Comprehensive Stock Comparison
Compare Banco Santander, S.A. (SAN) 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 | SAN | 6.6% revenue growth vs BCS's -48.0% |
| Value | SAN | Lower P/E (8.7x vs 11.3x) |
| Quality / Margins | BCS | 26.7% net margin vs SAN's 9.7% |
| Stability / Safety | SAN | Beta 1.05 vs BCS's 1.15, lower leverage |
| Dividends | BCS | 3.4% yield, 5-year raise streak, vs SAN's 1.8% |
| Momentum (1Y) | SAN | +97.2% vs BCS's +57.9% |
| Efficiency (ROA) | SAN | 0.7% ROA vs BCS's 0.5%, ROIC 2.8% 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
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.
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 2 stocks. BestLagging
Financial Scorecard
SAN leads in 3 of 6 categories (Profitability & Efficiency, Total Returns). BCS leads in 2 (Financial Metrics, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
SAN is the larger business by revenue, generating $129.9B annually — 4.8x BCS's $26.8B. BCS is the more profitable business, keeping 26.7% of every revenue dollar as net income compared to SAN's 9.7%.
| Metric | SANBanco Santander, … | BCSBarclays PLC |
|---|---|---|
| RevenueTrailing 12 months | $129.9B | $26.8B |
| EBITDAEarnings before interest/tax | $22.1B | $5.7B |
| Net IncomeAfter-tax profit | $13.6B | $7.2B |
| Free Cash FlowCash after capex | $8.4B | $0 |
| Gross MarginGross profit ÷ Revenue | +39.4% | +100.0% |
| Operating MarginEBIT ÷ Revenue | +14.6% | +34.7% |
| Net MarginNet income ÷ Revenue | +9.7% | +26.7% |
| FCF MarginFCF ÷ Revenue | -25.1% | -30.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +10.0% | +36.0% |
Valuation Metrics
At 11.0x trailing earnings, BCS trades at a 19% valuation discount to SAN's 13.6x P/E. Adjusting for growth (PEG ratio), BCS offers better value at 0.30x vs SAN's 0.80x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | SANBanco Santander, … | BCSBarclays PLC |
|---|---|---|
| Market CapShares × price | $181.4B | $83.7B |
| Enterprise ValueMkt cap + debt − cash | $494.6B | $356.7B |
| Trailing P/EPrice ÷ TTM EPS | 13.61x | 11.00x |
| Forward P/EPrice ÷ next-FY EPS est. | 8.74x | 11.28x |
| PEG RatioP/E ÷ EPS growth rate | 0.80x | 0.30x |
| EV / EBITDAEnterprise value multiple | 18.78x | 28.47x |
| Price / SalesMarket cap ÷ Revenue | 1.18x | 2.32x |
| Price / BookPrice ÷ Book value/share | 1.52x | 0.84x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
SAN delivers a 12.4% return on equity — every $100 of shareholder capital generates $12 in annual profit, vs $9 for BCS. SAN carries lower financial leverage with a 4.50x debt-to-equity ratio, signaling a more conservative balance sheet compared to BCS's 5.59x. On the Piotroski fundamental quality scale (0–9), SAN scores 6/9 vs BCS's 5/9, reflecting solid financial health.
| Metric | SANBanco Santander, … | BCSBarclays PLC |
|---|---|---|
| ROE (TTM)Return on equity | +12.4% | +9.2% |
| ROA (TTM)Return on assets | +0.7% | +0.5% |
| ROICReturn on invested capital | +2.8% | +1.8% |
| ROCEReturn on capital employed | +1.1% | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 4.50x | 5.59x |
| Net DebtTotal debt minus cash | $265.5B | -$63.3B |
| Cash & Equiv.Liquid assets | $217.9B | $234.1B |
| Total DebtShort + long-term debt | $483.4B | $437.0B |
| Interest CoverageEBIT ÷ Interest expense | 1.21x | — |
Total Returns (with DRIP)
A $10,000 investment in SAN five years ago would be worth $37,214 today (with dividends reinvested), compared to $29,199 for BCS. Over the past 12 months, SAN leads with a +97.2% total return vs BCS's +57.9%. The 3-year compound annual growth rate (CAGR) favors SAN at 49.0% vs BCS's 44.6% — a key indicator of consistent wealth creation.
| Metric | SANBanco Santander, … | BCSBarclays PLC |
|---|---|---|
| YTD ReturnYear-to-date | +2.4% | -5.6% |
| 1-Year ReturnPast 12 months | +97.2% | +57.9% |
| 3-Year ReturnCumulative with dividends | +230.9% | +202.3% |
| 5-Year ReturnCumulative with dividends | +272.1% | +192.0% |
| 10-Year ReturnCumulative with dividends | +272.8% | +192.5% |
| CAGR (3Y)Annualised 3-year return | +49.0% | +44.6% |
Risk & Volatility
SAN is the less volatile stock with a 1.05 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. SAN currently trades 93.4% from its 52-week high vs BCS's 87.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | SANBanco Santander, … | BCSBarclays PLC |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.05x | 1.15x |
| 52-Week HighHighest price in past year | $13.24 | $27.70 |
| 52-Week LowLowest price in past year | $5.54 | $12.14 |
| % of 52W HighCurrent price vs 52-week peak | +93.4% | +87.7% |
| RSI (14)Momentum oscillator 0–100 | 56.7 | 45.0 |
| Avg Volume (50D)Average daily shares traded | 7.9M | 4.9M |
Analyst Outlook
Wall Street rates SAN as "Buy" and BCS as "Buy". Consensus price targets imply 19.4% upside for BCS (target: $29) vs -75.7% for SAN (target: $3). For income investors, BCS offers the higher dividend yield at 3.35% vs SAN's 1.85%.
| Metric | SANBanco Santander, … | BCSBarclays PLC |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $3.00 | $29.00 |
| # AnalystsCovering analysts | 23 | 24 |
| Dividend YieldAnnual dividend ÷ price | +1.8% | +3.4% |
| Dividend StreakConsecutive years of raises | 3 | 5 |
| Dividend / ShareAnnual DPS | $0.19 | $0.61 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.1% | +9.9% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Banco Santander, S.… (SAN) | 100 | 372.08 | +272.1% |
| Barclays PLC (BCS) | 100 | 366.31 | +266.3% |
Banco Santander, S.… (SAN) returned +272% over 5 years vs Barclays PLC (BCS)'s +192%. A $10,000 investment in SAN 5 years ago would be worth $37,214 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Banco Santander, S.… (SAN) | $69.8B | $129.9B | +86.2% |
| Barclays PLC (BCS) | $21.5B | $26.8B | +25.0% |
Barclays PLC's revenue grew from $21.5B (2016) to $26.8B (2025) — a 2.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Banco Santander, S.… (SAN) | 8.9% | 9.7% | +8.8% |
| Barclays PLC (BCS) | 9.7% | 26.7% | +175.8% |
Barclays PLC's net margin went from 10% (2016) to 27% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Banco Santander, S.… (SAN) | 16.1 | 5.9 | -63.4% |
| Barclays PLC (BCS) | 20.4 | 15.5 | -24.0% |
Banco Santander, S.A. has traded in a 6x–16x P/E range over 7 years; current trailing P/E is ~14x. Barclays PLC has traded in a 7x–24x P/E range over 8 years; current trailing P/E is ~11x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Banco Santander, S.… (SAN) | 0.39 | 0.77 | +97.4% |
| Barclays PLC (BCS) | 0.4 | 1.64 | +310.0% |
Barclays PLC's EPS grew from $0.40 (2016) to $1.64 (2025) — a 17% CAGR.
Chart 6Free Cash Flow — 5 Years
Banco Santander, S.A. generated $-33B FCF in 2024 (-172% vs 2021). Barclays PLC generated $-8B FCF in 2025 (-117% vs 2021).
SAN vs BCS: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is SAN 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 Banco Santander, S.A. (SAN) a "Buy" — based on 23 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 — SAN or BCS?
On trailing P/E, Barclays PLC (BCS) is the cheapest at 11.0x versus Banco Santander, S.A. at 13.6x. 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 Banco Santander, S.A.'s 0.51x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — SAN or BCS?
Over the past 5 years, Banco Santander, S.A. (SAN) delivered a total return of +272.1%, compared to +192.0% for Barclays PLC (BCS). A $10,000 investment in SAN five years ago would be worth approximately $37K today (assuming dividends reinvested). Over 10 years, the gap is even starker: SAN returned +272.8% 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 — SAN or BCS?
By beta (market sensitivity over 5 years), Banco Santander, S.A. (SAN) is the lower-risk stock at 1.05β versus Barclays PLC's 1.15β — meaning BCS is approximately 9% more volatile than SAN relative to the S&P 500. On balance sheet safety, Banco Santander, S.A. (SAN) carries a lower debt/equity ratio of 5% versus 6% for Barclays PLC — giving it more financial flexibility in a downturn.
05Which has better profit margins — SAN or BCS?
Barclays PLC (BCS) is the more profitable company, earning 26.7% net margin versus 9.7% for Banco Santander, S.A. — meaning it keeps 26.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BCS leads at 34.7% versus 14.6% for SAN. At the gross margin level — before operating expenses — BCS 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 SAN 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 Banco Santander, S.A.'s 0.51x. 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 11.3x for Barclays PLC — 2.5x 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 — SAN or BCS?
All stocks in this comparison pay dividends. Barclays PLC (BCS) offers the highest yield at 3.4%, versus 1.8% for Banco Santander, S.A. (SAN).
08Is SAN or BCS better for a retirement portfolio?
For long-horizon retirement investors, Banco Santander, S.A. (SAN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.05), 1.8% yield, +272.8% 10Y return). Both have compounded well over 10 years (SAN: +272.8%, 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 SAN 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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