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A theoretical approach has been developed to study the spin-wave dynamics of magnetization-graded ferromagnetic films, where the magnetic properties change along the film thickness. The theory is based on a multilayer approach, where the influence of both long-range dipolar interactions and interlayer exchange coupling between sublayers is included. This allows for instance to describe films with a continuous variation of the saturation magnetization along the thickness. A systematic study is carried out in order to analyze different profiles of the saturation magnetization, which is checked through a test of convergence. It is found that the spin-wave dispersion is significantly modified when the strength of the magnetization changes in the bulk film, where a notable frequency non-reciprocity of two counter propagating spin waves is predicted. This is associated with heterosymmetric mode profiles and a modification of the conventional quantization condition associated to perpendicular standing spin-wave modes. Micromagnetic simulations have been carried out to validate the model, where a perfect agreement is reached between both methods. These results show that magnetizationgraded ferromagnetic films can be used to channel and control spin waves, thus promoting different kinds of functionalities for magnon-based devices.

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