Banco Santander, S.A.

€10.70As of Sun 8 Nov 2026, 12:00 UTC

BME:SANFinancials

Country Spain

PE (Fwd) •••

TSR 10Y CAGR 12.77%

Div yield 2.38%

ROTE 18.17%

Banks (Diversified)

Beta (5Y) 0.90

PE TTM 10.09

TSR TTM 23.57%

Mkt cap €153.3B

NIM —

SE Grade™

Value

Quality

Moat

Consensus

Reference

€12

7.97%

(63.44%)

Hold 11|10|2|10|12

TTM

FYE 31 Dec EUR

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

17.86

Revenue€B

19.56

20.89

21.49

22.92

24.54

26.28

27.21

28.31

29.48

30.83

18.59

4.67%

5.09%

6.46

Revenue growth%

0.40

1.29

0.40

1.02

2.66

0.40

1.59

15.58

1.02

0.40

26.45

NIM%

16.97

19.21

20.61

18.96

16.56

17.06

19.43

19.26

16.42

19.22

10.86

19.22

19.08

3.20

Effic. R.%

18.34

18.17

16.18

18.05

20.77

23.58

24.34

23.66

25.82

25.99

5.43

24.34

22.17

2.47

Net margin%

6.23

7.04

8.21

8.35

5.68

3.06

3.40

2.86

4.59

3.21

27.80

3.21

5.13

27.19

P/E ratio (avg)x

19.00

19.25

17.62

16.45

14.34

14.95

16.29

14.41

12.54

12.20

14.95

14.41

15.62

30.13

P/TBVx

10.76

10.10

10.04

10.34

10.20

9.080

8.952

8.446

8.527

8.779

25.88

8.779

9.559

29.26

P/Bx

36.52

36.45

36.53

38.76

38.33

40.88

45.23

47.39

46.33

44.07

15.33

45.23

39.82

15.80

NII€B

14.41

15.54

16.15

16.86

18.40

19.65

20.46

21.11

21.85

22.88

1.798

4.45%

4.97%

—

3.36

NII grth%

10.00

9.35

9.89

9.21

12.17

10.77

9.10

11.91

9.57

7.16

19.24

9.57

9.73

4.37

ROTE%

27.92

30.77

31.48

28.95

27.59

26.64

27.38

25.23

22.64

20.25

16.02

25.23

27.49

15.07

Return on equity%

26.94

27.64

27.66

26.68

27.18

24.90

25.69

24.56

22.38

21.67

14.18

24.56

26.18

29.74

Return on assets%

15.00

12.85

14.58

13.78

10.96

11.85

13.53

14.13

17.08

18.71

26.15

14.13

13.96

1.91

EPS€

1.20

1.18

1.09

1.04

1.01

1.06

1.04

1.03

1.17

1.13

2.07

2.35%

(0.63%)

—

7.95

EPS growth%

13.91

14.50

13.31

12.08

11.22

13.66

14.46

13.90

12.82

13.07

25.36

13.66

13.49

1.68

Bookvalue per sh€

2.45

2.29

2.55

2.82

2.95

2.71

2.92

2.74

2.90

3.14

0.76

1.29%

2.12%

—

0.97

TBV/sh€

0.34

0.30

0.28

0.26

0.28

0.30

0.29

0.27

0.24

0.42

(3.20%)

(4.01%)

—

1.67

Dividend per sh€

1.24

1.25

1.40

1.58

1.49

1.64

1.76

1.80

1.62

1.67

0.48%

3.18%

—

25.81

Div yield (avg)%

9.55

10.37

8.52

7.02

8.25

11.22

12.10

10.51

11.97

9.73

5.16

11.22

10.05

23.15

Payout ratio%

17.74

16.83

17.51

18.81

19.77

19.21

20.50

21.34

21.41

18.65

14.69

20.50

19.01

14.41

Shares (diluted)B

28.46

30.25

36.25

39.88

41.61

43.16

44.29

44.30

52.25

62.29

13.96

8.40%

10.20%

15.38

Buyback yield%

17.96

18.32

16.02

15.36

16.94

14.12

14.91

15.60

18.33

17.95

12.73

15.60

16.48

81.93

Eq/Assets%

31.32

31.76

28.23

31.03

29.42

31.16

32.84

33.31

29.86

30.50

104.06

31.16

31.10

30.48

Assets€B

61.08

67.43

68.81

76.05

83.57

94.92

100.1

111.3

123.3

134.3

33.76

9.95%

9.39%

17.38

LT debt€B

19.39

19.21

18.59

17.48

17.18

14.72

14.32

15.06

14.17

12.64

33.35

(5.96%)

(3.51%)

Peers (US$172.2B)

Cap (US$)

Banco Bilbao Vizcaya…

139.1B

11.32x

CaixaBank, S.A.

91.67B

13.29x

Banco de Sabadell, S.A.

18.90B

10.41x

Commonwealth Bank of…

192.3B

25.81x

Capital

TTM

10Y

Tang eq%

107.54

44.48

41.61

LT debt%

57.03

13.54

18.03

Cash%

38.25

8.35

8.39

Sh yield%

41.19

27.00

26.56

Owners

Insiders/Inst%

5.82

36.15

Short interest%

5.54

SBC / revenue%

3.02

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

ROE range%

22–28

$1 testx

—

Incr. ROIC%

—

Banco Santander, S.A. provides financial products and services to individuals, small and medium-sized enterprises, large corporations and public entities worldwide through five segments: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance, and Payments. Its offerings include deposits, mortgages, consumer finance, loans, asset management, and digital payments.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Total assets

€134.3B

9.39%

1.49×

Revenue

€30.83B

5.09%

1.00×

Non-interest expense

€16.36B

5.00%

0.99×