Grifols, S.A. (GRFS) 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

+109.7%

$17.57

vs $8.38 price

Levered DCF

$32.76

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.1

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	13.96×	31.24×	116.2×	25.61×	36.58×	20.67×	21.86×	18.4×
P/B	1.03×	0.83×	1.32×	0.96×	1.22×	2.02×	2.53×	2.59×
P/S	0.75×	0.68×	1.08×	0.89×	1.36×	1.94×	2.69×	2.44×
EV / EBITDA	8.21×	9.43×	15.05×	12.23×	17.2×	11.72×	14.44×	12.68×
Gross margin	35.7%	38.7%	37.7%	36.5%	39.8%	42.2%	45.9%	45.7%
Operating margin	16.4%	16.5%	11.9%	12.9%	12.1%	18.7%	22.2%	22.2%
Net margin	5.3%	2.2%	0.6%	3.1%	3.8%	11.6%	12.3%	13.3%
Current ratio	2.51×	2.66×	2.64×	2.32×	1.59×	2.37×	3.92×	2.77×
Debt / equity	1.66×	1.71×	2.05×	1.73×	1.84×	1.35×	1.47×	1.43×
Interest coverage	1.98×	1.54×	1.52×	1.76×	2.55×	3.5×	3.49×	3.63×
Dividend yield	2.3%	0.0%	0.0%	0.0%	3.8%	1.1%	1.7%	2.5%
Payout ratio	31.8%	0.6%	0.0%	0.3%	133.8%	18.3%	38.2%	46.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.3%	2.7%	0.8%	3.3%	3.4%	12.1%	11.5%	14.1%
Return on invested capital	5.3%	2.9%	3.1%	2.9%	2.5%	5.6%	5.5%	7.2%
Return on assets	2.0%	0.7%	0.2%	0.9%	1.0%	4.0%	3.6%	4.8%
Free cash flow yield	13.9%	10.9%	-1.3%	-7.2%	5.2%	8.0%	1.1%	3.9%
Earnings yield	7.1%	3.2%	0.6%	3.4%	2.8%	6.0%	4.6%	5.4%
Enterprise value	$13.3B	$14B	$17.6B	$14.6B	$16.2B	$16.7B	$20.8B	$16B
Net debt / EBITDA	4.88×	6.13×	8.97×	7.71×	10.07×	4.45×	4.95×	3.97×
Cash conversion cycle (days)	235	278	275	279	232	192	299	240