Latest Ratios: P/E Ratio 18.1x · EV/EBITDA 7.7x · ROE 10.4%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $42.7B | $23.2B | $29.2B | $48.8B | $40.5B | $40.1B | $61.7B | $86.8B | $79.8B | $69.6B | $64.0B |
| Enterprise Value | $28.8B | $-48783866010 | $-40344374190 | $-9385866250 | $17.5B | $37.2B | $52.8B | $150.5B | $154.7B | $128.1B | $146.4B |
| P/E Ratio → | 18.12 | 3.75 | 4.49 | 10.56 | 2.84 | 2.58 | 4.59 | 5.28 | 6.35 | 8.19 | 9.15 |
| P/S Ratio | 4.74 | 0.50 | 0.60 | 1.22 | 0.94 | 0.82 | 1.90 | 1.85 | 2.08 | 1.84 | 1.74 |
| P/B Ratio | 0.89 | 0.18 | 0.24 | 0.42 | 0.37 | 0.38 | 0.58 | 0.89 | 0.87 | 0.80 | 0.76 |
| P/FCF | 165.49 | 17.39 | — | 1.47 | 10.16 | 9.03 | 1.53 | 4.05 | 15.16 | 1.44 | 12.30 |
| P/OCF | 44.30 | 4.66 | — | 1.33 | 5.91 | 5.89 | 1.46 | 3.49 | 9.65 | 1.38 | 9.49 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -1.05 | -0.83 | -0.23 | 0.41 | 0.76 | 1.62 | 3.21 | 4.03 | 3.38 | 3.98 |
| EV / EBITDA | 7.70 | -2.52 | -1.84 | -0.64 | 0.79 | 1.37 | 4.31 | 6.10 | 8.76 | 7.92 | 8.19 |
| EV / EBIT | 8.91 | -2.92 | -2.10 | -0.79 | 0.89 | 1.50 | 5.46 | 6.76 | 9.72 | 8.83 | 8.93 |
| EV / FCF | — | -36.51 | — | -0.28 | 4.40 | 8.38 | 1.31 | 7.02 | 29.37 | 2.64 | 28.12 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 89.3% | 89.3% | 90.5% | 88.9% | 97.2% | 95.5% | 94.9% | 92.2% | 94.8% | 91.3% | 92.6% |
| Operating Margin | 35.8% | 35.8% | 39.6% | 29.8% | 45.3% | 50.8% | 29.7% | 47.4% | 41.5% | 38.3% | 44.5% |
| Net Profit Margin | 27.3% | 27.3% | 27.5% | 23.6% | 33.1% | 31.9% | 41.2% | 34.9% | 32.8% | 23.6% | 19.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.4% | 10.4% | 11.4% | 8.4% | 13.2% | 14.6% | 13.2% | 17.4% | 14.1% | 10.4% | 8.9% |
| ROA | 1.0% | 1.0% | 1.1% | 0.9% | 1.5% | 1.7% | 1.6% | 2.2% | 1.8% | 1.4% | 1.2% |
| ROIC | 4.9% | 4.9% | 5.7% | 3.7% | 6.6% | 9.8% | 4.1% | 9.1% | 6.8% | 6.1% | 6.4% |
| ROCE | 3.7% | 3.7% | 4.8% | 2.9% | 4.4% | 5.7% | 2.4% | 5.8% | 4.6% | 4.5% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.03 | 1.03 | 1.13 | 1.18 | 1.14 | 0.93 | 0.66 | 0.86 | 1.03 | 0.91 | 1.28 |
| Debt / EBITDA | 6.71 | 6.71 | 6.18 | 9.26 | 5.72 | 3.63 | 5.72 | 3.40 | 5.34 | 4.90 | 6.08 |
| Net Debt / Equity | — | -0.57 | -0.58 | -0.51 | -0.21 | -0.03 | -0.08 | 0.66 | 0.82 | 0.67 | 0.97 |
| Net Debt / EBITDA | -3.72 | -3.72 | -3.17 | -3.97 | -1.04 | -0.11 | -0.73 | 2.58 | 4.24 | 3.62 | 4.61 |
| Debt / FCF | — | -53.90 | — | -1.75 | -5.77 | -0.65 | -0.22 | 2.98 | 14.21 | 1.21 | 15.82 |
| Interest Coverage | 0.16 | 0.16 | 0.24 | 0.15 | 0.29 | 0.93 | 0.53 | 0.78 | 0.56 | 0.40 | 0.35 |
Net cash position: cash ($202.0B) exceeds total debt ($130.0B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.34 | 0.34 | 0.37 | 0.34 | 0.55 | 0.55 | 0.39 | 0.33 | 0.32 | 0.35 | 0.30 |
| Quick Ratio | 0.34 | 0.34 | 0.37 | 0.34 | 0.55 | 0.55 | 0.39 | 0.33 | 0.32 | 0.35 | 0.30 |
| Cash Ratio | 0.25 | 0.25 | 0.25 | 0.26 | 0.28 | 0.20 | 0.16 | 0.05 | 0.06 | 0.06 | 0.09 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | 0.06 | 0.05 | 0.06 | 0.06 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.8% | 28.0% | 19.3% | 11.2% | 18.3% | 24.7% | 16.7% | 8.0% | 7.6% | 8.1% | 5.0% |
| Payout Ratio | 50.9% | 50.9% | 42.0% | 57.7% | 51.7% | 63.8% | 76.6% | 42.4% | 48.3% | 63.3% | 43.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 26.7% | 22.3% | 9.5% | 35.3% | 38.7% | 21.8% | 18.9% | 15.8% | 12.2% | 10.9% |
| FCF Yield | 0.6% | 5.7% | — | 68.2% | 9.8% | 11.1% | 65.3% | 24.7% | 6.6% | 69.6% | 8.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.3% | 0.0% | 0.2% | 0.3% | 0.4% | 0.5% | 0.1% |
| Total Shareholder Yield | 5.8% | 28.0% | 19.3% | 11.2% | 19.5% | 24.7% | 16.8% | 8.3% | 8.0% | 8.7% | 5.2% |
| Shares Outstanding | — | $3.8B | $7.5B | $7.5B | $7.5B | $7.5B | $7.5B | $7.5B | $7.5B | $7.5B | $7.5B |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying BSBR stock.
Banco Santander (Brasil) S.A.'s current P/E ratio is 18.1x. The historical average is 7.1x. This places it at the 100th percentile of its historical range.
Banco Santander (Brasil) S.A.'s current EV/EBITDA is 7.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.6x.
Banco Santander (Brasil) S.A.'s return on equity (ROE) is 10.4%. The historical average is 12.1%.
Based on historical data, Banco Santander (Brasil) S.A. is trading at a P/E of 18.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Banco Santander (Brasil) S.A.'s current dividend yield is 5.78% with a payout ratio of 50.9%.
Banco Santander (Brasil) S.A. has 89.3% gross margin and 35.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Banco Santander (Brasil) S.A.'s Debt/EBITDA ratio is 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent negative non-interest income volatility
Deep Discount Reflects ROE and Accounting Concerns
BSBR trades at a 0.90x P/B, a significant discount to its parent SAN at 1.77x and peer ITUB at 2.05x, which appears to reflect the market's skepticism about its ability to generate sustainable returns above its cost of equity.
The current P/B multiple implies the market expects BSBR's long-term ROE to remain well below the 15-20% range typically required to justify a premium valuation in the Brazilian banking sector. This discount is warranted given the bank's reported ROE has averaged only ~2.5% over the last ten quarters, a level that fails to cover its cost of capital. The valuation suggests investors view BSBR as a commodity balance sheet rather than a premium franchise, pricing it for cyclical earnings rather than durable franchise value.
ROE Constrained by Structural Margin and Fee Headwinds
BSBR's ROE has averaged approximately 2.5% over the past ten quarters, a level that appears insufficient to generate tangible book value growth and is primarily constrained by a persistently narrow Net Interest Margin and volatile non-interest income.
The DuPont decomposition reveals a core profitability challenge: while the bank maintains a stable NIM around 1.1%-1.2%, this spread is structurally low for the Brazilian market and insufficient to drive a high ROE given the bank's leverage. The persistent negative fee income, averaging -22.9% over the period, acts as a significant drag, suggesting that non-interest revenue streams are not contributing positively to returns. This combination indicates that BSBR's profitability is heavily reliant on volume growth in a competitive lending market, rather than on high-margin products or efficient fee generation.
Stable NIM Masks Inefficient Cost Structure
While NIM has been remarkably stable at 1.1%-1.2% across all ten quarters, the efficiency ratio has been highly volatile, ranging from 36.4% to 66.4%, indicating inconsistent cost control that undermines the bank's operating leverage.
The stability in NIM suggests disciplined asset-liability management in a volatile rate environment, but the level itself is a structural headwind. The efficiency ratio volatility is more concerning; the recent 52.0% reading in 2026Q2 is elevated and suggests that the bank's cost base is not scaling efficiently with revenue. This pattern implies that digital transformation investments have not yet yielded consistent operating leverage, and the bank remains vulnerable to periods where revenue growth does not outpace the high fixed costs of its branch network and technology spend.
Stable Leverage Masks Limited Capital Generation
The equity-to-assets ratio has remained flat at 0.10 for ten consecutive quarters, which, combined with a low ROE, suggests the bank is generating just enough capital to support balance sheet growth but is not building a significant surplus for enhanced capital returns.
A constant 10x leverage (1/0.10) is typical for a large Brazilian bank, but the inability to grow this ratio organically through retained earnings is a concern. With ROE consistently below the cost of equity, the bank is not creating economic value, and its capital adequacy appears to be maintained through regulatory minimums rather than through robust internal capital generation. This dynamic may limit future capacity for special dividends or share buybacks unless profitability improves materially.
P/E Multiple is Misleadingly Low and Uninformative
The reported P/E of 18.29 is likely misleading and should not be used for valuation, as it is distorted by volatile non-cash items like hedge accounting and tax credits that make net income an unreliable proxy for sustainable earnings power.
For a bank like BSBR, where non-interest income has been negative for eight of the last ten quarters due to significant non-cash charges, the P/E ratio becomes highly volatile and loses its predictive value. The forward P/E of 1.55 appears anomalous and likely reflects a forecasted one-time gain or accounting adjustment rather than a normalized earnings stream. Analysts should instead focus on P/B and P/TBV multiples, which are less susceptible to earnings volatility, and evaluate ROTCE to assess the core profitability of the tangible equity base.