NASDAQ : GRFS
Grifols, S.A. — Financial statements
Healthcare · Drug Manufacturers - General · Spain
Last price 8.1 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.30B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Grifols, S.A. (GRFS) reported revenue of 7.42B EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 7.42B | 7.52B | 7.21B | 6.59B | 6.06B | 4.93B |
| Cost of Revenue | 4.62B | 4.60B | 4.36B | 4.11B | 3.85B | 2.97B |
| Gross Profit | 2.80B | 2.92B | 2.85B | 2.48B | 2.21B | 1.96B |
| Selling, General & Admin | 1.09B | 1.15B | 1.16B | 1.37B | 1.20B | 1.06B |
| Research & Development | 364.08M | 380.08M | 362.89M | 395.00M | 361.14M | 354.88M |
| Other Operating Expenses | -1.00M | -1.00M | -3.00M | -14.68M | -16.30M | |
| Operating Expenses | 1.46B | 1.52B | 1.53B | 1.76B | 1.54B | 1.40B |
| Operating Income | 1.35B | 1.40B | 1.32B | 718.00M | 671.40M | 562.51M |
| Interest Expense | -605.00M | -576.00M | -602.00M | -516.00M | -444.54M | -233.81M |
| Interest & Investment Income | 136.00M | 36.00M | 46.00M | 62.00M | 33.86M | 11.55M |
| Earnings From Equity Investments | -3.00M | -8.00M | 37.00M | 63.00M | 102.00M | 65.74M |
| Currency Exchange Gain (Loss) | -10.00M | -55.00M | -60.00M | -16.00M | 7.72M | -11.60M |
| Other Non Operating Income (Expenses) | -55.00M | -33.00M | -132.00M | -105.00M | -39.98M | -33.64M |
| EBT Excluding Unusual Items | 812.23M | 759.23M | 608.31M | 206.00M | 330.46M | 360.75M |
| Gain (Loss) on Sale of Assets | 7.56M | -10.29M | ||||
| Other Unusual Items | -144.23M | -144.23M | -164.31M | |||
| Pretax Income | 668.00M | 615.00M | 444.00M | 206.00M | 338.01M | 350.45M |
| Income Tax Expense | 128.00M | 115.00M | 231.00M | 43.00M | 90.11M | 85.13M |
| Earnings From Continuing Operations | 540.00M | 500.00M | 213.00M | 163.00M | 247.90M | 265.33M |
| Minority Interest in Earnings | -88.00M | -98.00M | -56.00M | -121.00M | -62.87M | -76.60M |
| Net Income | 452.00M | 402.00M | 157.00M | 42.00M | 185.03M | 188.73M |
| Net Income to Common | 452.00M | 402.00M | 157.00M | 42.00M | 185.03M | 188.73M |
| Shares Outstanding (Basic) | 684.07M | 680.51M | 679.67M | 679.76M | 679.81M | 681.56M |
| Shares Outstanding (Diluted) | 685.13M | 681.57M | 679.92M | 679.76M | 679.81M | 681.56M |
| EPS (Basic) | 0.66 | 0.59 | 0.23 | 0.06 | 0.27 | 0.28 |
| EPS (Diluted) | 0.66 | 0.59 | 0.23 | 0.06 | 0.27 | 0.28 |
| Free Cash Flow | 817.00M | 782.00M | 669.00M | -7.00M | -285.23M | 349.60M |
| Free Cash Flow Per Share | 1.19 | 1.15 | 0.98 | -0.01 | -0.42 | 0.51 |
| Gross Margin | 37.79% | 38.80% | 39.48% | 37.67% | 36.51% | 39.78% |
| Operating Margin | 18.18% | 18.54% | 18.29% | 10.89% | 11.07% | 11.40% |
| Profit Margin | 6.09% | 5.34% | 2.18% | 0.64% | 3.05% | 3.83% |
| Free Cash Flow Margin | 11.01% | 10.39% | 9.28% | -0.11% | -4.70% | 7.09% |
| EBITDA | 1.65B | 1.70B | 1.61B | 1.16B | 1.08B | 922.28M |
| EBITDA Margin | 22.17% | 22.56% | 22.29% | 17.66% | 17.85% | 18.70% |
| D&A For EBITDA | 296.00M | 302.00M | 288.00M | 446.00M | 410.98M | 359.77M |
| EBIT | 1.35B | 1.40B | 1.32B | 718.00M | 671.40M | 562.51M |
| EBIT Margin | 18.18% | 18.54% | 18.29% | 10.89% | 11.07% | 11.40% |
| Effective Tax Rate | 19.16% | 18.70% | 52.03% | 20.87% | 26.66% | 24.29% |
| Advertising Expenses | 81.00M | 85.00M | 80.00M | 91.89M | 71.28M |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 513.00M | 825.00M | 980.00M | 529.58M | 549.21M | 655.49M |
| Short-Term Investments | 24.00M | 24.00M | 24.00M | 116.47M | 31.03M | 2.03B |
| Trading Asset Securities | 3.24M | |||||
| Cash & Short-Term Investments | 537.00M | 849.00M | 1.00B | 646.04M | 580.24M | 2.69B |
| Accounts Receivable | 785.00M | 734.00M | 741.00M | 692.86M | 644.24M | 434.14M |
| Other Receivables | 237.00M | 111.00M | 125.00M | 118.00M | 129.96M | 61.30M |
| Receivables | 1.19B | 857.00M | 1.08B | 810.98M | 774.20M | 495.48M |
| Inventory | 3.49B | 3.30B | 3.56B | 3.48B | 3.24B | 2.26B |
| Other Current Assets | 87.00M | 72.00M | 84.00M | 1.19B | 100.28M | 70.29M |
| Total Current Assets | 5.30B | 5.07B | 5.73B | 6.13B | 4.69B | 5.51B |
| Property, Plant & Equipment | 4.06B | 4.05B | 4.31B | 4.19B | 4.28B | 3.34B |
| Long-Term Investments | 402.00M | 460.00M | 529.00M | 451.90M | 1.99B | 2.27B |
| Goodwill | 7.02B | 6.83B | 7.40B | 6.80B | 7.01B | 6.23B |
| Other Intangible Assets | 2.80B | 1.01B | 1.19B | 1.21B | 1.33B | 1.00B |
| Long-Term Deferred Tax Assets | 476.00M | 416.00M | 342.00M | 300.33M | 174.92M | 152.51M |
| Long-Term Deferred Charges | 1.72B | 1.74B | 1.62B | 1.62B | 633.24M | |
| Other Long-Term Assets | 18.00M | 16.00M | 147.00M | 145.55M | 124.19M | 7.76M |
| Total Assets | 20.09B | 19.71B | 21.41B | 20.99B | 21.23B | 19.23B |
| Accounts Payable | 1.00B | 841.00M | 852.00M | 822.95M | 787.96M | 628.99M |
| Accrued Expenses | 482.00M | 450.00M | 370.28M | 327.54M | ||
| Current Portion of Long-Term Debt | 431.00M | 439.00M | 559.00M | 916.51M | 2.35B | |
| Current Portion of Leases | 117.00M | 113.00M | 117.00M | 107.10M | 48.57M | |
| Current Income Taxes Payable | 92.00M | 25.00M | 61.00M | 14.52M | 15.69M | 4.52M |
| Current Unearned Revenue | 27.00M | 36.00M | 28.87M | 32.97M | ||
| Other Current Liabilities | 595.00M | 92.00M | 81.00M | 65.20M | 1.22B | 81.95M |
| Total Current Liabilities | 2.24B | 2.02B | 2.16B | 2.33B | 2.02B | 3.47B |
| Long-Term Debt | 7.88B | 8.12B | 8.47B | 9.03B | 6.94B | |
| Long-Term Leases | 928.00M | 969.00M | 1.02B | 1.00B | 825.16M | |
| Long-Term Unearned Revenue | 16.00M | 16.00M | 14.00M | 13.81M | 15.12M | 15.04M |
| Pension & Post-Retirement Benefits | 99.00M | 102.00M | 100.16M | 6.72M | ||
| Long-Term Deferred Tax Liabilities | 926.00M | 861.00M | 1.01B | 988.63M | 1.03B | 633.98M |
| Other Long-Term Liabilities | 124.00M | 23.00M | 24.00M | 16.77M | 10.18B | 19.60M |
| Total Liabilities | 12.11B | 12.11B | 12.80B | 13.48B | 13.25B | 11.92B |
| Common Stock | 120.00M | 120.00M | 120.00M | 119.60M | 119.60M | 119.60M |
| Additional Paid-In Capital | 911.00M | 911.00M | 911.00M | 910.73M | 910.73M | 910.73M |
| Retained Earnings | 283.00M | 360.00M | 206.00M | 79.36M | 248.00M | |
| Treasury Stock | -131.00M | -131.00M | -135.00M | -152.75M | -162.22M | -164.19M |
| Comprehensive Income & Other | 4.36B | 4.01B | 4.78B | 4.41B | 4.78B | 4.41B |
| Total Common Equity | 5.55B | 5.27B | 5.88B | 5.37B | 5.65B | 5.52B |
| Minority Interest | 2.43B | 2.33B | 2.72B | 2.15B | 2.33B | 1.79B |
| Shareholders' Equity | 7.98B | 7.60B | 8.61B | 7.51B | 7.98B | 7.32B |
| Total Liabilities & Equity | 20.09B | 19.71B | 21.41B | 20.99B | 21.23B | 19.23B |
| Total Debt | 9.36B | 9.64B | 10.17B | 11.06B | 10.17B | |
| Net Cash (Debt) | -8.82B | -8.79B | -9.16B | -10.41B | 580.24M | -7.48B |
| Net Cash Per Share | -12.87 | -12.90 | -13.48 | -15.32 | 0.85 | -10.98 |
| Filing Date Shares Outstanding | 680.58M | 680.58M | 680.41M | 679.09M | 678.41M | 678.54M |
| Total Common Shares Outstanding | 680.58M | 680.58M | 680.41M | 679.09M | 678.41M | 678.54M |
| Working Capital | 3.07B | 3.06B | 3.57B | 3.81B | 2.67B | 2.04B |
| Book Value Per Share | 8.15 | 7.74 | 8.65 | 7.91 | 8.33 | 8.14 |
| Tangible Book Value | -4.28B | -2.57B | -2.71B | -2.64B | -2.69B | -1.71B |
| Tangible Book Value Per Share | -6.28 | -3.77 | -3.98 | -3.89 | -3.96 | -2.52 |
| Land | 1.21B | 1.23B | 1.13B | 1.16B | 860.45M | |
| Machinery | 3.45B | 3.55B | 3.18B | 3.10B | 2.53B | |
| Construction In Progress | 726.00M | 802.00M | 910.67M | 879.54M | 763.79M |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 452.00M | 402.00M | 157.00M | 42.00M | 185.03M | 188.73M |
| Depreciation & Amortization | 376.00M | 384.00M | 371.00M | 446.00M | 410.98M | 359.77M |
| Other Amortization | 66.00M | 66.00M | 67.00M | |||
| Loss (Gain) From Sale of Assets | -5.00M | 2.00M | 1.00M | 7.00M | -1.73M | 1.20M |
| Asset Writedown & Restructuring Costs | 113.00M | 49.00M | 73.00M | 101.00M | 69.98M | 64.09M |
| Loss (Gain) on Equity Investments | 3.00M | 8.00M | -37.00M | -63.00M | -102.00M | -65.74M |
| Other Operating Activities | 65.00M | 167.00M | 247.00M | 47.00M | 20.65M | 189.85M |
| Change in Accounts Receivable | 68.00M | -32.00M | -42.00M | -69.00M | -77.49M | -16.81M |
| Change in Inventory | -190.00M | -97.00M | 26.00M | -411.00M | -631.12M | -157.47M |
| Change in Accounts Payable | 153.00M | 94.00M | 29.00M | 104.00M | 126.52M | 40.45M |
| Change in Other Net Operating Assets | -10.00M | 4.00M | 10.00M | 13.00M | -2.25M | -7.08M |
| Operating Cash Flow | 1.09B | 1.05B | 902.00M | 217.00M | -1.43M | 596.98M |
| Capital Expenditures | -274.00M | -265.00M | -233.00M | -224.00M | -283.80M | -247.37M |
| Sale of Property, Plant & Equipment | 3.00M | 4.00M | 24.00M | 23.00M | 3.30M | 639.00K |
| Cash Acquisitions | -25.00M | -108.00M | -286.00M | -29.00M | -1.53B | -519.13M |
| Divestitures | 91.37M | 20.40M | ||||
| Sale (Purchase) of Intangibles | -176.00M | -158.00M | -139.00M | -86.00M | -109.07M | -67.72M |
| Investment in Securities | -48.00M | -52.00M | 1.52B | -78.00M | -164.66M | -40.97M |
| Investing Cash Flow | -520.00M | -579.00M | 886.00M | -394.00M | -2.00B | -854.15M |
| Long-Term Debt Issued | 1.36B | 4.01B | 1.64B | 1.14B | 3.32B | |
| Long-Term Debt Repaid | -1.67B | -5.36B | -1.47B | -1.31B | -578.02M | |
| Lease Payments | -118.00M | -119.00M | -111.00M | -116.00M | -104.29M | -82.69M |
| Net Debt Issued (Repaid) | -537.00M | -309.00M | -1.35B | 171.00M | -168.78M | 2.75B |
| Repurchase of Common Stock | -3.46M | -125.70M | ||||
| Common Dividends Paid | -252.44M | |||||
| Dividends Paid | -128.00M | -128.00M | -1.00M | -592.00K | -252.44M | |
| Other Financing Activities | 26.00M | -92.00M | -6.00M | 1.00M | 7.93M | -70.56M |
| Financing Cash Flow | -639.00M | -529.00M | -1.36B | 172.00M | -164.90M | 2.30B |
| Foreign Exchange Rate Adjustments | 20.00M | -94.00M | 22.00M | -16.00M | 35.55M | 55.46M |
| Miscellaneous Cash Flow Adjustments | 1.00M | |||||
| Net Cash Flow | -48.00M | -155.00M | 451.00M | -20.00M | -2.13B | 2.10B |
| Free Cash Flow | 817.00M | 782.00M | 669.00M | -7.00M | -285.23M | 349.60M |
| Free Cash Flow Margin | 11.01% | 10.39% | 9.28% | -0.11% | -4.70% | 7.09% |
| Free Cash Flow Per Share | 1.19 | 1.15 | 0.98 | -0.01 | -0.42 | 0.51 |
| Levered Free Cash Flow | 572.92M | 1.03B | 1.45B | -1.83B | -182.16M | 61.47M |
| Unlevered Free Cash Flow | 951.05M | 1.39B | 1.83B | -1.51B | 95.67M | 207.60M |
| Free Cash Flow After Leases | 699.00M | 663.00M | 558.00M | -123.00M | -389.52M | 266.91M |
| Cash Interest Paid | 506.00M | 532.00M | 571.00M | 529.00M | 350.39M | 155.12M |
| Cash Income Tax Paid | 185.00M | 169.00M | 176.00M | 159.00M | 196.44M | 30.59M |
| Change in Working Capital | 21.00M | -31.00M | 23.00M | -363.00M | -584.35M | -140.91M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.30B | 7.68B | 5.88B | 10.20B | 7.01B | 11.13B |
| Enterprise Value | 19.86B | 20.86B | 17.99B | 24.59B | 19.88B | 21.34B |
| Last Close Price | 8.10 | 9.24 | 7.25 | 11.27 | 8.28 | 10.95 |
| PE Ratio | 21.88 | 16.26 | 36.19 | 219.78 | 35.44 | 51.84 |
| PS Ratio | 0.86 | 0.87 | 0.79 | 1.40 | 1.08 | 1.98 |
| PB Ratio | 0.80 | 0.86 | 0.66 | 1.23 | 0.82 | 1.34 |
| P/FCF Ratio | 7.96 | 8.36 | 8.49 | 27.98 | ||
| P/OCF Ratio | 5.96 | 6.24 | 6.30 | 42.54 | 16.39 | |
| EV/Sales Ratio | 2.34 | 2.36 | 2.41 | 3.38 | 3.07 | 3.80 |
| EV/EBITDA Ratio | 10.57 | 10.47 | 10.81 | 19.11 | 17.19 | 20.35 |
| EV/EBIT Ratio | 12.89 | 12.74 | 13.17 | 30.98 | 27.71 | 33.36 |
| EV/FCF Ratio | 21.67 | 22.72 | 25.97 | 53.68 | ||
| Debt / Equity Ratio | 1.17 | 1.27 | 1.18 | 1.47 | 1.39 | |
| Debt / EBITDA Ratio | 5.42 | 5.42 | 6.01 | 9.50 | 11.02 | |
| Debt / FCF Ratio | 11.45 | 12.33 | 15.20 | 29.08 | ||
| Net Debt / Equity Ratio | 1.10 | 1.16 | 1.06 | 1.39 | -0.07 | 1.02 |
| Net Debt / EBITDA Ratio | 5.36 | 5.18 | 5.70 | 8.94 | -0.54 | 8.11 |
| Net Debt / FCF Ratio | 10.79 | 11.25 | 13.70 | -1,487.31 | 2.03 | 21.40 |
| Asset Turnover | 0.37 | 0.37 | 0.34 | 0.31 | 0.30 | 0.29 |
| Inventory Turnover | 1.35 | 1.34 | 1.24 | 1.22 | 1.40 | 1.39 |
| Quick Ratio | 0.70 | 0.84 | 0.87 | 0.63 | 0.67 | 0.92 |
| Current Ratio | 2.37 | 2.51 | 2.66 | 2.64 | 2.32 | 1.59 |
| Return on Equity (ROE) | 6.93% | 6.17% | 2.64% | 2.10% | 3.24% | 3.78% |
| Return on Assets (ROA) | 4.23% | 4.24% | 3.89% | 2.13% | 2.07% | 2.04% |
| Return on Invested Capital (ROIC) | 6.49% | 6.64% | 3.55% | 4.49% | 4.44% | 3.06% |
| Return on Capital Employed (ROCE) | 7.60% | 7.90% | 6.90% | 3.80% | 3.50% | 3.60% |
| Earnings Yield | 4.57% | 6.15% | 2.76% | 0.46% | 2.82% | 1.93% |
| FCF Yield | 12.56% | 11.96% | 11.78% | -0.08% | -4.35% | 3.57% |
| Payout Ratio | 14.39% | 31.84% | 0.64% | 0.32% | 133.76% | |
| Buyback Yield / Dilution | -4.17% | -0.24% | -0.02% | 0.01% | 0.26% | 0.58% |
| Total Shareholder Return | -2.86% | -0.24% | -0.02% | 0.01% | 0.26% | 0.58% |