Banco Santander (SAN) Stock Analysis

November 11, 2026

This is a peer-relative look at Banco Santander (SAN): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Banks peers, so every number reads in context rather than in isolation.

Company Profile

Banco Santander (SAN) trades as an ADR rather than ordinary local shares — read it with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile fields for Banco Santander (SAN)
Profile Item	SAN
Name	Banco Santander, S.A. Sponsored ADR
Country/Region	Spain
GICS Sector	Financials
GICS Industry Group	Banks
GICS Industry	Banks
GICS Sub-Industry	Diversified Banks
Market Capitalization	169.27 billion USD
Currency	USD
Exchange	NYSE
Listing Date	July 30, 1987
Security Type	ADR

Price Performance

Cumulative Growth

SAN

GSPC

Banco Santander (SAN) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Banco Santander (SAN) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Banco Santander (SAN) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Banco Santander (SAN) metric values compared with Banks industry-group medians
Metric	Current stock: SAN	Industry group median
Total Return (1Y)	22.64%	30.28%
Total Return (3Y, Annualized)	52.66%	26.57%
Total Return (5Y, Annualized)	31.64%	9.43%

Risk Profile

Drawdown History

SAN

GSPC

Banco Santander (SAN) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Banco Santander (SAN) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Banco Santander (SAN) metric values compared with Banks industry-group medians
Metric	Current stock: SAN	Industry group median
Volatility (1Y, Annualized)	35.78%	24.34%
Beta (5Y)	0.71	0.72
Max Drawdown (5Y)	-40.82%	-43.36%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. SAN is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Banco Santander (SAN) metric values compared with Banks industry-group medians
Metric	Current stock: SAN	Industry group median
Sharpe Ratio (1Y)	0.51	1.08
Sortino Ratio (1Y)	0.77	1.61

Profitability

ROE (TTM)

Banco Santander (SAN) posts ROE of 13.06%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

SAN

Banks industry group

13.06%

Group distribution

Max: 19.84%
Q3: 13.67%
SAN: 13.06%
Median: 11.49%
Q1: 9.50%
Min: 3.64%

Largest peers

JPM: 18.01%
RY: 16.21%
HSBC: 14.22%
SAN: 13.06%
WFC: 12.91%
BAC: 10.73%
MUFG: 9.46%

Where Banco Santander (SAN) stands on ROE within its Banks peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Banco Santander (SAN) keeps 32.58% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

SAN

Banks industry group

32.58%

Group distribution

Max: 47.19%
Q3: 35.25%
SAN: 32.58%
Median: 31.21%
Q1: 27.11%
Min: 14.93%

Largest peers

HSBC: 41.16%
JPM: 34.59%
RY: 33.87%
SAN: 32.58%
BAC: 28.06%
WFC: 27.64%
MUFG: 27.45%

Where Banco Santander (SAN) stands on net margin within its Banks peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

operating margin is set aside for Banco Santander (SAN) in Banks: the operating-income line is not a clean boundary for this business model, so net margin, ROE, FFO, or industry-specific measures may be more useful.

Profitability Metrics

Banco Santander (SAN) metric values compared with Banks industry-group medians
Metric	Current stock: SAN	Industry group median
ROE (TTM)	13.06%	11.49%
ROA (TTM)	0.76%	1.24%
Net Margin (TTM)	32.58%	31.21%
Operating Margin (TTM)	--	--
Gross Margin (TTM)	--	--

Growth

Revenue Growth

Banco Santander (SAN) grew revenue -0.47%, in the lower peer quartile. The top line is expanding more slowly than at most peers, which can reflect softer demand, lost share, or weaker pricing.

Banco Santander (SAN): Revenue Growth across different time periods, set against Banks industry-group medians.

EPS Growth

Banco Santander (SAN) grew earnings per share 17.19%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

Banco Santander (SAN): EPS Growth across different time periods, set against Banks industry-group medians.

Growth Metrics

Banco Santander (SAN) metric values compared with Banks industry-group medians
Metric	Current stock: SAN	Industry group median
Revenue Growth (YoY)	-0.47%	11.23%
Revenue Growth (3Y CAGR)	3.45%	6.33%
EPS Growth (YoY)	17.19%	16.14%
EPS Growth (3Y CAGR)	18.78%	3.15%

Financial Strength

Current Ratio (MRQ)

current ratio is set aside for Banco Santander (SAN) in Banks: these balance sheets are not best read through a current/non-current split, so regulatory, funding, or liquidity-coverage measures usually matter more.

Debt / Equity (MRQ)

debt-to-equity ratio is set aside for Banco Santander (SAN) in Banks: leverage is part of the business model itself, so capital adequacy, funding mix, and regulatory measures are usually better risk gauges.

Financial Strength Metrics

Banco Santander (SAN) metric values compared with Banks industry-group medians
Metric	Current stock: SAN	Industry group median
Current Ratio (MRQ)	--	--
Debt / Equity (MRQ)	--	--
Net Debt / EBITDA	--	--

Dividends

Dividend Yield (TTM)

Banco Santander (SAN) has dividend yield of 2.10%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

SAN

Banks industry group

2.10%

Group distribution

Max: 5.79%
Q3: 3.18%
Median: 2.39%
SAN: 2.10%
Q1: 1.20%
Min: 0.00%

Largest peers

MUFG: 406.81%
RY: 3.23%
BAC: 2.33%
WFC: 2.19%
SAN: 2.10%
JPM: 1.82%
HSBC: 0.86%

Where Banco Santander (SAN) stands on dividend yield within its Banks peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Banco Santander (SAN) has payout ratio of 25.91%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

SAN

Banks industry group

25.91%

Group distribution

Max: 70.75%
Q3: 41.28%
Median: 29.26%
SAN: 25.91%
Q1: 18.98%
Min: 0.00%

Largest peers

HSBC: 53.57%
RY: 41.49%
MUFG: 34.74%
BAC: 27.62%
WFC: 26.09%
SAN: 25.91%
JPM: 25.80%

Where Banco Santander (SAN) stands on payout ratio within its Banks peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Banco Santander (SAN) metric values compared with Banks industry-group medians
Metric	Current stock: SAN	Industry group median
Dividend Yield (TTM)	2.10%	2.39%
Dividend Payout Ratio (TTM)	25.91%	29.26%

Valuation

P/E Ratio (TTM)

Banco Santander (SAN) trades at P/E ratio of 11.08, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

SAN

Banks industry group

11.08

Group distribution

Max: 18.16
Q3: 13.75
Median: 11.81
SAN: 11.08
Q1: 10.64
Min: 6.49

Largest peers

RY: 17.58
JPM: 14.03
MUFG: 13.71
WFC: 11.84
BAC: 11.79
HSBC: 11.38
SAN: 11.08

Where Banco Santander (SAN) stands on P/E ratio within its Banks peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

P/S ratio is not assessed for Banco Santander (SAN) in Banks: the revenue line is driven by spread economics rather than conventional product or service sales, so book value or earnings usually carry more weight.

P/B Ratio (MRQ)

Banco Santander (SAN) trades at 1.33 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

SAN

Banks industry group

1.33

Group distribution

Max: 2.28
Q3: 1.58
SAN: 1.33
Median: 1.32
Q1: 1.10
Min: 0.59

Largest peers

HSBC: 6.87
RY: 2.92
JPM: 2.53
MUFG: 1.64
WFC: 1.59
SAN: 1.33
BAC: 1.26

Where Banco Santander (SAN) stands on P/B ratio within its Banks peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Banco Santander (SAN) metric values compared with Banks industry-group medians
Metric	Current stock: SAN	Industry group median
P/E Ratio (TTM)	11.08	11.81
P/S Ratio (TTM)	--	--
P/B Ratio (MRQ)	1.33	1.32
Free Cash Flow Yield (TTM)	--	--