Grifols, S.A. (GRFS) Stock Analysis & Winston Score

Grifols, S.A. engages in the procurement, manufacture, preparation, and sale of therapeutic products, primarily hemoderivatives. The company operates through Bioscience, Hospital, Diagnostic, Bio Supplies, and Others divisions. The Bioscience division researches, develops, produces, and markets plasma-derived medicines and other innovative solutions to treat patients with chronic, rare, prevalent, and life-threatening diseases. It offers immunoglobulins, alpha-1 antitrypsin, albumin, clotting fa

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+25.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$358M/ year

↓ Declining (-7% vs prior year)

5.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.1%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$703M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Grifols, S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 681.6M (2021) → 680.6M (2025)

Score breakdown

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Quality

Gross Margin

36.5%

Modest — 36.5% gross margin

Operating Margin

14.6%

Healthy — 14.6% operating margin

ROCE

1.7%

Weak — 1.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+1.0%

Nearly flat sales (1.0% YoY)

EPS YoY

+114.9%

Earnings growing fast (114.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

243%

Turns 243% of profit into real cash

FCF Margin

10.0%

Modest free cash flow (10.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.77

Elevated debt (1.77)

Interest Cover

2.11x

Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

11.9x

Attractive valuation — P/E 11.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+6.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (11.9 → 5.3)

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Dividends

Dividend Yield

1.66%

Small dividend — 1.66% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+28.2%

Dividend growing fast (28.2% YoY)

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