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SANBanco Santander, S.A.
$11.74$172.3B
Overview & Tools
OverviewChart Terminal ↗AnalysisVisualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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SAN logo

Banco Santander, S.A.

SAN
NYSE · Large & Global Banks
$11.74
At close - Nov 6, 4:00 PM EST - USD
Market Cap$172.32B
P/E11.0x
52W High$15.05
Volume9.02M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q1

EPS Surge Masks Persistent NIM Stagnation

Banco Santander's 2026Q1 results show a 71.4% YoY surge in diluted EPS to $0.36, signaling a potential inflection in profitability, yet this is clouded by a flat net interest margin of 0.6% for five consecutive quarters and elevated provisioning above $3.0B for six straight quarters.

GrowthDecelerating
ProfitabilityStable
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

SAN price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

2/12 Beats

EPS beat 2 of last 12 quarters

02

Valuation risk

In Line

P/E is in line with peer median

03

Market leadership

RS 41 · Lag

Laggard (Underperforming 59% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Jan 28
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Net interest income declined 3.2% YoY to $11.0B in 2026Q1, with NIM stagnant at 0.6%, while EPS surged 71.4% to $0.36, suggesting non-operating gains may be masking underlying revenue weakness.

Analyst Consensus-74.4% target
Buy(25 analysts)
15 Buy7 Hold3 Sell

The Bull Case

Upside Catalysts

Positive Analyst Sentiment

Wall Street analysts have a consensus rating of 'Moderate Buy', indicating optimism about SAN's growth potential.

Strong Earnings Performance

Banco Santander reported an EPS of $0.28, exceeding expectations, with a profit of €10.34 billion in the first nine months of 2025, up 11% year-on-year.

Attractive Dividend Yield

SAN offers a dividend yield of 254.0%, with a dividend of $0.110 expected on May 4, 2026.

The Bear Case

Key Downside Risks

High Financial Leverage

Banco Santander has a debt-to-equity ratio of 3.15, raising concerns about financial leverage and risk exposure.

Liquidity Issues

The bank's quick and current ratios are both at 0.33, indicating potential liquidity problems.

Weak Return on Equity

SAN's return on equity stands at 12.14%, suggesting inefficiency in generating profits from equity.

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
SAN-0.33%
S&P 500 (^GSPC)+7.63%
1-Year Return
SAN+16.91%
S&P 500 (^GSPC)+9.69%
3-Year Return
SAN+231.46%
S&P 500 (^GSPC)+64.27%
5-Year Return
SAN+240.23%
S&P 500 (^GSPC)+53.00%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
11.0x
Forward P/E
11.2x
EV/EBITDA80th %ile
22.5x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
11.0x
6.4x
80th· High
EV/EBITDA
22.5x
11.9x
80th· High
Price/FCF
N/A
3.0x
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$5.65-51.9%
Base (Fair)$10.53-10.3%
Bull$16.47+40.3%
$5.65 Bear$10.53 Base$16.47 Bull
Current Market Price: $11.74
Trades at a 11.5% premium to Base DCF ($10.53)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$60.53B-5.2% YoY
Net income FY25
$14.1B+12.1% YoY
Free cash flow FY25
-$22.49B+31.1% YoY
Operating margin FY25
30.9%+1.1 pts YoY
ROIC (FY25)2.3%
Avg ROIC 5Y2.6%
ROE (TTM)14%
Piotroski Score2 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate2/12 (17%)
Revenue Beat Rate7/12 (58%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Oct 28, 2026
$0.26+0.0%
vs $0.26
$17.8B-2.0%
vs $18.1B
Q3 2026
Jul 22, 2026
$0.27-6.9%
vs $0.29
$17.9B+0.1%
vs $17.9B
Q2 2026
Apr 29, 2026
$0.41+42.9%
vs $0.29
$17.7B+0.3%
vs $17.7B
Q1 2026
Feb 4, 2026
$0.25+0.0%
vs $0.25
$19.0B+3.0%
vs $18.4B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Business Wire·1d ago
Santander Holdings USA, Inc. Announces Preferred Dividend and Redemption of All Outstanding Depositary Shares Representing Interests in Its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series H

BOSTON--(BUSINESS WIRE)--Santander Holdings USA, Inc. (“SHUSA”) today announced that its Board of Directors declared a quarterly cash dividend of $328.125 per share ($0.328125 per each depositary share (the “Depositary Shares”), NYSE: SNUS PF H, CUSIP 80282 K700, 1,000 of which represents one preferred share) on its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series H (“Series H Preferred Stock”), payable December 15, 2026, to shareholders of record on November 30, 2026. SHUSA al.

Reuters·4d ago
World faces €30 trillion financing gap, Santander report warns

World faces €30 trillion financing gap, Santander report warns

Seeking Alpha·Oct 30, 2026
Sanofi (SAN:CA) Q3 2026 Earnings Call Transcript

Sanofi (SAN:CA) Q3 2026 Earnings Call Transcript

Seeking Alpha·Oct 28, 2026
Banco Santander, S.A. (SAN) Q3 2026 Earnings Call Transcript

Banco Santander, S.A. ( SAN ) Q3 2026 Earnings Call October 28, 2026 5:00 AM EDT Company Participants Raul Sinha - Global Head of Shareholder Relations Hector Blas Grisi Checa - Group CEO & Executive Director José Antonio García Cantera - Senior EVP & Group CFO Conference Call Participants Francisco Riquel - Alantra Equities Sociedad de Valores, S.A.

Filtered for Banco Santander, S.A.More Headlines
04

Compare before deciding

Benchmark SAN against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Banco Santander, S.A. (SAN)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
SAN logoSANBanco Santander, S.A.Current
$11.74$172.32B10.99-5.18%25%14.04%1.99%
BBVA logoBBVABanco Bilbao Vizcaya Argentaria, S.A.
$25.05$138.41B11.254149.34%27.65%18.61%3.13%
DB logoDBDeutsche Bank AG
$34.84$65.47B9.436.86%22.07%9.31%—
ING logoINGING Groep N.V.
$31.82$90.75B12.052.26%16.52%13.15%—
BCS logoBCSBarclays PLC
$22.33$75.29B6.96-6.28%26.21%10.76%3.83%
UBS logoUBSUBS Group AG
$47.78$156.61B15.6713.72%18.31%10.67%1.44%

Compare SAN vs Peers

Banco Santander, S.A. (SAN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BBVA

Most directly comparable listed peer for SAN.

Scale Benchmark

vs JPM

Larger-name benchmark to compare SAN against a more recognizable public peer.

Peer Set

Compare Top 5

vs BBVA, DB, ING, BCS

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SAN Frequently Asked Questions

Banco Santander, S.A. (SAN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Banco Santander, S.A. growing?

Banco Santander, S.A. (SAN) grew revenue by 11.2% over the trailing twelve months, compared with the twelve months before.

Is SAN profitable?

Yes. Banco Santander, S.A. (SAN) earned $16.21B in net income over the trailing twelve months (a 25.0% net margin).

Dividend & Returns
Does SAN pay dividends?

Yes. Banco Santander, S.A. (SAN) pays a dividend that yields 1.99% at the current price, a moderate yield.

What is SAN's return on equity?

Banco Santander, S.A. (SAN) had a return on equity (ROE) of 14.0% over the trailing twelve months. That is in line with the market's typical 10-15%.

Industry Metrics
What is Banco Santander, S.A.'s net interest margin?

Banco Santander, S.A. (SAN) has a net interest margin (NIM) of 2.3%. NIM has been under pressure due to interest rate environment.

What is Banco Santander, S.A.'s efficiency ratio?

Banco Santander, S.A. (SAN) has an efficiency ratio of 48.5%. This is excellent, indicating strong cost control.

What if you invested $1,000 in SAN back in 1991?

Total return calculator · dividends reinvested · 35+ years of data

See returns →