Comprehensive Stock Comparison
Compare Banco Santander, S.A. (SAN) vs JPMorgan Chase & Co. (JPM) 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 | JPM | 14.6% revenue growth vs SAN's 6.6% |
| Value | SAN | Lower P/E (8.7x vs 13.9x), PEG 0.51 vs 1.07 |
| Quality / Margins | JPM | 21.6% net margin vs SAN's 9.7% |
| Stability / Safety | JPM | Beta 1.00 vs SAN's 1.05, lower leverage |
| Dividends | SAN | 1.8% yield, 3-year raise streak, vs JPM's 1.7% |
| Momentum (1Y) | SAN | +97.2% vs JPM's +15.7% |
| Efficiency (ROA) | JPM | 1.3% ROA vs SAN's 0.7%, ROIC 5.4% vs 2.8% |
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.
JPMorgan Chase is a global financial services giant that operates as a universal bank offering consumer banking, investment banking, commercial banking, and asset management services. It generates revenue primarily through net interest income from lending activities (about 50% of total revenue) and non-interest income from investment banking fees, trading, asset management, and card services. The company's key competitive advantage lies in its massive scale, diversified revenue streams, and fortress balance sheet—which together create significant barriers to entry and provide stability through economic cycles.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
JPM leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). SAN leads in 2 (Valuation Metrics, Total Returns). 2 tied.
Financial Metrics (TTM)
JPM is the larger business by revenue, generating $270.8B annually — 2.1x SAN's $129.9B. JPM is the more profitable business, keeping 21.6% of every revenue dollar as net income compared to SAN's 9.7%.
| Metric | SANBanco Santander, … | JPMJPMorgan Chase & … |
|---|---|---|
| RevenueTrailing 12 months | $129.9B | $270.8B |
| EBITDAEarnings before interest/tax | $22.1B | $81.3B |
| Net IncomeAfter-tax profit | $13.6B | $58.0B |
| Free Cash FlowCash after capex | $8.4B | -$119.7B |
| Gross MarginGross profit ÷ Revenue | +39.4% | +58.6% |
| Operating MarginEBIT ÷ Revenue | +14.6% | +27.7% |
| Net MarginNet income ÷ Revenue | +9.7% | +21.6% |
| FCF MarginFCF ÷ Revenue | -25.1% | -15.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +10.0% | +16.0% |
Valuation Metrics
At 13.6x trailing earnings, SAN trades at a 10% valuation discount to JPM's 15.2x P/E. Adjusting for growth (PEG ratio), SAN offers better value at 0.80x vs JPM's 1.17x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | SANBanco Santander, … | JPMJPMorgan Chase & … |
|---|---|---|
| Market CapShares × price | $181.4B | $809.7B |
| Enterprise ValueMkt cap + debt − cash | $494.6B | $1.09T |
| Trailing P/EPrice ÷ TTM EPS | 13.61x | 15.21x |
| Forward P/EPrice ÷ next-FY EPS est. | 8.74x | 13.93x |
| PEG RatioP/E ÷ EPS growth rate | 0.80x | 1.17x |
| EV / EBITDAEnterprise value multiple | 18.78x | 13.15x |
| Price / SalesMarket cap ÷ Revenue | 1.18x | 2.99x |
| Price / BookPrice ÷ Book value/share | 1.52x | 2.51x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
JPM delivers a 16.1% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $12 for SAN. JPM carries lower financial leverage with a 2.18x debt-to-equity ratio, signaling a more conservative balance sheet compared to SAN's 4.50x. On the Piotroski fundamental quality scale (0–9), SAN scores 6/9 vs JPM's 5/9, reflecting solid financial health.
| Metric | SANBanco Santander, … | JPMJPMorgan Chase & … |
|---|---|---|
| ROE (TTM)Return on equity | +12.4% | +16.1% |
| ROA (TTM)Return on assets | +0.7% | +1.3% |
| ROICReturn on invested capital | +2.8% | +5.4% |
| ROCEReturn on capital employed | +1.1% | +8.2% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 4.50x | 2.18x |
| Net DebtTotal debt minus cash | $265.5B | $281.8B |
| Cash & Equiv.Liquid assets | $217.9B | $469.3B |
| Total DebtShort + long-term debt | $483.4B | $751.1B |
| Interest CoverageEBIT ÷ Interest expense | 1.21x | 0.74x |
Total Returns (with DRIP)
A $10,000 investment in SAN five years ago would be worth $37,214 today (with dividends reinvested), compared to $21,449 for JPM. Over the past 12 months, SAN leads with a +97.2% total return vs JPM's +15.7%. The 3-year compound annual growth rate (CAGR) favors SAN at 49.0% vs JPM's 30.0% — a key indicator of consistent wealth creation.
| Metric | SANBanco Santander, … | JPMJPMorgan Chase & … |
|---|---|---|
| YTD ReturnYear-to-date | +2.4% | -7.3% |
| 1-Year ReturnPast 12 months | +97.2% | +15.7% |
| 3-Year ReturnCumulative with dividends | +230.9% | +119.7% |
| 5-Year ReturnCumulative with dividends | +272.1% | +114.5% |
| 10-Year ReturnCumulative with dividends | +272.8% | +497.7% |
| CAGR (3Y)Annualised 3-year return | +49.0% | +30.0% |
Risk & Volatility
JPM is the less volatile stock with a 1.00 beta — it tends to amplify market swings less than SAN's 1.05 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 JPM's 89.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | SANBanco Santander, … | JPMJPMorgan Chase & … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.05x | 1.00x |
| 52-Week HighHighest price in past year | $13.24 | $337.25 |
| 52-Week LowLowest price in past year | $5.54 | $202.16 |
| % of 52W HighCurrent price vs 52-week peak | +93.4% | +89.0% |
| RSI (14)Momentum oscillator 0–100 | 56.7 | 48.1 |
| Avg Volume (50D)Average daily shares traded | 7.9M | 9.0M |
Analyst Outlook
Wall Street rates SAN as "Buy" and JPM as "Buy". Consensus price targets imply 11.9% upside for JPM (target: $336) vs -75.7% for SAN (target: $3). For income investors, SAN offers the higher dividend yield at 1.85% vs JPM's 1.71%.
| Metric | SANBanco Santander, … | JPMJPMorgan Chase & … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $3.00 | $336.10 |
| # AnalystsCovering analysts | 23 | 60 |
| Dividend YieldAnnual dividend ÷ price | +1.8% | +1.7% |
| Dividend StreakConsecutive years of raises | 3 | 14 |
| Dividend / ShareAnnual DPS | $0.19 | $5.13 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.1% | +3.5% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Banco Santander, S.… (SAN) | 100 | 372.08 | +272.1% |
| JPMorgan Chase & Co. (JPM) | 100 | 253.57 | +153.6% |
Banco Santander, S.… (SAN) returned +272% over 5 years vs JPMorgan Chase & Co. (JPM)'s +114%. A $10,000 investment in SAN 5 years ago would be worth $37,214 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Banco Santander, S.… (SAN) | $71.7B | $129.9B | +81.2% |
| JPMorgan Chase & Co. (JPM) | $101.0B | $270.8B | +168.1% |
Banco Santander, S.A.'s revenue grew from $71.7B (2015) to $129.9B (2024) — a 6.8% CAGR. JPMorgan Chase & Co.'s revenue grew from $101.0B (2015) to $270.8B (2024) — a 11.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Banco Santander, S.… (SAN) | 8.3% | 9.7% | +16.3% |
| JPMorgan Chase & Co. (JPM) | 24.2% | 21.6% | -10.8% |
Banco Santander, S.A.'s net margin went from 8% (2015) to 10% (2024). JPMorgan Chase & Co.'s net margin went from 24% (2015) to 22% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Banco Santander, S.… (SAN) | 16.1 | 5.9 | -63.4% |
| JPMorgan Chase & Co. (JPM) | 16.9 | 12.1 | -28.4% |
Banco Santander, S.A. has traded in a 6x–16x P/E range over 7 years; current trailing P/E is ~14x. JPMorgan Chase & Co. has traded in a 10x–17x P/E range over 8 years; current trailing P/E is ~15x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Banco Santander, S.… (SAN) | 0.38 | 0.77 | +102.6% |
| JPMorgan Chase & Co. (JPM) | 6 | 19.75 | +229.2% |
Banco Santander, S.A.'s EPS grew from $0.38 (2015) to $0.77 (2024) — a 8% CAGR. JPMorgan Chase & Co.'s EPS grew from $6.00 (2015) to $19.75 (2024) — a 14% CAGR.
Chart 6Free Cash Flow — 5 Years
Banco Santander, S.A. generated $-33B FCF in 2024 (-172% vs 2021). JPMorgan Chase & Co. generated $-42B FCF in 2024 (-154% vs 2021).
SAN vs JPM: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is SAN or JPM a better buy right now?
Banco Santander, S.A. (SAN) offers the better valuation at 13.6x trailing P/E (8.7x 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 JPM?
On trailing P/E, Banco Santander, S.A. (SAN) is the cheapest at 13.6x versus JPMorgan Chase & Co. at 15.2x. On forward P/E, Banco Santander, S.A. is actually cheaper at 8.7x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Banco Santander, S.A. wins at 0.51x versus JPMorgan Chase & Co.'s 1.07x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — SAN or JPM?
Over the past 5 years, Banco Santander, S.A. (SAN) delivered a total return of +272.1%, compared to +114.5% for JPMorgan Chase & Co. (JPM). 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: JPM returned +497.7% versus SAN's +272.8%. 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 JPM?
By beta (market sensitivity over 5 years), JPMorgan Chase & Co. (JPM) is the lower-risk stock at 1.00β versus Banco Santander, S.A.'s 1.05β — meaning SAN is approximately 5% more volatile than JPM relative to the S&P 500. On balance sheet safety, JPMorgan Chase & Co. (JPM) carries a lower debt/equity ratio of 2% versus 5% for Banco Santander, S.A. — giving it more financial flexibility in a downturn.
05Which has better profit margins — SAN or JPM?
JPMorgan Chase & Co. (JPM) is the more profitable company, earning 21.6% net margin versus 9.7% for Banco Santander, S.A. — meaning it keeps 21.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: JPM leads at 27.7% versus 14.6% for SAN. At the gross margin level — before operating expenses — JPM leads at 58.6%, 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.
06Is SAN or JPM 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, Banco Santander, S.A. (SAN) is the more undervalued stock at a PEG of 0.51x versus JPMorgan Chase & Co.'s 1.07x. 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 13.9x for JPMorgan Chase & Co. — 5.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for JPM: 11.9% to $336.10.
07Which pays a better dividend — SAN or JPM?
All stocks in this comparison pay dividends. Banco Santander, S.A. (SAN) offers the highest yield at 1.8%, versus 1.7% for JPMorgan Chase & Co. (JPM).
08Is SAN or JPM better for a retirement portfolio?
For long-horizon retirement investors, JPMorgan Chase & Co. (JPM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.00), 1.7% yield, +497.7% 10Y return). Both have compounded well over 10 years (JPM: +497.7%, SAN: +272.8%), 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.
09What are the main differences between SAN and JPM?
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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