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Global Spanish bank with large retail and commercial banking operations across Europe, the Americas (including Brazil, Mexico, US), and consumer finance.
Global Spanish bank with large retail and commercial banking operations across Europe, the Americas (including Brazil, Mexico, US), and consumer finance.
Earns mostly from the spread on loans and deposits plus fees, spread across a few home markets, Spain, the UK, Brazil, Mexico and the US, that each run as separately capitalised local banks, so a weak market can be offset by others. Car and consumer lending add to it. Ana Botin chairs the bank, from the family that has led it for generations.
In one line: A Spanish Bank of America / Citigroup with heavy Latin America exposure.
Moat: narrow (scale, brand, distribution). One of the few banks with true multi-continent retail scale, especially deep in Latin America.
Headquarters: Santander, Spain · Founded: 1857 · Employees: 198,403
Size Banco Santander (SAN.MC) is a Spain Financials company (Major Banks) with a market value of $174B, the 2nd largest of 97 Spain companies the cockpit tracks. Shares closed at €10.70 on 6 Nov 2026.
Performance Over six months the shares gained 4.4%, against +13.2% for the median peer and +8.2% for the Spain market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 14.6% over the last twelve months (peer median +4.6%); the operating margin is 28.8% (peer median 37.0%).
Valuation It trades at 1.40× book value against a peer median of 1.69× (7th cheapest of 21).
Price implies The share price implies a return on equity of about 17.1%; Banco Santander delivers 13.1%, so the price asks more than the business earns today.
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €128B | €124B | €130B | €127B | €93.6B |
| Revenue growth | — | -5% | +3% | +35% | — |
| Net income | €16.2B | €14.1B | €12.6B | €11.1B | €9.61B |
| Free cash flow | n/a | €77.7B | €50.0B | €69.1B | €20.3B |
| Capital expenditure | n/a | €7.66B | €10.6B | €13.6B | €10.8B |
| Total debt | €480B | €521B | €524B | €523B | €496B |
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 Santander SAN.MC | $174B | +4% | +15% | 13% | 1.40× | 17.1% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | $140B | +20% | +9% | 20% | 2.15× | 24.8% |
| Hsbc 0005.HK | $307B | -3% | -4% | 14% | 1.53× | 9.6% |
| Citigroup C | $200B | -5% | +5% | 9% | 1.03× | 10.9% |
| Itau Unibanco Holding S.A. Sponsored ADR Pfd ITUB | $84.9B | -12% | +8% | 22% | 1.84× | 11.8% |
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 | SAN.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.2% | +2.9% | 3rd lowest of 21 |
| 6-month return | +4.4% | +13.2% | 4th lowest of 21 |
| Return on equity | 13.1% | 12.8% | 10th highest of 21 |
| Price / book | 1.40× | 1.69× | 7th cheapest of 21 |
| Trailing P/E | 10.0× | 12.8× | 5th cheapest of 20 |
| ROE the price implies | 17.1% | 14.3% | 8th most demanding of 21 |
| ROE delivered | 13.1% | 12.9% | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Banco Santander SAN.MC | Spain | $174B | +4% | +15% | 13% | 1.40× | 17.1% | 13.1% |
| Cm Bank 3968.HK | Hong Kong | $165B | +16% | +3% | 13% | 0.99× | 10.2% | 13.3% |
| China Merchants Bank 600036.SS | China | $164B | +12% | +9% | 14% | 0.94× | 5.4% | 13.6% |
| Commonwealth Bank of Australia CBA.AX | Australia | $194B | +9% | +1% | 14% | 3.56× | 33.3% | 13.9% |
| DBS D05.SI | Singapore | $155B | +19% | -5% | 16% | 2.83× | 21.4% | 16.3% |
| Citigroup C | United States | $200B | -5% | +5% | 9% | 1.03× | 10.9% | 9.1% |
| Toronto-Dominion Bank TD.TO | Canada | $208B | +18% | -11% | 13% | 2.48× | 15.3% | 12.8% |
| Sumitomo Mitsui Financial 8316.T | Japan | $145B | +35% | +11% | 11% | 1.42× | 10.0% | 11.2% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | Spain | $140B | +20% | +9% | 20% | 2.15× | 24.8% | 19.6% |
| Mitsubishi Ufj Financial 8306.T | Japan | $230B | +14% | +11% | 13% | 1.60× | 11.2% | 12.6% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |
| HDFC Bank HDFCBANK.NS | India | $129B | -1% | +5% | 14% | 2.00× | 24.8% | 13.9% |
| Capital One COF | United States | $121B | +7% | +26% | 9% | 1.11× | 11.1% | 9.3% |
| Wells Fargo WFC | United States | $252B | +11% | +6% | 13% | 1.59× | 13.3% | 12.9% |
| Intesa Sanpaolo ISP.MI | Italy | $120B | +6% | -6% | 16% | 1.81× | 20.7% | 16.4% |
| Bank of Montreal BMO.TO | Canada | $120B | +16% | -2% | 11% | 2.14× | 16.4% | 10.6% |
| BNP Paribas BNP.PA | France | $114B | 0% | +8% | 11% | 0.84× | 10.4% | 10.9% |
| Bank of Nova Scotia BNS.TO | Canada | $114B | +21% | -3% | 12% | 1.99× | 16.3% | 11.6% |
| Mizuho Financial 8411.T | Japan | $110B | +7% | +6% | 13% | 1.52× | 11.5% | 12.5% |
| Royal Bank of Canada RY.TO | Canada | $281B | +15% | +5% | 16% | 2.94× | 18.4% | 16.2% |
| Bank of Communications 3328.HK | Hong Kong | $107B | +19% | +3% | 8% | 0.55× | 4.8% | 8.3% |