Grifols SA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Grifols SA files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	3,935	4,050	4,318	4,487	5,099	5,340	4,933	6,064	6,592	7,212
Cost of revenue	2,004	2,138	2,166	2,437	2,757	3,085	2,971	3,850	4,108	4,418
Gross profit	1,931	1,912	2,152	2,050	2,341	2,255	1,963	2,214	2,483	2,795
Research and development	224	198	288	241	276	294	355	361	395	384
Selling, general and administrative	736	775	860	815	943	986	1,062	1,196	1,373	1,255
Operating income	970	939	1,003	994	1,131	996	595	782	782	1,192
Interest expense	240	245	263	293	343	250	268	478	597	715
Interest income	5.84	9.93	9.68	14	114	8.02	11.6	33.9	62.4	44.4
Pre-tax income	690	713	696	726	817	879	350	338	207	444
Income tax	159	168	34.4	131	168	170	85.1	90.1	43.3	231
Income from continuing operations	531	545	661	594	649	709	265	271	181
Net income to minority interests	-0.7	-0.91	-1.39	-2.24	23.5	90.4	76.6	62.9	121	55.9
Net income	532	545	663	597	625	619	189	185	42.3	157
EBITDA	1,160	1,141	1,219	1,223	1,434	1,318	955	1,193	1,229	1,630
EPS, basic	0.68	0.70	0.84	0.76	0.79	0.78	0.24	0.27	0.06	0.23
EPS, diluted	0.68	0.70	0.84	0.76	0.79	0.78	0.24	0.27	0.06	0.23

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	1,143	895	887	1,034	742	580	2,676	549	530	980
Receivables		534	386	404	491	520	500	739	767	836
Inventory		1,643	1,629	1,949	2,343	2,002	2,259	3,236	3,482	3,560
Total current assets		3,123	2,945	3,483	5,362	3,165	5,510	4,691	6,131	5,728
Property, plant and equipment	1,644	1,810	1,760	1,952	2,160	2,324	2,547	3,303	3,247	3,342
Lease right-of-use assets					704	679	796	981	945	968
Goodwill	3,532	3,644	4,590	5,209	5,507	5,332	6,229	7,012	6,802	7,403
Intangible assets	1,162	1,195	1,269	1,386	1,434	1,558	1,637	2,949	2,832	2,926
Total assets	9,602	10,130	10,920	12,477	15,543	15,275	19,234	21,230	20,992	21,405
Accounts payable		612	572	724	753	746	785	919	971	1,123
Total current liabilities		1,072	978	1,257	1,367	1,335	3,474	2,019	2,325	2,156
Lease liabilities					696	691	825	915	1,004	1,025
Total liabilities	6,300	6,402	7,286	7,780	8,697	8,555	11,917	13,253	13,478	12,798
Total debt							330
Paid-in capital		911	911	911	911	911	911	911	911	911
Shareholders' equity		3,721	3,629	4,226	4,822	5,108	5,524	5,649	5,368	5,884
Minority interests		6.5	4.89	471	2,024	1,612	1,793	2,328	2,145	2,723
Total equity	3,301	3,728	3,634	4,697	6,846	6,720	6,859	7,976	7,514	8,607
Total liabilities and equity	9,602	10,130	10,920	12,477	15,543	15,275	19,234	21,230	20,992	21,405

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	531	545	661	594	649	709	265	248	164	213
Depreciation and amortization	190	202	215	229	302	322	360	411	446	438
Cash from operations	743	553	842	737	569	1,110	597	-1.43	219	902
Capital expenditures	-523	-249	-252	-232	-310	-280	-247	-284	-224	-233
Cash from investing	-633	-507	-2,186	-782	-549	-858	-854	-1,996	-395	887
Debt issued	179	81.5	1,913	179	120	109	3,324	1,143	1,638	4,007
Debt repaid	-150	-162	-104	-142	-53.8	-273	-495	-1,207	-1,351	-5,247
Share buybacks	-58.5	-12.7					-126	-3.46	0
Dividends paid				-142	-239	-113	-259	-0.59	0	-0.96
Cash from financing	-158	-330	1,434	153	-332	-354	2,298	-165	171	-1,359
Exchange rate effect	112	35.4	-98.4	39.2	20.4	-60.2	55.5	35.6	-15.1	20.1
Net change in cash	63.4	-247	-8.49	147	-292	-162	2,096	-2,127	-19.6	450
Free cash flow	220	304	590	505	259	830	350	-285	-5.75	670
Interest paid	171	180	207	225	236	156	155	350	529	571
Income taxes paid	164	215	147	112	108	132	30.6	196	159	176

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	38.7%	Gross profit / revenue.
Operating margin	16.5%	Operating income / revenue.
EBITDA margin	22.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.2%	Pre-tax income / revenue.
Net margin	2.2%	Net income / revenue.
FCF margin	9.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.5%	Cash from operations / revenue.
Effective tax rate	52.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.
Return on invested capital (ROIC)	19.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.3%	Research and development expense / revenue.
SG&A / revenue	17.4%	Selling, general and administrative expense / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	6.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	52.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	26.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	1.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	32.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	270.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-24.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	283.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-21.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	312.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	24.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	21.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.66x	Current assets / current liabilities.
Quick ratio	0.84x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.45x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	59.8%	Total liabilities / total assets.
Interest coverage	1.67x	Operating income / interest expense.
Working capital	€3.57B	Current assets - current liabilities.
Goodwill and intangibles / assets	48.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-€4.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	2.19x	Revenue / average property, plant and equipment.
Inventory turnover	1.25x	Cost of revenue / average inventory.
Days inventory	291 days	365 x average inventory / cost of revenue.
Receivables turnover	9.00x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	86 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	245 days	Days inventory + days sales outstanding - days payables.
FCF conversion	426.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	25.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	€0.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€0.23	Net income per basic share, as reported (split-adjusted).
Payout ratio	0.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	0.1%	Dividends paid / free cash flow, when free cash flow is positive.

What was Grifols SA's revenue in fiscal 2024?

Grifols SA reported revenue of €7.21B for fiscal 2024, 9.4% higher than the year before.

Was Grifols SA profitable in fiscal 2024?

Yes. Net income was €156.9M, a net margin of 2.2%.

How much free cash flow did Grifols SA generate in fiscal 2024?

Cash from operations of €902.2M minus capital expenditures of €232.5M left free cash flow of €669.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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