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GRFS

Grifols, S.A.

GRFS

Grifols, S.A. • NASDAQ
$8.85 ▲ 0.80% (+0.07)
Market Cap $7.49 B
52w High $11.14
52w Low $6.19
Dividend Yield 0.18%
P/E 14.05
Volume 144.66K
Outstanding Shares 845.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.865B ▼ $368.248M ▼ $126.965M ▲ 6.806% ▲ $0.19 ▲ $457.051M ▲
Q2-2025 $1.891B ▲ $394.94M ▼ $117.063M ▲ 6.19% ▲ $0.17 ▲ $347.244M ▼
Q1-2025 $1.786B ▼ $435.778M ▲ $59.725M ▼ 3.344% ▼ $0.088 ▼ $404.971M ▲
Q4-2024 $1.976B ▲ $394.635M ▼ $68.968M ▲ 3.491% ▲ $0.1 ▲ $336.541M ▼
Q3-2024 $1.793B $409.723M $51.691M 2.883% $0.076 $425.396M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $825.482M ▲ $19.854B ▲ $12.306B ▲ $5.179B ▲
Q2-2025 $565.8M ▼ $19.767B ▼ $12.169B ▼ $5.169B ▼
Q1-2025 $1.006B ▲ $20.979B ▼ $12.685B ▼ $5.639B ▼
Q4-2024 $1.001B ▲ $21.405B ▲ $12.798B ▲ $5.884B ▲
Q3-2024 $806.741M $20.284B $12.289B $5.35B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $126.965M ▲ $325.401M ▲ $-122.684M ▼ $-138.764M ▲ $62.269M ▲ $255.35M ▲
Q2-2025 $117.063M ▲ $155.267M ▲ $-107.65M ▲ $-181.406M ▼ $-194.125M ▲ $95.018M ▲
Q1-2025 $59.725M ▼ $135.468M ▼ $-197.345M ▼ $-133.654M ▼ $-226.964M ▼ $86.322M ▼
Q4-2024 $68.968M ▲ $514.618M ▲ $-178.309M ▲ $-27.161M ▲ $334.838M ▲ $414.495M ▲
Q3-2024 $51.691M $299.61M $-196.401M $-1.556B $-1.468B $215.362M

Five-Year Company Overview

Income Statement

Income Statement Grifols’ revenue has climbed steadily in recent years after a temporary dip earlier in the decade, showing that demand for its therapies remains strong. Profitability at the operating level has improved lately, suggesting better cost control and healthier margins in the core business. However, bottom-line profit has been quite thin and volatile, with earnings swinging around rather than showing a smooth upward trend. That pattern points to meaningful pressure from financing costs, restructuring, or one-off items that eat into net income, even as the underlying operations look stronger. Overall, the business is growing and margins are recovering, but the company has not yet turned that into consistently robust earnings for shareholders.

Balance Sheet

Balance Sheet The balance sheet shows a large, asset-heavy business that has expanded over time, reflecting its extensive plasma center network, manufacturing footprint, and global operations. Equity has grown, but debt has grown faster, leaving the company with a leveraged profile where borrowed money plays a major role in funding the business. Cash on hand is modest relative to total assets and debt, so the company relies heavily on steady operating performance and ongoing refinancing to stay comfortable. Recent years show early signs of gradual deleveraging, but the overall financial structure still carries notable balance-sheet risk if conditions in the plasma market or credit markets were to worsen.

Cash Flow

Cash Flow Cash generation has been uneven. Earlier in the period, operating cash flow was solid, then it weakened and even turned slightly negative at one point, which is unusual for a mature healthcare manufacturer. Free cash flow followed the same pattern, with a couple of tough years where outgoing cash for investment outpaced incoming cash from operations. More recently, cash flow has rebounded sharply, with the company again producing clear surplus cash after covering its investment needs. Capital spending itself has been relatively steady, indicating ongoing commitment to plants, equipment, and centers. The big story is volatility: Grifols can produce strong cash, but it has not done so consistently, which matters given its debt load.

Competitive Edge

Competitive Edge Grifols holds a powerful position in the niche market for plasma-derived medicines. Its main advantage is scale and control: it owns one of the largest plasma collection networks in the world and manages much of the supply chain from donor to finished product. This vertical integration, combined with strict regulatory barriers and decades of know-how, makes it difficult for new rivals to catch up. The company also benefits from a broad portfolio of critical therapies that treat serious and often chronic conditions, which tends to create steady demand. At the same time, the moat is not unshakeable. Rising collection costs, competition from other plasma players, and potential pricing pressures have led some observers to question how durable its edge will remain if industry economics become less favorable.

Innovation and R&D

Innovation and R&D Innovation is a central part of Grifols’ strategy. The company continually invests in better plasma collection and manufacturing technologies, advanced quality-control systems, and diagnostic products that support transfusion safety. It is also working to diversify beyond traditional plasma products into recombinant antibodies, small-molecule drugs, and oncology treatments, supported by acquisitions such as GigaGen. Its pipeline spans many disease areas, from blood disorders and immune conditions to infectious diseases and neurodegenerative illnesses, and includes both therapies and in vitro diagnostic tools. This breadth spreads scientific risk and gives the company multiple shots at future growth, but success will depend on its ability to navigate clinical trials, regulatory approvals, and commercialization in crowded, high-stakes markets.

Summary

Grifols today looks like a company with a strong operational franchise and improving core profitability, but also with a history of uneven earnings and cash generation and a sizable debt burden. Its entrenched position in plasma-derived medicines and its vertically integrated model offer clear strategic strengths, reinforced by a long track record and a global footprint. At the same time, high leverage, volatile cash flows in recent years, and competitive and cost pressures in the plasma industry create meaningful financial and strategic risks. The innovation pipeline and push into non-plasma therapies provide real long-term opportunity, yet also come with execution and scientific uncertainty. Overall, Grifols sits at the intersection of a solid industrial base, ambitious growth and R&D plans, and a balance sheet that requires ongoing discipline and stable industry conditions to remain comfortable.