Grifols, S.A.
GRFSHealthcare|Drug Manufacturers - General|ES
$8.43
-0.03 (-0.35%)
DCF Value
$17.65
Tangible Book / Share
$12.11
Graham Number
$11.70
Cash / Share
$1.02
Financials
Financial Snapshot
Market Cap
$7.13B
Enterprise Value
$6.35B
Revenue (TTM)
$7.61B
Net Income (TTM)
$514.5M
Cash & Investments
$486.0M
Net Cash
-$8.75B
Free Cash Flow (TTM)
$746.7M
Operating CF (TTM)
$1.12B
Debt/Equity
0.00
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $895.0M | $886.5M | $1.03B | $2.76B | $590.5M | $2.69B | $580.2M | $646.0M | $1.00B | $824.6M | $486.0M | |
| Operating Cash Flow | $553.3M | $841.7M | $737.4M | $568.9M | $1.11B | $597.0M | -$10.9M | $218.7M | $902.2M | $1.01B | $1.12B | |
| Free Cash Flow | $260.6M | $518.8M | $429.7M | $156.6M | $830.2M | $349.6M | -$386.4M | -$91.6M | $530.8M | $751.1M | $746.7M | |
| Capital Expenditure | -$292.7M | -$323.0M | -$307.7M | -$412.3M | -$280.2M | -$247.4M | -$375.6M | -$310.3M | -$371.4M | -$254.5M | -$372.0M | |
| Financing Cash Flow | -$329.6M | $1.43B | $152.5M | -$332.4M | -$354.4M | $2.30B | -$173.5M | $171.5M | -$1.36B | -$508.1M | -$739.3M |
R&D Spending
R&D (TTM)
$399.9M
R&D Intensity
5.3%
R&D Growth vs Prior
+11.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.05B | $4.32B | $4.49B | $5.10B | $5.34B | $4.93B | $6.06B | $6.59B | $7.21B | $7.23B | $7.61B | |
| R&D Expense | $197.6M | $288.3M | $240.7M | $276.0M | $294.2M | $354.9M | $361.1M | $395.3M | $384.0M | $358.3M | $399.9M | |
| R&D % of Revenue | 4.9% | 6.7% | 5.4% | 5.4% | 5.5% | 7.2% | 6.0% | 6.0% | 5.3% | 5.0% | 5.3% | |
| SG&A | $775.3M | $860.3M | $814.8M | $942.8M | $985.6M | $1.06B | $1.11B | $1.27B | $1.14B | $1.02B | $1.15B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.05B | $4.32B | $4.49B | $5.10B | $5.34B | $4.93B | $6.06B | $6.59B | $7.21B | $7.23B | $7.61B | |
| Cost of Revenue | $2.14B | $2.17B | $2.44B | $2.76B | $3.08B | $2.97B | $3.85B | $4.11B | $4.42B | $4.65B | $4.77B | |
| Gross Profit | $1.91B | $2.15B | $2.05B | $2.34B | $2.26B | $1.96B | $2.21B | $2.48B | $2.79B | $2.58B | $2.83B | |
| R&D | $197.6M | $288.3M | $240.7M | $276.0M | $294.2M | $354.9M | $361.1M | $395.3M | $384.0M | $358.3M | $399.9M | |
| SG&A | $775.3M | $860.3M | $814.8M | $942.8M | $985.6M | $1.06B | $1.11B | $1.27B | $1.14B | $1.02B | $1.15B | |
| Operating Income | $939.4M | $1.00B | $994.1M | $1.13B | $996.1M | $595.1M | $782.4M | $782.3M | $1.19B | $1.19B | $1.28B | |
| Interest Expense | $228.8M | $249.5M | $274.2M | $324.4M | $284.6M | $233.8M | $444.5M | $516.1M | $773.2M | $600.3M | $380.1M | |
| Pretax Income | $712.8M | $695.7M | $725.8M | $817.1M | $878.6M | $350.5M | $338.0M | $207.0M | $444.0M | $590.7M | $746.9M | |
| Net Income | $545.5M | $662.7M | $596.6M | $625.1M | $618.5M | $188.7M | $185.0M | $42.3M | $156.9M | $386.1M | $514.5M | |
| EPS (Diluted) | 0.80 | 0.97 | 0.87 | 0.94 | 0.73 | 0.27 | 0.31 | 0.09 | 0.23 | 0.57 | 0.76 | |
| EBITDA | $1.15B | $1.19B | $1.26B | $1.44B | $1.42B | $944.0M | $1.19B | $1.17B | $1.48B | $1.62B | $1.84B | |
| Shares Out. (M) | 684.17 | 684.24 | 684.71 | 663.69 | 685.52 | 681.56 | 679.81 | 679.76 | 680.02 | 680.58 | 680.58 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $895.0M | $886.5M | $1.03B | $832.9M | $579.6M | $655.5M | $549.2M | $529.6M | $979.8M | $824.6M | $486.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $1.93B | $10.9M | $2.03B | $31.0M | $116.5M | $21.2M | $0.00 | $0.00 | |
| Total Current Assets | $3.12B | $2.95B | $3.48B | $6.02B | $3.16B | $5.51B | $4.69B | $6.13B | $5.73B | $5.07B | $5.34B | |
| Total Assets | $10.13B | $10.92B | $12.48B | $17.45B | $15.27B | $19.23B | $21.23B | $20.99B | $21.41B | $19.75B | $20.28B | |
| Total Current Liabilities | $1.07B | $978.0M | $1.26B | $1.53B | $1.34B | $3.47B | $2.02B | $2.33B | $2.16B | $2.02B | $2.29B | |
| Long-Term Debt | $4.68B | $5.87B | $6.01B | $6.84B | $5.90B | $6.94B | $8.15B | $8.99B | $8.42B | $7.39B | $8.69B | |
| Total Liabilities | $6.40B | $7.29B | $7.78B | $9.75B | $8.55B | $11.92B | $13.25B | $13.48B | $12.80B | $12.13B | $12.04B | |
| Stockholders' Equity | $3.72B | $3.63B | $4.23B | $5.41B | $5.11B | $5.52B | $5.65B | $5.37B | $5.88B | $5.27B | $5.79B | |
| Retained Earnings | $422.5M | $539.7M | $459.9M | $0.00 | $618.5M | $248.0M | $0.00 | $79.4M | $156.9M | $0.00 | $390.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $553.3M | $841.7M | $737.4M | $568.9M | $1.11B | $597.0M | -$10.9M | $218.7M | $902.2M | $1.01B | $1.12B | |
| Capital Expenditure | -$292.7M | -$323.0M | -$307.7M | -$412.3M | -$280.2M | -$247.4M | -$375.6M | -$310.3M | -$371.4M | -$254.5M | -$372.0M | |
| Free Cash Flow | $260.6M | $518.8M | $429.7M | $156.6M | $830.2M | $349.6M | -$386.4M | -$91.6M | $530.8M | $751.1M | $746.7M | |
| Investing Cash Flow | -$506.7M | -$2.19B | -$781.9M | -$548.8M | -$858.1M | -$854.1M | -$1.98B | -$394.7M | $886.7M | -$556.1M | -$540.3M | |
| Financing Cash Flow | -$329.6M | $1.43B | $152.5M | -$332.4M | -$354.4M | $2.30B | -$173.5M | $171.5M | -$1.36B | -$508.1M | -$739.3M | |
| Issuance of Stock | $920.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | -$12.7M | $0.00 | $0.00 | $0.00 | $0.00 | -$125.7M | -$3.5M | $0.00 | $0.00 | -$123.9M | $0.00 | |
| Net Debt Issuance | -$80.1M | $1.81B | $37.4M | -$73.8M | -$243.4M | $2.75B | -$104.3M | -$116.4M | -$111.5M | -$119.0M | -$398.7M | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Change in Cash | -$247.5M | -$8.5M | $147.3M | -$291.8M | -$162.3M | $2.10B | -$2.13B | -$19.6M | $450.2M | -$38.8M | -$151.0M |
Dilution Tracker
Shares Outstanding
846M
5-Year Share Growth
-0.7%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 684.17 | 684.24 | 684.71 | 663.69 | 685.52 | 681.56 | 679.81 | 679.76 | 680.02 | 680.58 | 680.58 | |
| Change vs Prior % | — | 0.0% | 0.1% | -3.1% | 3.3% | -0.6% | -0.3% | -0.0% | 0.0% | 0.1% | 0.0% | |
| Stock Issuance | $920.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | -$12.7M | $0.00 | $0.00 | $0.00 | $0.00 | -$125.7M | -$3.5M | $0.00 | $0.00 | -$123.9M | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 47.2% | 49.8% | 45.7% | 45.9% | 42.2% | 39.8% | 36.5% | 37.7% | 38.7% | 35.7% | 37.3% | |
| Operating Margin % | 23.2% | 23.2% | 22.2% | 22.2% | 18.7% | 12.1% | 12.9% | 11.9% | 16.5% | 16.4% | 16.9% | |
| Net Margin % | 13.5% | 15.3% | 13.3% | 12.3% | 11.6% | 3.8% | 3.1% | 0.6% | 2.2% | 5.3% | 6.8% | |
| EBITDA Margin % | 28.3% | 27.6% | 28.1% | 28.3% | 26.6% | 19.1% | 19.7% | 17.7% | 20.6% | 22.5% | 24.2% | |
| FCF Margin % | 6.4% | 12.0% | 9.6% | 3.1% | 15.5% | 7.1% | -6.4% | -1.4% | 7.4% | 10.4% | 9.8% | |
| ROE % | 14.7% | 18.3% | 14.1% | 11.5% | 12.1% | 3.4% | 3.3% | 0.8% | 2.7% | 7.3% | 8.8% | |
| ROA % | 5.4% | 6.1% | 4.8% | 3.6% | 4.0% | 1.0% | 0.9% | 0.2% | 0.7% | 2.0% | 2.4% | |
| ROIC % | 7.7% | 9.5% | 7.2% | 5.5% | 5.6% | 2.5% | 2.9% | 3.1% | 2.9% | 5.3% | 5.7% | |
| R&D / Revenue % | 4.9% | 6.7% | 5.4% | 5.4% | 5.5% | 7.2% | 6.0% | 6.0% | 5.3% | 5.0% | 5.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.9% | 6.6% | 3.9% | 13.6% | 4.7% | -7.6% | 22.9% | 8.7% | 9.4% | 0.2% | |
| Gross Profit | -1.0% | 12.5% | -4.8% | 14.2% | -3.7% | -13.0% | 12.8% | 12.2% | 12.5% | -7.7% | |
| Operating Income | -3.2% | 6.8% | -0.9% | 13.8% | -12.0% | -40.3% | 31.5% | -0.0% | 52.4% | -0.4% | |
| Net Income | 2.5% | 21.5% | -10.0% | 4.8% | -1.1% | -69.5% | -2.0% | -77.1% | 270.8% | 146.1% | |
| EPS (Diluted) | 2.6% | 21.2% | -10.3% | 8.0% | -22.3% | -63.0% | 14.8% | -71.0% | 155.6% | 147.8% | |
| Operating Cash Flow | -25.5% | 52.1% | -12.4% | -22.8% | 95.2% | -46.2% | -101.8% | 2112.4% | 312.5% | 11.5% | |
| Free Cash Flow | 48.3% | 99.1% | -17.2% | -63.5% | 430.0% | -57.9% | -210.5% | 76.3% | 679.3% | 41.5% | |
| R&D Expense | -11.9% | 45.9% | -16.5% | 14.7% | 6.6% | 20.6% | 1.8% | 9.5% | -2.8% | -6.7% | |
| SG&A Expense | 5.3% | 11.0% | -5.3% | 15.7% | 4.5% | 7.7% | 4.4% | 14.2% | -9.6% | -10.7% | |
| Total Assets | 5.5% | 7.8% | 14.3% | 39.8% | -12.4% | 25.9% | 10.4% | -1.1% | 2.0% | -7.7% | |
| Book Value / Share | 13.3% | -2.7% | 29.1% | 70.0% | -15.9% | 9.5% | 9.3% | -5.8% | 14.5% | -11.6% | |
| Debt | 2.7% | 23.1% | 0.3% | 32.3% | -13.3% | 47.1% | -4.1% | 13.0% | -8.4% | -13.3% | |
| Diluted Shares | -0.2% | 0.0% | 0.1% | -3.1% | 3.3% | -0.6% | -0.3% | -0.0% | 0.0% | 0.1% |
Valuation
P/E (TTM)15.62
10Y Low / Med / High13.96 / 21.86 / 116.20
P/S0.90
10Y Low / Med / High0.68 / 1.94 / 3.03
P/B1.32
10Y Low / Med / High0.83 / 2.02 / 3.60
EV/EBITDA3.54
10Y Low / Med / High8.21 / 12.68 / 17.20
EV/Revenue0.84
10Y Low / Med / High1.84 / 3.29 / 4.21
P/FCF9.12
10Y Low / Med / High7.21 / 25.18 / 87.51
Intrinsic Value Models (per share)
DCF Value
$17.65
Tangible Book / Share
$12.11
Graham Number
$11.70
Cash / Share
$1.02
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 19.08 | 19.68 | 18.40 | 21.86 | 20.67 | 36.58 | 25.61 | 116.20 | 31.24 | 13.96 | 15.62 | |
| P/S Ratio | 2.57 | 3.03 | 2.44 | 2.69 | 1.94 | 1.36 | 0.89 | 1.08 | 0.68 | 0.75 | 0.90 | |
| P/B Ratio | 2.80 | 3.60 | 2.59 | 2.53 | 2.02 | 1.22 | 0.96 | 1.32 | 0.83 | 1.03 | 1.32 | |
| EV/EBITDA | 12.56 | 15.28 | 12.68 | 14.44 | 11.72 | 17.20 | 12.23 | 15.05 | 9.43 | 8.21 | 3.54 | |
| EV/Revenue | 3.56 | 4.21 | 3.56 | 4.09 | 3.12 | 3.29 | 2.41 | 2.67 | 1.94 | 1.84 | 0.84 |
Analyst Estimates & Quality
Altman Z-Score
1.13
Distress
Piotroski F-Score
6
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $7.73B | $8.21B | $8.66B |
| Net Income | $596.7M | $742.9M | $955.0M |
| EPS | $0.88 | $1.09 | $1.40 |
| # Analysts (EPS) | 1 | 2 | 1 |
Dividends
Dividend/Share (TTM)
$0.08
Dividend Yield
0.73%
Frequency
Annual
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Jul 2, 2026 | Jul 9, 2026 | $0.11 | Annual |
| Aug 12, 2025 | Aug 20, 2025 | $0.18 | Irregular |
| Jun 3, 2021 | Jun 14, 2021 | $0.36 | Special |
| Oct 30, 2020 | Nov 9, 2020 | $0.14 | Special |
| Dec 2, 2019 | Dec 11, 2019 | $0.17 | Semi-Annual |
| Jun 7, 2019 | Jun 18, 2019 | $0.13 | Special |
| Nov 30, 2018 | Dec 11, 2018 | $0.17 | Semi-Annual |
| Jun 1, 2018 | Jun 12, 2018 | $0.19 | Semi-Annual |
| Dec 1, 2017 | Dec 12, 2017 | $0.16 | Annual |
| May 30, 2017 | Jun 8, 2017 | $0.12 | Semi-Annual |
Revenue Segments
By Product
| Segment | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|---|---|
| Bio Supplies Product | $266.5M | $224.1M | — | — | — | — |
| Fluid Therapy And Nutrition | $47.7M | $41.4M | — | — | — | — |
| Haemoderivatives | $3.99B | $4.24B | $3.81B | $5.01B | $5.56B | $6.49B |
| Hospital Supplies | $67.5M | $58.3M | — | — | — | — |
| Other Diagnostic | $19.9M | $27.6M | — | — | — | — |
| Others Product | $22.8M | $32.0M | — | — | — | — |
| Transfusional Medicine | $680.8M | $714.2M | — | — | — | — |
| Bio supplies | — | — | $225.8M | $146.1M | $160.0M | $154.0M |
| Fluid therapy and nutrition | — | — | $46.7M | — | — | — |
| Hospital supplies | — | — | $70.2M | — | — | — |
| Other Product | — | — | $39.6M | $250.2M | $203.4M | $243.0M |
| Other diagnostic | — | — | $23.6M | $21.7M | $21.8M | $17.0M |
| Transfusional medicine | — | — | $712.2M | $640.6M | $648.5M | $623.0M |
By Geography
| Segment | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|---|---|
| Country Of Domicile | $268.3M | $339.2M | — | — | — | — |
| European Union Excluding Spain | $588.4M | $495.3M | — | — | — | — |
| Rest Of World | $851.2M | $905.8M | — | — | — | — |
| United States And Canada | $3.39B | $3.60B | — | — | — | — |
| European Union | — | — | $544.0M | $711.6M | $893.0M | — |
| Rest of the world | — | — | $872.1M | $1.18B | $1.44B | $1.66B |
| Spain | — | — | $362.4M | $320.6M | $362.9M | — |
| USA and Canada | — | — | $3.15B | $3.86B | $3.90B | — |
| Rest of European Union | — | — | — | — | — | $1.20B |
| USA and Canada. | — | — | — | — | — | $4.25B |