Banco Santander, S.A.SAN
NYSE•Financial Services•Banks - Diversified
Banco Santander, S.A. provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide. The company operates through five segments: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance, and Payments. It offers demand and time deposits, mutual funds, and current and savings accounts; mortgages, consumer finance, loans, and various financing solutions; and project finance, debt capital markets, global transaction banking, and corporate finance services. The company also provides credit and debit cards, real estate loans, microfinance, and auto loans; corporate and investment banking services; advice on mergers and acquisitions; wealth, asset, and risk management services; and digital payments and technology solutions. In addition, it is involved in the securitization, leasing, management of portfolios, e-commerce, air transport, aircraft rental, software, consulting, fund and investment management, renewable energy, vehicle rental, insurance, advertising, marketing, telemarketing, automotive, agricultural, factoring, securities brokerage and investment, pension fund management, trade intermediary, venture capital fund, renting, restaurant, electricity production, IT, internet, and financial advisory and other activities; management, and other real estate activities; and purchase and sale of vehicles. Further, the company offers mobile and online banking services. Banco Santander, S.A. was formerly known as Banco Santander Central Hispano SA and changed its name to Banco Santander, S.A. in February 2007. The company was incorporated in 1856 and is headquartered in Madrid, Spain.
Banco Santander, S.A. Sponsored (SAN) reported trailing twelve months revenue of $71.09B as of March 2026, a 8.6% decline year-over-year. Quarterly revenue reached $29.68B, reflecting a contraction in sales.
Banco Santander, S.A. Sponsored generated $15.64B in TTM net income, with quarterly EBITDA of $5.86B. The operating margin expanded from 16.4% to 16.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (16.9%) and net margin (18.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 10.8% a year ago, signaling stronger bottom-line efficiency.
SAN trades at a P/E of 10.4x (below the broader market average) and a P/S of 2.3x. The price-to-book ratio of 1.5x reflects a moderate premium to book value.
The company generated $0 in free cash flow over the trailing twelve months, a 100.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $1.86T in total assets with $328.62B in long-term debt against $106.14B in stockholders equity for a debt-to-equity ratio of 3.1, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~28.0%, suggesting durable pricing power and cost discipline.
ROE is positive at ~13.4% on average, adequate but below the threshold typically associated with wide moats.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~28.4% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 3.1 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue declined in 5 of the last 7 quarters — persistent contraction signals a fundamental problem.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares decreased 5.5% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation