Grifols, S.A. (GRFS) Key Metrics
GRFS key metrics, 2021–2025
Fiscal year ended December 31, 2025 · eurosGRFS returns How much profit the business earns on the capital it uses.
GRFS financial health Debt, liquidity and how easily interest is covered.
GRFS efficiency & capital use Working capital cycle and where the cash goes.
GRFS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
GRFS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
GRFS cash returned to shareholders
GRFS key metrics in euros
2021–2025| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Returns & profitability | |||||
| Return on equity (ROE) | 6.9% | 2.8% | 0.8% | 3.3% | 3.4% |
| Return on invested capital (ROIC) | 6.9% | 3.9% | 4.0% | 4.1% | 3.5% |
| Return on assets (ROA) | 1.9% | 0.7% | 0.2% | 0.9% | 1.0% |
| Return on tangible assets | 3.8% | 1.4% | 0.3% | 1.6% | 1.6% |
| Free cash flow margin | 10.4% | 7.4% | −1.4% | −6.4% | 5.7% |
| Income quality (OCF / net income) | 2.60 | 5.75 | 5.17 | −0.06 | 3.16 |
| Financial health | |||||
| Total debt | €8.74B | €10.09B | €11.02B | €9.75B | €10.17B |
| Cash & short-term investments | €824.6M | €1.00B | €646.0M | €580.2M | €2.69B |
| Net debt | €7.92B | €9.08B | €10.37B | €9.17B | €7.48B |
| Debt / equity | 1.66 | 1.71 | 2.05 | 1.73 | 1.84 |
| Debt / assets | 0.44 | 0.47 | 0.52 | 0.46 | 0.53 |
| Net debt / EBITDA | 4.88 | 6.12 | 8.87 | 7.68 | 7.92 |
| Current ratio | 2.51 | 2.66 | 2.64 | 2.32 | 1.59 |
| Quick ratio | 0.88 | 1.01 | 1.14 | 0.72 | 0.94 |
| Interest coverage | 2.0 | 1.5 | 1.5 | 1.8 | 2.5 |
| Working capital | €3.05B | €3.57B | €3.81B | €2.67B | €2.04B |
| Invested capital | €13.18B | €14.97B | €15.74B | €14.82B | €13.00B |
| Tangible asset value | −€1.94B | −€1.72B | −€496.0M | −€1.98B | €84.5M |
| Net current asset value | −€7.06B | −€7.07B | −€7.35B | −€8.56B | −€6.41B |
| Capital allocation | |||||
| Dividends paid | €122.9M | €962,000 | €0 | €592,000 | €258.9M |
| Share buybacks (net) | €123.9M | €0 | €0 | €3.5M | €125.7M |
| Dividend payout ratio | 31.8% | 0.6% | 0.0% | 0.3% | 137.2% |
| Dividends + buybacks / free cash flow | 32.9% | 0.2% | — | — | 136.5% |
| Capex / revenue | 3.5% | 5.1% | 4.7% | 6.2% | 6.4% |
| Capex / operating cash flow | 25.3% | 41.2% | 141.9% | — | 52.8% |
| Capex / depreciation | 0.59 | 0.85 | 0.70 | 0.92 | 0.88 |
| R&D / revenue | 5.0% | 5.3% | 6.0% | 6.0% | 7.2% |
| SG&A / revenue | 14.7% | 15.9% | 19.3% | 18.3% | 8.9% |
| Efficiency | |||||
| Days sales outstanding | 48.6 | 44.8 | 40.6 | 36.4 | 32.1 |
| Days of inventory on hand | 269.2 | 290.9 | 298.4 | 260.5 | 277.6 |
| Days payables outstanding | 66.5 | 69.2 | 71.6 | 67.2 | 77.3 |
| Cash conversion cycle (days) | 251.3 | 266.6 | 267.5 | 229.7 | 232.5 |
| Receivables turnover | 7.51 | 8.14 | 8.99 | 10.04 | 11.36 |
| Payables turnover | 5.49 | 5.27 | 5.10 | 5.43 | 4.72 |
| Inventory turnover | 1.36 | 1.25 | 1.22 | 1.40 | 1.31 |
| Asset turnover | 0.35 | 0.34 | 0.31 | 0.30 | 0.26 |
| Average receivables | €962.0M | €886.1M | €733.5M | €604.2M | €434.1M |
| Average payables | €846.5M | €837.6M | €805.5M | €708.5M | €629.0M |
| Average inventory | €3.43B | €3.52B | €3.36B | €2.75B | €2.26B |
| Intangibles / total assets | 48.4% | 48.3% | 38.2% | 46.9% | 37.6% |
Computed from GRFS's annual financial statements (latest annual report filed April 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.
GRFS valuation and financial ratios
Grifols earned a return on equity of 6.9% and a return on invested capital of 6.9% in fiscal 2025. It ended the year with €8.7 billion of debt and €824.6 million in cash and short-term investments, net debt of €7.9 billion. It returned €246.9 million to shareholders: €122.9 million in dividends and €123.9 million in share buybacks, 33% of free cash flow.
See the GRFS income statement, the GRFS chart for price history, or the GRFS stock overview for the latest quote and news.
GRFS key metrics FAQ
What is Grifols's return on equity?
Grifols's return on equity (ROE) was 6.9% in fiscal 2025: net income of €386.1 million on average shareholders' equity of €5.6 billion.
What is Grifols's ROIC?
Grifols's return on invested capital was 6.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Grifols have?
Grifols had total debt of €8.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.66 and €7.9 billion of net debt (4.88 times EBITDA).
Does Grifols buy back its shares?
Yes. Grifols spent €123.9 million on net share repurchases in fiscal 2025.
What is Grifols's current ratio?
Grifols's current ratio was 2.51 at the end of fiscal 2025: current assets were 2.51 times current liabilities.