Grifols, S.A.
GRFS Healthcare Drug Manufacturers General
Grifols, S.A.’s revenue for fiscal 2025 (year ended December 2025) was $8.5 billion, up 9.07% from fiscal 2024. In the quarter to June 2026, revenue grew 5.76%, EPS grew 466.9%, free cash flow grew 300.5% and total debt was flat, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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Grifols, S.A. (GRFS) Altman Z-score
Grifols, S.A.'s Altman Z-score for fiscal 2025 is 1.38, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.38 | 0.16 |
| FY2024 | 1.22 | (0.07) |
| FY2023 | 1.28 | 0.18 |
| FY2022 | 1.10 | (0.02) |
| FY2021 | 1.13 | (0.76) |
| FY2020 | 1.89 | (0.30) |
| FY2019 | 2.19 | 0.19 |
| FY2018 | 2.00 | (0.40) |
| FY2017 | 2.40 | 0.25 |
| FY2017 | 2.15 | (0.04) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.19 | |
| Retained earnings / total assets | 0.23 | — | 0.33 | |
| EBIT / total assets | 0.06 | — | 0.21 | |
| Market value of equity / total liabilities | 0.46 | — | 0.28 | |
| Sales / total assets | 0.38 | — | 0.38 | |
| Altman Z-score | Distress zone | 1.38 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.86 | ||
Z and Z″ put Grifols, S.A. in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NVO Novo Nordisk A/S compare | 4.3× |
| BIIB Biogen Inc. compare | 3.1× |
| SNY Sanofi compare | 2.5× |
| BMY Bristol Myers Squibb Company compare | 2.1× |
| GSK GSK PLC Sponsored ADR compare | 2.1× |
| GRFS Grifols, S.A. | 1.4× |
| OGN Organon & Co. compare | 1.1× |
| AMRN Amarin Corporation PLC compare | −1.9× |
| NSRX Nasus Pharma Ltd. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets