Banco Santander, S.A. (SAN) Financial Ratios
35 years of historical data (1991–2025) · Financial Services · Banks - Diversified
EV/EBITDA
↑
21.61
↑+64% vs avg
5yr avg: 13.15
30Y Low6.7·High52.0
P/FCF
↑
N/A
—
5yr avg: 2.11
30Y Low0.9·High30.9
P/B Ratio
↑
1.49
↑+84% vs avg
5yr avg: 0.81
30Y Low0.5·High2.8
ROE
↑
12.8%
↓+18% vs avg
5yr avg: 10.8%
30Y Low-9%·High22%
Debt/EBITDA
↑
22.72
+10% vs avg
5yr avg: 20.58
30Y Low1.8·High41.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
SAN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Banco Santander, S.A. trades at 12.1x earnings, 57% above its 5-year average of 7.7x, sitting at the 33rd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.4x, the stock trades at a discount of 9%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $182.0B | $186.8B | $71.0B | $67.3B | $49.9B | $57.0B | $52.8B | $67.9B | $72.5B | $101.1B | $76.1B |
| Enterprise Value | $554.4B | $504.2B | $336.5B | $131.3B | $216.6B | $156.6B | $202.0B | $315.1B | $205.4B | $208.0B | $228.5B |
| P/E Ratio → | 12.14 | 13.48 | 5.92 | 6.37 | 5.46 | 7.48 | — | 11.34 | 9.98 | 16.08 | 12.72 |
| P/S Ratio | 1.29 | 1.56 | 0.55 | 0.55 | 0.57 | 0.93 | 0.87 | 0.94 | 1.04 | 1.42 | 1.09 |
| P/B Ratio | 1.49 | 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
SAN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Banco Santander, S.A.'s enterprise value stands at 21.6x EBITDA, 64% above its 5-year average of 13.2x. The Financial Services sector median is 11.4x, placing the stock at a 89% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.21 | 2.59 | 1.08 | 2.49 | 2.55 | 3.34 | 4.34 | 2.95 | 2.92 | 3.28 |
| EV / EBITDA | 21.61 | 23.06 | 15.07 | 6.69 | 11.88 | 9.05 | 275.15 | 20.27 | 12.36 | 14.17 | 17.40 |
| EV / EBIT | 25.29 | 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 |
SAN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Banco Santander, S.A. earns an operating margin of 15.6%, below the Financial Services sector average of 21.2%. Operating margins have expanded from 13.5% to 15.6% over the past 3 years, signaling improving operational efficiency. ROE of 12.8% is modest. ROIC of 2.3% represents below-average returns on invested capital versus a sector median of 5.7%.
Margins
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% |
Return on Capital
| 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% | 1.3% | 1.0% | 0.9% | 0.8% |
SAN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Banco Santander, S.A. carries a Debt/EBITDA ratio of 22.7x, which is highly leveraged (450% above the sector average of 4.1x). Net debt stands at $317.3B ($496.6B total debt minus $179.3B 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 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 |
SAN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.25x is below 1.0, meaning current liabilities exceed current assets — though the company's $179.3B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 5.89x to 0.25x over the past 3 years.
| 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 | 7.49 | 7.22 | 5.44 |
| Quick Ratio | 0.25 | 0.25 | 21.49 | 5.89 | 0.28 | 0.26 | 0.28 | 0.34 | 7.49 | 7.22 | 5.44 |
| Cash Ratio | 0.14 | 0.14 | 18.59 | 3.49 | 0.21 | 0.23 | 0.17 | 0.13 | 7.49 | 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 | — | — | — | — | — | — | — | — | — | — | — |
SAN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Banco Santander, S.A. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 8.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | 4.3% | 3.4% | 3.7% | 2.3% | — | 5.6% | 4.3% | 2.6% | 3.0% |
| Payout Ratio | — | — | 24.0% | 20.4% | 19.2% | 16.2% | — | 57.9% | 39.9% | 40.3% | 37.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.2% | 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 | 0.0% | 0.0% | 6.7% | 4.6% | 4.1% | 2.9% | 1.4% | 1.4% | 1.4% | 1.3% | 1.8% |
| Total Shareholder Yield | 0.0% | 0.0% | 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 |
Peer Comparison
Compare SAN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 SANYou | $182B | 12.1 | 21.6 | — | 40.0% | 15.6% | 12.8% | 2.3% | 22.7 |
 BBVA | $124B | 11.2 | 5.3 | 7.5 | 83.6% | 43.9% | 17.3% | 7.0% | 4.6 |
 DB | $61B | 8.8 | 13.9 | — | 49.9% | 16.0% | 8.7% | 2.6% | 26.2 |
 ING | $86B | 12.0 | 20.8 | — | 94.3% | 39.7% | 12.4% | 3.1% | 18.5 |
 BCS | $82B | 10.8 | 4.8 | — | 108.6% | 37.3% | 9.5% | 2.7% | 21.0 |
 UBS | $140B | 24.2 | 30.0 | — | 63.6% | 11.9% | 7.0% | 1.2% | 37.3 |
 ITUB | $93B | 10.6 | 20.9 | 3.6 | 34.5% | 13.1% | 20.6% | 3.2% | 17.6 |
 JPM | $849B | 15.9 | 13.6 | — | 58.6% | 27.7% | 17.4% | 5.4% | 9.0 |
 BAC | $408B | 14.0 | 14.8 | 32.3 | 55.4% | 18.5% | 10.2% | 3.2% | 10.0 |
 C | $223B | 21.4 | 25.1 | — | 41.7% | 10.0% | 6.1% | 1.6% | 27.7 |
 WFC | $249B | 15.0 | 10.6 | 81.9 | 62.2% | 18.6% | 10.7% | 3.7% | 9.1 |
| Financial Services Median | — | 13.4 | 11.4 | 10.6 | 63.4% | 21.2% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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View ValuationCompare SAN vs BBVA
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Start ComparisonSAN — Frequently Asked Questions
Quick answers to the most common questions about buying SAN stock.
What is Banco Santander, S.A.'s P/E ratio?
Banco Santander, S.A.'s current P/E ratio is 12.1x. The historical average is 17.4x. This places it at the 33th percentile of its historical range.
What is Banco Santander, S.A.'s EV/EBITDA?
Banco Santander, S.A.'s current EV/EBITDA is 21.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.5x.
What is Banco Santander, S.A.'s ROE?
Banco Santander, S.A.'s return on equity (ROE) is 12.8%. The historical average is 10.5%.
Is SAN stock overvalued?
Based on historical data, Banco Santander, S.A. is trading at a P/E of 12.1x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Banco Santander, S.A.'s profit margins?
Banco Santander, S.A. has 40.0% gross margin and 15.6% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Banco Santander, S.A. have?
Banco Santander, S.A.'s Debt/EBITDA ratio is 22.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.