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Banco Santander, S.A.

SAN Financial Banks Diversified

Banco Santander, S.A.’s revenue for fiscal 2025 (year ended December 2025) was $133.5 billion, down 3.54% from fiscal 2024.

Revenue
−73.3%
EPS
−3.70%
Free cash flow
+381.0%

Quarter to September 2026, against a year earlier

12.04 0.03 −0.25%
Market cap
$174.7B
P/E
9.8×
Fwd P/E
9.4×
Dividend yield
2.41%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 2.49%

Capital & Financial Ratios $m

Size
Market Cap 174,690.00
Revenue ttm 123,116.58
Net income ttm 19,286.73
Free cash flow ttm 5,138.45
Net debt Q 1,356,058.80
Valuation
P/E 9.79
Forward P/E 9.37
Price / sales 1.46
Forward P/S Powerpack
Price / FCF 34.96
Price / book 1.32
Financial health
Current ratio Q 0.25
Debt / equity Q 14.00
Interest coverage Q —
Growth
Revenue growth Q −73.32% (below 0%: shrinking)
Operating income growth Q −139.58% (below 0%: shrinking)
EPS, this year +10.41%
EPS, next year A +19.40% (at or above 15%: strong)
Revenue, next year A −47.01% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +15.24% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 56.20%
10-year low 10-year high
P/S against its own 10 years 74.95%
10-year low 10-year high
P/B against its own 10 years 90.69%
10-year low 10-year high

Dividends raised 5 years running

Yield
2.41%
Annual rate
0.29
Payout ratio
23.6%
Growth, 2018–26
+1.84%/yr
  1. 0.25 ’18
  2. 0.25 ’19 −1
  3. 0.11 ’20 −54
  4. 0.09 ’21 −26
  5. 0.11 ’22 +31
  6. 0.15 ’23 +35
  7. 0.21 ’24 +39
  8. 0.26 ’25 +22
  9. 0.29 ’26 +13
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 418,010 457,145 463,592 551,910
Receivables — — — —
Inventory — — — —
Other — — — —
437,524 457,145 463,592 551,910
2023 2024 2025 Q'26
Payables 1,133,351 1,142,628 1,298,787 2,210,107
ST’ Debt — — — —
Other 110,863 144,100 108,595 —
1,244,214 1,286,728 1,407,382 2,210,107

Compound Annual Growth %

10y 5y 3y
Sales 5.52% 15.04% 14.28%
Cash Flow 0.00% 0.00% 0.00%
Earnings 9.71% 0.00% 18.60%
Book Value 1.52% 4.11% 7.45%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.26 Actual 0.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.24 0.28 Beat by 0.04
Mar 2026 0.29 0.27 Miss by 0.02
Jun 2026 0.29 0.27 Miss by 0.02
Sep 2026 0.26 0.26 Met by 0.00
Dec 2026 0.27 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.42 0.27 0.26 — —
’25 0.22 0.25 0.26 0.28 1.03
’24 0.18 0.22 — — 0.10
’23 0.16 0.17 0.19 0.18 0.70
’22 0.16 0.14 0.14 0.14 0.57
’21 0.10 0.13 0.14 0.14 0.52
’20 0.01 (0.72) 0.10 0.02 (0.61)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 34,378 4,639 4,468 — —
’25 32,724 4,442 16,744 79,631 133,541
’24 35,074 4,519 — — 138,447
’23 29,455 3,886 3,964 91,936 129,242
’22 19,551 3,464 3,454 63,012 89,480
’21 17,104 3,693 14,069 35,525 70,391
’20 18,236 13,856 3,874 15,884 66,283
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (21,883) (509) 37,269 — —
’25 (19,083) 22,039 (12,095) (7,646) (16,784)
’24 (50,932) (13,867) 12,977 — (26,138)
’23 (18,316) 5,346 8,879 9,519 5,428
’22 (10,032) 17,893 35,226 (13,895) 29,191
’21 44,514 (10,723) 9,870 23,410 67,071
’20 29,192 — 69,882 — 75,567
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (21,868) (1,214) 36,509 — —
’25 (19,751) 21,473 (12,993) (8,289) (19,560)
’24 (52,441) (15,218) 11,927 — (31,150)
’23 (19,734) 3,578 7,224 7,251 (1,682)
’22 (11,167) 16,790 34,029 (16,027) 23,626
’21 42,802 (11,762) 8,841 21,249 61,131
’20 27,512 — 64,186 — 68,135
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 75,580 79,234 80,790 79,219 66,283 70,391 89,480 129,242 138,447 133,541 123,117 +6.5% 70,763 77,056 80,382 (15.6%)
Gross margin, % 64.76 68.98 70.79 69.60 76.31 77.99 61.37 48.09 48.36 49.71 45.20 (15.0) pt
EBT 11,916 13,666 16,771 14,048 (2,371) 17,211 16,067 17,814 20,589 21,136 22,393 +6.6%
EBT margin, % 15.77 17.25 20.76 17.73 (3.58) 24.45 17.96 13.78 14.87 15.83 18.19 +0.1 pt
Net income 8,284 9,276 11,001 9,090 (8,805) 11,420 11,341 13,186 14,872 17,537 19,287 +8.7%
Per share, $
Per share, $ Revenue 4.95 4.86 4.72 4.58 3.83 3.80 5.31 7.99 0.89 8.97 8.25 +6.8%
Earnings 0.43 0.43 0.50 0.39 (0.61) 0.52 0.57 0.70 0.10 1.03 1.23 +10.3%
Cash flow 1.58 2.79 0.24 0.22 4.36 3.62 1.73 0.34 (0.17) (1.13) 0.48 n/m
Capex (0.38) (0.40) (0.59) (0.65) (0.43) (0.32) (0.33) (0.44) (0.03) (0.19) (0.14) (7.7%)
Free cash flow 1.20 2.39 (0.35) (0.43) 3.93 3.30 1.40 (0.10) (0.20) (1.31) 0.34 n/m
Book value 7.45 7.41 7.41 7.16 6.02 6.19 6.10 6.98 0.75 8.57 9.13 +1.6%
Shares, m 15,263 16,300 17,100 17,310 17,316 18,548 16,848 16,172 154,976 14,890 14,606 (0.3%)
Valuation, ×
Valuation, × P/E 12.25 14.78 8.57 7.78 0.00 6.45 5.17 5.96 5.92 11.50 9.79 7.8
P/S 1.03 1.29 0.91 0.92 1.02 0.87 0.56 0.52 0.54 1.31 1.46 0.9
P/B 0.68 0.85 0.58 0.69 0.53 0.53 0.49 0.60 0.63 1.37 1.32 0.7
EV/Sales 12.87 3.36 3.49 3.19 1.24 (0.04) 1.08 0.99 (0.15) 0.84 — 2.7
EV/FCF 31.78 5.46 (46.70) 1,519.90 0.75 (0.05) 4.10 (75.70) 0.42 (5.75) — 143.4
Cash, $m
Cash, $m Operating cash flow 24,149 45,425 4,034 3,796 75,567 67,071 29,191 5,428 (26,138) (16,784) 7,231 n/m
Capex (5,835) (6,530) (10,068) (11,258) (7,432) (5,940) (5,565) (7,110) (5,012) (2,775) (2,092) (7.9%)
Free cash flow 18,314 38,895 (6,034) (7,463) 68,135 61,131 23,626 (1,682) (31,150) (19,560) 5,138 n/m
Balance, $m
Balance, $m Working capital 1,036,308 353,394 (696,860) (730,612) (745,266) (982,463) (782,532) (806,690) (829,583) (943,790) (1,658,197) n/m
Net debt 891,983 159,247 205,196 160,810 192,894 (64,124) 46,288 59,880 23,106 (62,138) 1,356,059 n/m
Shareholders’ equity 113,647 120,753 126,793 123,938 104,317 114,823 102,816 112,820 116,139 127,563 136,278 +1.3%
Returns, %
Returns, % ROA 0.44 0.45 0.51 0.39 (0.62) 0.53 0.51 0.61 0.66 0.78 0.82 +0.3 pt
ROIC 1.41 5.71 5.20 5.78 5.00 32.36 11.64 11.61 15.69 34.02 0.97 +32.6 pt
ROE 5.82 6.00 6.92 5.29 (9.33) 8.77 8.79 10.62 11.30 13.09 14.20 +7.3 pt
People
People Employees 188,492 202,251 202,713 196,419 191,189 197,070 206,462 212,764 199,958 198,403 — +0.6%
Revenue/emp, $m 0.40 0.39 0.40 0.40 0.35 0.36 0.43 0.61 0.69 0.67 — +5.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Banco Santander, S.A. vs peers in Banks Diversified (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HSBC HSBC Holdings plc $301.8B 11.6× — +0.11% (above 0%: growing) +29.88% (above 0%: growing) +75.40% (above 0%: growing) 100.00% 0.00% Compare
WFC Wells Fargo & Company $254.6B 11.9× 11.4× +4.25% (above 0%: growing) +12.50% (above 0%: growing) +1,120.37% (above 0%: growing) 65.75% 0.00% Compare
MUFG Mitsubishi UFJ Financial Group, Inc. $238.0B 16.5× — +21.62% (above 0%: growing) +32.35% (above 0%: growing) −145.30% (below 0%: shrinking) 61.56% 0.00% Compare
C Citigroup Inc. $198.7B 11.6× 10.8× +4.08% (above 0%: growing) +49.21% (above 0%: growing) +33.24% (above 0%: growing) 52.26% 0.00% Compare
SAN Banco Santander, S.A. $174.7B 9.8× 9.4× −73.32% (below 0%: shrinking) −3.70% (below 0%: shrinking) +381.00% (above 0%: growing) 100.00% 0.00%
SMFG Sumitomo Mitsui Financial Group Inc $148.3B 8.9× — +17.73% (above 0%: growing) +85.19% (above 0%: growing) −63.80% (below 0%: shrinking) 58.44% 0.00% Compare
UBS UBS Group AG $147.8B 15.4× 13.8× −43.47% (below 0%: shrinking) +12.05% (above 0%: growing) −53.01% (below 0%: shrinking) 100.00% 0.00% Compare
BBVA Banco Bilbao Viscaya Argentaria S.A. $139.2B 10.9× 7.7× +18.06% (above 0%: growing) +29.76% (above 0%: growing) −91.70% (below 0%: shrinking) 100.00% 0.00% Compare
BNY BNY $99.3B 16.2× 15.8× −4.67% (below 0%: shrinking) +24.74% (above 0%: growing) +369.64% (above 0%: growing) 57.04% 0.00% Compare
Median of peers $173.5B 11.7× 11.4× +4.17% +29.82% −9.89% 63.66% 0.00%

All 15 Banks Diversified stocks →

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SAN metrics, ten years each

stockrow.com/SAN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com