Banco de Sabadell, S.A. BNDSY

FinancialsBanking ServicesSpain

Last close 7.99 USD on Nov 2, 2026, +17.8% year to date

Quant rating

Quant rating B Rank 84 of 304 in Financials

Growth C 125 of 304
Valuation C 206 of 304
Quality C 131 of 304
Revisions A 45 of 304
Momentum B 114 of 304

Wall Street consensus Hold (2.91)Average target 4.20 USD −47.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 18.6B
Enterprise value: 14.0B
52-week range: 6.15 – 8.99
3-year range: 2.18 – 8.99
Dividend yield: 17.34%
Beta (5 years): 0.03
Shares outstanding: 4,768M
Next earnings: Feb 4, 2027

About the company

Banco de Sabadell SA is a Spain-based financial institution (the Bank) primarily engaged in the banking sector. The Bank's activities are divided into four segments: Banking in Spain, Asset transformation, Banking in the United Kingdom (UK) and Banking in America. The Banking in Spain division includes commercial banking products, such as mortgage loans, deposit accounts, insurance policies and mutual funds; corporate banking products, such as customized financing and treasury, as well as markets and private banking investment. The Asset transformation division focuses on real estate operations and management. The Banking in UK division includes TSB Banking Group PLC that offers current and savings accounts, personal loans, credit cards and mortgages. The Banking in America division provides retail and commercial banking services, as well as solutions for corporate customers, such as project finance operations. The Bank operates through numerous subsidiaries.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,261	7,378	9,556	5,339	4,073	–
Revenue growth	−1.6%	−22.8%	79.0%	31.1%	−17.5%	8.0%
EPS (basic, normalized)	0.29	0.28	0.27	0.17	0.10	–
EPS growth	6.3%	1.8%	64.4%	71.3%	13.6%	28.2%
Gross margin	–	–	–	–	–	–
Net margin	20.2%	19.2%	14.1%	15.6%	12.0%	16.2%
ROE	12.6%	12.3%	9.5%	6.3%	4.0%	9.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	22,675
Net debt (mil)	–
Total equity (mil)	15,946
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	7,261	−1.6%	1.9x	3.32	+19.0%	2.4x	0.38	+14.4%	21.1x
2026	5,785	−20.3%	2.4x	2.80	−15.6%	2.9x	0.34	−10.4%	23.6x
2027	6,017	+4.0%	2.3x	2.94	+5.0%	2.7x	0.37	+10.2%	21.4x
2028	6,266	+4.2%	2.2x	3.07	+4.2%	2.6x	0.41	+9.2%	19.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,785	0.0%	−0.2%	−2.4%	0.34	−2.6%	−1.4%	−3.7%
2027	6,017	+0.3%	+0.7%	+0.6%	0.37	+0.4%	+2.5%	+4.6%
2028	6,266	+0.4%	+1.2%	+0.8%	0.41	+1.3%	+3.6%	+6.3%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,444	1,597	1,589	1,621	1,560	1,559	1,540	1,563	1,516	1,230
Sales mean (mil)	1,409	1,584	1,626	1,578	1,525	1,590	–	1,549	1,521	1,261
Surprise	+2.5%	+0.8%	−2.3%	+2.7%	+2.3%	−1.9%	–	+0.9%	−0.3%	−2.5%
EPS reported	0.06	0.09	0.09	0.04	0.09	0.09	0.08	0.07	0.07	0.13
EPS mean	0.04	0.08	0.09	0.08	0.09	0.08	0.09	0.08	0.09	0.13
Surprise	+38.5%	+12.5%	0.0%	−50.0%	0.0%	+12.5%	−11.1%	−12.5%	−22.2%	0.0%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
BNDSY Banco de Sabadell, S.A.	18.6B	–	20.2%	1.22x	23.6x	21.4x	2.9x	2.7x
BKRIY Bank of Ireland Group PLC	19.2B	–	21.3%	1.32x	11.4x	10.0x	1.4x	1.4x
BCH Banco de Chile	19.0B	–	35.2%	0.74x	18.2x	15.2x	2.9x	2.7x
PPERY Bank Mandiri (Persero) Tbk PT	18.9B	–	34.3%	1.15x	240.9x	229.6x	45.7x	43.0x
BNCDY Banca Mediolanum S.p.A.	18.7B	–	99.2%	0.80x	28.3x	27.8x	3.7x	3.4x
EWBC East West Bancorp, Inc.	18.2B	15.4%	30.9%	1.20x	12.3x	11.3x	2.0x	1.7x
Mean		15.4%	40.2%	1.07x	55.8x	52.6x	9.7x	9.2x
Median		15.4%	32.6%	1.17x	20.9x	18.3x	2.9x	2.7x

Technical analysis

1M+2.4%
3M−1.4%
1Y+29.8%
3Y+339.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Banco de Sabadell, S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	7,261	7,378	9,556	5,339	4,073	4,935
Total interest expense	3,107	3,483	4,343	1,273	179	783
Net interest income	4,154	3,894	5,213	4,065	3,894	4,151
Loan loss provision	571	574	911	898	1,092	2,132
Net interest income after loan loss provision	3,583	3,320	4,302	3,167	2,803	2,020
Non-interest income	3,014	2,231	2,290	2,433	2,909	3,855
Non-interest expense	−4,155	−3,449	−4,505	−4,237	−5,007	−6,022
Net income before taxes	2,442	2,102	2,087	1,363	705	−148
Provision for taxes	805	578	615	399	92.4	−151
Minority interest & equity in affiliates	−2.1	−1.9	−1.6	−11.5	−9.6	−1.2
Other	0	0	0	0	0	0
Net income before extraordinary items	1,635	1,522	1,470	952	603	2.4
Extraordinary items	450	370	–	–	–	–
Net income	2,085	1,891	1,470	952	603	2.4
Basic weighted average shares (mil)	5,152	5,376	5,401	5,594	5,586	5,582
Diluted weighted average shares (mil)	5,152	5,376	5,401	5,594	5,586	5,582
Basic EPS excluding extraordinary items	0.28	0.26	0.25	0.15	0.09	0.00
Basic EPS, normalized	0.29	0.28	0.27	0.17	0.10	0.09

Balance sheet in millions of USD, fiscal years

Balance sheet, Banco de Sabadell, S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	15,427	32,254	34,804	45,878	57,508	45,157
Other earning assets	56,422	38,383	42,396	39,085	34,180	42,182
Net loans	141,844	164,485	168,015	169,873	178,894	182,120
Property, plant & equipment	1,878	2,067	2,281	2,442	2,725	3,483
Goodwill	1,206	1,063	1,124	1,099	1,167	1,253
Intangibles	1,722	1,585	1,617	1,560	1,768	1,917
Long-term investments	566	543	511	403	726	952
Other long-term assets	68,305	6,756	7,898	7,901	8,510	9,307
Other assets	843	920	891	638	935	1,565
Total assets	288,212	248,057	259,536	268,880	286,414	287,938
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Total deposits	172,967	187,251	197,808	214,912	235,961	233,663
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	3,182	0	221	433	68.6	15.9
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	28,563	34,091	33,437	26,383	25,842	27,249
Minority interest	40.6	35.6	37.8	36.8	28.4	87.5
Other liabilities	66,961	11,150	12,752	13,146	9,768	11,754
Total liabilities	271,714	232,529	244,256	254,912	271,668	272,769
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	738	704	750	753	800	859
Additional paid-in capital	7,752	7,967	8,492	8,454	8,980	9,647
Retained earnings (accumulated deficit)	8,693	7,359	6,607	5,388	5,422	5,323
Treasury stock	−30.4	−124	−43.7	−25.4	−39.2	−45.8
Other equity	−654	−379	−527	−601	−417	−615
Total equity	16,498	15,528	15,279	13,968	14,746	15,169
Total liabilities & shareholders' equity	288,212	248,057	259,536	268,880	286,414	287,938

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Banco de Sabadell, S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,087	1,893	1,472	930	612	3.7
Depreciation, depletion & amortization	494	451	573	583	599	639
Deferred taxes	–	–	–	–	–	–
Non-cash items	1,543	1,384	1,538	1,401	1,335	2,260
Changes in working capital	−2,154	−15,182	−15,196	−10,008	11,481	22,038
Cash from operations	1,971	−11,454	−11,613	−7,093	14,027	24,941
Investing activities
Capital expenditures	−717	−572	−588	−464	−570	−834
Other investing cash flows	438	309	408	395	1,047	1,124
Cash from investing	−280	−263	−180	−69.3	477	290
Financing activities
Financing cash flow items	−297	−220	−250	−237	−245	−238
Cash dividends paid	−1,605	−612	−302	−301	0	−137
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−940	437	−128	−786	1,490	−187
Cash from financing	−2,841	−396	−681	−1,324	1,245	−562
Foreign exchange effects	−231	99.3	31.8	−24.8	198	−223
Net change in cash	−1,381	−12,013	−12,443	−8,511	15,947	24,445
Free cash flow	1,253	−12,026	−12,201	−7,557	13,456	24,106

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.