Latest Ratios: P/E Ratio 10.0x · 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 | $7.1B | $6.4B | $5.1B | $7.9B | $5.8B | $7.7B | $12.6B | $15.5B | $12.6B | $15.7B | $11.0B |
| Enterprise Value | $16.0B | $14.3B | $14.2B | $18.3B | $15.0B | $17.2B | $19.0B | $22.6B | $17.6B | $20.8B | $15.0B |
| P/E Ratio → | 10.00 | 16.40 | 32.35 | 128.44 | 27.42 | 41.59 | 25.26 | 24.78 | 21.10 | 23.63 | 20.09 |
| P/S Ratio | 0.84 | 0.88 | 0.70 | 1.19 | 0.95 | 1.55 | 2.37 | 3.03 | 2.80 | 3.63 | 2.71 |
| P/B Ratio | 0.68 | 0.84 | 0.59 | 1.05 | 0.72 | 1.05 | 1.88 | 2.01 | 2.68 | 4.32 | 2.95 |
| P/FCF | 8.57 | 8.47 | 9.53 | — | — | 21.89 | 15.23 | 98.69 | 29.26 | 30.23 | 42.19 |
| P/OCF | 6.36 | 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 | 8.23 | 8.82 | 8.69 | 14.93 | 12.55 | 17.98 | 14.40 | 15.76 | 14.37 | 17.07 | 13.13 |
| EV / EBIT | 12.06 | 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 | 2.4% | 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 | 10.0% | 6.1% | 3.1% | 0.8% | 3.6% | 2.4% | 4.0% | 4.0% | 4.7% | 4.2% | 5.0% |
| FCF Yield | 11.7% | 11.8% | 10.5% | — | — | 4.6% | 6.6% | 1.0% | 3.4% | 3.3% | 2.4% |
| Buyback Yield | 1.9% | 1.9% | 0.0% | 0.0% | 0.1% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 4.3% | 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 10.0x. 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 10.0x. Compare with industry peers and growth rates for a complete picture.
Grifols, S.A.'s current dividend yield is 2.39% 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 overhang
Discount Multiples Reflect Leverage Skepticism
Based on reported figures, Grifols trades at 13.28 trailing P/E, 8.84 EV/EBITDA and 0.68 times book, a discount that may reflect investor caution toward its elevated debt load rather than purely operating weakness. Investors should monitor whether this gap narrows.
The trailing P/E of 13.28 and forward P/E of 9.68 imply the market expects earnings to be roughly flat to modestly improving, consistent with the near-zero revenue growth reported. The price-to-book of 0.68 indicates shareholders are valuing the enterprise below its accounting equity, which suggests skepticism about the quality or recoverability of the intangible-heavy asset base. Relative to CSL at 22.14 P/E and 14.29 EV/EBITDA, the discount is substantial, and the gap appears driven more by balance sheet and governance perceptions than by plasma collection economics.
Margin Recovery Lags Net Earnings Conversion
As reported in the quarterly income statements, operating margin reached 21.0% in 2026Q3, yet net margin stood at only 9.3%, a gap that may point to heavy below-the-line costs such as interest and minority leakage.
Gross margin rebounded from 34.7% in 2025Q4 to 40.1% in 2026Q3, returning toward the peak levels of 2024 and 2025 and suggesting improved yield or collection cost control. The sizeable spread between operating and net margin implies that financing costs absorb a large share of operating profit, which is consistent with the 17.02 debt-to-EBITDA ratio. Net margin, rather than operating margin, better reflects true earning power for equity holders at present.
Returns Compounding Off a Depressed Base
Based on Grifols' reported figures, ROIC climbed from 1.1% in 2025Q1 to 2.0% in 2026Q3, a meaningful improvement that remains well below the cost of capital for a leveraged industrial business.
ROE rose from 0.2% in 2024Q2 to 2.3% in 2026Q3, but these levels remain low in absolute terms and suggest the company is recovering from a near-zero return trough rather than compounding value. The ROIC trend indicates that the margin recovery is beginning to lift capital efficiency, though asset turnover of 0.10 remains low for the sector. Sustained returns above the cost of debt would be needed before the recent improvement can be considered durable.
Debt Burden Eases but Coverage Stays Thin
According to reported quarterly figures, debt-to-equity improved to 1.12 from 1.39 over the period, while interest coverage of 5.33 in 2026Q2 signals debt service is more comfortable but not yet robust.
Total debt declined from $11.5B to $9.2B, indicating genuine deleveraging progress that appears tied to the Shanghai RAAS stake sale and operating cash generation. Debt-to-EBITDA of 17.02 in 2026Q3, however, remains high and suggests refinancing flexibility is limited if EBITDA stalls. Coverage has been volatile across quarters, which warrants further investigation of interest expense composition and maturity schedule.
Current Ratio Masks Thinning Cash Cushion
Based on reported figures, the current ratio held near 2.33 in 2026Q3, yet cash fell from $2.1B in 2024Q2 to $486.0M, suggesting the liquidity buffer has narrowed even as headline ratios appear stable.
The quick ratio of 0.82 sits below 1.0, indicating current liabilities depend materially on inventory conversion, which takes roughly 7 to 12 months for plasma-derived products. Given the inventory-heavy structure and a DIO near 262 days, the current ratio may overstate liquidity under stress. Working capital swings noted in prior analysis suggest part of the headline liquidity strength may be timing-driven rather than structural.
Headline Current Ratio Overstates Liquidity
The current ratio of 2.33 is the metric most often cited for Grifols' liquidity, yet for an inventory-heavy plasma processor with DIO near 262 days it may obscure how slowly that inventory converts to cash.
Plasma fractionation carries a 7-to-12-month processing cycle, so inventory and receivables sit on the balance sheet far longer than the 1-year window that current assets assume. A quick ratio of 0.82 and a cash-to-debt position that has contracted sharply suggest the liquidity cushion depends on inventory realization rather than immediate resources. Analysts may instead weight the quick ratio, days-of-cash, and the cash conversion cycle of roughly 245 days as more informative gauges of short-term resilience.