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Grifols, S.A. (GRFS) 10-Year Financial Performance & Capital Metrics

GRFS • • Industrial / General
HealthcareLarge PharmaPlasma & Biologics ManufacturersPlasma & Blood Products Specialists
AboutGrifols, S.A. engages in the procurement, manufacture, preparation, and sale of therapeutic products, primarily hemoderivatives. The company operates through Bioscience, Hospital, Diagnostic, Bio Supplies, and Others divisions. The Bioscience division researches, develops, produces, and markets plasma-derived medicines and other innovative solutions to treat patients with chronic, rare, prevalent, and life-threatening diseases. It offers immunoglobulins, alpha-1 antitrypsin, albumin, clotting factors, and hyperimmune globulins. The Hospital division offers non-biological pharmaceutical products and medical supplies clinical nutrition, intravenous therapy, and medical devices. The Diagnostic division researches, develops, produces, and commercializes diagnostic products that span the healthcare continuum–from prevention, screening, diagnosis, and prognosis to disease and treatment monitoring–to serve professionals. The Bio Supplies division provides biological materials for life-science research, clinical trials, and for manufacturing pharmaceutical and diagnostic products. Its products and services are used by healthcare providers to diagnose and treat patients with hemophilia, immune deficiencies, infectious diseases, and other medical conditions. The company serves public and private customers; and wholesalers, distributors, group purchasing organizations, blood banks, hospitals and care institutions, and national health systems. Grifols, S.A. has a technology collaboration agreement with Mondragon. The company was founded in 1940 and is headquartered in Barcelona, Spain.Show more
  • Revenue $7.21B +9.4%
  • EBITDA $1.63B +32.6%
  • Net Income $157M +270.8%
  • EPS (Diluted) 0.23 +155.6%
  • Gross Margin 38.75% +2.8%
  • EBITDA Margin 22.6% +21.2%
  • Operating Margin 16.53% +39.3%
  • Net Margin 2.18% +238.9%
  • ROE 1.95% +256.3%
  • ROIC 5.01% +50.1%
  • Debt/Equity 1.17 -20.1%
  • Interest Coverage 1.54 +1.7%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 8/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Trading at only 0.7x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 1.6%
  • ✗Profits declining 24.2% over 5 years

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.95%
5Y7.18%
3Y13.5%
TTM7.31%

Profit (Net Income) CAGR

10Y-10.39%
5Y-24.15%
3Y-5.97%
TTM158.93%

EPS CAGR

10Y-10.4%
5Y-24.54%
3Y-5.2%
TTM162.61%

ROCE

10Y Avg7.67%
5Y Avg5.11%
3Y Avg4.96%
Latest6.29%

Peer Comparison

Plasma & Blood Products Specialists
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
GRFSGrifols, S.A.2.31B8.9338.839.41%4.96%4.94%23.02%1.17
OGNOrganon & Co.2.26B8.702.612.24%7.95%55.3%26%19.14

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+3.93B4.05B4.32B4.49B5.1B5.34B4.93B6.06B6.59B7.21B
Revenue Growth %0.17%0.03%0.07%0.04%0.14%0.05%-0.08%0.23%0.09%0.09%
Cost of Goods Sold+2B2.14B2.17B2.44B2.76B3.08B2.97B3.85B4.11B4.42B
COGS % of Revenue0.51%0.53%0.5%0.54%0.54%0.58%0.6%0.63%0.62%0.61%
Gross Profit+1.93B1.91B2.15B2.05B2.34B2.26B1.96B2.21B2.48B2.79B
Gross Margin %0.49%0.47%0.5%0.46%0.46%0.42%0.4%0.37%0.38%0.39%
Gross Profit Growth %0.14%-0.01%0.13%-0.05%0.14%-0.04%-0.13%0.13%0.12%0.13%
Operating Expenses+960.63M972.88M1.15B1.06B1.21B1.26B1.37B1.43B1.7B1.6B
OpEx % of Revenue0.24%0.24%0.27%0.24%0.24%0.24%0.28%0.24%0.26%0.22%
Selling, General & Admin736.43M775.27M860.35M814.77M942.82M985.62M1.06B1.11B1.27B1.14B
SG&A % of Revenue0.19%0.19%0.2%0.18%0.18%0.18%0.22%0.18%0.19%0.16%
Research & Development224.19M197.62M288.32M240.66M276.02M294.22M354.88M361.14M395.28M384.04M
R&D % of Revenue0.06%0.05%0.07%0.05%0.05%0.06%0.07%0.06%0.06%0.05%
Other Operating Expenses0000-8.97M-20.8M-48.86M-37.66M40.36M74.48M
Operating Income+970.37M939.41M1B994.12M1.13B996.13M595.06M782.44M782.32M1.19B
Operating Margin %0.25%0.23%0.23%0.22%0.22%0.19%0.12%0.13%0.12%0.17%
Operating Income Growth %0.13%-0.03%0.07%-0.01%0.14%-0.12%-0.4%0.31%-0%0.52%
EBITDA+1.16B1.14B1.22B1.22B1.43B1.32B954.83M1.19B1.23B1.63B
EBITDA Margin %0.29%0.28%0.28%0.27%0.28%0.25%0.19%0.2%0.19%0.23%
EBITDA Growth %0.11%-0.02%0.07%0%0.17%-0.08%-0.28%0.25%0.03%0.33%
D&A (Non-Cash Add-back)189.75M201.87M215.49M228.61M302.45M321.53M359.77M410.98M446.42M437.9M
EBIT914.86M941.56M945.25M1B1.14B1.1B584.27M782.56M723.08M1.05B
Net Interest Income+-234.49M-234.9M-253.67M-279.28M-228.77M-275.44M-222.26M-410.68M-453.63M-725.1M
Interest Income5.84M9.93M9.68M13.99M114.2M9.14M11.55M33.86M62.43M48.05M
Interest Expense224.61M228.8M249.53M274.16M324.38M284.58M233.81M444.54M516.06M773.15M
Other Income/Expense-280.12M-226.66M-307.62M-268.28M-314.26M-117.5M-244.61M-444.42M-575.3M-748.02M
Pretax Income+690.25M712.75M695.72M725.84M817.1M878.63M350.45M338.01M207.02M444M
Pretax Margin %0.18%0.18%0.16%0.16%0.16%0.16%0.07%0.06%0.03%0.06%
Income Tax+158.81M168.21M34.41M131.44M168.46M169.64M85.13M90.11M43.35M231.19M
Effective Tax Rate %0.77%0.77%0.95%0.82%0.77%0.7%0.54%0.55%0.2%0.35%
Net Income+532.14M545.46M662.7M596.64M625.15M618.55M188.73M185.03M42.32M156.92M
Net Margin %0.14%0.13%0.15%0.13%0.12%0.12%0.04%0.03%0.01%0.02%
Net Income Growth %0.13%0.03%0.21%-0.1%0.05%-0.01%-0.69%-0.02%-0.77%2.71%
Net Income (Continuing)531.44M544.54M661.31M594.41M648.64M708.99M265.33M247.9M163.67M212.81M
Discontinued Operations0000000000
Minority Interest5.19M6.5M4.89M471.05M2.27B1.61B1.79B2.33B2.15B2.72B
EPS (Diluted)+0.780.800.970.870.940.730.270.310.090.23
EPS Growth %0.13%0.03%0.21%-0.1%0.08%-0.22%-0.63%0.15%-0.71%1.56%
EPS (Basic)0.780.800.970.870.950.730.270.310.090.23
Diluted Shares Outstanding685.66M684.17M684.24M684.71M663.69M685.52M681.56M679.81M679.76M680.02M
Basic Shares Outstanding685.28M683.23M684.2M684.71M659.98M685.52M681.56M679.81M679.76M680.02M
Dividend Payout Ratio0.42%0.4%0.33%0.47%0.38%0.18%1.34%0%-0.01%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+3.09B3.12B2.95B3.48B6.02B3.16B5.51B4.69B6.13B5.73B
Cash & Short-Term Investments1.14B895.01M886.52M1.03B2.76B590.51M2.69B580.24M646.04M1B
Cash Only1.14B895.01M886.52M1.03B832.87M579.65M655.49M549.21M529.58M979.78M
Short-Term Investments00001.93B10.86M2.03B31.03M116.47M21.18M
Accounts Receivable477.8M528.52M385.26M401.57M528.13M383.23M434.14M774.2M692.86M1.08B
Days Sales Outstanding44.3247.6332.5732.6737.8126.1932.1246.638.3654.62
Inventory1.43B1.64B1.63B1.95B2.63B2B2.26B3.24B3.48B3.56B
Days Inventory Outstanding260.76280.54274.55291.94348.07236.91277.62306.77309.38294.13
Other Current Assets31.09M48.32M33.06M63.1M78.03M172.88M131.63M80.88M1.31B78.58M
Total Non-Current Assets+6.51B7.01B7.97B8.99B11.43B12.11B13.72B16.54B14.86B15.68B
Property, Plant & Equipment1.64B1.81B1.76B1.95B3.21B3B3.34B4.28B4.19B4.31B
Fixed Asset Turnover2.39x2.24x2.45x2.30x1.59x1.78x1.48x1.42x1.57x1.67x
Goodwill3.53B3.64B4.59B5.21B6.18B5.33B6.23B7.01B6.8B7.4B
Intangible Assets1.16B1.2B1.27B1.39B1.61B1.56B1B2.95B1.21B2.93B
Long-Term Investments78.08M232.42M259.06M228.82M278.35M2.07B2.27B1.99B451.9M528.97M
Other Non-Current Assets29.03M58.47M29.84M105.69M6.1M0882.61M124.19M2.21B167.72M
Total Assets+9.6B10.13B10.92B12.48B17.45B15.27B19.23B21.23B20.99B21.41B
Asset Turnover0.41x0.40x0.40x0.36x0.29x0.35x0.26x0.29x0.31x0.34x
Asset Growth %0.14%0.05%0.08%0.14%0.4%-0.12%0.26%0.1%-0.01%0.02%
Total Current Liabilities+1.05B1.07B977.99M1.26B1.53B1.34B3.47B2.02B2.33B2.16B
Accounts Payable409.99M461.07M423.1M561.88M653.16M601.62M628.99M787.96M822.95M852.3M
Days Payables Outstanding74.6978.7371.384.1586.4671.1877.2974.773.1170.42
Short-Term Debt181.14M200.09M129.12M7.08M358.69M276.93M2.35B578.92M916.51M523.13M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K01000K01000K
Other Current Liabilities199.19M115.71M275.65M507.75M294.78M264.51M119.44M381.59M108.6M81.95M
Current Ratio2.93x2.91x3.01x2.77x3.92x2.37x1.59x2.32x2.64x2.66x
Quick Ratio1.57x1.38x1.35x1.22x2.21x0.87x0.94x0.72x1.14x1.01x
Cash Conversion Cycle230.4249.44235.82240.46299.42191.92232.45278.67274.63278.34
Total Non-Current Liabilities+5.25B5.33B6.31B6.52B8.22B7.22B8.44B11.23B11.15B10.64B
Long-Term Debt4.57B4.68B5.87B6.01B6.84B5.9B6.94B8.15B8.99B8.42B
Capital Lease Obligations5.85M6.09M5.42M9.54M781.58M690.86M825.16M914.59M1B1.02B
Deferred Tax Liabilities631.57M600.65M388.91M404.4M520.65M556.81M01.03B01.01B
Other Non-Current Liabilities30.79M36.09M29.4M86.37M77.45M53.93M675.34M1.12B1.16B170.46M
Total Liabilities6.3B6.4B7.29B7.78B9.75B8.55B11.92B13.25B13.48B12.8B
Total Debt+4.76B4.89B6.01B6.03B7.98B6.91B10.17B9.75B11.02B10.09B
Net Debt3.62B3.99B5.12B5B7.14B6.33B9.51B9.2B10.49B9.11B
Debt / Equity1.44x1.31x1.65x1.28x1.04x1.03x1.39x1.22x1.47x1.17x
Debt / EBITDA4.10x4.28x4.93x4.93x5.56x5.25x10.65x8.17x8.97x6.19x
Net Debt / EBITDA3.12x3.50x4.20x4.09x4.98x4.81x9.96x7.71x8.53x5.59x
Interest Coverage4.32x4.11x4.02x3.63x3.49x3.50x2.55x1.76x1.52x1.54x
Total Equity+3.3B3.73B3.63B4.7B7.68B6.72B7.32B7.98B7.51B8.61B
Equity Growth %0.24%0.13%-0.03%0.29%0.64%-0.13%0.09%0.09%-0.06%0.15%
Book Value per Share4.815.455.316.8611.589.8010.7411.7311.0512.66
Total Shareholders' Equity3.3B3.72B3.63B4.23B5.41B5.11B5.52B5.65B5.37B5.88B
Common Stock1.03B1.03B1.03B1.03B134.26M119.6M119.6M119.6M119.6M119.6M
Retained Earnings412.53M422.55M539.71M459.89M0618.55M248M079.36M156.92M
Treasury Stock-58.58M-68.71M-62.42M-55.44M-55.66M-43.73M-164.19M-162.22M-152.75M-134.45M
Accumulated OCI1.91B2.34B2.12B2.79B4.31B3.5B4.41B4.78B4.41B4.83B
Minority Interest5.19M6.5M4.89M471.05M2.27B1.61B1.79B2.33B2.15B2.72B

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+742.78M553.28M841.75M737.43M568.93M1.11B596.98M-10.87M218.69M902.17M
Operating CF Margin %0.19%0.14%0.19%0.16%0.11%0.21%0.12%-0%0.03%0.13%
Operating CF Growth %-0.24%-0.26%0.52%-0.12%-0.23%0.95%-0.46%-1.02%21.12%3.13%
Net Income690.25M712.75M695.72M725.84M817.1M618.55M188.73M361.26M207.02M444M
Depreciation & Amortization189.75M201.87M215.49M228.61M302.45M321.53M359.77M407.86M446.42M437.9M
Stock-Based Compensation0000000000
Deferred Taxes0000000000
Other Non-Cash Items-60.17M-197.02M-3.67M-104.38M-69.09M61.66M229.84M-170.77M-71.91M-2.1M
Working Capital Changes-77.06M-164.32M-65.8M-112.64M-481.54M108.6M-181.35M-609.22M-362.84M22.38M
Change in Receivables144.41M-25.18M80.11M-13.14M-99.37M-35.43M-16.81M-80.17M-68.81M-41.88M
Change in Inventory-120.64M-173M-165.51M-231.67M-323.75M164.63M-157.47M-600.25M-411.44M25.82M
Change in Payables-95.26M36.47M22.29M135.26M00080.21M00
Cash from Investing+-633.11M-506.65M-2.19B-781.87M-548.79M-858.12M-854.15M-1.98B-394.72M886.67M
Capital Expenditures-567.02M-292.69M-322.97M-307.72M-310.38M-280.15M-247.37M-375.56M-224.44M-232.54M
CapEx % of Revenue0.14%0.07%0.07%0.07%0.06%0.05%0.05%0.06%0.03%0.03%
Acquisitions----------
Investments----------
Other Investing-30.13M-40.85M762K550K-99.21M-109.37M-87.65M3.28M-62.63M1.45B
Cash from Financing+-158.04M-329.56M1.43B152.5M-332.36M-354.4M2.3B-173.49M171.49M-1.36B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-221.77M-216.15M-218.26M-278.84M-238.74M-113.23M-252.44M-592K0-962K
Share Repurchases----------
Other Financing17.09M-21.49M-156.45M390.87M-19.83M2.2M-70.56M-65.16M287.89M-1.25B
Net Change in Cash----------
Free Cash Flow+175.76M260.59M518.77M429.71M156.63M830.18M349.6M-386.43M-91.63M530.8M
FCF Margin %0.04%0.06%0.12%0.1%0.03%0.16%0.07%-0.06%-0.01%0.07%
FCF Growth %-0.75%0.48%0.99%-0.17%-0.64%4.3%-0.58%-2.11%0.76%6.79%
FCF per Share0.260.380.760.630.241.210.51-0.57-0.130.78
FCF Conversion (FCF/Net Income)1.40x1.01x1.27x1.24x0.91x1.80x3.16x-0.06x5.17x5.75x
Interest Paid00000155.79M155.12M000
Taxes Paid0000000000

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)17.84%15.52%18%14.32%10.1%8.59%2.69%2.42%0.55%1.95%
Return on Invested Capital (ROIC)11.43%9.63%9.13%8.08%6.92%5.36%2.99%3.45%3.34%5.01%
Gross Margin49.08%47.22%49.84%45.68%45.92%42.23%39.78%36.51%37.67%38.75%
Net Margin13.52%13.47%15.35%13.3%12.26%11.58%3.83%3.05%0.64%2.18%
Debt / Equity1.44x1.31x1.65x1.28x1.04x1.03x1.39x1.22x1.47x1.17x
Interest Coverage4.32x4.11x4.02x3.63x3.49x3.50x2.55x1.76x1.52x1.54x
FCF Conversion1.40x1.01x1.27x1.24x0.91x1.80x3.16x-0.06x5.17x5.75x
Revenue Growth17.26%2.93%6.62%3.91%13.64%4.73%-7.62%22.92%8.71%9.41%

Revenue by Segment

2017201820192020202120222023
Haemoderivatives-3.52B3.99B4.24B3.81B5.01B5.56B
Haemoderivatives Growth--13.56%6.24%-10.08%31.20%11.05%
Transfusional medicine----712.24M640.6M648.48M
Transfusional medicine Growth------10.06%1.23%
Other Product----39.62M250.16M203.45M
Other Product Growth-----531.41%-18.67%
Bio supplies----225.76M146.08M159.96M
Bio supplies Growth------35.30%9.50%
Other diagnostic----23.63M21.74M21.79M
Other diagnostic Growth------7.98%0.23%
Hospital supplies----70.22M--
Hospital supplies Growth-------
Fluid therapy and nutrition----46.67M--
Fluid therapy and nutrition Growth-------
Transfusional Medicine-650.18M680.77M714.16M---
Transfusional Medicine Growth--4.70%4.91%---
Bio Supplies Product-167M266.54M224.09M---
Bio Supplies Product Growth--59.60%-15.93%---
Hospital Supplies-58.01M67.49M58.3M---
Hospital Supplies Growth--16.33%-13.61%---
Fluid Therapy And Nutrition-52.57M47.68M41.36M---
Fluid Therapy And Nutrition Growth---9.31%-13.25%---
Others Product-22.45M22.82M31.99M---
Others Product Growth--1.64%40.18%---
Other Diagnostic-19.8M19.94M27.63M---
Other Diagnostic Growth--0.71%38.59%---

Revenue by Geography

2017201820192020202120222023
USA and Canada----3.15B3.86B3.9B
USA and Canada Growth-----22.22%1.12%
the world----872.12M1.18B1.44B
the world Growth-----34.86%22.19%
European Union----544.04M711.58M893.05M
European Union Growth-----30.79%25.50%
Spain----362.41M320.63M362.88M
Spain Growth------11.53%13.18%
United States And Canada2.9B2.97B3.39B3.6B---
United States And Canada Growth-2.69%14.00%6.16%---
Rest Of World734.59M712.02M851.22M905.8M---
Rest Of World Growth--3.07%19.55%6.41%---
European Union Excluding Spain444.09M535.36M588.38M495.32M---
European Union Excluding Spain Growth-20.55%9.90%-15.82%---
Country Of Domicile242.89M264.91M268.29M339.17M---
Country Of Domicile Growth-9.07%1.27%26.42%---

Frequently Asked Questions

Valuation & Price

Grifols, S.A. (GRFS) has a price-to-earnings (P/E) ratio of 38.8x. This suggests investors expect higher future growth.

Growth & Financials

Grifols, S.A. (GRFS) reported $7.52B in revenue for fiscal year 2024. This represents a 319% increase from $1.80B in 2011.

Grifols, S.A. (GRFS) grew revenue by 9.4% over the past year. This is steady growth.

Yes, Grifols, S.A. (GRFS) is profitable, generating $372.7M in net income for fiscal year 2024 (2.2% net margin).

Dividend & Returns

Grifols, S.A. (GRFS) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Grifols, S.A. (GRFS) has a return on equity (ROE) of 1.9%. This is below average, suggesting room for improvement.

Grifols, S.A. (GRFS) generated $851.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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