Rankings Pharma & medtech Grifols
Grifols
87
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Debt and rating−6
- ROIC−5
- Margin−3
Strengths
- Refinancing and rating+2
- Growth in immunoglobulin+1
How the score is built
From 100 to 87, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 10.99 EUR
- Median analyst target
- 14.50 EUR
- Upside to median
- +31.9%
- Analysts
- 11
- Target range
- 9.00 – 23.00 EUR
- 52-week change
- −2%
- P/E (trailing)
- 15.8
- Forward P/E
- 10.2
- PEG
- 0.42
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−13 of −30
- −3MarginGross margin has fallen to 37.8% TTM from 39.5% in 2024, and net margin is only 6.1%, because interest expense eats half of operating profit (profit before tax EUR 668m vs EBIT 1,349m).
- −5ROICROIC 6.5% TTM is below the cost of capital (WACC 7.4%) and was 3.1–4.5% in 2021–2024; the company has failed to earn its cost of capital for five years.
- −3Quality of growthRevenue fell 0.3% TTM reported and rose only 2.6% at constant exchange rates in H1 2026; Diagnostic has shrunk from 779 to EUR 593m since 2021, and Bio Supplies fell from 216 to 135m.
- −2Capital allocationDebt-financed acquisitions (including €1.5bn in 2022 for Biotest) have not lifted returns, and the dividend has been resumed (€128m), while net leverage is still 4.2x.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −1Multiples vs own historyForward P/E 9.6 and EV/EBITDA 9.9 are the lowest in the period (10.9–17.0 and 10.5–20.4 in 2021–2025), but EV/FCF 20.9 and EV/earnings 37.8 show that the low P/E is due to debt, not a cheap business.
- −2Debt-adjusted priceEV of EUR 17.1bn is almost three times the market capitalisation; the company's FCF guidance of EUR 500–575m equals only about 3% of EV, and FCF before M&A was just EUR 91m in H1 2026.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−12 of −35
- −6Debt and ratingNet debt EUR 8.8bn, debt/EBITDA 5.4x (company's own figure 4.2x) and interest cover only 2.2x; the credit rating remains junk (S&P BB-).
- −2Accounting and supervisionAfter the Gotham report, CNMV found 'relevant deficiencies' in the accounts and opened sanction proceedings against Grifols; the company admitted that leverage was 8.4x and not the 6.3x stated in the 2023 accounts.
- −2Price pressure in ChinaAlbumin fell 14.2% at constant exchange rates in Q1 2026 after a price adjustment in China and government intervention; management speaks only of 'cautious optimism'.
- −2Restructuring of the plasma networkThe closure of 29 US donor centres cost EUR 40m in H1, and the plan relies on the Egypt project reaching 1m litres of plasma in 2026 – management had to deny market rumours about the project.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Refinancing and ratingAll 2027 maturities have been refinanced, and EUR 500m of a 2030 bond has been redeemed, so there are no significant maturities before Q4 2028; S&P has upgraded two notches to BB-, and Moody's and Fitch have also improved the rating.
- +1Growth in immunoglobulinImmunoglobulins grew 12.8% at constant exchange rates in H1 2026, and Xembify about 34% in Q2; Biopharma overall +5.4%.
Caveats
What the score does not capture, or where the data is weak.
Scored on the A share (GRF). Stockanalysis multiplies the A share price by all 680.6 m shares incl. the non-voting B shares, which trade cheaper, so the market cap (5.8 bn EUR) is slightly overstated. Stockanalysis' FCF of 817 m EUR is before leases (118 m) and before minorities; the company's own FCF before M&A guidance is 500–575 m EUR for 2026 – this is used in T2. Stockanalysis shows +4.2% in share count, but the cash flow has no share issuance, so no deduction for dilution has been given. Leverage: the company reports 4.2x (adjusted EBITDA), stockanalysis 5.4x. Adjusted EBITDA margin (23.9%) is higher than reported; H1 includes 40 m EUR in restructuring costs. Not investigated: US pricing policy (MFN/tariffs) for plasma products. Price targets (median about 14.8 EUR) have not necessarily been updated after the 52-week fall of 21%.
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