Want to see SAN full AI Analyst Report?
Top Page
Banco Santander SA
(NYSE:SAN)
Select Model
Select Model
Rating:59Neutral
Price Target:
$14.00
â–Ľ(-4.31% Downside)
Action:Reiterated
Date:10/23/26
The score is held back primarily by financial quality concerns (negative operating/free cash flow in 2024–2025 and higher leverage) and weak technical momentum (below key moving averages with negative MACD). Offsetting factors include supportive valuation (P/E ~10.8, ~2.29% yield) and a generally positive earnings call with reiterated targets, improving efficiency, and ongoing buybacks.
Positive Factors
Revenue and profit growth
Santander is expanding both interest and fee income, reducing reliance on a single revenue stream. Continued growth across core banking activities supports stronger earnings capacity, provides resources for investment and capital generation, and improves the durability of results over the next several quarters.
Negative Factors
Elevated leverage
Higher leverage increases Santander’s sensitivity to funding costs, credit conditions and balance-sheet stress. It also reduces financial flexibility, potentially limiting the capacity to pursue growth or absorb unexpected losses while maintaining capital and regulatory requirements.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profit growth
Santander is expanding both interest and fee income, reducing reliance on a single revenue stream. Continued growth across core banking activities supports stronger earnings capacity, provides resources for investment and capital generation, and improves the durability of results over the next several quarters.
Read all positive factors
Banco Santander SA (SAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$182.27B
Dividend Yield2.44%
Average Volume (3M)7.95M
Price to Earnings (P/E)10.2
Beta (1Y)1.09
Revenue Growth16.84%
EPS Growth33.67%
CountryUS
Employees185,279
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)1.03
Shares Outstanding14,556,482,000
10 Day Avg. Volume6,705,600
30 Day Avg. Volume7,946,053
Financial Highlights & Ratios
PEG Ratio0.79
Price to Book (P/B)1.50
Price to Sales (P/S)1.29
P/FCF Ratio-6.88
Enterprise Value/Market Cap3.11
Enterprise Value/Revenue7.99
Enterprise Value/Gross Profit12.72
Enterprise Value/Ebitda26.38
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.17
Revenue Forecast (FY)$72.19B
Banco Santander SA Business Overview & Revenue Model
Company Description
Banco Santander, S.A. operates as a global financial institution, delivering a comprehensive suite of retail and commercial banking products and services. It caters to a diverse clientele, including individual consumers, small and medium-sized ent...
How the Company Makes Money
Santander makes money primarily by providing banking and financial services and earning income from (1) interest-based activities and (2) fee-based activities, supplemented by trading/market-related income and other financial results.
1) Net inte...
Banco Santander SA Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 03, 2027
Earnings Call Sentiment Positive
The call presented broad and tangible progress: record profit, top‑line growth across multiple businesses, strong customer and capital metrics, and clear execution on ONE Transformation. Headwinds are present—notably Argentina‑related provisions, motor finance charges in Openbank Europe, transformation costs and localized pressures in Brazil and some CIB trading volatility—but these are described as manageable, often one‑off, and offset by diversified revenue growth and capital generation. Management reiterated targets (including synergies from TSB and expected Webster close) and highlighted continued asset‑mobilization and buybacks.Positive Updates
Record Profit and Best Half Ever
Quarterly profit reached a record EUR 3.8 billion and H1 2026 was the best half ever; underlying profit grew 14% year‑on‑year.
Negative Updates
Argentina‑Related Provisions and Elevated Cost of Risk
Loan loss provisions were materially affected by portfolio deterioration in Argentina; 12‑month cost of risk was ~1.15% (above initial 100–110 bps guidance), with management expecting group cost of risk around 115 bps for 2026.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Profit and Best Half Ever
Quarterly profit reached a record EUR 3.8 billion and H1 2026 was the best half ever; underlying profit grew 14% year‑on‑year.
Read all positive updates
Company Guidance
Management reiterated its 2026 guidance and multi‑year targets while flagging several concrete metrics: they remain on track to deliver >€14.1bn profit in 2026 (ex‑M&A), with underlying profit up 14% y/y, revenue +6% (NII +6%, fees +7%), underlying RoTE 15.6% (close to 17% at normalized CET1), and a Financial North Star of RoE >20% by 2028; CET1 stood at 14% (including a 55bp TSB hit), with net organic capital generation of 27bps in the quarter, an expected year‑end CET1 around the 12.8% target after Webster and regulatory impacts, and continued capital generation and SRT activity (asset mobilization guidance similar to H1, c.€35–40bn pa). They reaffirm cost‑discipline and ONE Transformation benefits—group efficiency ratio improved to 42.8% (Spain 33.6%), costs down 1% y/y (retail/Openbank costs down 3%), and further cost reductions are expected despite inflation—while credit guidance targets cost of risk around 115bps in 2026 (1.0–1.1% average over 2026–28; Brazil ~4.1–4.2%). They expect Santander U.K. RoTE ~16% by 2028 with at least €400m synergies, approved a new €1.8bn buyback (total buybacks ~€9bn; commitment ≥€10bn for 2025–26), and highlighted customer and business KPIs (182m customers, +12m y/y including 4m TSB; fees per active customer +3%).Banco Santander SA Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
54
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 71.09B | 119.89B | 129.91B | 121.87B | 87.03B | 61.50B |
| Gross Profit | 44.62B | 48.02B | 51.20B | 46.97B | 43.36B | 41.02B |
| EBITDA | 21.52B | 21.86B | 22.32B | 19.64B | 18.23B | 17.30B |
| Net Income | 15.64B | 14.10B | 12.57B | 11.08B | 9.61B | 8.12B |
Balance Sheet | ||||||
| Total Assets | 1.86T | 1.87T | 1.84T | 1.80T | 1.73T | 1.60T |
| Cash, Cash Equivalents and Short-Term Investments | 137.46B | 318.20B | 237.41B | 268.41B | 334.02B | 264.01B |
| Total Debt | 434.25B | 496.64B | 483.38B | 310.98B | 425.75B | 334.39B |
| Total Liabilities | 1.75T | 1.75T | 1.73T | 1.69T | 1.64T | 1.50T |
| Stockholders Equity | 106.14B | 103.17B | 98.60B | 95.42B | 89.10B | 86.93B |
Cash Flow | ||||||
| Free Cash Flow | -10.21B | -22.49B | -32.65B | -8.63B | 16.87B | 45.29B |
| Operating Cash Flow | -6.88B | -14.84B | -24.16B | 5.01B | 27.71B | 56.69B |
| Investing Cash Flow | 5.14B | 534.00M | -3.71B | -5.37B | -3.90B | -3.71B |
| Financing Cash Flow | -10.38B | -14.20B | -5.51B | -2.06B | -9.96B | -1.32B |
Banco Santander SA Technical Analysis
Negative
14.63
Price Trends
14.06
Negative
13.89
Negative
12.91
Negative
Market Momentum
-0.41
Positive
30.87
Neutral
14.13
Positive
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 14.63 is above the 20-day moving average (MA) of 13.31, above the 50-day MA of 14.06, and above the 200-day MA of 12.91, indicating a bearish trend. The MACD of -0.41 indicates Positive momentum. The RSI at 30.87 is Neutral, neither overbought nor oversold. The STOCH value of 14.13 is Positive, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $138.80B | 11.76 | 19.31% | 4.46% | 12.11% | 14.33% | |
73 Outperform | $90.71B | 12.72 | 13.38% | 4.67% | 12.60% | 24.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $294.42B | 12.19 | 13.03% | 4.35% | -5.19% | 39.48% | |
60 Neutral | $74.68B | 8.04 | 10.79% | 2.74% | 9.52% | 26.94% | |
59 Neutral | $182.27B | 10.15 | 15.48% | 2.43% | 16.84% | 33.67% | |
58 Neutral | $205.80B | 11.81 | 9.15% | 2.06% | 4.73% | 44.35% |
* Financial Sector Average
SAN
Banco Santander SA
12.47
2.59
26.24%
BBVA
Banco Bilbao
25.24
6.17
32.38%
BCS
Barclays
22.46
1.36
6.44%
C
Citigroup
122.69
23.40
23.57%
HSBC
HSBC Holdings
86.01
19.04
28.43%
ING
ING Groep
32.57
9.33
40.13%
Banco Santander SA Corporate Events
Banco Santander Files 9M 2026 Earnings Presentation with SEC
Oct 28, 2026
Banco Santander, S.A. reported its January–September 2026 earnings on 28 October 2026, furnishing a Form 6-K to the U.S. Securities and Exchange Commission that includes a 9M 2026 earnings presentation. The filing highlights that the group&#...
Banco Santander lifts profit and capital returns on Webster, TSB deals and efficiency gains
Oct 28, 2026
Banco Santander reported that in the first nine months of 2026 it added 17 million customers year-on-year to a total of 189 million, helped by the acquisitions of UK lender TSB and U.S. bank Webster completed on 30 April and 20 August, respectivel...
Banco Santander Details Webster and TSB Acquisitions in January–September 2026 Report
Oct 28, 2026
In October 2026, Banco Santander reported its January–September 2026 performance with a major strategic expansion in the US market through the acquisition of Webster Financial Corporation. Santander completed the Webster deal on 20 August 20...
Banco Santander Capital Requirements Set by ECB for 2027 as Bank Maintains Surplus
Oct 28, 2026
On 28 October 2026, Banco Santander said it had received the European Central Bank’s decision on its minimum prudential capital requirements following the latest Supervisory Review and Evaluation Process, effective from 1 January 2027. The E...
Banco Santander Prices $2 Billion in Senior Non-Preferred Notes in U.S. Market
Aug 25, 2026
On August 18, 2026, Banco Santander, S.A. entered into an underwriting agreement to issue and sell $1 billion of 5.005% Senior Non Preferred Fixed-to-Fixed Rate Notes due 2030 and $1 billion of 5.624% Senior Non Preferred Fixed-to-Fixed Rate Notes...
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.