BBVA vs BSBR vs SAN vs ITUB vs NU

For growth investors, Nu Holdings Ltd.

(NU) is the stronger pick with 44. 8% revenue growth year-over-year, versus -7. 7% for Banco Santander, S. A. (SAN). Itaú Unibanco Holding S. A. (ITUB) offers the better valuation at 10. 3x trailing P/E (1. 7x forward), making it the more compelling value choice. Analysts rate Banco Bilbao Vizcaya Argentaria, S. A. (BBVA) a "Buy" — based on 13 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Itaú Unibanco Holding S.

A. (ITUB) is the cheapest at 10. 3x versus Nu Holdings Ltd. at 35. 6x. On forward P/E, Banco Santander (Brasil) S. A. is actually cheaper at 1. 3x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Itaú Unibanco Holding S. A. wins at 0. 08x versus Banco Bilbao Vizcaya Argentaria, S. A. 's 0. 17x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, Banco Bilbao Vizcaya Argentaria, S.

A. (BBVA) delivered a total return of +325. 2%, compared to +9. 1% for Banco Santander (Brasil) S. A. (BSBR). Over 10 years, the gap is even starker: BBVA returned +326. 0% versus NU's +33. 6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Banco Santander (Brasil) S.

A. (BSBR) is the lower-risk stock at 1. 12β versus Banco Santander, S. A. 's 1. 52β — meaning SAN is approximately 36% more volatile than BSBR relative to the S&P 500. On balance sheet safety, Nu Holdings Ltd. (NU) carries a lower debt/equity ratio of 12% versus 5% for Itaú Unibanco Holding S. A. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Nu Holdings Ltd.

(NU) is pulling ahead at 44. 8% versus -7. 7% for Banco Santander, S. A. (SAN). On earnings-per-share growth, the picture is similar: Nu Holdings Ltd. grew EPS 90. 5% year-over-year, compared to 0. 6% for Banco Bilbao Vizcaya Argentaria, S. A.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Banco Bilbao Vizcaya Argentaria, S.

A. (BBVA) is the more profitable company, earning 28. 5% net margin versus 8. 4% for Banco Santander (Brasil) S. A. — meaning it keeps 28. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BBVA leads at 43. 9% versus 11. 0% for BSBR. At the gross margin level — before operating expenses — BBVA leads at 83. 6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Itaú Unibanco Holding S. A. (ITUB) is the more undervalued stock at a PEG of 0. 08x versus Banco Bilbao Vizcaya Argentaria, S. A. 's 0. 17x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Banco Santander (Brasil) S. A. (BSBR) trades at 1. 3x forward P/E versus 15. 9x for Nu Holdings Ltd. — 14. 6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NU: 43. 6% to $20. 48.

In this comparison, ITUB (10.

4% yield), BSBR (6. 0% yield), BBVA (3. 6% yield) pay a dividend. SAN, NU do not pay a meaningful dividend and should not be held primarily for income.

For long-horizon retirement investors, Itaú Unibanco Holding S.

A. (ITUB) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1. 13), 10. 4% yield, +193. 5% 10Y return). Banco Santander, S. A. (SAN) carries a higher beta of 1. 52 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (ITUB: +193. 5%, SAN: +230. 8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: BBVA is a mid-cap deep-value stock; BSBR is a mid-cap high-growth stock; SAN is a mid-cap deep-value stock; ITUB is a mid-cap high-growth stock; NU is a mid-cap high-growth stock. BBVA, BSBR, ITUB pay a dividend while SAN, NU do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.