In an economic climate marked by uncertainty, a detailed understanding of sector profitability is becoming a strategic issue, both for managers and for investors involved in the valuation process.
As France's leading company valuator, XVAL offers you an exclusive analysis of data from INSEE's ESANE file, reprocessed and analyzed for you. We have calculated key ratios by sector of activity (NAF code) and by company size, to identify concrete trends that are useful for valuation purposes.
The ratios used for this analysis
We have selected four fundamental indicators to assess the economic performance of companies:
- Sales per FTE (full-time equivalent)
- Gross operating profit (EBITDA) per FTE
- Personnel costs / Sales
- Average sales per company
All monetary figures have been restated from millions to thousands of euros (k€).
Overview: average profitability for all sizes
Average for all sectors combined :
- Sales per FTE are around 360 k€.
- EBITDA per FTE reaches around €72 k
- Personnel costs represent approximately 38% of sales
- Average sales per company are close to 525 k€.
These averages mask major differences between sectors, as well as by company size.
A sector-based approach by major typology
Based on restated ESANE data, we have classified sectors by major activity family to identify disparities in economic performance. Here are the main findings:
Corporate Services
Consulting, engineering, IT and cleaning account for a significant proportion of the SME fabric.
| Activity (NAF) | SALES/FTE (€) | EBITDA/FTE (€) | Pers./CA expenses | Average sales |
| Business consultancy (70.22Z) | 198 000 | 52 400 | 48 % | 232 000 |
| Engineering and technical studies (71.12B) | 176 000 | 42 000 | 51 % | 295 000 |
| Computer activities (62.01Z) | 215 000 | 57 000 | 45 % | 342 000 |
| Routine cleaning of buildings (81.21Z) | 115 000 | 28 000 | 62 % | 193 000 |
👉 Observation: These services generate relatively low sales per employee, but personnel costs are often in excess of 45%, compressing EBITDA. Margins are tight, but stable. Ideal for EBITDA multiple valuations.
Retail and wholesale
A highly heterogeneous sector, with higher margins in wholesale.
| Activity (NAF) | SALES/FTE (€) | EBITDA/FTE (€) | Pers./CA expenses | Average sales |
| Food retailing (47.11D, 47.29Z) | 295 000 | 45 000 | 30 % | 368 000 |
| Bakery (10.71C) | 172 000 | 38 000 | 41 % | 268 000 |
| Food wholesale (46.38A) | 480 000 | 82 000 | 25 % | 1 250 000 |
| Wholesalers of industrial equipment (46.69B) | 520 000 | 97 000 | 22 % | 1 680 000 |
👉 Observation: Wholesale outperforms retail by a wide margin, both in terms of sales/FTEs and profitability. Convenience stores (bakeries, butchers) have low margins but remain stable over time.
Building and civil engineering
The sector is highly represented by micro-businesses and small SMEs.
| Activity (NAF) | SALES/FTE (€) | EBITDA/FTE (€) | Pers./CA expenses | Average sales |
| House building (41.20A) | 325 000 | 63 000 | 34 % | 415 000 |
| Electrical installation work (43.21A) | 315 000 | 59 000 | 36 % | 388 000 |
| General masonry work (43.99C) | 285 000 | 52 000 | 38 % | 352 000 |
👉 Observation: Homogeneous ratios and respectable margins. This sector benefits from solid goodwill and good legibility for buyers. However, profitability depends heavily on labor management.
Manufacturing industry
This is a sector where investments are heavier, but profitability per FTE is often much better.
| Activity (NAF) | SALES/FTE (€) | EBITDA/FTE (€) | Pers./CA expenses | Average sales |
| Manufacture of machinery (28.99B) | 690 000 | 135 000 | 20 % | 2 350 000 |
| Food industry (10.13A - charcuterie) | 470 000 | 89 000 | 24 % | 1 500 000 |
| Manufacture of wearing apparel (14.13Z) | 240 000 | 36 000 | 46 % | 410 000 |
👉 Observation: Very heterogeneous. Heavy industry or technology is very efficient, but some segments (textiles) suffer from low margins and high capital intensity.
Accommodation
Sector sensitive to economic ups and downs and highly exposed to personnel costs.
| Activity (NAF) | SALES/FTE (€) | EBITDA/FTE (€) | Pers./CA expenses | Average sales |
| Traditional catering (56.10A) | 155 000 | 32 000 | 48 % | 248 000 |
| Hotel accommodation (55.10Z) | 210 000 | 41 000 | 44 % | 415 000 |
👉 Observation: Highly variable profitability depending on location. This sector requires a cautious approach to valuation (seasonal effect, goodwill, operating expenses).
Zoom: Company size and economic performance
Analysis by company category (microenterprises, SMEs, ETIs and large companies) reveals significant differences in productivity and profitability.
Microenterprises (MICRO)
Often made up of individual or family-run VSEs, these structures have the most modest ratios:
- Sales per FTE: around €210,000
- EBITDA per FTE: average €41,600
- Personnel costs / sales: 35% to 45
- Average sales per company: between €150,000 and €300,000, depending on the sector
These companies are often dependent on a single manager, which limits their ability to expand or invest.
SMEs (excluding micro-businesses)
SMEs (10 to 249 employees) show a better balance between size and operational efficiency:
- Sales per FTE: between €290,000 and €400,000, with a median of around €345,000
- EBITDA per FTE: average €65,000 to €80,000
- Personnel costs / sales: around 32%.
- Average sales per company: frequently €700,000 to €1.5 M
These structures benefit from economies of scale, with better absorption of fixed costs and more stable profitability.
ETI and Large Enterprises (GE)
These are the best-performing companies in terms of gross ratios, thanks to their industrial organization, heavy investment and international presence.
- Sales per FTE: often > €550,000, with peaks of over €700,000 in certain industrial or wholesale sectors
- EBITDA per FTE: can exceed €120,000
- Personnel costs / sales: often contained around 25%.
- Average sales per company: well over €10 M, even €100 M for certain industrial or logistics activities
However, the valuation of these structures is more complex and requires a multi-criteria approach (discounted cash flows, stock market comparables, etc.).
- Conclusion by company size
| Size | Sales/FTE (k€) | EBITDA/FTE (k€) | Personnel costs / Sales | Average sales / company |
| Microenterprise | ~210 | ~41 | 35-45 % | 150-300 k€ |
| SMEs (excluding micro) | ~345 | 65-80 | ~32 % | 700 k€ - €1.5 M |
| ETI / GE | >550 | >120 | ~25 % | >10 M€ |
This zoom shows the extent to which critical size plays a role in a company's ability to generate value. These ratios are essential for valuation operations, as they directly influence market multiples and the valuation methods used (comparables, DCF, yield).
SMEs often perform better, especially when they have reached a critical threshold of activity (more than 10 employees). ETIs and large companies have the best ratios, but their structures are more complex to value.
🏆 Top 20 best-performing sectors in sales/FTE and EBITDA/FTE (k€)
| Rank | Sector of activity | Sales / FTE (k€) | EBITDA / FTE (k€) |
| 1 | Real estate agents | 1456 | 208 |
| 2 | Car rental | 640 | 205 |
| 3 | Wireless telecommunications | 727 | 186 |
| 4 | Rental of own real estate | 504 | 182 |
| 5 | Doctors and dentists | 500 | 178 |
| 6 | Head office activities | 670 | 173 |
| 7 | Sports club activities | 460 | 171 |
| 8 | Power generation | 620 | 170 |
| 9 | Computer programming | 550 | 167 |
| 10 | Wholesale of fuels | 980 | 165 |
| 11 | Crude oil extraction | 890 | 160 |
| 12 | Extraction support activities | 770 | 158 |
| 13 | Wholesale of chemical products | 720 | 155 |
| 14 | Pharmaceutical industry | 700 | 153 |
| 15 | R&D in the physical/natural sciences | 690 | 149 |
| 16 | Engineering activities | 675 | 145 |
| 17 | Wholesale of industrial machinery | 650 | 144 |
| 18 | Rail freight transport | 640 | 141 |
| 19 | Medical equipment manufacturing | 635 | 139 |
| 20 | Financial services excluding insurance | 620 | 135 |
Why is this analysis useful for you?
Whether you're a manager, investor or buyer, understanding sector ratios can help you quickly identify :
- High or low performance positioning
- Levers for improvement before a sale
- More accurate valuation, based on industry standards
XVAL uses this objective data to assess the fair value of your company, taking into account sector specificities, size, actual profitability and future projections.
Reliable benchmarks for relevant valuation
Data from the ESANE file is an invaluable tool for identifying your company's areas of strength or weakness. By cross-referencing this data with our own expertise, we can provide you with an independent, rigorous assessment tailored to market realities.
Contact us for a personalized study, or access our valuation services at www.xval.fr.
