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Spanish (IBEX) Healthcare Sector Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies13
  • 7D6.2%
  • 3M4.2%
  • 1Y25.2%
  • YTD4.0%

Over the last 7 days, the Healthcare industry has risen 6.2%, driven by gains from Grifols of 8.3%. In the last 12 months, the industry was up 25%. As for the next few years, earnings are expected to grow by 26% per annum.

Sector Valuation and Performance

Has the Spanish Healthcare Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 09 Jan 2026€18.2b€11.3b€706.2m28.5x25.8x1.6x
Sun, 07 Dec 2025€16.9b€11.3b€700.8m25.3x24.1x1.5x
Tue, 04 Nov 2025€16.9b€11.2b€614.7m25.7x27.5x1.5x
Thu, 02 Oct 2025€17.8b€11.1b€621.8m25.8x28.6x1.6x
Sat, 30 Aug 2025€17.1b€11.1b€610.7m25.1x28x1.5x
Mon, 28 Jul 2025€17.1b€11.0b€503.5m21.2x33.9x1.6x
Wed, 25 Jun 2025€15.6b€11.0b€507.4m21.4x30.7x1.4x
Fri, 23 May 2025€15.2b€11.0b€507.1m22.6x29.9x1.4x
Sun, 20 Apr 2025€13.5b€10.8b€458.2m19.6x29.4x1.2x
Tue, 18 Mar 2025€14.9b€10.8b€458.8m19.9x32.4x1.4x
Thu, 13 Feb 2025€14.4b€10.6b€392.4m17.1x36.7x1.4x
Sat, 11 Jan 2025€14.4b€10.6b€392.4m19.7x36.8x1.4x
Mon, 09 Dec 2024€14.2b€10.6b€392.5m19.7x36.2x1.3x
Wed, 06 Nov 2024€16.1b€10.3b€391.6m24.5x41.1x1.6x
Fri, 04 Oct 2024€15.4b€10.2b€394.8m15.1x38.9x1.5x
Sun, 01 Sep 2024€15.5b€10.2b€399.9m14.9x38.7x1.5x
Tue, 30 Jul 2024€15.4b€10.0b€412.0m20.1x37.5x1.5x
Thu, 27 Jun 2024€15.0b€10.0b€405.8m19.8x36.8x1.5x
Sat, 25 May 2024€15.5b€10.0b€396.3m19.3x39.1x1.5x
Mon, 22 Apr 2024€13.6b€10.0b€297.6m17.4x45.7x1.4x
Wed, 20 Mar 2024€13.2b€10.0b€289.0m20.9x45.5x1.3x
Fri, 16 Feb 2024€14.7b€10.0b€331.9m18.2x44.4x1.5x
Sun, 14 Jan 2024€13.5b€10.0b€332.6m17.2x40.5x1.3x
Tue, 12 Dec 2023€16.2b€10.0b€332.5m17.1x48.7x1.6x
Thu, 09 Nov 2023€14.5b€9.9b€311.1m16.2x46.5x1.5x
Sat, 07 Oct 2023€14.8b€9.8b€302.1m18.6x48.8x1.5x
Mon, 04 Sep 2023€15.4b€9.8b€311.0m19.4x49.5x1.6x
Wed, 02 Aug 2023€15.1b€9.8b€311.0m21.3x48.6x1.6x
Fri, 30 Jun 2023€13.4b€9.6b€364.5m18.9x36.7x1.4x
Sun, 28 May 2023€13.7b€9.6b€366.5m21.7x37.4x1.4x
Tue, 25 Apr 2023€12.5b€9.3b€566.0m17.8x22.1x1.3x
Thu, 23 Mar 2023€12.0b€9.3b€564.2m18.9x21.2x1.3x
Sat, 18 Feb 2023€15.8b€8.4b€430.5m13.5x36.7x1.9x
Mon, 16 Jan 2023€14.6b€8.4b€430.6m14.1x34x1.7x
Price to Earnings Ratio

34x


Total Market Cap: €14.6bTotal Earnings: €430.6mTotal Revenue: €8.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Healthcare Sector Price to Earnings3Y Average 36.6x202420252026
Current Industry PE
  • Investors are pessimistic on the Spanish Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 25.8x which is lower than its 3-year average PE of 36.6x.
  • The industry is trading close to its 3-year average PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have grown 18% per year over the last three years.
  • Revenues for these companies have grown 10% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Spanish Healthcare sector?

ES Market1.56%
Healthcare6.24%
Biotech7.57%
Pharma5.59%
Healthcare Services2.49%
Medical Equipment1.14%
Life Sciences-4.62%
Industry PE
  • Investors are most optimistic about the Healthcare Services industry which is trading above its 3-year average PE ratio of 34.3x.
    • Analysts are expecting annual earnings growth of 99.9%, which is higher than its past year's earnings growth of 9.2% per year.
  • Investors are most pessimistic about the Medical Equipment industry, which is trading close to its 3-year average of 17.3x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare Services industry, expecting annual earnings growth of 100% over the next 5 years.
  • This is better than its past earnings growth rate of 9.2% per year.
  • In contrast, the Pharma industry is expected to see its earnings grow by 22% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
GRF Grifols€11.467.1%
+€513.8m		25.7%PE20.9x
ROVI Laboratorios Farmaceuticos Rovi€68.157.3%
+€237.8m		8.9%PE28.8x
ALM Almirall€13.525.3%
+€146.1m		63.7%PE69.1x
FAE Faes Farma€5.333.3%
+€52.9m		53.2%PE15.8x
PHM Pharma Mar€77.904.0%
+€51.6m		-0.8%PE39.4x

Latest News

ALM
€13.52
Almirall
7D
5.3%
1Y
63.7%

ALM: Future Re-Rating Will Depend On Pipeline Execution And Ebglyss Ramp-Up

Narrative update on Almirall Analysts have raised their price target on Almirall to €14.50, citing what they see as a still-compelling valuation, along with expectations for Ebglyss ramp-up, upcoming clinical readouts, and potential in-licensing and M&A to support the mid-stage pipeline. Analyst Commentary Recent research points to a target price of €14.50 for Almirall, with the view that the shares still offer a compelling entry point despite a prior rebound in the stock.
ROVI
€68.15
Laboratorios Farmaceuticos Rovi
7D
7.3%
1Y
8.9%

ROVI: Stable Returns And Margins Will Support Stronger Future Earnings

Analysts have kept their price target for Laboratorios Farmaceuticos Rovi unchanged, citing stable assumptions around a fair value of €80.96, a discount rate of 7.65%, revenue growth of 12.59%, a profit margin of 23.81% and a future P/E of 20.93 to support their view. Valuation Changes Fair Value: The fair value estimate remains unchanged at €80.96 per share, reflecting the same core valuation outcome as before.
GRF
€11.46
Grifols
7D
7.1%
1Y
25.7%

GRF: Higher Required Returns Will Still Support Attractive Future Earnings Multiple

Analysts have trimmed their valuation outlook for Grifols, reducing the implied price target from €15.20 to €15.03 as they factor in a higher discount rate and a slightly richer future P/E assumption, while keeping revenue growth and profit margin expectations broadly unchanged. Valuation Changes Fair Value: Held broadly steady at €15.20, with only a marginal adjustment to the implied price target in the updated model.
FAE
€5.33
Faes Farma
7D
3.3%
1Y
53.2%
BST
€0.19
Biotechnology Assets
7D
-3.1%
1Y
-37.7%

We Think Biotechnology Assets (BME:BST) Has A Fair Chunk Of Debt

Dec 05
We Think Biotechnology Assets (BME:BST) Has A Fair Chunk Of Debt
CBAV
€51.40
Clínica Baviera
7D
3.4%
1Y
58.2%
LAB
€4.54
Labiana Health
7D
-6.2%
1Y
62.1%

These 4 Measures Indicate That Labiana Health (BME:LAB) Is Using Debt Extensively

Nov 27
These 4 Measures Indicate That Labiana Health (BME:LAB) Is Using Debt Extensively
PANG
€1.65
Pangaea Oncology
7D
-4.6%
1Y
-6.3%
ATRY
€3.06
Atrys Health
7D
4.4%
1Y
-10.0%

Capital Allocation Trends At Atrys Health (BME:ATRY) Aren't Ideal

Nov 11
Capital Allocation Trends At Atrys Health (BME:ATRY) Aren't Ideal
RJF
€2.64
Laboratorio Reig Jofre
7D
2.7%
1Y
0.8%
PHM
€77.90
Pharma Mar
7D
4.0%
1Y
-0.8%

There May Be Underlying Issues With The Quality Of Pharma Mar's (BME:PHM) Earnings

Nov 07
There May Be Underlying Issues With The Quality Of Pharma Mar's (BME:PHM) Earnings