Detailed financial statements for Grifols, S.A. (GRFS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Grifols, S.A., a company founded in 1940 and headquartered in Barcelona, Spain, specializes in the development, manufacture, and distribution of therapeutic products, with a primary focus on those derived from human plasma. Its operations are organized into several divisions.
Analysis Summary
Grifols, S.A. reported revenue of 7.23B EUR in the most recent fiscal year, growing at a 5-year CAGR of 6.2%. Net income reached 386.1M EUR, with a -9.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 37.2%, operating margin 16.7%, net margin 6.1%. Free cash flow grew at -2.0% CAGR over 5 years.
At $8.51 (closing price, November 2, 2026), GRFS trades at a P/E of 16.42 and an ROE of 8.43%. Market capitalisation stands at $7.2B.
Balance sheet quality for GRFS: debt-to-equity ratio of 1.54, current ratio of 2.37 over the last 12 months, net debt of 7.92B EUR at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 751.1M EUR represents 195% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4.05B EUR | 4.32B EUR | 4.49B EUR | 5.10B EUR | 5.34B EUR | 4.93B EUR | 6.06B EUR | 6.59B EUR | 7.21B EUR | 7.23B EUR |
| Cost of Revenue | 2.14B EUR | 2.17B EUR | 2.44B EUR | 2.76B EUR | 3.08B EUR | 2.97B EUR | 3.85B EUR | 4.11B EUR | 4.42B EUR | 4.65B EUR |
| Gross Profit | 1.91B EUR | 2.15B EUR | 2.05B EUR | 2.34B EUR | 2.26B EUR | 1.96B EUR | 2.21B EUR | 2.48B EUR | 2.79B EUR | 2.58B EUR |
| Research & Development | 197.6M EUR | 288.3M EUR | 240.7M EUR | 276.0M EUR | 294.2M EUR | 354.9M EUR | 361.1M EUR | 395.3M EUR | 384.0M EUR | 358.3M EUR |
| Selling, General & Admin | 775.3M EUR | 860.3M EUR | 814.8M EUR | 942.8M EUR | 985.6M EUR | 1.06B EUR | 1.11B EUR | 1.27B EUR | 1.14B EUR | 1.02B EUR |
| Operating Expenses | 972.9M EUR | 1.15B EUR | 1.06B EUR | 1.21B EUR | 1.26B EUR | 1.37B EUR | 1.43B EUR | 1.70B EUR | 1.60B EUR | 1.39B EUR |
| Operating Income | 939.4M EUR | 1.00B EUR | 994.1M EUR | 1.13B EUR | 996.1M EUR | 595.1M EUR | 782.4M EUR | 782.3M EUR | 1.19B EUR | 1.19B EUR |
| EBITDA | 1.15B EUR | 1.19B EUR | 1.26B EUR | 1.44B EUR | 1.42B EUR | 944.0M EUR | 1.19B EUR | 1.17B EUR | 1.48B EUR | 1.62B EUR |
| Interest Expense | 228.8M EUR | 249.5M EUR | 274.2M EUR | 324.4M EUR | 284.6M EUR | 233.8M EUR | 444.5M EUR | 516.1M EUR | 773.2M EUR | 600.3M EUR |
| Pre-tax Income | 712.8M EUR | 695.7M EUR | 725.8M EUR | 817.1M EUR | 878.6M EUR | 350.5M EUR | 338.0M EUR | 207.0M EUR | 444.0M EUR | 590.7M EUR |
| Income Tax | 168.2M EUR | 34.4M EUR | 131.4M EUR | 168.5M EUR | 169.6M EUR | 85.1M EUR | 90.1M EUR | 43.3M EUR | 231.2M EUR | 110.5M EUR |
| Net Income | 545.5M EUR | 662.7M EUR | 596.6M EUR | 625.1M EUR | 618.5M EUR | 188.7M EUR | 185.0M EUR | 42.3M EUR | 156.9M EUR | 386.1M EUR |
| EPS | €0.80 | €0.97 | €0.87 | €0.95 | €0.73 | €0.27 | €0.31 | €0.09 | €0.23 | €0.57 |
| EPS (Diluted) | €0.80 | €0.97 | €0.87 | €0.94 | €0.73 | €0.27 | €0.31 | €0.09 | €0.23 | €0.57 |
| Shares Outstanding (Diluted) | 684.2 M | 684.2 M | 684.7 M | 663.7 M | 685.5 M | 681.6 M | 679.8 M | 679.8 M | 680.0 M | 680.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 1.87B EUR | 1.96B EUR | 1.73B EUR | 1.87B EUR |
| Gross Profit | 751.5M EUR | 680.4M EUR | 630.2M EUR | 704.0M EUR |
| Operating Income | 383.3M EUR | 272.2M EUR | 253.1M EUR | 329.0M EUR |
| EBITDA | 457.1M EUR | 396.9M EUR | 360.8M EUR | 535.0M EUR |
| Net Income | 127.0M EUR | 97.3M EUR | 74.2M EUR | 154.0M EUR |
| EPS | €0.19 | €0.14 | €0.11 | €0.23 |
| EPS (Diluted) | €0.19 | €0.14 | €0.11 | €0.23 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 895.0M EUR | 886.5M EUR | 1.03B EUR | 832.9M EUR | 579.6M EUR | 655.5M EUR | 549.2M EUR | 529.6M EUR | 979.8M EUR | 824.6M EUR |
| Short-term Investments | 0 | 0 | 0 | 1.93B EUR | 10.9M EUR | 2.03B EUR | 31.0M EUR | 116.5M EUR | 21.2M EUR | 0 |
| Receivables | 528.5M EUR | 385.3M EUR | 401.6M EUR | 528.1M EUR | 383.2M EUR | 434.1M EUR | 774.2M EUR | 692.9M EUR | 1.08B EUR | 844.6M EUR |
| Inventory | 1.64B EUR | 1.63B EUR | 1.95B EUR | 2.63B EUR | 2.00B EUR | 2.26B EUR | 3.24B EUR | 3.48B EUR | 3.56B EUR | 3.29B EUR |
| Total Current Assets | 3.12B EUR | 2.95B EUR | 3.48B EUR | 6.02B EUR | 3.16B EUR | 5.51B EUR | 4.69B EUR | 6.13B EUR | 5.73B EUR | 5.07B EUR |
| Property, Plant & Equipment | 1.81B EUR | 1.76B EUR | 1.95B EUR | 3.21B EUR | 3.00B EUR | 3.34B EUR | 4.28B EUR | 4.19B EUR | 4.31B EUR | 4.05B EUR |
| Goodwill | 3.64B EUR | 4.59B EUR | 5.21B EUR | 6.18B EUR | 5.33B EUR | 6.23B EUR | 7.01B EUR | 6.80B EUR | 7.40B EUR | 6.83B EUR |
| Intangible Assets | 1.20B EUR | 1.27B EUR | 1.39B EUR | 1.61B EUR | 1.56B EUR | 1.00B EUR | 2.95B EUR | 1.21B EUR | 2.93B EUR | 2.73B EUR |
| Total Assets | 10.13B EUR | 10.92B EUR | 12.48B EUR | 17.45B EUR | 15.27B EUR | 19.23B EUR | 21.23B EUR | 20.99B EUR | 21.41B EUR | 19.75B EUR |
| Accounts Payable | 461.1M EUR | 423.1M EUR | 561.9M EUR | 653.2M EUR | 601.6M EUR | 629.0M EUR | 788.0M EUR | 823.0M EUR | 852.3M EUR | 840.6M EUR |
| Short-term Debt | 200.1M EUR | 129.1M EUR | 7.1M EUR | 358.7M EUR | 276.9M EUR | 2.35B EUR | 578.9M EUR | 916.5M EUR | 523.1M EUR | 385.8M EUR |
| Total Current Liabilities | 1.07B EUR | 978.0M EUR | 1.26B EUR | 1.53B EUR | 1.34B EUR | 3.47B EUR | 2.02B EUR | 2.33B EUR | 2.16B EUR | 2.02B EUR |
| Long-term Debt | 4.68B EUR | 5.87B EUR | 6.01B EUR | 6.84B EUR | 5.90B EUR | 6.94B EUR | 8.15B EUR | 8.99B EUR | 8.42B EUR | 7.39B EUR |
| Total Liabilities | 6.40B EUR | 7.29B EUR | 7.78B EUR | 9.75B EUR | 8.55B EUR | 11.92B EUR | 13.25B EUR | 13.48B EUR | 12.80B EUR | 12.13B EUR |
| Retained Earnings | 422.5M EUR | 539.7M EUR | 459.9M EUR | 0 | 618.5M EUR | 248.0M EUR | 0 | 79.4M EUR | 156.9M EUR | 0 |
| Total Equity | 3.72B EUR | 3.63B EUR | 4.23B EUR | 5.41B EUR | 5.11B EUR | 5.52B EUR | 5.65B EUR | 5.37B EUR | 5.88B EUR | 5.27B EUR |
| Total Debt | 4.89B EUR | 6.01B EUR | 6.03B EUR | 7.98B EUR | 6.91B EUR | 10.17B EUR | 9.75B EUR | 11.02B EUR | 10.09B EUR | 8.74B EUR |
| Net Debt | 3.99B EUR | 5.12B EUR | 5.00B EUR | 5.22B EUR | 6.32B EUR | 7.48B EUR | 9.17B EUR | 10.37B EUR | 9.08B EUR | 7.92B EUR |
| Working Capital | 2.05B EUR | 1.97B EUR | 2.23B EUR | 4.49B EUR | 1.83B EUR | 2.04B EUR | 2.67B EUR | 3.81B EUR | 3.57B EUR | 3.05B EUR |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 622.9M EUR | 824.6M EUR | 702.7M EUR | 513.0M EUR |
| Total Assets | 19.92B EUR | 19.75B EUR | 20.10B EUR | 20.09B EUR |
| Total Liabilities | 12.35B EUR | 12.13B EUR | 12.24B EUR | 12.11B EUR |
| Total Equity | 5.20B EUR | 5.27B EUR | 5.46B EUR | 5.55B EUR |
| Total Debt | 9.72B EUR | 8.74B EUR | 9.68B EUR | 8.52B EUR |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 712.8M EUR | 695.7M EUR | 725.8M EUR | 817.1M EUR | 618.5M EUR | 188.7M EUR | 361.3M EUR | 207.0M EUR | 444.0M EUR | 386.1M EUR |
| Depreciation & Amortization | 201.9M EUR | 215.5M EUR | 228.6M EUR | 302.5M EUR | 321.5M EUR | 359.8M EUR | 411.0M EUR | 446.4M EUR | 437.9M EUR | 432.2M EUR |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -164.3M EUR | -65.8M EUR | -112.6M EUR | -481.5M EUR | 108.6M EUR | -181.4M EUR | -609.2M EUR | -362.8M EUR | 22.4M EUR | -24.0M EUR |
| Operating Cash Flow | 553.3M EUR | 841.7M EUR | 737.4M EUR | 568.9M EUR | 1.11B EUR | 597.0M EUR | -10.9M EUR | 218.7M EUR | 902.2M EUR | 1.01B EUR |
| Capital Expenditure | -292.7M EUR | -323.0M EUR | -307.7M EUR | -412.3M EUR | -280.2M EUR | -247.4M EUR | -375.6M EUR | -310.3M EUR | -371.4M EUR | -254.5M EUR |
| Acquisitions | -202.7M EUR | -1.86B EUR | -524.1M EUR | -119.7M EUR | -468.6M EUR | -519.1M EUR | -1.44B EUR | -29.5M EUR | -285.9M EUR | -99.9M EUR |
| Stock Repurchased | -12.7M EUR | 0 | 0 | 0 | 0 | -125.7M EUR | -3.5M EUR | 0 | 0 | -123.9M EUR |
| Dividends Paid | -216.2M EUR | -218.3M EUR | -278.8M EUR | -238.7M EUR | -113.2M EUR | -252.4M EUR | -592,000 EUR | 0 | -962,000 EUR | -122.9M EUR |
| Free Cash Flow | 260.6M EUR | 518.8M EUR | 429.7M EUR | 156.6M EUR | 830.2M EUR | 349.6M EUR | -386.4M EUR | -91.6M EUR | 530.8M EUR | 751.1M EUR |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 325.4M EUR | 430.9M EUR | 111.8M EUR | 227.0M EUR |
| Capital Expenditure | -70.1M EUR | -134.1M EUR | -52.9M EUR | -119.0M EUR |
| Free Cash Flow | 255.3M EUR | 296.7M EUR | 59.0M EUR | 108.0M EUR |
| Dividends Paid | -102.4M EUR | -25.6M EUR | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.6% | +3.9% | +13.6% | +4.7% | -7.6% | +22.9% | +8.7% | +9.4% | +0.2% | |
| Net Income Growth (YoY) | +21.5% | -10.0% | +4.8% | -1.1% | -69.5% | -2.0% | -77.1% | +270.8% | +146.1% | |
| EPS Growth (YoY) | +21.2% | -10.3% | +9.2% | -23.2% | -63.0% | +14.8% | -71.0% | +155.6% | +147.8% | |
| Shares Change (YoY) | +0.0% | +0.1% | -3.1% | +3.3% | -0.6% | -0.3% | -0.0% | +0.0% | +0.1% | |
| FCF Growth (YoY) | +99.1% | -17.2% | -63.5% | +430.0% | -57.9% | -210.5% | +76.3% | +679.3% | +41.5% | |
| Gross Margin | 47.2% | 49.8% | 45.7% | 45.9% | 42.2% | 39.8% | 36.5% | 37.7% | 38.7% | 35.7% |
| Operating Margin | 23.2% | 23.2% | 22.2% | 22.2% | 18.7% | 12.1% | 12.9% | 11.9% | 16.5% | 16.4% |
| EBITDA Margin | 28.3% | 27.6% | 28.1% | 28.3% | 26.6% | 19.1% | 19.7% | 17.7% | 20.6% | 22.5% |
| Net Margin | 13.5% | 15.3% | 13.3% | 12.3% | 11.6% | 3.8% | 3.1% | 0.6% | 2.2% | 5.3% |
| FCF Margin | 6.4% | 12.0% | 9.6% | 3.1% | 15.5% | 7.1% | -6.4% | -1.4% | 7.4% | 10.4% |
| Effective Tax Rate | 23.6% | 4.9% | 18.1% | 20.6% | 19.3% | 24.3% | 26.7% | 20.9% | 52.1% | 18.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | €0.38 | €0.76 | €0.63 | €0.24 | €1.21 | €0.51 | -€0.57 | -€0.13 | €0.78 | €1.10 |
| Dividends Per Share | €0.32 | €0.32 | €0.41 | €0.36 | €0.17 | €0.37 | €0.00 | €0.00 | €0.00 | €0.18 |
| Shares Outstanding (Basic) | 683.2 M | 684.2 M | 684.7 M | 660.0 M | 685.5 M | 681.6 M | 679.8 M | 679.8 M | 680.0 M | 680.6 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 8.43% |
| Return on Invested Capital | 5.47% |
| Return on Assets | 2.25% |
| Gross Margin | 37.23% |
| Operating Margin | 16.66% |
| Net Margin | 6.09% |
Financial Health
| Debt / Equity | 1.54 |
| Current Ratio | 2.37 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.02 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.08 | 20.10 | 18.40 | 21.86 | 20.67 | 36.58 | 25.61 | 116.20 | 31.24 | 13.96 |
| P/B | 2.80 | 3.67 | 2.59 | 2.53 | 2.02 | 1.22 | 0.96 | 1.32 | 0.83 | 1.03 |
| P/S | 2.57 | 3.09 | 2.44 | 2.69 | 1.94 | 1.36 | 0.89 | 1.08 | 0.68 | 0.75 |
| Gross Margin | 47.2% | 49.8% | 45.7% | 45.9% | 42.2% | 39.8% | 36.5% | 37.7% | 38.7% | 35.7% |
| Operating Margin | 23.2% | 23.2% | 22.2% | 22.2% | 18.7% | 12.1% | 12.9% | 11.9% | 16.5% | 16.4% |
| Net Margin | 13.5% | 15.3% | 13.3% | 12.3% | 11.6% | 3.8% | 3.1% | 0.6% | 2.2% | 5.3% |
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