NWG vs. SAN: NatWest vs. Banco Santander Stock Comparison
How do NatWest (NWG) and Banco Santander (SAN) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.
Company Profile
NatWest (NWG) and Banco Santander (SAN) are both classified in the Diversified Banks sub-industry within the broader Banks industry, placing them in the closest GICS peer bucket.
Both NatWest (NWG) and Banco Santander (SAN) trade as ADRs — their core financials are comparable, but keep FX, depositary-program fees, and dividend withholding in view for each.
| Profile Item | NWG | SAN |
|---|---|---|
| Name | NatWest Group plc Sponsored ADR | Banco Santander, S.A. Sponsored ADR |
| Country/Region | United Kingdom | Spain |
| GICS Sector | Financials | Financials |
| GICS Industry Group | Banks | Banks |
| GICS Industry | Banks | Banks |
| GICS Sub-Industry | Diversified Banks | Diversified Banks |
| Market Capitalization | 61.54 billion USD | 169.27 billion USD |
| Currency | USD | USD |
| Exchange | NYSE | NYSE |
| Listing Date | October 18, 2007 | July 30, 1987 |
| Security Type | ADR | ADR |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | NWG | SAN |
|---|---|---|
| Total Return (1Y) | 7.03% | 22.64% |
| Total Return (3Y, Annualized) | 59.12% | 52.66% |
| Total Return (5Y, Annualized) | 30.15% | 31.64% |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
| Metric | NWG | SAN |
|---|---|---|
| Volatility (1Y, Annualized) | 33.39% | 35.78% |
| Beta (5Y) | 0.96 | 0.71 |
| Max Drawdown (5Y) | -40.66% | -40.82% |
| Avg. Volume (3M) | 3.73M | 11.52M |
Risk-Adjusted Performance
Risk-Return Positioning
Risk-Adjusted Metrics
| Metric | NWG | SAN |
|---|---|---|
| Sharpe Ratio (1Y) | 0.08 | 0.51 |
| Sortino Ratio (1Y) | 0.12 | 0.77 |
Profitability
ROE (TTM)
NatWest (NWG) at 14.58% sits in the top ROE quartile, while Banco Santander (SAN) at 13.06% is closer to the peer norm — stronger capital efficiency for NWG.
NWG
Banks industry group
14.58%
- Max
- 19.84%
- NWG
- 14.58%
- Q3
- 13.67%
- Median
- 11.49%
- Q1
- 9.50%
- Min
- 3.64%
SAN
Banks industry group
13.06%
- Max
- 19.84%
- Q3
- 13.67%
- SAN
- 13.06%
- Median
- 11.49%
- Q1
- 9.50%
- Min
- 3.64%
Net Margin (TTM)
NatWest (NWG) at 36.93% retains a top-quartile share of revenue as profit, ahead of Banco Santander (SAN) at 32.58%, which keeps about the industry-typical share.
NWG
Banks industry group
36.93%
- Max
- 47.19%
- NWG
- 36.93%
- Q3
- 35.25%
- Median
- 31.21%
- Q1
- 27.11%
- Min
- 14.93%
SAN
Banks industry group
32.58%
- Max
- 47.19%
- Q3
- 35.25%
- SAN
- 32.58%
- Median
- 31.21%
- Q1
- 27.11%
- Min
- 14.93%
Operating Margin (TTM)
Neither side reports a meaningful operating margin: for NatWest (NWG) in Banks and Banco Santander (SAN) in Banks, funding costs are part of the core business, so net margin and ROE are the cleaner profitability reads.
Profitability Metrics
| Metric | NWG | SAN |
|---|---|---|
| ROE (TTM) | 14.58% | 13.06% |
| ROA (TTM) | 0.85% | 0.76% |
| Net Margin (TTM) | 36.93% | 32.58% |
| Operating Margin (TTM) | -- | -- |
| Gross Margin (TTM) | -- | -- |
Growth
Revenue Growth
NatWest (NWG) at 13.35% is around its peer norm for revenue growth, while Banco Santander (SAN) at -0.47% drops into the bottom quartile, signaling weaker demand or pricing momentum.
EPS Growth
Both NatWest (NWG) at 26.93% and Banco Santander (SAN) at 17.19% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.
Growth Metrics
| Metric | NWG | SAN |
|---|---|---|
| Revenue Growth (YoY) | 13.35% | -0.47% |
| Revenue Growth (3Y CAGR) | 7.55% | 3.45% |
| EPS Growth (YoY) | 26.93% | 17.19% |
| EPS Growth (3Y CAGR) | 26.12% | 18.78% |
Financial Strength
Current Ratio (MRQ)
current ratio doesn’t apply on either side: NatWest (NWG) in Banks and Banco Santander (SAN) in Banks both report balance sheets without a current/non-current split, so their short-term liquidity is better judged through regulatory and funding measures.
Debt / Equity (MRQ)
debt-to-equity ratio is set aside for both: NatWest (NWG) in Banks and Banco Santander (SAN) in Banks run businesses where balance-sheet leverage is part of the model, so capital-adequacy and funding measures are the better gauges of balance-sheet risk.
Financial Strength Metrics
| Metric | NWG | SAN |
|---|---|---|
| Current Ratio (MRQ) | -- | -- |
| Debt / Equity (MRQ) | -- | -- |
| Net Debt / EBITDA | -- | -- |
Dividends
Dividend Yield (TTM)
Both NatWest (NWG) at 2.19% and Banco Santander (SAN) at 2.10% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.
NWG
Banks industry group
2.19%
- Max
- 5.79%
- Q3
- 3.18%
- Median
- 2.39%
- NWG
- 2.19%
- Q1
- 1.20%
- Min
- 0.00%
SAN
Banks industry group
2.10%
- Max
- 5.79%
- Q3
- 3.18%
- Median
- 2.39%
- SAN
- 2.10%
- Q1
- 1.20%
- Min
- 0.00%
Dividend Payout Ratio (TTM)
Banco Santander (SAN) at 25.91% pays out a band-typical share of earnings, while NatWest (NWG) at 47.43% distributes more than its industry norm — less retained, thinner cover.
NWG
Banks industry group
47.43%
- Max
- 70.75%
- NWG
- 47.43%
- Q3
- 41.28%
- Median
- 29.26%
- Q1
- 18.98%
- Min
- 0.00%
SAN
Banks industry group
25.91%
- Max
- 70.75%
- Q3
- 41.28%
- Median
- 29.26%
- SAN
- 25.91%
- Q1
- 18.98%
- Min
- 0.00%
Dividend Metrics
| Metric | NWG | SAN |
|---|---|---|
| Dividend Yield (TTM) | 2.19% | 2.10% |
| Dividend Payout Ratio (TTM) | 47.43% | 25.91% |
Valuation
P/E Ratio (TTM)
NatWest (NWG) at 7.84 sits in the cheaper P/E ratio quartile, while Banco Santander (SAN) at 11.08 is closer to its industry’s usual earnings multiple — a discount for NWG, though growth and earnings durability still matter.
NWG
Banks industry group
7.84
- Max
- 18.16
- Q3
- 13.75
- Median
- 11.81
- Q1
- 10.64
- NWG
- 7.84
- Min
- 6.49
SAN
Banks industry group
11.08
- Max
- 18.16
- Q3
- 13.75
- Median
- 11.81
- SAN
- 11.08
- Q1
- 10.64
- Min
- 6.49
P/S Ratio (TTM)
P/S ratio is set aside for both NatWest (NWG) in Banks and Banco Santander (SAN) in Banks: without a conventional revenue line, pricing per dollar of sales isn’t meaningful, and book- or earnings-based multiples make the better comparison.
P/B Ratio (MRQ)
On P/B ratio, both NatWest (NWG) at 1.20 and Banco Santander (SAN) at 1.33 are valued close to their industries’ norm against book — neither stands out from peers.
NWG
Banks industry group
1.20
- Max
- 2.28
- Q3
- 1.58
- Median
- 1.32
- NWG
- 1.20
- Q1
- 1.10
- Min
- 0.59
SAN
Banks industry group
1.33
- Max
- 2.28
- Q3
- 1.58
- SAN
- 1.33
- Median
- 1.32
- Q1
- 1.10
- Min
- 0.59
Valuation Metrics
| Metric | NWG | SAN |
|---|---|---|
| P/E Ratio (TTM) | 7.84 | 11.08 |
| P/S Ratio (TTM) | -- | -- |
| P/B Ratio (MRQ) | 1.20 | 1.33 |
| Free Cash Flow Yield (TTM) | -- | -- |