Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 8.2x · ROE 4.8%. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.1B | $6.4B | $5.1B | $7.9B | $5.8B | $7.7B | $12.6B | $15.5B | $12.6B | $15.7B | $11.0B |
| Enterprise Value | $15.1B | $14.3B | $14.2B | $18.3B | $15.0B | $17.2B | $19.0B | $22.6B | $17.6B | $20.8B | $15.0B |
| P/E Ratio → | 11.09 | 16.40 | 32.35 | 128.44 | 27.42 | 41.59 | 25.26 | 24.78 | 21.10 | 23.63 | 20.09 |
| P/S Ratio | 0.74 | 0.88 | 0.70 | 1.19 | 0.95 | 1.55 | 2.37 | 3.03 | 2.80 | 3.63 | 2.71 |
| P/B Ratio | 0.57 | 0.84 | 0.59 | 1.05 | 0.72 | 1.05 | 1.88 | 2.01 | 2.68 | 4.32 | 2.95 |
| P/FCF | 7.12 | 8.47 | 9.53 | — | — | 21.89 | 15.23 | 98.69 | 29.26 | 30.23 | 42.19 |
| P/OCF | 5.32 | 6.33 | 5.61 | 35.93 | — | 12.82 | 11.38 | 27.17 | 17.05 | 18.63 | 19.87 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.98 | 1.96 | 2.78 | 2.47 | 3.48 | 3.55 | 4.43 | 3.92 | 4.82 | 3.70 |
| EV / EBITDA | 8.19 | 8.82 | 8.69 | 14.93 | 12.55 | 17.98 | 14.40 | 15.76 | 14.37 | 17.07 | 13.13 |
| EV / EBIT | 11.17 | 11.99 | 13.53 | 25.37 | 19.14 | 29.38 | 17.22 | 19.80 | 17.57 | 22.01 | 15.91 |
| EV / FCF | — | 19.01 | 26.69 | — | — | 49.10 | 22.85 | 144.29 | 40.88 | 40.11 | 57.50 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.7% | 35.7% | 38.7% | 37.7% | 36.5% | 39.8% | 42.2% | 45.9% | 45.7% | 49.8% | 47.2% |
| Operating Margin | 16.4% | 16.4% | 16.5% | 11.9% | 12.9% | 12.1% | 18.7% | 22.2% | 22.2% | 23.2% | 23.2% |
| Net Profit Margin | 5.3% | 5.3% | 2.2% | 0.6% | 3.1% | 3.8% | 11.6% | 12.3% | 13.3% | 15.3% | 13.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.8% | 4.8% | 1.9% | 0.5% | 2.4% | 2.7% | 8.6% | 10.1% | 14.3% | 18.0% | 15.5% |
| ROA | 1.9% | 1.9% | 0.7% | 0.2% | 0.9% | 1.1% | 3.8% | 4.2% | 5.1% | 6.3% | 5.5% |
| ROIC | 5.4% | 5.4% | 5.0% | 3.3% | 3.5% | 3.0% | 5.4% | 6.9% | 8.1% | 9.1% | 9.6% |
| ROCE | 6.4% | 6.4% | 6.3% | 4.1% | 4.5% | 4.0% | 6.7% | 8.3% | 9.4% | 10.6% | 10.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.15 | 1.15 | 1.17 | 1.47 | 1.22 | 1.39 | 1.03 | 1.04 | 1.28 | 1.65 | 1.31 |
| Debt / EBITDA | 5.40 | 5.40 | 6.19 | 8.97 | 8.17 | 10.65 | 5.25 | 5.56 | 4.93 | 4.93 | 4.28 |
| Net Debt / Equity | — | 1.04 | 1.06 | 1.40 | 1.15 | 1.30 | 0.94 | 0.93 | 1.06 | 1.41 | 1.07 |
| Net Debt / EBITDA | 4.89 | 4.89 | 5.59 | 8.53 | 7.71 | 9.96 | 4.81 | 4.98 | 4.09 | 4.20 | 3.50 |
| Debt / FCF | — | 10.54 | 17.15 | — | — | 27.20 | 7.63 | 45.61 | 11.63 | 9.88 | 15.31 |
| Interest Coverage | 1.98 | 1.98 | 1.35 | 1.40 | 1.76 | 2.50 | 3.87 | 3.52 | 3.65 | 3.79 | 4.12 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.51 | 2.51 | 2.66 | 2.64 | 2.32 | 1.59 | 2.37 | 3.92 | 2.77 | 3.01 | 2.91 |
| Quick Ratio | 0.88 | 0.88 | 1.01 | 1.14 | 0.72 | 0.94 | 0.87 | 2.21 | 1.22 | 1.35 | 1.38 |
| Cash Ratio | 0.41 | 0.41 | 0.46 | 0.28 | 0.29 | 0.77 | 0.44 | 1.80 | 0.82 | 0.91 | 0.84 |
| Asset Turnover | — | 0.37 | 0.34 | 0.31 | 0.29 | 0.26 | 0.35 | 0.29 | 0.36 | 0.40 | 0.40 |
| Inventory Turnover | 1.41 | 1.41 | 1.24 | 1.18 | 1.19 | 1.31 | 1.54 | 1.05 | 1.25 | 1.33 | 1.30 |
| Days Sales Outstanding | — | 42.66 | 54.62 | 38.36 | 46.60 | 32.12 | 26.19 | 37.81 | 32.67 | 32.57 | 47.63 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.9% | 1.9% | 0.0% | — | 0.0% | 3.3% | 0.9% | 1.5% | 2.2% | 1.4% | 2.0% |
| Payout Ratio | 31.8% | 31.8% | 0.6% | — | 0.3% | 133.8% | 18.3% | 38.2% | 46.7% | 32.9% | 39.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 6.1% | 3.1% | 0.8% | 3.6% | 2.4% | 4.0% | 4.0% | 4.7% | 4.2% | 5.0% |
| FCF Yield | 14.0% | 11.8% | 10.5% | — | — | 4.6% | 6.6% | 1.0% | 3.4% | 3.3% | 2.4% |
| Buyback Yield | 2.3% | 1.9% | 0.0% | 0.0% | 0.1% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 5.2% | 3.9% | 0.0% | 0.0% | 0.1% | 4.9% | 0.9% | 1.5% | 2.2% | 1.4% | 2.1% |
| Shares Outstanding | — | $681M | $680M | $680M | $680M | $682M | $686M | $664M | $685M | $684M | $684M |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying GRFS stock.
Grifols, S.A.'s current P/E ratio is 11.1x. The historical average is 36.3x.
Grifols, S.A.'s current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
Grifols, S.A.'s return on equity (ROE) is 4.8%. The historical average is 15.1%.
Based on historical data, Grifols, S.A. is trading at a P/E of 11.1x. Compare with industry peers and growth rates for a complete picture.
Grifols, S.A.'s current dividend yield is 2.86% with a payout ratio of 31.8%.
Grifols, S.A. has 35.7% gross margin and 16.4% operating margin. Operating margin between 10-20% is typical for established companies.
Grifols, S.A.'s Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage and governance concerns
Deep Value Discount Persists
Trading at 11.97x trailing earnings and 0.61x book, Grifols appears deeply undervalued versus CSL's 21x P/E, yet the discount may reflect persistent leverage and governance overhangs. According to recent market data, the market is pricing in minimal growth.
The forward P/E of 9.42x implies the market expects earnings to improve, but the near-zero revenue growth and thin margins suggest this optimism may be premature. The EV/EBITDA of 8.45x is below the peer average, but this is likely justified by the company's high debt levels and the complexity of its related-party transactions. Investors should monitor whether the deleveraging from the Shanghai RAAS divestment can translate into sustained earnings growth to close the valuation gap.
Margin Ceiling Under Pressure
Gross margin improved to 37.6% in 2026Q2, but operating margin fell to 17.6% from 18.4% a year earlier, indicating cost creep. As reported in financial statements, net margin of 8.2% remains thin, reflecting high fixed costs and rising SG&A.
The gross margin range of 34.7% to 40.5% over the past ten quarters highlights the structural ceiling imposed by plasma collection costs and the 7-to-12-month processing cycle. Operating margin compression suggests that SG&A and R&D expenses are growing faster than gross profit, eroding operating leverage. The net margin improvement to 8.2% in 2026Q2 may be partly driven by tax benefits, so investors should focus on operating margin as the truer measure of earning power.
Returns Trapped by Asset Base
ROIC has hovered between 0.8% and 1.8% over the last ten quarters, with 2026Q2 at 1.5%, indicating minimal value creation. Based on reported figures, ROE of 1.9% remains far below the cost of equity, suggesting capital is not being deployed efficiently.
The persistently low ROIC and ROE reflect a heavy asset base and thin margins, which are characteristic of the capital-intensive plasma industry. The slight improvement in 2026Q2 is encouraging but insufficient to suggest a meaningful turnaround. The company's returns are being dragged down by high leverage and the need to service debt, which consumes a significant portion of operating income. Without a substantial increase in asset turnover or margin expansion, returns on capital are likely to remain subdued.
Working Capital Drag Intensifies
Cash conversion cycle extended to 245 days in 2026Q2, up from 224 days in 2025Q4, driven by high DIO of 270 days. According to recent financial statements, DSO improved to 52 days, but inventory remains a major cash drain.
The inventory days of 270 reflect the long plasma processing cycle, which is inherent to the business model, but the rising trend suggests potential overstocking or slower sales. The CCC of 245 days indicates that Grifols ties up significant cash in working capital, which is a drag on free cash flow. The improvement in DSO to 52 days is positive, but the overall efficiency remains poor compared to more asset-light peers. Investors should monitor whether management can reduce inventory levels without compromising supply security.
Debt Overhang Eases Slowly
Debt-to-equity improved to 1.07 in 2026Q2 from 1.40 in 2024Q1, but D/EBITDA remains elevated at 19.53x. As reported in financial statements, interest coverage of 5.33x is adequate but vulnerable to rate hikes.
The deleveraging trend is positive, but the absolute debt level of $8.5B remains substantial, and the D/EBITDA ratio is still high, indicating that debt service consumes a large portion of earnings. Interest coverage of 5.33x in 2026Q2 is an improvement from 1.81x in 2026Q1, but it remains sensitive to rising interest rates. The company's ability to refinance at favorable terms may be constrained by its credit profile and the complexity of its related-party transactions. Investors should monitor the maturity profile and any potential covenant breaches.
Liquidity Buffer Thins
Current ratio stands at 2.37, but quick ratio of 0.81 reveals heavy inventory dependence. Cash dropped to $513M in 2026Q2 from $979.8M in 2024Q4, according to recent balance sheet data, signaling a thinner buffer.
The current ratio appears healthy, but the quick ratio below 1 indicates that Grifols relies on inventory to meet short-term obligations, which is risky given the long processing cycle. The declining cash balance, coupled with high debt, suggests that liquidity could become strained if operating cash flow deteriorates. The company's ability to weather a severe downturn may be limited, especially if donor supply or pricing pressures intensify. Investors should monitor the cash position and the availability of undrawn credit facilities.
Discount to CSL Justified?
Grifols trades at 8.45x EV/EBITDA versus CSL's 13.65x, but its ROIC of 1.5% lags CSL's 20.6%. Based on peer data, the valuation gap appears warranted given the weaker returns and higher leverage.
The significant discount to CSL reflects Grifols' lower profitability, higher debt, and governance concerns. While the plasma industry has high barriers to entry, Grifols' returns on capital are far below its main competitor, suggesting operational inefficiencies or a different asset mix. The market may be pricing in a recovery, but the lack of revenue growth and thin margins indicate that the gap may persist. Investors should compare Grifols' metrics to Takeda, which also has high leverage, to assess whether the discount is structural or temporary.
Misapplied EV/EBITDA
EV/EBITDA is commonly used for Grifols, but it obscures the true cash-generative capacity due to related-party transactions and minority interests. According to recent disclosures, adjusted EBITDA may overstate cash available to shareholders, making P/FCF a more reliable metric.
The EV/EBITDA multiple of 8.45x appears attractive, but it fails to capture the cash leakage to minority interests and the complexity of off-balance-sheet entities. The P/FCF of 7.69x provides a clearer picture of the company's ability to generate cash for shareholders, but even this metric is volatile due to working capital swings. Investors should adjust EBITDA for related-party transactions and minority interests to assess the true economic value. The most commonly misapplied ratio is EV/EBITDA because it ignores the capital structure and governance risks that are central to Grifols' investment case.