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Spanish bank focused on retail and SME banking, with a UK subsidiary (TSB Bank).
Spanish bank focused on retail and SME banking, with a UK subsidiary (TSB Bank).
Earns mainly on the gap between interest on loans and deposit costs, with fees from accounts, cards and payments. It agreed in 2025 to sell its UK arm TSB to Santander, and the hostile takeover offer from BBVA lapsed in 2025 after too few shareholders accepted.
In one line: A Spanish regional bank with a UK retail arm.
Moat: narrow (scale, distribution, switching costs). Established SME banking relationships in Spain, with added UK retail scale via TSB.
Headquarters: Alicante, Spain · Founded: 1881 · Employees: 18,736
Size Banco de Sabadell (SAB.MC) is a Spain Financials company (Major Banks) with a market value of $19.2B, the 15th largest of 97 Spain companies the cockpit tracks. Shares closed at €3.60 on 6 Nov 2026.
Performance Over six months the shares gained 8.3%, against +3.8% for the median peer and +8.2% for the Spain market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 35.3% over the last twelve months (peer median +3.4%); the operating margin is 30.3% (peer median 38.7%).
Valuation It trades at 1.40× book value against a peer median of 1.42× (11th cheapest of 21).
Price implies The share price implies a return on equity of about 15.5%; Banco de Sabadell delivers 5.1%, so the price asks more than the business earns today.
Credit Banco de Sabadell has 22 bonds outstanding ($16.9B), rated BBB by the agencies and trading like AA- at a weighted spread of 46 bp.
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €6.77B | €7.86B | €8.81B | €10.5B | €6.93B |
| Revenue growth | — | -11% | -16% | +51% | — |
| Net income | €1.27B | €1.63B | €1.73B | €1.22B | €779M |
| Free cash flow | n/a | €9.62B | €5.82B | -€14.7B | €1.33B |
| Capital expenditure | n/a | €611M | €552M | €533M | €434M |
| Total debt | €44.2B | €43.5B | €45.1B | €50.8B | €63.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Banco de Sabadell SAB.MC | $19.2B | +8% | -35% | 5% | 1.40× | 15.5% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | $140B | +20% | +9% | 20% | 2.15× | 24.8% |
| CaixaBank CABK.MC | $91.9B | +7% | -2% | 16% | 2.05× | 13.3% |
| Bankinter BKT.MC | $14.5B | +4% | 0% | 18% | 1.87× | 12.4% |
| Banco Santander SAN.MC | $174B | +4% | +15% | 13% | 1.40× | 17.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SAB.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.3% | +2.7% | 11th highest of 21 |
| 6-month return | +8.3% | +3.8% | 8th highest of 21 |
| Return on equity | 5.1% | 12.2% | 2nd lowest of 21 |
| Price / book | 1.40× | 1.42× | 11th cheapest of 21 |
| Trailing P/E | 14.5× | 12.8× | 7th most expensive of 18 |
| ROE the price implies | 15.5% | 12.5% | 6th most demanding of 21 |
| ROE delivered | 5.1% | 12.4% | 2nd lowest of 19 |
| Bond spread | 46 bp | 100 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Banco de Sabadell SAB.MC | Spain | $19.2B | +8% | -35% | 5% | 1.40× | 15.5% | 5.1% |
| Banca Mediolanum BMED.MI | Italy | $19.1B | +17% | -34% | 30% | 3.73× | 35.6% | 30.1% |
| Banco de Chile Sponsored ADR BCH | United States | $19.6B | +7% | +4% | 22% | 3.15× | 13.6% | 21.8% |
| First Financial 2892.TW | Taiwan | $17.8B | +44% | +5% | 11% | 1.95× | 5.8% | 10.9% |
| mBank MBK.WA | Poland | $17.7B | +37% | -1% | 19% | 3.05× | 37.6% | 19.1% |
| China Minsheng Banking 600016.SS | China | $21.3B | -8% | -10% | 4% | 0.26× | 1.6% | 4.5% |
| Banco Santander (Brasil) S.A. Sponsored ADR BSBR | United States | $17.4B | -20% | +18% | 10% | 2.10× | 12.6% | 10.2% |
| WooriFinancialGroup 316140.KS | South Korea | $17.0B | -5% | +37% | 10% | 0.71× | 4.8% | n/a |
| KeyCorp KEY | United States | $22.0B | -3% | +9% | 11% | 1.39× | 13.1% | 11.2% |
| Hanafinancialgr 086790.KS | South Korea | $22.5B | -7% | +39% | 10% | 0.79× | 5.3% | n/a |
| Banco BPM BAMI.MI | Italy | $22.8B | +1% | -4% | 12% | 1.30× | 13.5% | 12.5% |
| Bank of Nanjing 601009.SS | China | $22.8B | +5% | +6% | 12% | 0.77× | 2.8% | 11.9% |
| Hua Xia Bank 600015.SS | China | $15.7B | -5% | -1% | 8% | 0.32× | 1.8% | 7.6% |
| Mega Financial 2886.TW | Taiwan | $24.0B | +37% | +1% | 10% | 1.97× | 5.9% | 10.0% |
| Punjab National Bank PNB.NS | India | $15.4B | +16% | +3% | 15% | 0.90× | 17.0% | 15.1% |
| FinecoBank FBK.MI | Italy | $15.4B | +3% | +5% | 32% | 5.71× | 43.8% | 32.3% |
| Regions Financial RF | United States | $24.1B | +2% | +1% | 12% | 1.46× | 13.2% | 12.4% |
| Union Bank of India UNIONBANK.NS | India | $15.1B | +12% | 0% | 16% | 0.99× | 16.4% | 16.3% |
| E Sun Financial 2884.TW | Taiwan | $25.2B | +55% | +36% | 15% | 2.70× | 7.6% | 14.7% |
| Bankinter BKT.MC | Spain | $14.5B | +4% | 0% | 18% | 1.87× | 12.4% | 17.6% |
| Citizens Financial CFG | United States | $26.5B | -1% | +4% | 9% | 1.16× | 11.5% | 8.9% |
Banco de Sabadell has 22 bonds outstanding with $16.9B face value. The agencies rate it BBB; its bonds trade like AA-. Weighted yield 4.18%, a spread of 46 bp over government bonds.