Comprehensive Stock Comparison
Compare NatWest Group plc (NWG) vs HSBC Holdings plc (HSBC) vs Banco Santander, S.A. (SAN) vs Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) vs Barclays PLC (BCS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | NWG | 101.6% revenue growth vs BCS's -48.0% |
| Value | SAN | Lower P/E (8.7x vs 9.8x) |
| Quality / Margins | BBVA | 31.8% net margin vs SAN's 9.7% |
| Stability / Safety | BBVA | Beta 0.82 vs BCS's 1.15, lower leverage |
| Dividends | HSBC | 5.0% yield, 4-year raise streak, vs BCS's 3.4% |
| Momentum (1Y) | SAN | +97.2% vs NWG's +40.9% |
| Efficiency (ROA) | BBVA | 1.3% ROA vs BCS's 0.5%, ROIC 6.1% vs 1.8% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
NatWest Group is a major UK-based banking group providing retail, commercial, and institutional banking services across the United Kingdom and internationally. It generates revenue primarily through net interest income from lending activities (~60% of total income) and fee-based income from banking services, wealth management, and capital markets operations. The company's competitive advantage lies in its entrenched position as one of the UK's largest retail banks with extensive branch networks, established commercial relationships, and government ownership providing stability.
HSBC is a global banking and financial services institution operating across retail, commercial, and investment banking. It generates revenue primarily through net interest income from lending activities (about 60% of total income) and fee-based income from transaction services, wealth management, and investment banking. Its key competitive advantage is its unique global network—particularly its dominant position in Asia and strong connectivity between East and West—which enables cross-border banking services few competitors can match.
Banco Santander is a global retail and commercial bank providing banking services to individuals, small businesses, and corporations across Europe and the Americas. It generates revenue primarily through net interest income from lending activities—including mortgages, consumer loans, and corporate financing—supplemented by fees from transaction banking, wealth management, and insurance products. The bank's competitive advantage lies in its diversified geographic footprint across ten core markets—which provides natural hedging and cross-selling opportunities—and its scale as one of Europe's largest banks by market capitalization.
Banco Bilbao Vizcaya Argentaria (BBVA) is a multinational banking group providing retail and commercial banking services across multiple continents. It generates revenue primarily through net interest income from lending activities — about 60% of total income — supplemented by fees from banking services, insurance, and asset management. Its key advantage lies in its strong digital banking platform and extensive geographic diversification across Spain, Mexico, and Latin America, which provides resilience against regional economic cycles.
Barclays is a major British multinational universal bank offering retail, corporate, and investment banking services globally. It generates revenue primarily through interest income from lending activities (roughly 60%) and fees from investment banking, wealth management, and credit card services (roughly 40%). Its key competitive advantage lies in its diversified revenue streams across retail and investment banking, coupled with its strong UK retail franchise and global investment banking presence.
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
BBVA leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). BCS leads in 1 (Valuation Metrics). 2 tied.
Financial Metrics (TTM)
HSBC is the larger business by revenue, generating $143.3B annually — 5.3x BCS's $26.8B. BBVA is the more profitable business, keeping 31.8% of every revenue dollar as net income compared to SAN's 9.7%.
| Metric | NWGNatWest Group plc | HSBCHSBC Holdings plc | SANBanco Santander, … | BBVABanco Bilbao Vizc… | BCSBarclays PLC |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $28.6B | $143.3B | $129.9B | $31.6B | $26.8B |
| EBITDAEarnings before interest/tax | $7.9B | $28.6B | $22.1B | $18.2B | $5.7B |
| Net IncomeAfter-tax profit | $5.2B | $17.7B | $13.6B | $10.4B | $7.2B |
| Free Cash FlowCash after capex | $0 | $0 | $8.4B | $3.1B | $0 |
| Gross MarginGross profit ÷ Revenue | +51.3% | +47.0% | +39.4% | +100.0% | +100.0% |
| Operating MarginEBIT ÷ Revenue | +21.7% | +22.5% | +14.6% | +56.6% | +34.7% |
| Net MarginNet income ÷ Revenue | +16.8% | +16.7% | +9.7% | +31.8% | +26.7% |
| FCF MarginFCF ÷ Revenue | +2.4% | +42.9% | -25.1% | -61.4% | -30.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — | — | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +7.1% | -17.6% | +10.0% | -4.5% | +36.0% |
Valuation Metrics
At 11.0x trailing earnings, BCS trades at a 27% valuation discount to HSBC's 15.0x P/E. Adjusting for growth (PEG ratio), BCS offers better value at 0.30x vs NWG's 0.86x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | NWGNatWest Group plc | HSBCHSBC Holdings plc | SANBanco Santander, … | BBVABanco Bilbao Vizc… | BCSBarclays PLC |
|---|---|---|---|---|---|
| Market CapShares × price | $66.2B | $319.8B | $181.4B | $130.9B | $83.7B |
| Enterprise ValueMkt cap + debt − cash | $29.7B | $277.7B | $494.6B | $230.6B | $356.7B |
| Trailing P/EPrice ÷ TTM EPS | 11.64x | 15.03x | 13.61x | 11.67x | 11.00x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.61x | 11.63x | 8.74x | 9.77x | 11.28x |
| PEG RatioP/E ÷ EPS growth rate | 0.86x | 0.46x | 0.80x | 0.40x | 0.30x |
| EV / EBITDAEnterprise value multiple | 3.04x | 7.63x | 18.78x | 10.08x | 28.47x |
| Price / SalesMarket cap ÷ Revenue | 1.72x | 2.23x | 1.18x | 3.52x | 2.32x |
| Price / BookPrice ÷ Book value/share | 1.33x | 1.79x | 1.52x | 1.89x | 0.84x |
| Price / FCFMarket cap ÷ FCF | 70.87x | 5.21x | — | — | — |
Profitability & Efficiency
BBVA delivers a 16.8% return on equity — every $100 of shareholder capital generates $17 in annual profit, vs $9 for HSBC. HSBC carries lower financial leverage with a 1.26x debt-to-equity ratio, signaling a more conservative balance sheet compared to BCS's 5.59x. On the Piotroski fundamental quality scale (0–9), HSBC scores 7/9 vs BCS's 5/9, reflecting strong financial health.
| Metric | NWGNatWest Group plc | HSBCHSBC Holdings plc | SANBanco Santander, … | BBVABanco Bilbao Vizc… | BCSBarclays PLC |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +12.5% | +8.9% | +12.4% | +16.8% | +9.2% |
| ROA (TTM)Return on assets | +0.7% | +0.5% | +0.7% | +1.3% | +0.5% |
| ROICReturn on invested capital | +4.6% | +4.6% | +2.8% | +6.1% | +1.8% |
| ROCEReturn on capital employed | +2.7% | +2.6% | +1.1% | +8.3% | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 7 | 6 | 5 | 5 |
| Debt / EquityFinancial leverage | 1.67x | 1.26x | 4.50x | 2.41x | 5.59x |
| Net DebtTotal debt minus cash | -$27.1B | -$42.2B | $265.5B | $84.5B | -$63.3B |
| Cash & Equiv.Liquid assets | $93.1B | $284.5B | $217.9B | $59.9B | $234.1B |
| Total DebtShort + long-term debt | $65.9B | $242.3B | $483.4B | $144.4B | $437.0B |
| Interest CoverageEBIT ÷ Interest expense | 0.50x | 0.39x | 1.21x | 0.98x | — |
Total Returns (with DRIP)
A $10,000 investment in BBVA five years ago would be worth $46,274 today (with dividends reinvested), compared to $29,199 for BCS. Over the past 12 months, SAN leads with a +97.2% total return vs NWG's +40.9%. The 3-year compound annual growth rate (CAGR) favors SAN at 49.0% vs NWG's 37.0% — a key indicator of consistent wealth creation.
| Metric | NWGNatWest Group plc | HSBCHSBC Holdings plc | SANBanco Santander, … | BBVABanco Bilbao Vizc… | BCSBarclays PLC |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | -6.8% | +15.8% | +2.4% | -3.6% | -5.6% |
| 1-Year ReturnPast 12 months | +40.9% | +61.0% | +97.2% | +80.6% | +57.9% |
| 3-Year ReturnCumulative with dividends | +156.9% | +169.3% | +230.9% | +224.0% | +202.3% |
| 5-Year ReturnCumulative with dividends | +243.8% | +259.5% | +272.1% | +362.7% | +192.0% |
| 10-Year ReturnCumulative with dividends | +199.7% | +267.7% | +272.8% | +328.2% | +192.5% |
| CAGR (3Y)Annualised 3-year return | +37.0% | +39.1% | +49.0% | +48.0% | +44.6% |
Risk & Volatility
BBVA is the less volatile stock with a 0.82 beta — it tends to amplify market swings less than BCS's 1.15 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. HSBC currently trades 98.3% from its 52-week high vs NWG's 85.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NWGNatWest Group plc | HSBCHSBC Holdings plc | SANBanco Santander, … | BBVABanco Bilbao Vizc… | BCSBarclays PLC |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.90x | 0.83x | 1.05x | 0.82x | 1.15x |
| 52-Week HighHighest price in past year | $19.36 | $94.80 | $13.24 | $26.20 | $27.70 |
| 52-Week LowLowest price in past year | $10.40 | $45.66 | $5.54 | $11.59 | $12.14 |
| % of 52W HighCurrent price vs 52-week peak | +85.7% | +98.3% | +93.4% | +88.3% | +87.7% |
| RSI (14)Momentum oscillator 0–100 | 48.7 | 69.1 | 56.7 | 47.4 | 45.0 |
| Avg Volume (50D)Average daily shares traded | 2.6M | 1.8M | 7.9M | 1.6M | 4.9M |
Analyst Outlook
Analyst consensus: NWG as "Buy", HSBC as "Hold", SAN as "Buy", BBVA as "Buy", BCS as "Buy". Consensus price targets imply 19.4% upside for BCS (target: $29) vs -75.7% for SAN (target: $3). For income investors, HSBC offers the higher dividend yield at 4.96% vs SAN's 1.85%.
| Metric | NWGNatWest Group plc | HSBCHSBC Holdings plc | SANBanco Santander, … | BBVABanco Bilbao Vizc… | BCSBarclays PLC |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | — | $52.00 | $3.00 | — | $29.00 |
| # AnalystsCovering analysts | 6 | 19 | 23 | 13 | 24 |
| Dividend YieldAnnual dividend ÷ price | +3.4% | +5.0% | +1.8% | +3.5% | +3.4% |
| Dividend StreakConsecutive years of raises | 1 | 4 | 3 | 3 | 5 |
| Dividend / ShareAnnual DPS | $0.42 | $4.63 | $0.19 | $0.68 | $0.61 |
| Buyback YieldShare repurchases ÷ mkt cap | +5.5% | +3.7% | +3.1% | +1.4% | +9.9% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| NatWest Group plc (NWG) | 100 | 385.66 | +285.7% |
| HSBC Holdings plc (HSBC) | 100 | 265.32 | +165.3% |
| Banco Santander, S.… (SAN) | 100 | 372.08 | +272.1% |
| Banco Bilbao Vizcay… (BBVA) | 100 | 532.44 | +432.4% |
| Barclays PLC (BCS) | 100 | 366.31 | +266.3% |
Banco Bilbao Vizcay… (BBVA) returned +363% over 5 years vs Barclays PLC (BCS)'s +192%. A $10,000 investment in BBVA 5 years ago would be worth $46,274 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| NatWest Group plc (NWG) | $14.9B | $28.6B | +91.5% |
| HSBC Holdings plc (HSBC) | $74.6B | $143.3B | +92.1% |
| Banco Santander, S.… (SAN) | $69.8B | $129.9B | +86.2% |
| Banco Bilbao Vizcay… (BBVA) | $24.6B | $31.6B | +28.2% |
| Barclays PLC (BCS) | $21.5B | $26.8B | +25.0% |
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| NatWest Group plc (NWG) | -34.9% | 16.8% | +148.2% |
| HSBC Holdings plc (HSBC) | 3.3% | 16.7% | +403.4% |
| Banco Santander, S.… (SAN) | 8.9% | 9.7% | +8.8% |
| Banco Bilbao Vizcay… (BBVA) | 14.1% | 31.8% | +125.7% |
| Barclays PLC (BCS) | 9.7% | 26.7% | +175.8% |
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| NatWest Group plc (NWG) | 58.8 | 9.6 | -83.7% |
| HSBC Holdings plc (HSBC) | 21.5 | 8 | -62.8% |
| Banco Santander, S.… (SAN) | 16.1 | 5.9 | -63.4% |
| Banco Bilbao Vizcay… (BBVA) | 18.5 | 5.8 | -68.6% |
| Barclays PLC (BCS) | 20.4 | 15.5 | -24.0% |
NatWest Group plc has traded in a 6x–59x P/E range over 7 years; current trailing P/E is ~12x. HSBC Holdings plc has traded in a 7x–27x P/E range over 8 years; current trailing P/E is ~15x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| NatWest Group plc (NWG) | -1.28 | 1.06 | +182.8% |
| HSBC Holdings plc (HSBC) | 0.35 | 6.2 | +1671.4% |
| Banco Santander, S.… (SAN) | 0.39 | 0.77 | +97.4% |
| Banco Bilbao Vizcay… (BBVA) | 0.5 | 1.68 | +236.0% |
| Barclays PLC (BCS) | 0.4 | 1.64 | +310.0% |
Chart 6Free Cash Flow — 5 Years
NatWest Group plc generated $694M FCF in 2024 (-99% vs 2021). HSBC Holdings plc generated $61B FCF in 2024 (-39% vs 2021).
NWG vs HSBC vs SAN vs BBVA vs BCS: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is NWG or HSBC or SAN or BBVA or BCS a better buy right now?
Barclays PLC (BCS) offers the better valuation at 11.0x trailing P/E (11.3x forward), making it the more compelling value choice. Analysts rate NatWest Group plc (NWG) a "Buy" — based on 6 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.
02Which has the better valuation — NWG or HSBC or SAN or BBVA or BCS?
On trailing P/E, Barclays PLC (BCS) is the cheapest at 11.0x versus HSBC Holdings plc at 15.0x. On forward P/E, Banco Santander, S.A. is actually cheaper at 8.7x — 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: Barclays PLC wins at 0.30x versus NatWest Group plc's 0.85x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — NWG or HSBC or SAN or BBVA or BCS?
Over the past 5 years, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) delivered a total return of +362.7%, compared to +192.0% for Barclays PLC (BCS). A $10,000 investment in BBVA five years ago would be worth approximately $46K today (assuming dividends reinvested). Over 10 years, the gap is even starker: BBVA returned +328.2% versus BCS's +192.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — NWG or HSBC or SAN or BBVA or BCS?
By beta (market sensitivity over 5 years), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is the lower-risk stock at 0.82β versus Barclays PLC's 1.15β — meaning BCS is approximately 40% more volatile than BBVA relative to the S&P 500. On balance sheet safety, HSBC Holdings plc (HSBC) carries a lower debt/equity ratio of 126% versus 6% for Barclays PLC — giving it more financial flexibility in a downturn.
05Which has better profit margins — NWG or HSBC or SAN or BBVA or BCS?
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is the more profitable company, earning 31.8% net margin versus 9.7% for Banco Santander, S.A. — meaning it keeps 31.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BBVA leads at 56.6% versus 14.6% for SAN. At the gross margin level — before operating expenses — BBVA leads at 100.0%, 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.
06Is NWG or HSBC or SAN or BBVA or BCS more undervalued right now?
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, Barclays PLC (BCS) is the more undervalued stock at a PEG of 0.30x versus NatWest Group plc's 0.85x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Banco Santander, S.A. (SAN) trades at 8.7x forward P/E versus 11.6x for HSBC Holdings plc — 2.9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for BCS: 19.4% to $29.00.
07Which pays a better dividend — NWG or HSBC or SAN or BBVA or BCS?
All stocks in this comparison pay dividends. HSBC Holdings plc (HSBC) offers the highest yield at 5.0%, versus 1.8% for Banco Santander, S.A. (SAN).
08Is NWG or HSBC or SAN or BBVA or BCS better for a retirement portfolio?
For long-horizon retirement investors, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.82), 3.5% yield, +328.2% 10Y return). Both have compounded well over 10 years (BBVA: +328.2%, BCS: +192.5%), 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.
09What are the main differences between NWG and HSBC and SAN and BBVA and BCS?
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. 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.
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