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. In the quarter to June 2026, revenue grew 4.44%, EPS grew 8.00% and free cash flow fell 105.7%, each against the same quarter a year earlier.

13.30 0.16 −1.19%
Market cap
$195.8B
P/E
10.7×
Fwd P/E
10.1×
Dividend yield
3.17%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 195,780.00
Revenue 135,392.88
Net Income 20,010.36
Free Cash Flow (44,363.67)
Net Debt 30,114.00
Current Ratio 0.24
Debt/Equity 3.89
P/E ratio 10.73
Fwd P/E 10.10
P/S ratio 1.38
P/B ratio 1.39
Past 5Y EPS Growth —
This Y EPS Growth 10.61%
Next Y EPS Growth 21.09% (at or above 15%: strong)
Next Y revenue growth (46.31%) (below 0%: weak)
Next 5Y EPS Growth 15.67% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 69.93%
10-year low 10-year high
P/S against its own 10 years 67.71%
10-year low 10-year high
P/B against its own 10 years 92.89%
10-year low 10-year high

Dividends

Payout Ratio 0.34
Annual Dividend Rate 0.42
Annual Dividend Yield 3.17%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.29
0.15
0.14
2025 0.26
0.12
0.13
2024 0.21
0.10
0.11
2023 0.15
0.07
0.09
2022 0.11
0.05
0.06
2021 0.09
0.03
0.06
2020 0.11
0.11
2019 0.25
0.07
0.07
0.11
2018 0.25
0.07
0.07
0.07
0.04
2017 0.33
0.06
0.06
0.10
0.07
0.04
2016 0.21
0.05
0.06
0.06
0.05
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 418,010 457,145 463,592 494,088
Receivables — — — —
Inventory — — — —
Other — — — —
437,524 457,145 463,592 494,088
2023 2024 2025 Q'26
Payables 1,133,351 1,142,628 1,298,787 2,070,304
ST’ Debt — — — —
Other 110,863 144,100 108,595 121,262
1,244,214 1,286,728 1,407,382 2,070,304

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%

Revenue $m

Mar Jun Sep Dec Year
’26 34,378 4,639 — — —
’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) — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.42 0.27 — — —
’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 (0.51)
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

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 3.60 5.25 4.21 3.65 1.78 2.92 2.26 2.97 3.83 4.43

Analyst estimates 2026–2028

Powerpack
High 5.25 6.99 7.57 5.25 4.32 4.38 4.01 4.24 5.27 11.93
People
People Employees 188,492 202,251 202,713 196,419 191,189 197,070 206,462 212,764 199,958 198,403
Revenue/emp, $m 0.40 0.39 0.40 0.40 0.35 0.36 0.43 0.61 0.69 0.67
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
Gross margin, % 64.76 68.98 70.79 69.60 76.31 77.99 61.37 48.09 48.36 49.71
EBT 11,916 13,666 16,771 14,048 (2,371) 17,211 16,067 17,814 20,589 21,136
EBT margin, % 15.77 17.25 20.76 17.73 (3.58) 24.45 17.96 13.78 14.87 15.83
Net income 8,284 9,276 11,001 9,090 (8,805) 11,420 11,341 13,186 14,872 17,537
Depreciation 2,616 2,931 2,864 3,361 3,210 3,261 3,145 3,446 3,564 3,596
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
Earnings 0.43 0.43 0.50 0.39 (0.51) 0.52 0.57 0.70 0.10 1.03
Cash flow 1.58 2.79 0.24 0.22 4.36 3.62 1.73 0.34 (0.17) (1.13)
Capex (0.38) (0.40) (0.59) (0.65) (0.43) (0.32) (0.33) (0.44) (0.03) (0.19)
Free cash flow 1.20 2.39 (0.35) (0.43) 3.93 3.30 1.40 (0.10) (0.20) (1.31)
Book value 7.45 7.41 7.41 7.16 6.02 6.19 6.10 6.98 0.75 8.57
Shares, m 15,263 16,300 17,100 17,310 17,316 18,548 16,848 16,172 154,976 14,890
Valuation, ×
Valuation, × P/E 12.78 15.42 8.95 8.11 0.00 6.45 5.17 5.96 5.92 11.50
P/S 1.07 1.35 0.95 0.96 1.02 0.87 0.56 0.52 0.54 1.31
P/B 0.71 0.88 0.60 0.72 0.53 0.53 0.49 0.60 0.63 1.37
EV/Sales 12.87 3.36 3.49 3.19 1.24 (0.04) 1.08 0.99 (0.15) 0.84
EV/FCF 31.78 5.46 (46.70) 1,519.90 0.75 (0.05) 4.10 (75.70) 0.42 (5.75)
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)
Capex (5,835) (6,530) (10,068) (11,258) (7,432) (5,940) (5,565) (7,110) (5,012) (2,775)
Free cash flow 18,314 38,895 (6,034) (7,463) 68,135 61,131 23,626 (1,682) (31,150) (19,560)
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)
Total debt 1,144,935 460,830 513,178 464,740 510,512 323,509 452,596 477,891 480,251 401,455
Net debt 891,983 159,247 205,196 160,810 192,894 (64,124) 46,288 59,880 23,106 (62,138)
Shareholders’ equity 113,647 120,753 126,793 123,938 104,317 114,823 102,816 112,820 116,139 127,563
Returns, %
Returns, % ROA 0.44 0.45 0.51 0.39 (0.62) 0.53 0.51 0.61 0.66 0.78
ROIC 1.41 5.71 5.20 5.78 5.00 32.36 11.64 11.61 15.69 34.02
ROE 5.82 6.00 6.92 5.29 (9.33) 8.77 8.79 10.62 11.30 13.09
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
BAC Bank of America Corporation $361.5B 11.9× 12.0× −0.94% (below 0%: shrinking) −8.97% (below 0%: shrinking) +418.04% (above 0%: growing) 62.72% 0.00% Compare
HSBC HSBC Holdings plc $324.0B 13.3× — −18.77% (below 0%: shrinking) −24.07% (below 0%: shrinking) +75.40% (above 0%: growing) 100.00% 0.00% Compare
SMFG Sumitomo Mitsui Financial Group Inc $311.3B 9.3× — +17.73% (above 0%: growing) +85.19% (above 0%: growing) −63.80% (below 0%: shrinking) 58.44% 0.00% Compare
WFC Wells Fargo & Company $248.4B 11.5× 11.7× +4.25% (above 0%: growing) +17.18% (above 0%: growing) +160.40% (above 0%: growing) 65.75% 0.00% Compare
MUFG Mitsubishi UFJ Financial Group, Inc. $246.1B 17.0× — +21.62% (above 0%: growing) +32.35% (above 0%: growing) −145.30% (below 0%: shrinking) 61.56% 0.00% Compare
C Citigroup Inc. $206.7B 12.1× 12.2× +4.08% (above 0%: growing) +52.35% (above 0%: growing) +33.24% (above 0%: growing) 52.26% 0.00% Compare
SAN Banco Santander, S.A. $195.8B 10.7× 10.1× +4.44% (above 0%: growing) +8.00% (above 0%: growing) −105.65% (below 0%: shrinking) 100.00% 0.00%
UBS UBS Group AG $146.3B 15.5× 14.4× −40.29% (below 0%: shrinking) +21.33% (above 0%: growing) −53.01% (below 0%: shrinking) 100.00% 0.00% Compare
BBVA Banco Bilbao Viscaya Argentaria S.A. $141.0B 11.7× 7.7× +23.54% (above 0%: growing) +19.23% (above 0%: growing) +439.38% (above 0%: growing) 100.00% 0.00% Compare
Median of peers $247.2B 12.0× 12.0× +4.17% +20.28% +54.32% 64.24% 0.00%

All 14 Banks Diversified stocks →

Banco Santander, S.A. (SAN) key facts

  • Concern: Banco Santander, S.A.’s revenue for fiscal 2025 (year ended December 2025) was $133.5 billion, down 3.54% from fiscal 2024.
  • Banco Santander, S.A. (SAN) is a Banks Diversified company in the Financial sector, traded in the US as an ADR.
  • As of October 16, 2026, SAN traded at $13.30, a market capitalization of $195.8 billion.
  • Banco Santander, S.A. pays an annual dividend of $0.42 per share, a yield of 3.17%, with a payout ratio of 34.3%.
  • Return on equity was 13.1% and debt-to-equity 3.89.
  • Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Banco Santander, S.A. (SAN) Latest News

5 Aug

stockrow.com/SAN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com