Banco Santander US (SAN)
NYSE:SAN
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Banco Santander SA
(NYSE:SAN)
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Rating:72Outperform
Price Target:
$14.50
â–²(13.19% Upside)
Action:ReiteratedDate:10/29/25
Banco Santander SA's overall score reflects strong earnings performance and positive sentiment from the latest earnings call, offset by high leverage and negative cash flow. The stock's valuation is reasonable, and technical indicators suggest moderate momentum.
Positive Factors
Scale & Customer Base Growth
Strong, broad customer growth and record profit signal durable revenue scale and cross-sell capacity. A 178M customer base increases low-cost deposits, fee opportunities, and revenue diversification across retail, payments, and wealth, supporting sustained top-line resilience.
Negative Factors
High Financial Leverage
A debt-to-equity ratio near 3.3 implies elevated leverage that can amplify losses and limit strategic flexibility. In adverse credit or rate environments, high leverage raises funding and regulatory pressures, constraining capital allocation and growth options over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Customer Base Growth
Strong, broad customer growth and record profit signal durable revenue scale and cross-sell capacity. A 178M customer base increases low-cost deposits, fee opportunities, and revenue diversification across retail, payments, and wealth, supporting sustained top-line resilience.
Read all positive factors
Banco Santander SA (SAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$160.40B
Dividend Yield1.85%
Average Volume (3M)16.58M
Price to Earnings (P/E)11.0
Beta (1Y)1.03
Revenue Growth-15.34%
EPS Growth16.71%
CountryUS
Employees206,736
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)0.28
Shares Outstanding14,689,319,000
10 Day Avg. Volume13,775,445
30 Day Avg. Volume16,578,260
Financial Highlights & Ratios
PEG Ratio0.77
Price to Book (P/B)1.50
Price to Sales (P/S)1.29
P/FCF Ratio0.00
Enterprise Value/Market Cap3.16
Enterprise Value/Revenue6.76
Enterprise Value/Gross Profit10.81
Enterprise Value/Ebitda22.67
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.19
Revenue Forecast (FY)$73.37B
Banco Santander SA Business Overview & Revenue Model
Company Description
Banco Santander, S.A. provides various retail and commercial banking products and services to individuals, small and medium-sized enterprises, and large companies worldwide. It offers demand and time deposits, and current and savings accounts; mor...
How the Company Makes Money
Banco Santander generates revenue through multiple key streams. The primary source is net interest income, which comes from the difference between the interest earned on loans and the interest paid on deposits. The bank also earns significant inco...
Banco Santander SA Earnings Call Summary
Earnings Call Date:Oct 29, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The earnings call reflects a positive overall sentiment, with record profits, strong fee income growth, and improved efficiency ratios. However, challenges such as currency depreciation, high cost of risk in Brazil, and litigation provisions present areas of concern.Positive Updates
Record Quarterly Profit
Santander achieved a record quarterly profit of EUR 3.5 billion, marking the best 9-month period ever in 2025, driven by strong revenue growth across global businesses and a solid customer base.
Negative Updates
Currency Depreciation Impact
The difference in growth rates between current and constant euros was around 5 percentage points, mainly due to the depreciation of the Brazilian real and the Mexican peso.
Read all updates
Q3-2025 Updates
Positive
Negative
Record Quarterly Profit
Santander achieved a record quarterly profit of EUR 3.5 billion, marking the best 9-month period ever in 2025, driven by strong revenue growth across global businesses and a solid customer base.
Read all positive updates
Company Guidance
During Santander's third-quarter 2025 results presentation, the bank announced a record quarterly profit of EUR 3.5 billion, driven by strong revenue growth and an expanding customer base, which grew by 7 million year-on-year to 178 million. The bank's RoTE increased by 70 basis points to 16.1%, supported by efficiency gains from the ONE Transformation program. Santander's capital ratio reached an all-time high of 13.1%, and TNAV plus cash dividend per share grew 15% despite currency headwinds. The bank plans to distribute at least EUR 10 billion to shareholders through share buybacks in 2025-2026. Notably, fees rose significantly across CIB, Wealth, and Payments by 7%, 19%, and 16%, respectively. Additionally, Santander's cost management led to expenses decreasing by 1% in euros, contributing to a solid net operating income growth. The bank also reported improvements in credit quality, with a cost of risk consistently improving year-on-year.Banco Santander SA Financial Statement Overview
Summary
Income Statement
79
Positive
Balance Sheet
73
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 119.89B | 129.91B | 121.87B | 87.03B | 61.50B |
| Gross Profit | 48.02B | 51.20B | 46.97B | 43.36B | 41.02B |
| EBITDA | 21.86B | 22.32B | 19.64B | 18.23B | 17.30B |
| Net Income | 14.10B | 12.57B | 11.08B | 9.61B | 8.12B |
Balance Sheet | |||||
| Total Assets | 1.87T | 1.84T | 1.80T | 1.73T | 1.60T |
| Cash, Cash Equivalents and Short-Term Investments | 318.20B | 237.41B | 268.41B | 223.07B | 264.01B |
| Total Debt | 496.64B | 483.38B | 310.98B | 282.96B | 334.39B |
| Total Liabilities | 1.75T | 1.73T | 1.69T | 1.64T | 1.50T |
| Stockholders Equity | 103.13B | 98.60B | 95.42B | 89.10B | 86.93B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | -32.65B | -8.63B | 16.87B | 45.29B |
| Operating Cash Flow | 0.00 | -24.16B | 5.01B | 27.71B | 56.69B |
| Investing Cash Flow | 0.00 | -3.71B | -5.37B | -3.90B | -3.71B |
| Financing Cash Flow | 0.00 | -5.51B | -2.06B | -9.96B | -1.32B |
Banco Santander SA Technical Analysis
Negative
12.81
Price Trends
11.97
Negative
11.55
Negative
10.37
Positive
Market Momentum
-0.32
Negative
42.02
Neutral
55.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SAN, the sentiment is Negative. The current price of 12.81 is above the 20-day moving average (MA) of 11.17, above the 50-day MA of 11.97, and above the 200-day MA of 10.37, indicating a neutral trend. The MACD of -0.32 indicates Negative momentum. The RSI at 42.02 is Neutral, neither overbought nor oversold. The STOCH value of 55.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SAN.
Banco Santander SA Risk Analysis
Banco Santander SA disclosed 41 risk factors in its most recent earnings report. Banco Santander SA reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Banco Santander SA Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $160.40B | 10.97 | 13.89% | 1.85% | -15.34% | 16.71% | |
72 Outperform | $120.24B | 11.69 | 18.53% | 3.27% | 7.52% | 10.40% | |
71 Outperform | $274.47B | 12.28 | 11.88% | 4.14% | -9.54% | -22.46% | |
71 Outperform | $71.75B | 11.24 | 12.46% | 4.14% | 2.20% | -0.17% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $70.66B | 9.29 | 9.41% | 1.71% | 17.50% | 49.25% | |
58 Neutral | $196.64B | 21.83 | 6.71% | 1.94% | -0.62% | 105.57% |
* Financial Sector Average
SAN
Banco Santander SA
10.77
3.99
58.83%
BBVA
Banco Bilbao
20.92
7.42
55.01%
BCS
Barclays
20.66
5.09
32.68%
C
Citigroup
112.41
42.38
60.52%
HSBC
HSBC Holdings
79.63
24.19
43.62%
ING
ING Groep
25.12
6.15
32.45%
Banco Santander SA Corporate Events
Banco Santander Advances Share Buyback Program in November 2025
Nov 28, 2025
On November 27, 2025, Banco Santander announced the progress of its share buyback program, which was initially communicated on July 30, 2025. As of November 26, 2025, the bank has repurchased shares worth approximately 1.35 billion Euros, accounti...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.