> ## Documentation Index
> Fetch the complete documentation index at: https://docs.gabin.ai/llms.txt
> Use this file to discover all available pages before exploring further.

# Annual accounts and ratios

> Read the annual accounts a French company filed at the RNE, with 18 ratios computed for each fiscal year: margins, working capital, payment delays, debt and returns.

`GET /v1/companies/{siren}/financials` returns the annual accounts filed at the RNE (Registre national des entreprises, INPI): up to 10 fiscal years, most recent first, each with its income statement and balance sheet items in euros and a `ratios` object. The request and the amounts are described in [Companies and officers](https://docs.gabin.ai/guides/companies.md#annual-accounts).

## Ratios

Each fiscal year carries 18 ratios, computed from its own amounts and, for growth, from the previous fiscal year of the list. They are computed by the same function as the financial table of the gabin.ai company page: the API and the site show the same numbers.

```json theme={null}
{
  "fiscal_year_end": "2025-09-30",
  "revenue": 7960648,
  "…": "…",
  "ratios": {
    "revenue_growth_pct": 32.32046604926575,
    "gross_margin_pct": 79.28025457224085,
    "ebitda_margin_pct": 10.920543151763525,
    "operating_margin_pct": 8.997018835652575,
    "net_margin_pct": 5.631438546208801,
    "working_capital_need": -493258,
    "working_capital_need_days": -22.616145067587464,
    "days_sales_outstanding": 0.5656122466412282,
    "days_payables_outstanding": 12.584831056520805,
    "inventory_days": 9.236499340254714,
    "working_capital_coverage": -0.46872630550340794,
    "net_debt": 192398,
    "gearing": 0.07610951339248628,
    "leverage": 0.2213134931316185,
    "equity_ratio_pct": 59.42267220201043,
    "return_on_equity_pct": 17.733977871047625,
    "value_added_to_revenue_pct": 50.471129988413,
    "payroll_to_revenue_pct": 39.52960864492439
  }
}
```

Values are not rounded. Percentages are in points (`12.9` means 12.9 %), days are counted on 365 days, amounts exclude VAT.

| Field | Formula | Unit |
| - | - | - |
| `revenue_growth_pct` | (revenue − previous revenue) / \|previous revenue\| × 100 | % |
| `gross_margin_pct` | gross\_margin / revenue × 100 | % |
| `ebitda_margin_pct` | ebitda / revenue × 100 | % |
| `operating_margin_pct` | operating\_income / revenue × 100 | % |
| `net_margin_pct` | net\_income / revenue × 100 | % |
| `working_capital_need` | operating\_working\_capital\_need + non\_operating\_working\_capital\_need | € |
| `working_capital_need_days` | working\_capital\_need / revenue × 365 | days |
| `days_sales_outstanding` | trade\_receivables / revenue × 365 | days |
| `days_payables_outstanding` | trade\_payables / purchases\_and\_external\_charges × 365 | days |
| `inventory_days` | inventory / revenue × 365 | days |
| `working_capital_coverage` | working\_capital / working\_capital\_need | ratio |
| `net_debt` | financial\_debt − cash | € |
| `gearing` | net\_debt / equity | ratio |
| `leverage` | net\_debt / ebitda | ratio (years of EBITDA) |
| `equity_ratio_pct` | equity / total\_assets × 100 | % |
| `return_on_equity_pct` | net\_income / equity × 100 | % |
| `value_added_to_revenue_pct` | value\_added / revenue × 100 | % |
| `payroll_to_revenue_pct` | payroll / revenue × 100 | % |

## When a ratio is null

* A term is missing from the filing: a confidential income statement leaves every revenue-based ratio `null`, a simplified filing (form 2033) lacks some items.
* The divisor is 0: no revenue, no equity, no EBITDA.
* `revenue_growth_pct` needs the previous fiscal year in the list, ending 11 to 13 months earlier: it is `null` for the oldest year and after a short or long fiscal year.

A negative `net_debt` means net cash; `gearing` and `leverage` are then negative too. A negative `working_capital_need` means the operating cycle finances the company (customers pay before suppliers are paid), and `working_capital_coverage` turns negative.

## Definitions

Amounts come from the codes of the tax return forms (liasse fiscale 2050 to 2053 for full accounts, 2033 for simplified ones), for the fiscal year N column. The definitions were checked against published figures (Stellantis Auto SAS, 2024). Consolidated accounts, banks and insurers are not included.


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