Banco Santander S.A. SAN

FinancialsBanking ServicesSpain

Last close 11.19 USD on Nov 1, 2026, −2.2% year to date

Quant rating

Quant rating C Rank 186 of 304 in Financials

Growth C 174 of 304
Valuation D 219 of 304
Quality C 156 of 304
Revisions B 106 of 304
Momentum C 197 of 304

Wall Street consensus Buy (2.50)Average target 16.18 USD +44.6%

Historical valuation

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

Key data

Market cap: 164.6B
Enterprise value: −8.8B
52-week range: 9.97 – 15.05
3-year range: 3.65 – 15.05
Dividend yield: 2.59%
Beta (5 years): 0.76
Shares outstanding: 14,556M
Next earnings: Oct 28, 2026

About the company

Banco Santander SA is a Spain-based company primarily engaged in retail and commercial banking. The Company operates through a model focused on personal and business banking, with significant operations in Europe, Latin America, and the United States. Its strategy emphasizes sustainable growth supported by customer centric operations, digital transformation, capital discipline, and a risk management framework. The Company leads an international network of subsidiaries offering the following services: retail banking, commercial banking, corporate and investment banking, wealth management, insurance, digital payments, capital markets services, advisory, risk‑management solutions, and structured finance.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	119,458	112,861	116,156	76,445	52,819	–
Revenue growth	5.8%	−2.8%	51.9%	44.7%	−5.4%	16.4%
EPS (basic, normalized)	1.15	0.94	0.89	0.70	0.67	–
EPS growth	23.0%	5.5%	26.1%	5.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	12.3%	10.4%	10.5%	13.4%	17.5%	12.8%
ROE	13.9%	11.9%	11.9%	–	–	12.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	0
Net debt (mil)	–
Total equity (mil)	126,321
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	119,458	+5.8%	−0.1x	–	–	–	1.08	+35.1%	10.3x
2026	71,101	−40.5%	−0.1x	8.16	–	1.4x	1.19	+10.2%	9.4x
2027	77,134	+8.5%	−0.1x	8.50	+4.1%	1.3x	1.38	+15.6%	8.1x
2028	81,228	+5.3%	−0.1x	9.17	+7.9%	1.2x	1.62	+17.2%	6.9x

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	71,101	−1.0%	−0.6%	+1.0%	1.19	−2.4%	+4.9%	+11.2%
2027	77,134	−0.8%	+1.2%	+3.7%	1.38	−2.5%	+7.4%	+9.5%
2028	81,228	−0.6%	+3.4%	+6.2%	1.62	−2.4%	+23.0%	+25.7%

Earnings surprises EPS beat in 2 of the last 4 quarters

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)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.17	0.20	0.20	0.20	0.21	0.22	0.23	0.24	0.36	0.23
EPS mean	0.18	0.20	0.20	0.18	0.19	–	0.22	–	0.25	0.25
Surprise	−4.8%	−1.8%	−1.2%	+8.1%	+10.1%	–	+2.3%	–	+45.5%	−9.4%

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
SAN Banco Santander S.A.	164.6B	–	12.3%	1.14x	9.4x	8.1x	1.4x	1.3x
BAC Bank of America Corporation	346.2B	14.0%	21.0%	1.72x	11.3x	9.7x	1.3x	1.2x
HSBC HSBC Holdings PLC	292.7B	–	21.6%	1.95x	10.0x	9.1x	1.6x	1.5x
RY Royal Bank of Canada	281.5B	–	19.1%	1.45x	17.1x	15.6x	2.9x	2.7x
MUFG Mitsubishi UFJ Financial Group, Inc.	259.4B	–	27.8%	1.94x	13.5x	12.4x	–	–
WFC Wells Fargo & Company	250.4B	11.4%	23.2%	1.47x	11.4x	10.4x	1.5x	1.4x
Mean		12.7%	20.8%	1.61x	12.1x	10.9x	1.7x	1.6x
Median		12.7%	21.3%	1.59x	11.4x	10.0x	1.5x	1.4x

Technical analysis

1M−20.3%
3M−18.9%
1Y+15.6%
3Y+249.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Banco Santander S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	119,458	112,861	116,156	76,445	52,819	55,863
Total interest expense	69,720	67,528	68,413	35,115	14,884	16,789
Net interest income	49,738	45,333	47,743	41,330	37,935	39,074
Loan loss provision	14,701	12,565	14,250	11,618	8,399	15,099
Net interest income after loan loss provision	35,036	32,767	33,493	29,712	29,536	23,975
Non-interest income	27,886	23,253	24,441	25,127	23,591	26,087
Non-interest expense	−40,982	−38,061	−39,770	−38,519	−36,590	−52,598
Net income before taxes	21,941	17,959	18,164	16,321	16,537	−2,535
Provision for taxes	5,547	5,015	4,719	4,801	5,564	6,878
Minority interest & equity in affiliates	−1,643	−1,211	−1,222	−1,240	−1,738	−1,298
Other	0	0	0	0	0	0
Net income before extraordinary items	14,750	11,733	12,223	10,279	9,235	−10,712
Extraordinary items	1,811	1,285	–	–	–	–
Net income	16,562	13,018	12,223	10,279	9,235	−10,712
Basic weighted average shares (mil)	14,890	15,498	16,172	16,848	17,272	17,316
Diluted weighted average shares (mil)	14,976	15,568	16,172	16,848	17,272	17,316
Basic EPS excluding extraordinary items	0.99	0.76	0.76	0.61	0.53	−0.62
Basic EPS, normalized	1.15	0.94	0.89	0.70	0.67	−0.14

Balance sheet in millions of USD, fiscal years

Balance sheet, Banco Santander S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	197,629	215,744	265,331	255,188	257,311	203,149
Other earning assets	601,339	485,742	446,257	356,061	318,541	361,634
Net loans	1,131,400	1,029,528	1,094,948	1,066,464	1,067,933	1,075,351
Property, plant & equipment	32,226	33,220	37,392	36,465	37,879	39,979
Goodwill	14,045	13,912	15,469	14,706	14,452	15,231
Intangibles	6,284	6,027	6,460	5,248	4,401	4,198
Long-term investments	8,283	7,534	8,438	8,150	8,554	9,309
Other long-term assets	111,270	24,691	27,349	27,381	29,010	29,709
Other assets	90,912	85,540	81,583	86,779	76,068	103,466
Total assets	2,193,386	1,901,937	1,983,228	1,856,442	1,814,150	1,842,025
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Total deposits	1,295,261	1,196,030	1,280,505	1,244,014	1,257,152	1,262,810
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	380,994	337,013	340,546	300,020	279,839	287,334
Minority interest	11,249	9,034	9,731	9,076	11,508	12,025
Other liabilities	384,709	257,778	247,137	207,971	166,829	180,349
Total liabilities	2,072,214	1,799,855	1,877,919	1,761,082	1,715,328	1,742,518
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	8,627	7,843	8,930	8,987	9,856	10,589
Additional paid-in capital	43,212	41,494	48,970	49,522	54,543	63,523
Retained earnings (accumulated deficit)	124,567	98,250	94,015	81,664	77,754	69,384
Treasury stock	−113	−70.4	−1,190	−722	−1,016	−84.3
Other equity	−55,120	−45,435	−45,417	−44,090	−42,314	−43,906
Total equity	121,173	102,082	105,308	95,360	98,822	99,507
Total liabilities & shareholders' equity	2,193,386	1,901,937	1,983,228	1,856,442	1,814,150	1,842,025

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Banco Santander S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	18,205	14,229	13,445	11,520	10,974	−9,414
Depreciation, depletion & amortization	3,733	3,410	3,514	3,195	3,133	3,432
Deferred taxes	–	–	–	–	–	–
Non-cash items	33,084	25,952	26,226	22,458	21,152	42,777
Changes in working capital	−72,445	−68,599	−37,650	−7,521	29,187	43,997
Cash from operations	−17,424	−25,008	5,535	29,651	64,446	80,793
Investing activities
Capital expenditures	−8,995	−10,972	−15,056	−11,601	−12,963	−10,405
Other investing cash flows	9,623	7,129	9,134	7,429	8,740	1,588
Cash from investing	627	−3,843	−5,922	−4,172	−4,223	−8,818
Financing activities
Financing cash flow items	−1,761	−1,423	−1,754	−4,781	−2,130	−2,671
Cash dividends paid	−3,924	−3,124	−2,495	−1,978	−1,493	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−11,511	−1,159	1,978	−3,905	2,120	340
Cash from financing	−17,196	−5,705	−2,271	−10,664	−1,503	−2,331
Foreign exchange effects	−10,462	5,428	−355	−1,562	5,907	−5,193
Net change in cash	−43,940	−29,127	−3,014	13,253	64,627	64,450
Free cash flow	−26,419	−35,980	−9,522	18,050	51,484	70,387

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 1, 2026 after market close.