Grifols S.A. ADR (GRFS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 25	$0.28	$0.22	-21.4%	—	$1.9B	—
Q1 25	$0.14	$0.1	-28.6%	—	$1.8B	—
Q4 24	$0.22	$0.26	+18.2%	—	$2B	—
Q3 24	$0.22	$0.16	-27.3%	—	$1.8B	—
Q2 24	$0.23	$0.15	-34.8%	—	$1.8B	—
Q1 24	$0.15	$0.07	-53.3%	—	—	—
Q4 23	$0.22	$0.14	-36.4%	—	$1.8B	—
Q3 23	$0.22	$0.11	-50.0%	—	$1.6B	—
Q2 23	$0.15	$0.1	-33.3%	—	$1.7B	—
Q2 22	—	$0.14	—	—	$1.5B	—
Q2 21	$0.27	$0.28	+3.7%	—	$1.4B	—
Q4 20	$0.21	$0.25	+19.0%	—	$1.3B	—
Q3 20	$0.35	$0.37	+5.7%	—	$1.4B	—
Q2 20	$0.37	$0.36	-2.7%	—	$1.4B	—
Q1 20	$0.3	$0.24	-20.0%	—	$1.3B	—
Q4 19	$0.31	$0.31	0.0%	—	$1.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.59	—	—	$7.5B	—
FY24	—	$0.23	—	—	$7.2B	—
FY23	—	$0.09	—	—	$6.6B	—
FY22	—	$0.31	—	—	$6.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4B	$4.3B	$4.5B	$5.1B	$5.3B	$4.9B	$6.1B	$6.6B	$7.2B	$7.5B
YoY change	+2.93%	+6.62%	+3.91%	+13.6%	+4.73%	-7.62%	+22.9%	+8.71%	+9.41%	+4.33%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4B	4.3B	4.5B	5.1B	5.3B	4.9B	6.1B	6.6B	7.2B	7.5B
Cost of revenue	2.1B	2.2B	2.4B	2.8B	3.1B	3B	3.8B	4.1B	4.4B	4.7B
Gross profit	1.9B	2.2B	2B	2.3B	2.3B	2B	2.2B	2.5B	2.8B	2.9B
Gross margin	47.2%	49.8%	45.7%	45.9%	42.2%	39.8%	36.8%	37.7%	38.7%	38%
Research & development	197.6M	288.3M	240.7M	276M	294.2M	354.9M	361.1M	395.3M	384M	426M
Selling, general & administrative	775.3M	860.3M	814.8M	942.8M	985.6M	436.7M	523.3M	1.3B	1.1B	1.1B
Operating expenses	972.9M	1.1B	1.1B	1.2B	1.3B	1.3B	1.4B	1.7B	1.5B	1.5B
Operating income	939.4M	1B	994.1M	1.1B	975.3M	562.5M	702.2M	718.6M	1.2B	1.3B
Operating margin	23.2%	23.2%	22.2%	22%	18.3%	11.4%	11.6%	10.9%	16%	16.6%
Non-operating income, net	8.2M	-54M	11M	-76.5M	144.9M	44.1M	103.5M	47.9M	-10M	-31M
Pretax income	712.8M	695.7M	725.8M	817.1M	878.6M	350.5M	361.3M	207M	444M	615M
Income tax	168.2M	34.4M	131.4M	168.5M	169.6M	85.1M	90.1M	43.3M	231M	115M
Net income	544.5M	661.3M	594.4M	648.6M	709M	265.3M	271.1M	163.7M	213M	500M
Net margin	13.4%	15.3%	13.2%	12.7%	13.3%	5.38%	4.47%	2.48%	2.95%	6.65%
EBITDA	1.1B	1.2B	1.2B	1.5B	1.4B	965.7M	1.2B	1.2B	1.5B	1.7B
EPS	0.8	0.97	0.87	0.91	0.9	0.27	0.31	0.09	0.23	0.59
Diluted EPS	0.8	0.97	0.87	0.91	0.9	0.27	0.31	0.09	0.23	0.59

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 22	Q2 23	Q3 23	Q4 23	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q4 25	Q1 26	Q2 26
Revenue	1.7B	1.7B	1.6B	1.8B	1.8B	1.8B	2B	1.8B	1.9B	2B	1.7B	1.9B
Cost of revenue	1.1B	1.1B	965.6M	1.1B	1.1B	1.1B	1.2B	1.1B	1.1B	1.3B	1.1B	1.2B
Gross profit	599.1M	607.7M	631.8M	689.8M	670.4M	726.8M	766.5M	695M	744M	686.8M	620M	705M
Gross margin	35%	36.5%	39.6%	39%	36.9%	40.5%	38.8%	38.9%	39.3%	34.7%	36.5%	37.6%
Research & development	106.2M	88.6M	87.7M	119.4M	90.7M	87.9M	115M	96M	96M	136.7M	90M	87M
Selling, general & administrative	329.7M	302.6M	289M	486.7M	299.7M	319.4M	158.2M	325M	298M	155.3M	281M	289M
Operating expenses	432.9M	391.2M	376.6M	606.1M	390.4M	407.3M	273.2M	421M	394M	291.5M	371M	376M
Operating income	166.2M	216.5M	255.2M	86.8M	252.4M	319.5M	382M	274M	350M	275.4M	249M	329M
Operating margin	9.7%	13%	16%	4.9%	13.9%	17.8%	19.3%	15.3%	18.5%	13.9%	14.6%	17.6%
Non-operating income, net	29.8M	3.8M	-4.7M	128.1M	44.4M	-2.4M	-57M	-5M	-1M	-27.3M	2M	-3M
Pretax income	46.9M	89.3M	99.6M	105.4M	67M	119.4M	210.5M	115M	191M	111.1M	112M	247M
Income tax	11.5M	13.3M	5.6M	27.6M	42.2M	37.4M	126.8M	23M	52M	-14.7M	24M	64M
Net income	35.4M	76M	94M	77.7M	24.8M	82M	83.8M	92M	138M	125.8M	88M	183M
Net margin	2.06%	4.57%	5.88%	4.39%	1.36%	4.57%	4.24%	5.15%	7.3%	6.35%	5.18%	9.77%
EBITDA	95.9M	225.3M	370.7M	202.2M	299.8M	425.4M	336.5M	386M	457M	347.5M	353M	436M
EPS	—	0.06	0.09	—	0.02	0.08	0.1	0.09	0.17	—	0.11	0.23
Diluted EPS	—	0.06	0.09	—	0.02	0.08	0.1	0.09	0.17	—	0.11	0.23

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	10.6B	15.1B	12.1B	15.4B	12.2B	7.4B	5.6B	7.9B	5.1B	6.4B	5B
Enterprise value	14.6B	20.3B	17.1B	20B	18.5B	14B	14.7B	18.3B	14.2B	15.1B	24.2B
Shares outstanding	659.3M	660.2M	660.7M	661.1M	661.5M	657.7M	656M	679.8M	679.7M	680.5M	680.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.5	22.9	20.4	23.7	17.2	27.8	20.6	48	23.7	12.7	9.87
P/S	2.62	3.5	2.7	3.02	2.28	1.5	0.92	1.19	0.7	0.85	0.68
P/B	2.84	4.16	2.58	2.25	1.82	1.01	0.66	1.05	0.59	0.84	1.59
EV/EBITDA	12.8	17	14.1	13.4	13.6	14.5	12.2	15.4	9.25	9.08	12.9
EV/Sales	3.6	4.69	3.8	3.93	3.47	2.84	2.43	2.77	1.96	2.01	2.87
Earnings yield	5.14%	4.37%	4.9%	4.21%	5.81%	3.59%	4.86%	2.08%	4.21%	7.86%	10.1%
FCF yield	2.46%	3.43%	3.54%	1.02%	6.13%	3.82%	-6.93%	-1.17%	10.5%	9.81%	12.9%
PEG	—	—	—	—	—	—	—	—	—	—	0.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	47.2%	49.8%	45.7%	45.9%	42.2%	39.8%	36.8%	37.7%	38.7%	38%	37.6%
Operating margin	23.2%	23.2%	22.2%	22%	18.3%	11.4%	11.6%	10.9%	16%	16.6%	15.9%
Net margin	13.4%	15.3%	13.2%	12.7%	13.3%	5.38%	4.47%	2.48%	2.95%	6.65%	6.09%
ROE	14.6%	18.2%	12.7%	9.48%	10.6%	3.63%	3.21%	2.18%	2.48%	6.58%	6.93%
ROA	5.38%	6.06%	4.76%	4.17%	4.64%	1.38%	1.26%	0.78%	1%	2.54%	4.23%
ROIC	9.3%	10.9%	8.45%	7.76%	6.04%	3.05%	2.99%	3.17%	3.13%	6.22%	6.11%
Return on tangible assets	120.7%	-82.7%	-83.4%	39%	47.4%	7.58%	16.8%	9.5%	28.5%	84.7%	119.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.91	3.01	2.77	3.92	2.37	1.59	2.38	2.64	2.66	2.51	2.37
Quick ratio	1.38	1.35	1.22	2.21	0.87	0.94	0.74	1.14	1.01	0.88	0.81
Debt / equity	1.31	1.65	1.28	1.04	1.03	1.27	1.15	1.46	1.18	1.26	1.17
Debt / assets	0.48	0.55	0.48	0.46	0.45	0.48	0.45	0.52	0.47	0.49	0.42
Net debt / EBITDA	3.49	4.29	4.09	3.11	4.65	6.88	7.57	8.8	5.95	5.25	5.01
Interest coverage	4.12	3.79	3.65	3.52	4.94	2.5	1.81	1.4	1.74	2.07	2.07
Effective tax rate	23.6%	4.95%	18.1%	20.6%	19.3%	24.3%	24.9%	20.9%	52%	18.7%	19%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.14	6.54	6.79	7.71	8.07	7.5	9.24	9.7	10.6	11.1	5.42
EPS (basic)	0.8	0.97	0.87	0.91	0.9	0.27	0.31	0.09	0.23	0.59	0.59
EPS (diluted)	0.8	0.97	0.87	0.91	0.9	0.27	0.31	0.09	0.23	0.59	0.75
Book value per share	5.65	5.5	7.11	10.4	10.2	11.1	12.9	11.1	12.7	11.2	4.64
FCF per share	0.4	0.79	0.65	0.24	1.13	0.43	-0.59	-0.13	0.78	0.92	0.72
Cash per share	1.36	1.34	1.65	3.74	0.89	4.08	0.88	0.8	1.47	1.21	0.4
Capex per share	0.37	0.38	0.35	0.47	0.42	0.38	0.4	0.3	0.31	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.1%	5.81%	5.16%	6.03%	5.24%	5%	4.34%	3.05%	2.9%	—	—
Capex / operating cash flow	26.4%	23.3%	24.3%	32.9%	18.7%	33.2%	54.2%	27.1%	13.3%	—	—
Payout ratio	39.7%	33%	46.9%	36.8%	16%	97.6%	0.22%	0%	0.47%	25.6%	36.8%
Dividend yield	2.04%	1.44%	2.3%	1.55%	0.93%	3.51%	0.01%	0%	0.02%	2.01%	5.1%

Yield

5.1%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.0945

ex-dividend Jul 2, 2026

Payout ratio

37%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 2, 2026	$0.0945
Aug 12, 2025	$0.1734
Jun 3, 2021	$0.4566
Oct 30, 2020	$0.2014
Dec 2, 2019	$0.2219
Jun 7, 2019	$0.1756
Nov 30, 2018	$0.2279
Jun 1, 2018	$0.251

Split history

Date	Ratio

Period	Q4 22	Q2 23	Q3 23	Q4 23	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q4 25	Q1 26	Q2 26
Revenue	$1.7B	$1.7B	$1.6B	$1.8B	$1.8B	$1.8B	$2B	$1.8B	$1.9B	$2B	$1.7B	$1.9B
YoY change	—	+7.81%	+3.66%	+3.32%	+9.28%	+12.2%	+11.7%	—	+4.02%	+0.3%	-4.82%	-0.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	895M	886.5M	1.1B	2.5B	590.5M	2.7B	578.6M	544.5M	1B	824M
Receivables	413.7M	286.2M	269.2M	369.8M	383.2M	432.2M	608.7M	645.1M	705M	651M
Inventory	1.6B	1.6B	1.9B	2.3B	2B	2.3B	3.2B	3.5B	3.6B	3.3B
Total current assets	3.1B	2.9B	3.5B	5.4B	3.2B	5.5B	4.7B	6.1B	5.7B	5.1B
Property, plant & equipment	1.8B	1.8B	2B	2.9B	3B	3.3B	4.2B	4.2B	4.3B	4.1B
Goodwill & intangibles	9.7B	11.7B	13.2B	13.9B	13.8B	15.7B	19.9B	19.3B	20.7B	19.1B
Total assets	10.1B	10.9B	12.5B	15.5B	15.3B	19.2B	21.5B	21B	21.4B	19.7B
Accounts payable	461.1M	423.1M	561.9M	581.9M	601.6M	629M	731.9M	823M	852M	841M
Short-term debt	203.9M	133.1M	7.1M	320.8M	319.6M	2.4B	681.3M	987.9M	668M	523M
Total current liabilities	1.1B	978M	1.3B	1.4B	1.3B	3.5B	2B	2.3B	2.2B	2B
Long-term debt	4.7B	5.9B	6B	6.8B	6.6B	6.9B	9.1B	10B	9.4B	9B
Total liabilities	6.4B	7.3B	7.8B	8.7B	8.6B	11.9B	13.1B	13.5B	12.8B	12.1B
Shareholders' equity	3.7B	3.6B	4.7B	6.8B	6.7B	7.3B	8.5B	7.5B	8.6B	7.6B
Total debt	4.9B	6B	6B	7.1B	6.9B	9.3B	9.8B	11B	10.1B	9.6B
Net debt	4B	5.1B	5B	6.4B	6.3B	8.7B	9.2B	10.4B	9.1B	8.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 22	Q4 22	Q2 23	Q3 23	Q4 23	Q2 24	Q3 24	Q4 24	Q2 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	561.2M	578.6M	557.2M	543.6M	544.5M	2.2B	806.7M	1B	565.8M	824M	758M	529M
Receivables	594.6M	608.7M	821.6M	866.7M	645.1M	753M	973.7M	705M	749M	651M	863M	686M
Inventory	2.9B	3.2B	3.3B	3.5B	3.5B	3.6B	3.5B	3.6B	3.3B	3.3B	3.5B	3.5B
Total current assets	4.4B	4.7B	4.8B	5B	6.1B	6.9B	5.3B	5.7B	5.2B	5.1B	5.3B	5.3B
Property, plant & equipment	4.2B	4.2B	—	—	4.2B	4.2B	—	4.3B	4B	4.1B	—	4.1B
Goodwill & intangibles	19.2B	19.9B	10.6B	10.9B	19.3B	20B	10.7B	20.7B	19.2B	19.1B	10.6B	19.6B
Total assets	21B	21.5B	21.4B	22.1B	21B	22.3B	20.3B	21.4B	19.8B	19.7B	20.1B	20.1B
Accounts payable	701.2M	731.9M	—	—	823M	877.7M	—	852M	878.7M	841M	—	1B
Short-term debt	401.3M	681.3M	733.3M	757.2M	987.9M	2.7B	—	668M	394M	523M	589M	420M
Total current liabilities	1.7B	2B	1.9B	2B	2.3B	4.1B	2.4B	2.2B	2B	2B	2.1B	2.2B
Long-term debt	9.2B	9.1B	10.2B	10.3B	10B	8B	—	9.4B	8.4B	9B	9.1B	8.1B
Total liabilities	12.6B	13.1B	13.2B	13.5B	13.5B	14B	12.3B	12.8B	12.2B	12.1B	12.2B	12.1B
Shareholders' equity	8.4B	8.5B	8.2B	8.6B	7.5B	8.3B	8B	8.6B	7.6B	7.6B	7.8B	8B
Total debt	9.6B	9.8B	10.9B	11.1B	11B	10.6B	—	10.1B	8.8B	9.6B	9.7B	8.5B
Net debt	9B	9.2B	10.4B	10.6B	10.4B	8.5B	—	9.1B	8.3B	8.8B	9B	8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	712.8M	695.7M	725.8M	817.1M	878.6M	350.5M	361.3M	207M	444M	615M
Depreciation & amortization	201.9M	215.5M	228.6M	302.5M	321.5M	359.8M	407.9M	446.4M	438M	450M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-200.8M	-88.1M	-247.9M	-437M	108.6M	-181.4M	-689.4M	-467.3M	-6M	-125M
Operating cash flow	936.9M	1.1B	951.4M	935.5M	1.5B	742.3M	485.4M	743M	1.6B	1B
Capital expenditure	-247M	-250.7M	-231.4M	-307.7M	-279.9M	-246.7M	-263.2M	-201.2M	-209M	—
Investing cash flow	-463.4M	-2.1B	-706.1M	-446.9M	-775.7M	-786.4M	-1.9B	-308.8M	1B	-160M
Dividends paid	-216.2M	-218.3M	-278.8M	-238.7M	-113.2M	-258.9M	-592K	0	-1M	-128M
Share repurchases	-12.7M	0	0	0	0	-125.7M	-3.5M	0	0	—
Financing cash flow	-409.7M	3.2B	189.9M	-212.3M	-245.9M	2.3B	-173.5M	171.5M	-1.4B	-529M
Net change in cash	63.9M	2.2B	435.1M	276.4M	471.7M	2.3B	-1.6B	605.6M	1.2B	358M
Free cash flow	260.6M	518.8M	429.7M	156.6M	747.8M	281.9M	-386.4M	-91.6M	530M	624M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 20	Q1 21	Q2 21	Q3 23	Q4 23	Q3 24	Q4 24	Q1 25	Q2 25	Q4 25	Q1 26	Q2 26
Net income	392.9M	129.9M	248.3M	55.9M	238.2M	51.7M	356M	60M	246M	311.3M	73M	286M
Depreciation & amortization	82.4M	81.8M	85M	108.1M	105.2M	108.4M	110.1M	112M	107M	128.4M	104M	107M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-53M	-89.2M	-188.1M	-112.8M	-72.6M	-22.9M	167.1M	-128M	-108M	120.2M	-107M	-100M
Operating cash flow	608.4M	178.5M	192.3M	129.9M	777.5M	295.2M	1.2B	125M	157M	430.9M	110M	227M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	-52M	—
Investing cash flow	-449.6M	-507.2M	12.4M	-40.8M	19.2M	-112.2M	-15.2M	-86M	-23M	-5.8M	-80M	0
Dividends paid	—	—	—	—	—	—	—	—	—	-25.6M	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-239M	-23.2M	493M	-102K	289.9M	7.2M	-1.3B	-4M	-250M	-218.3M	-13M	-352M
Net change in cash	-80.2M	-351.9M	697.7M	89M	1.1B	190.2M	-59.2M	35M	-116M	206.7M	17M	-125M
Free cash flow	156.2M	117.9M	88.8M	71M	50.2M	215.4M	371.9M	48M	63M	296.7M	20M	108M

Grifols S.A. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement