Grifols SA (GRFS) AI Stock Analysis

• Market Cap: $6.48B
• Dividend Yield: 1.56%
• Average Volume (3M): 679.96K
• Price to Earnings (P/E): 14.0
• Beta (1Y): 0.97
• Revenue Growth: 9.45%
• EPS Growth: 167.00%
• Country: US
• Employees: 23,833
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - General
• EPS (TTM): 0.17
• Shares Outstanding: 261,425,100
• 10 Day Avg. Volume: 862,060
• 30 Day Avg. Volume: 679,956
• PEG Ratio: 0.09
• Price to Book (P/B): 1.03
• Price to Sales (P/S): 0.75
• P/FCF Ratio: 7.21
• Enterprise Value/Market Cap: 2.33
• Enterprise Value/Revenue: 2.01
• Enterprise Value/Gross Profit: 5.24
• Enterprise Value/Ebitda: 9.40
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1.06
• Revenue Forecast (FY): $9.21B

• Rating: 56 Neutral
• Price Target: $9.50 ▲(8.20% Upside)
• Action: Downgraded Date: 03/03/26
• Date: Action: Downgraded 03/03/26

GRFS scores moderately: improving cash flow and a constructive earnings-call outlook (including better free cash flow and deleveraging progress) are the main positives. These are tempered by still-elevated leverage and thin profitability, while technical signals remain slightly negative and valuation is only moderately supportive.

Positive Factors

Vertical integration in plasma supply chain

Owning donor centers, processing and distribution creates durable supply control and quality barriers to entry. This integration supports stable raw-material access, margin preservation and faster commercialization of new plasma-derived products across geographies over the next several years.

Improving cash generation and deleveraging

Sustained improvement in operating cash flow and recent positive free cash flow supports deleveraging and refinancing capacity. Stronger cash conversion reduces reliance on external funding, enabling debt paydown and reinvestment in R&D and capacity over the medium term.

Regulatory wins expanding supply and product reach

EMA certification for Egypt-sourced plasma and other approvals broaden low-cost supply and market access. This structural expansion increases capacity, diversifies sourcing risk, and supports long-term product throughput and margin stability in global plasma therapies.

Negative Factors

Elevated leverage and large outstanding debt

High absolute debt limits financial flexibility and raises refinancing and interest-rate vulnerability despite recent reductions. Persistently elevated leverage constrains capital allocation, increases default risk under stress, and lengthens the time needed to restore balance-sheet resilience.

Thin and volatile profitability

Modest margins and recent revenue deceleration reduce internal funding for R&D and capacity expansion. Persistent thin profitability makes earnings more sensitive to pricing, raw-material or FX shocks, limiting the firm’s ability to self-fund growth and accelerate deleveraging.

China pricing pressure and U.S. regulatory delay

Sustained pricing controls in China can structurally depress volumes and margins in a major market. Separately, delayed U.S. fibrinogen approval defers commercialization and ROI on the asset, compressing near-to-medium-term revenue and slowing portfolio-driven growth.

Grifols SA Business Overview & Revenue Model

Company Description

Grifols, 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.

How the Company Makes Money

Grifols generates revenue primarily through the sale of plasma-derived therapies and other biopharmaceutical products. The company operates a vertically integrated business model, which involves collecting human plasma through its network of donation centers, processing it into therapeutics, and distributing these products to hospitals and healthcare providers worldwide. Key revenue streams include the sale of immunoglobulins, albumin, and clotting factor concentrates, which are essential for treating patients with specific medical needs. Additionally, Grifols has established significant partnerships with healthcare institutions and plasma collection organizations that enhance its supply chain and expand its market reach. The company's ongoing investment in research and development, along with a commitment to innovation, further contributes to its earnings by allowing it to introduce new products and improve existing therapies.

Grifols SA Financial Statement Overview

Summary

Recovery is underway with improved net income (2024–2025) and solid operating cash flow supporting positive free cash flow, but leverage remains the main constraint (high debt vs. equity and declining equity). Revenue growth has been meaningful since 2021 but softened with a slight decline in 2025, and net margins remain thin.

Income Statement

Revenue has grown meaningfully since 2021, but momentum weakened recently with a slight decline in 2025 after modest growth in 2024. Profitability has recovered from very low earnings in 2023, with net income rising in 2024 and further improving in 2025, but bottom-line margins remain thin versus 2020 levels. Operating profitability (EBIT/EBITDA) looks relatively steady compared with net income, suggesting below-the-line items are weighing on final earnings.

Balance Sheet

Leverage is the key constraint: total debt remains high (about 8.7B in 2025) and, while debt has come down from 2023–2024, it is still large relative to equity. Equity has also trended down from 2024 to 2025, limiting balance-sheet flexibility. Overall assets are sizable, but the combination of elevated leverage and only modest recent returns on equity points to a balance sheet that is improving, yet still carries meaningful financial risk.

Cash Flow

Cash generation is a relative strength: operating cash flow improved substantially from 2022–2023 levels and remained solid in 2024–2025, supporting consistently positive free cash flow in the last two years. However, free cash flow declined in 2025 versus 2024, and the earlier period (2022–2023) showed weak/negative free cash flow, indicating some volatility. Still, the recent ability to produce meaningful free cash flow helps support deleveraging capacity.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.23B	7.21B	6.59B	6.06B	4.93B
Gross Profit	2.58B	2.79B	2.48B	2.21B	1.96B
EBITDA	1.62B	1.48B	1.17B	1.19B	944.03M
Net Income	386.13M	156.92M	42.32M	185.03M	188.73M
Balance Sheet
Total Assets	19.75B	21.41B	20.99B	21.23B	19.23B
Cash, Cash Equivalents and Short-Term Investments	824.65M	1.00B	646.04M	580.24M	2.69B
Total Debt	8.74B	10.09B	11.02B	9.75B	10.17B
Total Liabilities	12.13B	12.80B	13.48B	13.25B	11.92B
Stockholders Equity	5.27B	5.88B	5.37B	5.65B	5.52B
Cash Flow
Free Cash Flow	751.14M	530.80M	-91.63M	-386.43M	349.60M
Operating Cash Flow	1.01B	902.17M	218.69M	-10.87M	596.98M
Investing Cash Flow	-556.15M	886.67M	-394.72M	-1.98B	-854.15M
Financing Cash Flow	-508.12M	-1.36B	171.49M	-173.49M	2.30B

Grifols SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.78
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GRFS, the sentiment is Negative. The current price of 8.78 is below the 20-day moving average (MA) of 8.86, below the 50-day MA of 9.08, and below the 200-day MA of 9.30, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 27.54 is Positive, neither overbought nor oversold. The STOCH value of 6.05 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GRFS.

Grifols SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GILD	74 Outperform	$179.99B	17.94	41.01%	2.52%	2.76%	6407.19%
AMGN	71 Outperform	$197.41B	22.84	96.65%	3.00%	11.03%	65.22%
BMY	71 Outperform	$120.31B	15.61	39.27%	4.84%	1.26%	―
SNY	69 Neutral	$105.46B	12.88	14.71%	4.58%	-9.32%	120.62%
GSK	67 Neutral	$107.64B	13.19	37.19%	3.41%	5.97%	128.66%
GRFS	56 Neutral	$6.48B	14.03	7.56%	1.56%	9.45%	167.00%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Grifols SA Corporate Events

Grifols Doubles 2025 Profit and Secures Key Plasma and Fibrinogen Approvals

Grifols reported its full-year 2025 results on February 26, 2026, posting revenues of €7.52 billion, up 7.0% at constant currency, largely driven by robust Biopharma growth and strong demand for immunoglobulins. Adjusted EBITDA rose to €1.83 billion with an improved margin, while net profit more than doubled to €402 million and free cash flow before M&A climbed to €468 million, helping reduce leverage from 4.6x to 4.2x and supporting a series of credit rating upgrades.

The company highlighted structural improvements in cash generation, a focus on deleveraging and plans to refinance 2027 debt in two stages, starting in the first half of 2026. Regulatory wins, including EMA approval for Egypt-sourced plasma and EMA/FDA approvals for new fibrinogen products PRUFIBRY and FESILTY, together with launches in Europe and expected U.S. rollout in Q2 2026, are set to strengthen Grifols’ product portfolio and long-term positioning in plasma therapies despite pricing pressure in China for albumin.

The most recent analyst rating on (GRFS) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Grifols SA stock, see the GRFS Stock Forecast page.

Grifols Swings to Profit as Board Signs Off 2025 Annual Accounts

On 25 February 2026, Grifols’ board of directors approved and signed the individual audited financial statements for the year ended 31 December 2025, asserting that they present a true and fair view of the company’s net worth, financial position and results in line with applicable accounting standards. The company reported a sharp turnaround in profitability in 2025, posting profit of €192 million versus a loss in 2024, driven by higher revenues, substantially increased dividend income and improved operating results, although leverage remains high with more than €6.1 billion in non-current payables and sizable intra-group financing, factors that will be closely watched by creditors and investors.

The most recent analyst rating on (GRFS) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Grifols SA stock, see the GRFS Stock Forecast page.

Grifols Adjusts Board Secretariat Roles Effective January 1, 2026

On January 8, 2026, Grifols, S.A. announced that its Board of Directors unanimously approved changes to the Board’s non-member officer roles, effective January 1, 2026. Laura de la Cruz Galán has been appointed Secretary non-member of the Board of Directors, replacing Núria Martín Barnés, who in turn has been appointed Vice-secretary non-member of the Board, replacing de la Cruz Galán. The reshuffling, endorsed by the Appointments and Remuneration Committee, fine-tunes the company’s board support structure but does not alter the composition of the board itself, suggesting a continuity-focused adjustment to corporate governance rather than a strategic shift with immediate operational impact.

The most recent analyst rating on (GRFS) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Grifols SA stock, see the GRFS Stock Forecast page.

Grifols Achieves EMA Certification for Egyptian Plasma Operations

On December 11, 2025, Grifols, S.A. announced that the European Medicines Agency (EMA) granted a Certificate of Compliance for plasma supplied by Grifols Egypt for Plasma Derivatives (GEPD), a joint venture with Egypt’s National Service Projects Organization. This certification, following a rigorous quality inspection, allows GEPD to manufacture and commercialize plasma products throughout Europe and other regions adhering to EMA legislation. This milestone positions Egypt as the first country in Africa and the Middle East with a fully integrated plasma collection and processing system meeting international standards, marking a significant achievement for Grifols in the global plasma industry.

The most recent analyst rating on (GRFS) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Grifols SA stock, see the GRFS Stock Forecast page.