provided for information purposes only and requires in-depth analysis to be confirmed.