# Laboratorios Farmaceuticos ROVI (ROVI.MC)

Canonical: https://gigainvestors.com/s/ROVI.MC

Analysis as of: 2026-10-16T07:38:48.671Z. Financial observations: FY2003–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 57.60 per share; close as of 2026-10-15.

Estimated value: low EUR 29.97 per share, central EUR 33.80 per share, high EUR 38.90 per share. Buy at or below the central value EUR 33.80 per share. Valuation as of 2026-10-16T07:38:48.671Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.48×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.07×

- FY2018: 0.06×

- FY2019: 0.11×

- FY2020: 0.18×

- FY2021: 0.28×

- FY2022: 0.31×

- FY2023: 0.27×

- FY2024: 0.24×

- FY2025: 0.23×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 17.6%

- ROIC, second-lowest year: 9.8%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 58.8%

- Recent gross margin (lower of latest and 3-year median): 60.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.7%

- ROIC including acquisitions, ten-year median: 14.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.1%

- FY2017: 9.8%

- FY2018: 7.7%

- FY2019: 11.8%

- FY2020: 15.9%

- FY2021: 34.2%

- FY2022: 42.4%

- FY2023: 29.4%

- FY2024: 21.0%

- FY2025: 19.3%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 687M

- Net income, five-year total: EUR 800M

- Return on incremental invested capital: 20.5%

- Working capital / revenue, annual change: 2.7 pp

- Working capital / revenue, change between three-year averages: 20.4 pp

- Working capital / revenue, final three-year average: 49.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.98×

- FY2022: 0.98×

- FY2023: 0.82×

- FY2024: 0.73×

- FY2025: 0.73×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs 21.0%

- Per-share earnings: 0.40 to 2.75 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: EUR 2.6B

- Cumulative retained earnings: EUR 390M

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 27.2%

- Per-share value change: EUR 2.34

- Per-share value, starting three-year median: EUR 0.40

- Per-share value, ending three-year median: EUR 2.75

- Buybacks concentrated in cheaper years (correlation): 0.76

- Average buyback yield: 2.2%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 28M

- Cumulative net income, 10 years: EUR 962M

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 21.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.53

- FY2017: EUR 0.35

- FY2018: EUR 0.32

- FY2019: EUR 0.71

- FY2020: EUR 1.10

- FY2021: EUR 2.84

- FY2022: EUR 3.74

- FY2023: EUR 3.29

- FY2024: EUR 2.68

- FY2025: EUR 2.75

### accounting: pass

- Sloan accruals: -4.7%

- Receivables to sales index (DSRI): 1.41×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.32×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.8%

- FY2017: -0.3%

- FY2018: 2.3%

- FY2019: 9.5%

- FY2020: 2.5%

- FY2021: 0.5%

- FY2022: -4.3%

- FY2023: 7.1%

- FY2024: -0.2%

- FY2025: -4.7%

## Holders

## Price story

Down 35% since Jul 2024 · sales -2.7%

Story as of 2026-10-16T10:00:10.242Z; price observation 2026-10-15.

Price needs cash profits to grow 7.9% a year for ten years

### Sales · FY2024–2025

sales -2.7%; source https://filings.xbrl.org/95980020140005936480/2024-12-31/ESEF/ES/0/95980020140005936480-20241231-es/reports/95980020140005936480-20241231-es.xhtml; observed 2025-05-08.

- FY2016: EUR 265M 

- FY2017: EUR 276M 

- FY2018: EUR 303M 

- FY2019: EUR 381M 

- FY2020: EUR 420M 

- FY2021: EUR 649M 

- FY2022: EUR 818M 

- FY2023: EUR 830M 

- FY2024: EUR 764M 

- FY2025: EUR 743M 

### Gross margin · FY2025

gross margin 60.7%; source https://filings.xbrl.org/95980020140005936480/2024-12-31/ESEF/ES/0/95980020140005936480-20241231-es/reports/95980020140005936480-20241231-es.xhtml; observed 2025-05-08.

- FY2016: 57.8% 

- FY2017: 60.8% 

- FY2018: 57.6% 

- FY2019: 56.3% 

- FY2020: 57.5% 

- FY2021: 59.3% 

- FY2022: 63.5% 

- FY2023: 58.3% 

- FY2024: 62.6% 

- FY2025: 60.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are EUR 743.5 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 743483000; grossProfit 451652000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ROVI.MC: Laboratorios Farmaceuticos Rovi, S.A. manufactures, sells, and markets pharmaceutical products in Spain, European Union, OECD countries, and internationally. The company offers prescription products, including Ameride, Bertanel, Bluxam, Enoxaparin Rovi, Calcium Vitamine D3 Rovi, Exxiv, Prinvil, Rhodogil, Glufan, Hibor, Hirobriz Breezhaler, Neparvis, Mysimba, Orvatez, Tryptizol, Ulunar Breezhaler, and Volutsa. It also provides hospital products, such as Iomeron and Iopamiro, Multihance and Y Prohance, Sonovue, Empowercta+, Empowermr, and CT Express; catheter care under the Fibrilin brand; and Sodium Heparin Rovi. In addition, the company offers contract-manufacturing services comprising compounding, sterile filling and terminal sterilisation, inspection, installation of safety devices, labelling, packaging, serialisation and aggregation, for different injectable pharmaceutical forms, such as prefilled syringes, vials and cartridges, as well as manufacturing and packaging services for solid products. Further, it offers low-molecular-weight heparin, Okedi, and Rolcya; and develops Letrozole SIE and Risperidone QUAR. Its products are used for cardiology, osteoarticular/women's health, anesthesia /pain, diagnostic imaging contrast agents, central nervous system, urology, endocrinology, respiratory, and primary healthcare areas. The company was incorporated in 1946 and is headquartered in Pozuelo de Alarcón, Spain. Laboratorios Farmaceúticos Rovi, S.A. operates as a subsidiary of Norbel Inversiones, S.L.

### Why customers stay

Margins ranged from 58.3% to 62.6% during 2023–25; it earns 17.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 58.3%.

- Source: https://filings.xbrl.org/95980020140005936480/2024-12-31/ESEF/ES/0/95980020140005936480-20241231-es/reports/95980020140005936480-20241231-es.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 62.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 60.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.15060754507709997],[2017,0.09787152978004778],[2018,0.07718460552202842],[2019,0.11829150602359019],[2020,0.15943017013423208],[2021,0.3419418888221803],[2022,0.42385014282027333],[2023,0.2936710280207893],[2024,0.20986293546112],[2025,0.1934653227668321]]; median 0.17644774645053207. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 54.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 5735888.381401181; upkeep 12340111.618598819; owner earnings 24771888.38140118. Growth capex / owner earnings = 0.23154828945974526.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 3257608.322126381; upkeep 16686391.677873619; owner earnings 12033608.322126381. Growth capex / owner earnings = 0.27070918671472516.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 8779659.343038127; upkeep 17679340.656961873; owner earnings 12259659.343038127. Growth capex / owner earnings = 0.7161421942791435.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 22309000; upkeep 18216000; owner earnings 35098800. Growth capex / owner earnings = 0.6356057756960352.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 12882664.826577164; upkeep 26809335.173422836; owner earnings 50331464.826577164. Growth capex / owner earnings = 0.2559564850926923.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 19576000; upkeep 21364000; owner earnings 149544400. Growth capex / owner earnings = 0.13090426655896176.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 28517000; upkeep 22871000; owner earnings 196097800. Growth capex / owner earnings = 0.14542233518173076.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 3696303.3003407195; upkeep 51490696.69965928; owner earnings 139416903.3003407. Growth capex / owner earnings = 0.026512590746459983.

- Source: https://filings.xbrl.org/95980020140005936480/2024-12-31/ESEF/ES/0/95980020140005936480-20241231-es/reports/95980020140005936480-20241231-es.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 62219000; owner earnings 99464000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 0; upkeep 65210000; owner earnings 102468600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,6853000],[2017,9025000],[2018,5952000],[2019,4420000],[2020,9700000],[2021,21132000],[2022,51007000],[2023,69049000],[2024,56451000],[2025,47830000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 54860000 EUR.

### Are managers owners

Insiders own 68.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ROVI.MC SharesStats.PercentInsiders = 68.197 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.9% yearly over ten years; actual growth was 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.10108770750769736. Price 57.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.24663327971064747 → FY2025 2.0033157704376388. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 12.30 per share

- 2016-11: EUR 11.76 per share

- 2016-12: EUR 12.33 per share

- 2017-01: EUR 13.22 per share

- 2017-02: EUR 13.50 per share

- 2017-03: EUR 14.65 per share

- 2017-04: EUR 15.18 per share

- 2017-05: EUR 15.50 per share

- 2017-06: EUR 17.07 per share

- 2017-07: EUR 16.12 per share

- 2017-08: EUR 16.27 per share

- 2017-09: EUR 16.19 per share

- 2017-10: EUR 16.11 per share

- 2017-11: EUR 16.43 per share

- 2017-12: EUR 15.65 per share

- 2018-01: EUR 16.10 per share

- 2018-02: EUR 16.75 per share

- 2018-03: EUR 17.00 per share

- 2018-04: EUR 16.85 per share

- 2018-05: EUR 15.75 per share

- 2018-06: EUR 15.70 per share

- 2018-07: EUR 16.15 per share

- 2018-08: EUR 16.45 per share

- 2018-09: EUR 15.80 per share

- 2018-10: EUR 16.30 per share

- 2018-11: EUR 17.45 per share

- 2018-12: EUR 17.45 per share

- 2019-01: EUR 18.50 per share

- 2019-02: EUR 18.40 per share

- 2019-03: EUR 18.75 per share

- 2019-04: EUR 18.40 per share

- 2019-05: EUR 19.35 per share

- 2019-06: EUR 20.10 per share

- 2019-07: EUR 20.90 per share

- 2019-08: EUR 22.60 per share

- 2019-09: EUR 21.90 per share

- 2019-10: EUR 22.10 per share

- 2019-11: EUR 23.90 per share

- 2019-12: EUR 24.40 per share

- 2020-01: EUR 24.90 per share

- 2020-02: EUR 24.40 per share

- 2020-03: EUR 22.70 per share

- 2020-04: EUR 25.90 per share

- 2020-05: EUR 23.10 per share

- 2020-06: EUR 25.30 per share

- 2020-07: EUR 29.00 per share

- 2020-08: EUR 28.10 per share

- 2020-09: EUR 31.40 per share

- 2020-10: EUR 30.60 per share

- 2020-11: EUR 40.50 per share

- 2020-12: EUR 37.90 per share

- 2021-01: EUR 40.60 per share

- 2021-02: EUR 45.20 per share

- 2021-03: EUR 46.00 per share

- 2021-04: EUR 48.20 per share

- 2021-05: EUR 57.00 per share

- 2021-06: EUR 58.40 per share

- 2021-07: EUR 59.50 per share

- 2021-08: EUR 53.00 per share

- 2021-09: EUR 56.50 per share

- 2021-10: EUR 60.60 per share

- 2021-11: EUR 64.60 per share

- 2021-12: EUR 73.80 per share

- 2022-01: EUR 65.40 per share

- 2022-02: EUR 72.30 per share

- 2022-03: EUR 67.20 per share

- 2022-04: EUR 65.20 per share

- 2022-05: EUR 62.40 per share

- 2022-06: EUR 58.40 per share

- 2022-07: EUR 51.00 per share

- 2022-08: EUR 49.06 per share

- 2022-09: EUR 44.20 per share

- 2022-10: EUR 46.02 per share

- 2022-11: EUR 36.42 per share

- 2022-12: EUR 36.06 per share

- 2023-01: EUR 38.82 per share

- 2023-02: EUR 41.70 per share

- 2023-03: EUR 38.48 per share

- 2023-04: EUR 40.18 per share

- 2023-05: EUR 41.32 per share

- 2023-06: EUR 42.34 per share

- 2023-07: EUR 43.66 per share

- 2023-08: EUR 52.50 per share

- 2023-09: EUR 51.35 per share

- 2023-10: EUR 50.45 per share

- 2023-11: EUR 56.15 per share

- 2023-12: EUR 60.20 per share

- 2024-01: EUR 64.05 per share

- 2024-02: EUR 74.05 per share

- 2024-03: EUR 80.90 per share

- 2024-04: EUR 84.30 per share

- 2024-05: EUR 87.75 per share

- 2024-06: EUR 87.55 per share

- 2024-07: EUR 89.00 per share

- 2024-08: EUR 79.55 per share

- 2024-09: EUR 71.60 per share

- 2024-10: EUR 78.10 per share

- 2024-11: EUR 64.45 per share

- 2024-12: EUR 62.95 per share

- 2025-01: EUR 65.55 per share

- 2025-02: EUR 53.20 per share

- 2025-03: EUR 51.50 per share

- 2025-04: EUR 51.55 per share

- 2025-05: EUR 54.45 per share

- 2025-06: EUR 54.75 per share

- 2025-07: EUR 54.20 per share

- 2025-08: EUR 58.00 per share

- 2025-09: EUR 58.15 per share

- 2025-10: EUR 61.10 per share

- 2025-11: EUR 59.45 per share

- 2025-12: EUR 63.50 per share

- 2026-01: EUR 71.90 per share

- 2026-02: EUR 84.75 per share

- 2026-03: EUR 80.75 per share

- 2026-04: EUR 79.40 per share

- 2026-05: EUR 59.30 per share

- 2026-06: EUR 57.85 per share

- 2026-07: EUR 58.55 per share

- 2026-08: EUR 60.60 per share

- 2026-09: EUR 58.80 per share

- 2026-10: EUR 57.45 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 4.90 per share, central EUR 6.68 per share, high EUR 7.72 per share

- FY2017: low EUR 3.94 per share, central EUR 4.64 per share, high EUR 5.29 per share

- FY2018: low EUR 4.57 per share, central EUR 4.98 per share, high EUR 5.53 per share

- FY2019: low EUR 5.23 per share, central EUR 6.37 per share, high EUR 7.26 per share

- FY2020: low EUR 9.88 per share, central EUR 13.17 per share, high EUR 15.30 per share

- FY2021: low EUR 16.65 per share, central EUR 23.11 per share, high EUR 26.86 per share

- FY2022: low EUR 27.00 per share, central EUR 37.69 per share, high EUR 43.92 per share

- FY2023: low EUR 36.74 per share, central EUR 52.42 per share, high EUR 61.55 per share

- FY2024: low EUR 34.37 per share, central EUR 49.00 per share, high EUR 57.52 per share

- FY2025: low EUR 28.33 per share, central EUR 32.01 per share, high EUR 36.91 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:44:34.216Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/95980020140005936480/2024-12-31/ESEF/ES/0/95980020140005936480-20241231-es/reports/95980020140005936480-20241231-es.xhtml); period 2024-12-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.