Last 47 quarters of trend data · Financial Services · Banks - Diversified
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Banco Santander, S.A.'s quarterly P/E stands at 11.7x, up 83.4% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 85.5% YoY to 9.1x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.61 | 11.69 | 9.43 | 7.98 | 5.70 | 6.37 | 5.79 | 7.12 | 6.09 | 5.22 | 5.80 | 6.15 | 5.67 |
| — | +83.4% | +63.0% | +12.1% | -6.4% | +22.1% | -0.2% | +15.7% | +7.3% | +26.1% | +7.7% | +1.9% | -36.0% | |
| P/S Ratio | 1.18 | 2.89 | 2.15 | 0.86 | 1.18 | 1.39 | 1.20 | 0.60 | 1.24 | 1.02 | 1.11 | 0.56 | 0.97 |
| — | +108.4% | +79.7% | +42.8% | -5.1% | +36.0% | +7.7% | +7.7% | +27.2% | +41.4% | +11.0% | -31.3% | +6.7% | |
| P/B Ratio | 1.52 | 1.49 | 1.13 | 0.98 | 0.69 | 0.79 | 0.72 | 0.77 | 0.69 | 0.58 | 0.61 | 0.64 | 0.53 |
| — | +89.0% | +58.1% | +27.0% | +1.2% | +35.4% | +18.1% | +21.6% | +28.7% | +51.0% | +16.8% | +9.5% | -14.4% | |
| P/FCF | — | — | 1.58 | — | 0.90 | 1.79 | — | — | 4.06 | — | 9.47 | 10.02 | 8.66 |
| — | — | — | — | -77.8% | — | — | — | -53.1% | — | — | — | — | |
| EV / EBITDA | 18.78 | 9.13 | 7.04 | 5.56 | 15.67 | 4.92 | 5.06 | 10.33 | 7.21 | 0.92 | 1.91 | 7.93 | 6.60 |
| — | +85.5% | +39.1% | -46.2% | +117.4% | +435.4% | +165.3% | +30.2% | +9.3% | +166.7% | +386.2% | +1177.4% | -25.4% | |
| EV / EBIT | 22.04 | 10.69 | 8.32 | 6.47 | 18.47 | 5.74 | 5.91 | 12.20 | 8.64 | 1.08 | 2.27 | 9.57 | 8.01 |
| — | +86.4% | +40.8% | -46.9% | +113.9% | +428.9% | +160.0% | +27.5% | +7.8% | +165.3% | +384.0% | +1218.0% | -23.2% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Banco Santander, S.A.'s operating margin was 32.8% in Q3 2025, up 2.0 pp QoQ and down 0.1 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 27.3% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.4% | 79.9% | 75.9% | 40.9% | 80.3% | 80.3% | 77.8% | 39.6% | 75.8% | 78.0% | 78.9% | 40.6% | -4.9% |
| — | -0.5% | -2.3% | +3.4% | +5.8% | +3.0% | -1.4% | -2.6% | +1635.5% | +1.4% | +275.8% | -31.4% | -107.4% | |
| Operating Margin | 14.6% | 32.8% | 30.8% | 16.4% | 29.1% | 32.9% | 31.8% | 13.6% | 27.2% | 30.3% | 30.6% | 13.5% | 26.2% |
| — | -0.2% | -3.1% | +20.9% | +6.8% | +8.8% | +3.9% | +0.3% | +4.0% | +4.5% | +3.3% | -42.4% | +12.9% | |
| Net Margin | 9.7% | 24.7% | 23.9% | 10.8% | 20.6% | 21.8% | 20.7% | 8.5% | 20.4% | 19.7% | 19.2% | 9.1% | 17.2% |
| — | +13.6% | +15.6% | +27.5% | +1.4% | +10.1% | +7.9% | -7.0% | +18.5% | +8.3% | +3.1% | -36.6% | +24.7% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.9% | 3.2% | 3.1% | 3.1% | 3.1% | 3.1% | 3.1% | 2.7% | 2.8% | 2.8% | 2.6% | 2.6% | 2.3% |
| — | +2.8% | +1.7% | +14.6% | +8.6% | +10.0% | +16.0% | +4.5% | +21.8% | +15.0% | +10.9% | +0.8% | -1.5% | |
| ROA | 0.7% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% |
| — | +5.9% | +4.8% | +16.5% | +10.5% | +12.3% | +18.2% | +7.5% | +25.9% | +17.8% | +9.1% | -5.3% | -10.0% | |
| ROIC | 2.8% | 0.8% | 0.8% | 0.8% | 0.7% | 0.9% | 0.9% | 0.8% | 0.7% | 0.8% | 0.8% | 0.7% | 0.7% |
| — | -5.9% | -11.7% | -7.1% | -5.6% | +4.7% | +7.8% | +9.6% | +4.9% | +7.6% | +2.9% | -6.7% | -8.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Banco Santander, S.A.'s Debt/EBITDA ratio is 58.1x — elevated, raising questions about debt serviceability.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.50 | 2.88 | 2.86 | 2.88 | 4.50 | 3.06 | 3.01 | 3.01 | 2.98 | 2.93 | 2.86 | 2.88 | 2.90 |
| — | -6.0% | -4.9% | -4.5% | +51.0% | +4.7% | +5.3% | +4.6% | +2.9% | +2.0% | +6.8% | +15.6% | -15.8% | |
| Debt / EBITDA | 21.66 | 58.06 | 59.77 | 52.68 | 89.12 | 56.15 | 54.21 | 58.50 | 66.15 | 57.43 | 57.45 | 62.06 | 66.75 |
| — | +3.4% | +10.3% | -10.0% | +34.7% | -2.2% | -5.6% | -5.7% | -0.9% | -6.5% | -1.2% | +22.1% | -9.7% | |
| Current Ratio | 21.49 | 0.32 | 0.33 | 0.33 | 21.49 | 0.33 | 0.32 | 2.52 | 5.89 | 0.45 | 0.44 | 79.44 | 21.18 |
| — | -4.1% | +4.6% | -86.8% | +264.8% | -26.1% | -27.0% | -96.8% | -72.2% | -0.8% | -0.1% | +18192.1% | +6364.3% | |
| Quick Ratio | 21.49 | 0.32 | 0.33 | 0.33 | 21.49 | 0.33 | 0.32 | 2.52 | 5.89 | 0.45 | 0.44 | 79.44 | 21.18 |
| — | -4.1% | +4.6% | -86.8% | +264.8% | -26.1% | -27.0% | -96.8% | -72.2% | -0.8% | -0.1% | +18192.1% | +6364.3% | |
| Interest Coverage | 0.29 | — | — | 0.33 | — | — | — | 0.27 | — | — | — | 0.28 | 0.32 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Start ComparisonBanco Santander, S.A.'s current P/E is 13.6x. The average P/E over the last 4 quarters is 8.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Banco Santander, S.A.'s current operating margin is 14.6%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Banco Santander, S.A.'s business trajectory between earnings reports.