34 years of historical data (1991–2024) · Financial Services · Banks - Diversified
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Banco Santander, S.A. trades at 13.6x earnings, 116% above its 5-year average of 6.3x, sitting at the 54th percentile of its historical range. This is roughly in line with the Financial Services sector median P/E of 13.8x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $181.4B | $71.0B | $67.3B | $49.9B | $57.0B | $52.8B | $67.9B | $72.5B | $101.1B | $76.1B | $70.1B |
| Enterprise Value | $494.6B | $336.5B | $131.3B | $109.8B | $156.6B | $202.0B | $315.1B | $205.4B | $208.0B | $228.5B | $218.5B |
| P/E Ratio → | 13.61 | 5.92 | 6.37 | 5.46 | 7.48 | — | 11.34 | 9.98 | 16.08 | 12.72 | 12.29 |
| P/S Ratio | 1.18 | 0.55 | 0.55 | 0.57 | 0.93 | 0.87 | 0.94 | 1.04 | 1.42 | 1.09 | 0.98 |
| P/B Ratio | 1.52 | 0.66 | 0.65 | 0.51 | 0.59 | 0.58 | 0.61 | 0.68 | 0.95 | 0.74 | 0.71 |
| 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 | 12.34 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Banco Santander, S.A.'s enterprise value stands at 18.8x EBITDA, 70% below its 5-year average of 62.4x. The Financial Services sector median is 11.1x, placing the stock at a 69% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.59 | 1.08 | 1.26 | 2.55 | 3.34 | 4.34 | 2.95 | 2.92 | 3.28 | 3.05 |
| EV / EBITDA | 18.78 | 15.07 | 6.69 | 6.02 | 9.05 | 275.15 | 20.27 | 12.36 | 14.17 | 17.40 | 18.26 |
| EV / EBIT | 22.04 | 17.68 | 7.98 | 7.20 | 10.76 | — | 25.12 | 14.47 | 17.20 | 21.22 | 22.89 |
| EV / FCF | — | — | — | 6.51 | 3.46 | 3.50 | — | — | 6.67 | 16.95 | — |
Margins and return-on-capital ratios measuring operating efficiency
Banco Santander, S.A. earns an operating margin of 14.6%, below the Financial Services sector average of 21.9%. Operating margins have compressed from 17.5% to 14.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 11.9% is modest. ROIC of 2.8% represents below-average returns on invested capital versus a sector median of 5.4%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.4% | 39.4% | 38.5% | 49.8% | 66.7% | 56.8% | 57.5% | 58.4% | 56.6% | 51.8% | 51.8% |
| Operating Margin | 14.6% | 14.6% | 13.5% | 17.5% | 23.7% | -3.4% | 17.3% | 20.4% | 16.9% | 15.4% | 13.3% |
| Net Profit Margin | 9.7% | 9.7% | 9.1% | 11.0% | 13.2% | -14.5% | 9.0% | 11.2% | 9.3% | 8.9% | 8.3% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.9% | 11.9% | 11.0% | 9.9% | 8.6% | -8.7% | 6.0% | 7.3% | 6.3% | 6.2% | 6.3% |
| ROA | 0.7% | 0.7% | 0.6% | 0.6% | 0.5% | -0.6% | 0.4% | 0.5% | 0.5% | 0.5% | 0.5% |
| ROIC | 2.8% | 2.8% | 3.1% | 2.8% | 2.6% | -0.3% | 2.2% | 3.1% | 2.8% | 2.5% | 2.3% |
| ROCE | 1.1% | 1.1% | 1.0% | 1.3% | 2.7% | -0.4% | 1.3% | 1.0% | 0.9% | 0.8% | 0.7% |
Solvency and debt-coverage ratios — lower is generally safer
Banco Santander, S.A. carries a Debt/EBITDA ratio of 21.7x, which is highly leveraged (427% above the sector average of 4.1x). Net debt stands at $265.5B ($483.4B total debt minus $217.9B cash). Interest coverage of just 0.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.50 | 4.50 | 2.98 | 2.90 | 3.45 | 3.53 | 3.39 | 2.30 | 2.04 | 2.23 | 2.29 |
| Debt / EBITDA | 21.66 | 21.66 | 15.83 | 15.52 | 19.33 | 438.93 | 24.17 | 14.83 | 14.84 | 17.43 | 18.90 |
| Net Debt / Equity | — | 2.47 | 0.61 | 0.61 | 1.03 | 1.63 | 2.23 | 1.24 | 1.00 | 1.48 | 1.50 |
| Net Debt / EBITDA | 11.89 | 11.89 | 3.26 | 3.28 | 5.76 | 203.20 | 15.90 | 8.00 | 7.28 | 11.61 | 12.41 |
| Debt / FCF | — | — | — | 3.55 | 2.20 | 2.59 | — | — | 3.43 | 11.30 | — |
| Interest Coverage | 0.29 | 0.29 | 0.27 | 0.46 | 1.11 | -0.15 | 0.58 | 0.71 | 0.56 | 0.45 | 0.39 |
Short-term solvency ratios and asset-utilisation metrics
Banco Santander, S.A.'s current ratio of 21.49x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 21.18x to 21.49x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 21.49 | 21.49 | 5.89 | 21.18 | 0.26 | 0.28 | 0.34 | 7.49 | 7.22 | 5.44 | 5.81 |
| Quick Ratio | 21.49 | 21.49 | 5.89 | 21.18 | 0.26 | 0.28 | 0.34 | 7.49 | 7.22 | 5.44 | 5.81 |
| Cash Ratio | 18.59 | 18.59 | 3.49 | 21.18 | 0.23 | 0.17 | 0.13 | 7.49 | 7.22 | 5.44 | 5.81 |
| Asset Turnover | — | 0.07 | 0.07 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Banco Santander, S.A. returns 5.0% to shareholders annually — split between a 1.8% dividend yield and 3.1% buyback yield. The payout ratio of 24.0% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 4.3% | 3.4% | 3.7% | 2.3% | — | 5.6% | 4.3% | 2.6% | 3.0% | 2.1% |
| Payout Ratio | 24.0% | 24.0% | 20.4% | 19.2% | 16.2% | — | 57.9% | 39.9% | 40.3% | 37.2% | 25.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.3% | 16.9% | 15.7% | 18.3% | 13.4% | — | 8.8% | 10.0% | 6.2% | 7.9% | 8.1% |
| FCF Yield | — | — | — | 33.8% | 79.5% | 109.1% | — | — | 30.9% | 17.7% | — |
| Buyback Yield | 3.1% | 6.7% | 4.6% | 4.1% | 2.9% | 1.4% | 1.4% | 1.4% | 1.3% | 1.8% | 4.6% |
| Total Shareholder Yield | 5.0% | 11.0% | 8.0% | 7.8% | 5.2% | 1.4% | 6.9% | 5.7% | 3.9% | 4.8% | 6.7% |
| Shares Outstanding | — | $15.6B | $16.2B | $16.9B | $17.3B | $17.3B | $17.1B | $16.9B | $16.1B | $15.3B | $15.0B |
Compare SAN with 5 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| SANYou | $181B | 13.6 | 18.8 | — | 39.4% | 14.6% | 11.9% | 2.8% | 21.7 |
| HSBC | $320B | 15.0 | 7.6 | 5.2 | 47.0% | 22.5% | 12.5% | 4.6% | 6.7 |
| BBVA | $131B | 11.7 | 10.1 | — | 100.0% | 56.6% | 17.4% | 6.1% | 7.4 |
| BCS | $84B | 11.0 | 28.5 | — | 100.0% | 34.7% | 9.5% | 1.8% | 46.9 |
| ING | $83B | 11.5 | 20.4 | — | 94.3% | 39.7% | 12.4% | 3.1% | 18.5 |
| NWG | $66B | 11.6 | 3.0 | 70.9 | 51.3% | 21.7% | 12.5% | 4.6% | 9.1 |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 27 years · Updated daily
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Start ComparisonBanco Santander, S.A.'s current P/E ratio is 13.6x. The historical average is 17.6x. This places it at the 54th percentile of its historical range.
Banco Santander, S.A.'s current EV/EBITDA is 18.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.2x.
Banco Santander, S.A.'s return on equity (ROE) is 11.9%. The historical average is 10.4%.
Based on historical data, Banco Santander, S.A. is trading at a P/E of 13.6x. This is at the 54th 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 1.85% with a payout ratio of 24.0%.
Banco Santander, S.A. has 39.4% gross margin and 14.6% operating margin. Operating margin between 10-20% is typical for established companies.
Banco Santander, S.A.'s Debt/EBITDA ratio is 21.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.