Grifols, S.A. (GRFS) Balance Sheet

NASDAQ: GRFSAssets, liabilities, debt and equity over 5 years.

GRFS balance sheet, 2025

December 31, 2025 · euros

€19.75B assets = €12.13B liabilities + €7.62B equity

What it owns€19.75BCash & ST investments: €824.6M (4.2%)Receivables: €844.6M (4.3%)Inventory: €3.29B (16.7%)Inventory€3.29B · 17%Other current: €108.0M (0.5%)PP&E: €4.05B (20.5%)PP&E€4.05B · 21%Goodwill & intangibles: €9.56B (48.4%)Goodwill & intangibles€9.56B · 48%LT investments: €460.0M (2.3%)Other non-current: €610.5M (3.1%)=How it is financed€19.75BCurrent liabilities: €2.02B (10.2%)Current liabilities €2.02BLong-term debt: €8.07B (40.9%)Long-term debt€8.07B · 41%Other LT liabilities: €2.04B (10.3%)€2.04BShareholders’ equity: €7.62B (38.6%)Shareholders’ equity€7.62B · 39%

Both columns are drawn to the same scale: what GRFS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

GRFS financial health

Current ratio2.51
Comfortable · current assets cover current liabilities 2.51×
Debt / equity1.66
High leverage · €1.66 of debt for each $1 of equity
Equity / assets26.7%
Balanced · of assets funded by shareholders
Cash / debt9.4%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles48.4%
Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

GRFS balance sheet trends, 2021–2025

MetricTrendThenLatestChange
Total assets€19.23B2021€19.75B2025+0.7%/yr
Total liabilities€11.92B2021€12.13B2025+0.5%/yr
Shareholders’ equity€5.52B2021€5.27B2025−1.2%/yr
Cash & short-term investments€2.69B2021€824.6M2025−25.6%/yr
Total debt€10.17B2021€8.74B2025−3.7%/yr
Net cash (debt)−€7.48B2021−€7.92B2025−€435.4M
Working capital€2.04B2021€3.05B2025+€1.0B
Current ratio1.5920212.512025+0.93
Debt / equity1.8420211.662025−0.18
Shares outstanding681.6M2021680.6M2025−0.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

GRFS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

GRFS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

GRFS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

GRFS balance sheet in euros

20252024202320222021
Assets
Cash & short-term investments€824.6M€1.00B€646.0M€580.2M€2.69B
Cash & equivalents€824.6M€979.8M€529.6M€549.2M€655.5M
Short-term investments€23.0M€21.2M€116.5M€31.0M€2.03B
Receivables€844.6M€1.08B€692.9M€774.2M€434.1M
Inventory€3.29B€3.56B€3.48B€3.24B€2.26B
Other current assets€108.0M€87.2M€1.31B€100.3M€131.6M
Total current assets€5.07B€5.73B€6.13B€4.69B€5.51B
Property, plant & equipment (net)€4.05B€4.31B€4.19B€4.28B€3.34B
Goodwill & intangible assets€9.56B€10.33B€8.01B€9.96B€7.23B
Long-term investments€460.0M€529.0M€565.1M€2.55B€2.36B
Other non-current assets€610.5M€509.4M€2.09B€0€787.8M
Total assets€19.75B€21.41B€20.99B€21.23B€19.23B
Liabilities
Accounts payable€840.6M€852.3M€823.0M€788.0M€629.0M
Short-term debt€385.8M€639.7M€1.02B€681.3M€2.40B
Deferred revenue€77.0M€70.9M€39.2M€37.8M€43.5M
Total current liabilities€2.02B€2.16B€2.33B€2.02B€3.47B
Long-term debt€8.07B€8.42B€8.22B€8.15B€6.10B
Lease obligations€1.08B€1.14B€1.11B€1.02B€873.7M
Other long-term liabilities€2.04B€2.22B€2.94B€3.08B€2.34B
Total liabilities€12.13B€12.80B€13.48B€13.25B€11.92B
Shareholders' equity
Common stock & paid-in capital€119.9M€119.6M€119.6M€119.6M€119.6M
Retained earnings (deficit)€300.0M€156.9M€79.4M€208.3M€248.0M
Accumulated other comprehensive income€4.37B€4.83B€4.41B€4.78B€4.41B
Minority interest€2.33B€2.72B€2.15B€2.33B—
Total shareholders' equity€5.27B€5.88B€5.37B€5.65B€5.52B
Key figures
Total debt€8.74B€10.09B€11.02B€9.75B€10.17B
Net cash (debt)−€7.92B−€9.08B−€10.37B−€9.17B−€7.48B
Working capital€3.05B€3.57B€3.81B€2.67B€2.04B
Tangible book value−€4.29B−€4.45B−€2.64B−€4.31B−€1.71B
Shares outstanding680.6M680.0M679.8M679.8M681.6M
Current ratio2.512.662.642.321.59
Quick ratio0.830.960.580.670.90
Debt / equity1.661.712.051.731.84
Equity / assets26.7%27.5%25.6%26.6%28.7%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed April 17, 2026); data from EODHD.

GRFS financial position

At the end of fiscal 2025 (December 31, 2025), Grifols had total assets of €19.7 billion (down 7.7% from a year earlier), total liabilities of €12.1 billion and shareholders' equity of €5.3 billion. It held €824.6 million in cash and short-term investments against €8.7 billion of debt, net debt of €7.9 billion. Its current ratio was 2.51. In the latest quarter (ended June 30, 2026) total assets were €20.1 billion and equity €5.5 billion.

Related: GRFS income statement, GRFS cash flow statement, GRFS key metrics. See the GRFS stock overview for the latest quote and news.

GRFS balance sheet FAQ

What are Grifols's total assets?

Grifols reported total assets of €19.7 billion at the end of fiscal 2025 (December 31, 2025), compared with €21.4 billion a year earlier.

How much debt does Grifols have?

Grifols had €8.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.66.

How much cash does Grifols have?

Grifols held €824.6 million in cash and short-term investments at the end of fiscal 2025; with €8.7 billion of debt that is net debt of €7.9 billion.

What is Grifols's book value?

Grifols's shareholders' equity (book value) was €5.3 billion at the end of fiscal 2025.

What is Grifols's current ratio?

Grifols had current assets of €5.1 billion and current liabilities of €2.0 billion, a current ratio of 2.51 (it can cover its short-term obligations).

How much goodwill does Grifols have?

Grifols carried €9.6 billion of goodwill and intangible assets, 48.4% of total assets, at the end of fiscal 2025.

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