Grifols, S.A. (GRF.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+244.9%

€38.27

vs €11.10 price

Levered DCF

€56.37

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.12

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.45×	39.78×	177.09×	34.74×	43.28×	26.53×	34.54×	26.32×
P/B	1.4×	1.06×	1.8×	1.19×	1.88×	3.2×	4.47×	3.71×
P/S	0.98×	0.86×	1.59×	1.2×	2.32×	3.06×	4.22×	3.49×
EV / EBITDA	9.55×	8.72×	16.94×	13.6×	21.32×	15.94×	19.32×	16.43×
Gross margin	35.7%	39.5%	37.8%	36.8%	39.8%	42.2%	45.9%	45.7%
Operating margin	16.4%	16.5%	11.2%	13.3%	12.1%	18.7%	22.2%	22.2%
Net margin	5.3%	2.2%	0.9%	3.4%	5.4%	11.6%	12.3%	13.3%
Current ratio	2.51×	2.66×	2.79×	2.38×	1.59×	2.37×	3.92×	2.77×
Debt / equity	1.81×	1.71×	1.74×	1.59×	1.53×	1.35×	1.47×	1.43×
Interest coverage	1.98×	1.67×	1.24×	1.62×	2.14×	3.99×	3.3×	3.39×
Dividend yield	1.7%	0.0%	0.0%	0.0%	2.3%	0.7%	1.1%	1.8%
Payout ratio	31.8%	0.6%	0.0%	0.3%	97.6%	18.3%	38.2%	46.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	2.7%	1.0%	3.4%	4.4%	12.1%	13.0%	14.1%
Return on invested capital	5.5%	2.9%	3.0%	3.0%	2.5%	5.6%	6.2%	7.2%
Return on assets	2.0%	0.7%	0.3%	1.0%	1.4%	4.0%	4.0%	4.8%
Free cash flow yield	8.5%	10.8%	-0.8%	-5.3%	2.5%	4.6%	0.7%	2.7%
Earnings yield	5.5%	2.5%	0.6%	2.9%	2.3%	3.8%	2.9%	3.8%
Enterprise value	€16.1B	€15.3B	€20.1B	€16.5B	€20.1B	€22.7B	€27.9B	€20.7B
Net debt / EBITDA	5.18×	5.18×	8.08×	7.58×	9.18×	4.45×	4.41×	3.97×
Cash conversion cycle (days)	227	264	281	281	237	200	267	240