Latest Ratios: P/E Ratio 14.3x · EV/EBITDA 22.9x · ROE 12.8%. (1991–2025 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 | $208.4B | $186.8B | $71.0B | $67.3B | $49.9B | $57.0B | $52.8B | $67.9B | $72.5B | $101.1B | $76.1B |
| Enterprise Value | $569.7B | $504.2B | $336.5B | $131.3B | $216.6B | $156.6B | $202.0B | $315.1B | $205.4B | $208.0B | $228.5B |
| P/E Ratio → | 14.34 | 13.48 | 5.92 | 6.37 | 5.46 | 7.48 | — | 11.34 | 9.98 | 16.08 | 12.72 |
| P/S Ratio | 3.02 | 3.09 | 1.11 | 1.12 | 0.92 | 1.18 | 1.13 | 1.33 | 1.46 | 2.04 | 1.67 |
| P/B Ratio | 1.76 | 1.66 | 0.66 | 0.65 | 0.51 | 0.59 | 0.58 | 0.61 | 0.68 | 0.95 | 0.74 |
| P/FCF | — | — | — | — | 2.96 | 1.26 | 0.92 | — | — | 3.24 | 5.64 |
| P/OCF | — | — | — | 13.41 | 1.80 | 1.01 | 0.80 | 20.03 | 21.22 | 2.51 | 3.49 |
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 | — | 8.33 | 5.27 | 2.19 | 4.00 | 3.23 | 4.32 | 6.17 | 4.14 | 4.19 | 5.00 |
| EV / EBITDA | 22.89 | 23.06 | 15.07 | 6.69 | 11.88 | 9.05 | 275.15 | 20.27 | 12.36 | 14.17 | 17.40 |
| EV / EBIT | 26.79 | 26.99 | 17.68 | 7.98 | 14.20 | 10.76 | — | 25.12 | 14.47 | 17.20 | 21.22 |
| EV / FCF | — | — | — | — | 12.84 | 3.46 | 3.50 | — | — | 6.67 | 16.95 |
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 | 40.0% | 40.0% | 39.4% | 38.5% | 49.8% | 66.7% | 56.8% | 57.5% | 58.4% | 56.6% | 51.8% |
| Operating Margin | 15.6% | 15.6% | 14.6% | 13.5% | 17.5% | 23.7% | -3.4% | 17.3% | 20.4% | 16.9% | 15.4% |
| Net Profit Margin | 11.8% | 11.8% | 9.7% | 9.1% | 11.0% | 13.2% | -14.5% | 9.0% | 11.2% | 9.3% | 8.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.8% | 12.8% | 11.9% | 11.0% | 9.9% | 8.6% | -8.7% | 6.0% | 7.3% | 6.3% | 6.2% |
| ROA | 0.8% | 0.8% | 0.7% | 0.6% | 0.6% | 0.5% | -0.6% | 0.4% | 0.5% | 0.5% | 0.5% |
| ROIC | 2.3% | 2.3% | 2.8% | 2.6% | 2.4% | 2.6% | -0.3% | 2.2% | 3.1% | 2.8% | 2.5% |
| ROCE | 1.6% | 1.6% | 1.1% | 1.5% | 2.8% | 2.7% | -0.4% | 1.4% | 1.0% | 0.9% | 0.8% |
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 | 4.40 | 4.40 | 4.50 | 2.98 | 4.36 | 3.45 | 3.53 | 3.39 | 2.30 | 2.04 | 2.23 |
| Debt / EBITDA | 22.72 | 22.72 | 21.66 | 15.83 | 23.35 | 19.33 | 438.93 | 24.17 | 14.83 | 14.84 | 17.43 |
| Net Debt / Equity | — | 2.81 | 2.47 | 0.61 | 1.71 | 1.03 | 1.63 | 2.23 | 1.24 | 1.00 | 1.48 |
| Net Debt / EBITDA | 14.52 | 14.52 | 11.89 | 3.26 | 9.14 | 5.76 | 203.20 | 15.90 | 8.00 | 7.28 | 11.61 |
| Debt / FCF | — | — | — | — | 9.89 | 2.20 | 2.59 | — | — | 3.43 | 11.30 |
| Interest Coverage | 0.31 | 0.31 | 0.29 | 0.27 | 0.46 | 1.11 | -0.15 | 0.58 | 0.71 | 0.56 | 0.45 |
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 | 0.25 | 0.25 | 21.49 | 5.89 | 0.28 | 0.26 | 0.28 | 0.34 | 0.93 | 7.22 | 5.44 |
| Quick Ratio | 0.25 | 0.25 | 21.49 | 5.89 | 0.28 | 0.26 | 0.28 | 0.34 | 0.93 | 7.22 | 5.44 |
| Cash Ratio | 0.14 | 0.14 | 18.59 | 3.49 | 0.21 | 0.23 | 0.17 | 0.13 | 0.93 | 7.22 | 5.44 |
| Asset Turnover | — | 0.06 | 0.07 | 0.07 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 |
| 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 | 1.7% | 1.8% | 4.3% | 3.4% | 3.7% | 2.3% | — | 5.6% | 4.3% | 2.6% | 3.0% |
| Payout Ratio | 23.7% | 23.7% | 24.0% | 20.4% | 19.2% | 16.2% | — | 57.9% | 39.9% | 40.3% | 37.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.0% | 7.4% | 16.9% | 15.7% | 18.3% | 13.4% | — | 8.8% | 10.0% | 6.2% | 7.9% |
| FCF Yield | — | — | — | — | 33.8% | 79.5% | 109.1% | — | — | 30.9% | 17.7% |
| Buyback Yield | 2.2% | 2.2% | 6.7% | 4.6% | 4.1% | 2.9% | 1.4% | 1.4% | 1.4% | 1.3% | 1.8% |
| Total Shareholder Yield | 3.9% | 4.0% | 11.0% | 8.0% | 7.8% | 5.2% | 1.4% | 6.9% | 5.7% | 3.9% | 4.8% |
| Shares Outstanding | — | $15.9B | $15.6B | $16.2B | $16.9B | $17.3B | $17.3B | $17.1B | $16.9B | $16.1B | $15.3B |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying SAN stock.
Banco Santander, S.A.'s current P/E ratio is 14.3x. The historical average is 17.8x. This places it at the 59th percentile of its historical range.
Banco Santander, S.A.'s current EV/EBITDA is 22.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.5x.
Banco Santander, S.A.'s return on equity (ROE) is 12.8%. The historical average is 10.5%.
Based on historical data, Banco Santander, S.A. is trading at a P/E of 14.3x. This is at the 59th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Banco Santander, S.A.'s current dividend yield is 1.68% with a payout ratio of 23.7%.
Banco Santander, S.A. has 40.0% gross margin and 15.6% operating margin. Operating margin between 10-20% is typical for established companies.
Banco Santander, S.A.'s Debt/EBITDA ratio is 22.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Emerging market FX exposure
Complexity Discount Persists
Santander trades at 1.73x book versus BBVA's 2.35x, according to recent market data, implying the market applies a discount for its multi-country structure despite comparable returns.
The P/B multiple of 1.73x sits below the peer average of roughly 1.6x for European banks, but notably below BBVA's 2.35x, suggesting investors are not fully crediting Santander's diversified earnings stream. At 14.05x trailing earnings, the market prices in modest growth, yet the sum-of-the-parts value of its Brazilian and consumer finance units may exceed the consolidated valuation. This gap likely reflects persistent concerns about capital mobility across ring-fenced subsidiaries and emerging market currency volatility.
ROE Stagnant Despite EPS Jump
ROE improved to 4.8% in 2026Q1 from 3.6% in 2025Q4, as per financial statements, but remains far below peers like BBVA's 17.6%, indicating structural profitability challenges.
The DuPont decomposition shows ROE is constrained by a thin net interest margin of 0.6% and low asset utilization, with equity-to-assets at just 6%. The 2026Q1 EPS surge appears driven by non-operating gains rather than core earnings, as operating income of $5.0B trails net income of $5.5B. Without a sustained improvement in NIM or a reduction in the cost base, ROE is unlikely to approach the double-digit levels of more focused peers.
NIM Stuck at Structural Ceiling
Net interest margin has held at 0.6% for five consecutive quarters, according to reported figures, while the efficiency ratio swung from 46.0% to 24.4% in 2026Q1, suggesting revenue timing distortions.
The flat NIM indicates that asset yield gains from higher rates are being fully offset by rising deposit costs across Santander's markets, particularly in Brazil and the UK. The dramatic efficiency ratio improvement is likely a one-off, as prior quarters hovered near 46-51%, pointing to persistent cost friction. Investors should monitor whether digital migration can deliver structural cost savings, but the current data suggests limited operating leverage.
Leverage Constrains Capital Flexibility
Equity-to-assets remains at 6% with a debt-to-equity ratio of 4.40, as per the latest balance sheet, indicating elevated leverage that may limit capital return capacity.
The 4.40 debt-to-equity ratio is higher than most European peers, reflecting Santander's reliance on wholesale funding and its emerging market subsidiaries. While CET1 ratios are not disclosed in this data, the thin equity buffer suggests limited headroom for aggressive buybacks without depleting capital. The $3.0B buyback in 2026Q1, despite negative operating cash flow, raises questions about the sustainability of shareholder returns.
Provisions Persist at Elevated Levels
Loan loss provisions have exceeded $3.0B for six consecutive quarters, based on earnings data, signaling sustained credit stress in consumer and emerging market portfolios.
The persistent provisioning suggests that asset quality deterioration is not a cyclical blip but a structural feature of Santander's higher-risk segments, particularly in Brazil and the UK consumer finance book. With NIM stagnant, these credit costs directly pressure profitability, and the lack of improvement in provision levels warrants close monitoring. If economic conditions in key markets worsen, reserve adequacy could become a constraint on earnings.
P/E Misleads on Earnings Quality
Santander's trailing P/E of 14.05x appears reasonable, but reported figures show net income exceeding operating income, suggesting non-operating gains inflate earnings and distort the multiple.
The P/E ratio is commonly used for banks, but for Santander it obscures the volatility of provisions and one-off gains. In 2026Q1, net income of $5.5B surpassed operating income of $5.0B, implying that the P/E understates the true cost of doing business. A more reliable metric is P/TBV, which at 7.44x (based on tangible book value per share of $6.28) reflects the market's skepticism about earnings sustainability. Investors should adjust for non-operating items and focus on pre-provision operating profit to gauge core profitability.