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Grifols SA
(NASDAQ:GRFS)
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Rating:63Neutral
Price Target:
$8.50
▲(12.14% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by an improving operating and cash-flow profile and a constructive earnings-call outlook with reiterated guidance and strong Biopharma/IG momentum. These positives are tempered by balance-sheet leverage and weak top-line trend in the financial statements, while technicals are only moderately supportive (still below the 200-day average). Valuation is reasonable with a supportive dividend yield.
Positive Factors
Vertical integration & market leadership
Owning the plasma value chain—from donor centers through manufacturing to distribution—creates durable barriers to entry, steadier supply economics and control over yields. Leading immunoglobulin and alpha‑1 franchises support predictable demand and reimbursement across multiple regions.
Negative Factors
Elevated leverage and sizable debt load
High absolute debt and multi‑turn leverage limit strategic optionality and increase refinancing and interest‑rate sensitivity. Even with improving cash flow, coverage metrics remain constrained, making deleveraging a multi‑year priority and a cap on free capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration & market leadership
Owning the plasma value chain—from donor centers through manufacturing to distribution—creates durable barriers to entry, steadier supply economics and control over yields. Leading immunoglobulin and alpha‑1 franchises support predictable demand and reimbursement across multiple regions.
Read all positive factors
Grifols SA Key Performance Indicators (KPIs)
Any
Revenue by Business Type
Breaks down sales between plasma‑derived therapies, diagnostics, hospital products and other units so you can see which lines deliver margins, recurring cash flow, and growth. A large share from recurring plasma products usually means stable revenue but depends on donor supply and regulatory approvals; expanding diagnostics or hospital businesses can diversify risk but may be more cyclical and require upfront investment.
Breaks down sales between plasma‑derived therapies, diagnostics, hospital products and other units so you can see which lines deliver margins, recurring cash flow, and growth. A large share from recurring plasma products usually means stable revenue but depends on donor supply and regulatory approvals; expanding diagnostics or hospital businesses can diversify risk but may be more cyclical and require upfront investment.
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The Fly
The FlyGrifols SA (GRFS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.84B
Dividend Yield3.58%
Average Volume (3M)697.28K
Price to Earnings (P/E)14.9
Beta (1Y)0.84
Revenue Growth6.84%
EPS Growth61.67%
CountryUS
Employees25,258
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)0.67
Shares Outstanding261,425,100
10 Day Avg. Volume770,264
30 Day Avg. Volume697,283
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)1.03
Price to Sales (P/S)0.75
P/FCF Ratio7.21
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.95
Revenue Forecast (FY)$8.74B
Grifols SA Business Overview & Revenue Model
Company Description
Grifols, S.A., a company founded in 1940 and headquartered in Barcelona, Spain, specializes in the development, manufacture, and distribution of therapeutic products, with a primary focus on those derived from human plasma. Its operations are orga...
How the Company Makes Money
Grifols makes money primarily by producing and selling plasma-derived medicines and related products used to treat chronic, rare, and acute conditions. A core driver of its business model is vertical integration: it collects human plasma through a...
Grifols SA Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
Overall the call conveys a constructive and confident tone: the company reported modest top-line growth with strong momentum in Biopharma—notably IG and subcutaneous IG—improving adjusted EBITDA, higher group profit, and better free cash flow. Strategic initiatives (Egypt plasma ramp, diagnostics platform development, Biopharma reorganization, Biotest turnaround) and debt refinancing strengthen the long‑term profile. Near-term headwinds include albumin pricing effects in China, one‑off costs from donor center closures, and transitional diagnostics comparability, but management provided clear mitigation plans and timing for expected benefits.Positive Updates
Solid First-Half Revenue Growth
Group revenue for H1 2026 reached €3.574 billion, up 2.6% at constant currency, with Biopharma driving growth (Biopharma +5.4% at constant currency).
Negative Updates
Albumin Headwinds in China
Albumin faced year-on-year pricing impact in China following a mid‑2025 price adjustment; Q2 had a particularly challenging comparison due to post-license renewal catch-up. Management expects stabilization in H2 but headwinds affected H1 performance.
Read all updates
Q2-2026 Updates
Positive
Negative
Solid First-Half Revenue Growth
Group revenue for H1 2026 reached €3.574 billion, up 2.6% at constant currency, with Biopharma driving growth (Biopharma +5.4% at constant currency).
Read all positive updates
Company Guidance
The company reiterated full‑year 2026 guidance while highlighting a strong H1: group revenues of €3.574bn (up 2.6% cc) with Q2 revenues €1.874bn; Biopharma +5.4% cc (IG +12.8% cc) and XEMBIFY accelerating with strong double‑digit growth; adjusted EBITDA of €472m in Q2 (25.2% margin) and €854m in H1 (≈23.9% margin); reported gross margin 37.6% in Q2 / 37.1% H1 (excluding one‑offs 39.4% Q2 / 38.6% H1); H1 group profit $227m (+28.7% YoY) and free cash flow before M&A €91m (+€103m YoY) with full‑year FCF guidance €500–575m; one‑offs include €40m (≈€25m non‑cash) for closing 29 U.S. donation centers; balance sheet: total net leverage ~4.2x, net secured 2.7x, liquidity ~$2bn; albumin expected to stabilize with H2 absolute levels in line with H2 last year; Egypt/ex‑U.S. plasma to ramp (≈25% of ex‑U.S. today, targeting ~50% by 2029 and ~1m collections in 2026 → ~3m by 2029); capital spend normalizing and cash interest expected broadly in line with 2025.Grifols SA Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
44
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.43B | 7.23B | 7.21B | 6.59B | 6.06B | 4.93B |
| Gross Profit | 2.77B | 2.58B | 2.79B | 2.48B | 2.21B | 1.96B |
| EBITDA | 1.75B | 1.62B | 1.48B | 1.17B | 1.19B | 944.03M |
| Net Income | 452.49M | 386.13M | 156.92M | 42.32M | 185.03M | 188.73M |
Balance Sheet | ||||||
| Total Assets | 20.09B | 19.75B | 21.41B | 20.99B | 21.23B | 19.23B |
| Cash, Cash Equivalents and Short-Term Investments | 529.00M | 824.65M | 1.00B | 646.04M | 580.24M | 2.69B |
| Total Debt | 8.52B | 8.74B | 10.09B | 11.02B | 9.75B | 10.17B |
| Total Liabilities | 12.11B | 12.13B | 12.80B | 13.48B | 13.25B | 11.92B |
| Stockholders Equity | 5.55B | 5.27B | 5.88B | 5.37B | 5.65B | 5.52B |
Cash Flow | ||||||
| Free Cash Flow | 719.02M | 751.14M | 530.80M | -91.63M | -386.43M | 349.60M |
| Operating Cash Flow | 1.10B | 1.01B | 902.17M | 218.69M | -10.87M | 596.98M |
| Investing Cash Flow | -521.95M | -556.15M | 886.67M | -394.72M | -1.98B | -854.15M |
| Financing Cash Flow | -641.08M | -508.12M | -1.36B | 171.49M | -173.49M | 2.30B |
Grifols SA Technical Analysis
Positive
7.58
Price Trends
7.49
Positive
7.73
Positive
8.35
Negative
Market Momentum
0.17
Negative
56.86
Neutral
54.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GRFS, the sentiment is Positive. The current price of 7.58 is above the 20-day moving average (MA) of 7.57, above the 50-day MA of 7.49, and below the 200-day MA of 8.35, indicating a neutral trend. The MACD of 0.17 indicates Negative momentum. The RSI at 56.86 is Neutral, neither overbought nor oversold. The STOCH value of 54.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GRFS.
Grifols SA Risk Analysis
Grifols SA disclosed 53 risk factors in its most recent earnings report. Grifols SA reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Grifols SA Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $133.41B | 14.39 | 46.75% | 4.33% | 3.13% | 83.17% | |
74 Outperform | $161.66B | 17.55 | 42.16% | 2.49% | 3.83% | 55.01% | |
72 Outperform | $104.29B | 16.10 | 28.35% | 3.50% | 8.82% | 48.32% | |
69 Neutral | $103.78B | 22.77 | 5.52% | 5.58% | 23.68% | -30.90% | |
66 Neutral | $207.87B | 26.60 | 89.41% | 2.61% | 9.94% | 31.14% | |
63 Neutral | $6.84B | 14.87 | 7.88% | 3.72% | 6.84% | 61.67% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
GRFS
Grifols SA
7.86
-2.60
-24.86%
AMGN
Amgen
378.87
85.74
29.25%
BMY
Bristol-Myers Squibb
65.47
22.15
51.13%
GILD
Gilead Sciences
131.15
19.55
17.52%
GSK
GlaxoSmithKline
51.51
15.18
41.78%
SNY
Sanofi
42.95
-3.26
-7.05%
Grifols SA Corporate Events
Grifols Half-Year 2026 Results: Profit Jumps as Refinancing Bolsters Balance Sheet
Jul 29, 2026
Grifols is a global producer of plasma-derived medicines, with leading franchises in immunoglobulins, albumin and alpha-1 therapies across the U.S., Europe, China and other markets. It is pushing a two-system operating model that separates U.S. an...
Grifols Reshapes Board and ESG Committee Following Director Resignation
Jun 22, 2026
On 19 June 2026, Grifols’ board of directors accepted the resignation of independent director Enriqueta Felip Font, who also stepped down from the Sustainability, Communication and Reputation Committee for professional reasons. The board sim...
Grifols Shareholders Approve 2025 Accounts and July Dividend, Renew Deloitte Mandate
Jun 18, 2026
At its Ordinary General Shareholders’ Meeting held on June 18, 2026, Grifols shareholders approved most proposals, including the 2025 individual and consolidated accounts, non-financial and sustainability reporting, and the performance of th...
Grifols Calls June 2026 Shareholders’ Meeting With Broad Capital and Governance Mandate
May 15, 2026
Grifols’ board has convened its Ordinary General Shareholders’ Meeting for June 17, 2026, in Sant Cugat del Vallès, Barcelona, with a second-call date set for June 18, 2026, and has enabled telematic attendance via remote, bidirec...
Grifols Lifts Q1 2026 Profit and Revenue as Immunoglobulins Surge and Debt is Refinanced
May 7, 2026
On May 7, 2026, Grifols reported first‑quarter 2026 revenue of €1.7 billion, up 3.3% at constant currency, and a 21.9% rise in net profit to €73 million, driven by a 6.8% Biopharma revenue increase and strong 15.3% growth in immu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.