Banco Santander S.A.

Research Banco Santander S.A. (SAN) on Bullrun: valuation model: 4.0% undervalued, market cap USD 198.01B, P/E 10.6, dividend yield 1.1%. Explore financials, valuation history, model signals, and stock context.

Key Metrics

TickerSAN
ExchangeNYSE
CountrySpain
SectorFinancial Services
IndustryBanks-Diversified
CurrencyUSD
Valuation signal4.0% undervalued
Market capUSD 198.01B
P/E10.6
Dividend yield1.1%
Financial periodQ2 2026
RevenueEUR 15.52B
Net incomeEUR 3.52B

Valuation Snapshot

Bullrun's latest valuation model marks Banco Santander S.A. as 4.0% undervalued; latest market cap is USD 198.01B; P/E is 10.6; dividend yield is 1.1%.

Peer valuation comparison

Latest P/E is 10.63x versus a Financial Services sector median of 13.39x (20.6% below).

Latest dividend yield is 1.09% versus a Financial Services sector median of 3.67% (70.3% below).

Five-year financial history

Year	Revenue	Net income	Free cash flow	Gross margin	Diluted EPS	Cash	Total debt	Equity
FY2025	EUR 60.02B	EUR 14.10B	-EUR 22.49B	n/a	0.9	EUR 179.30B	EUR 326.21B	EUR 103.17B
FY2024	EUR 60.31B	EUR 12.57B	-EUR 34.75B	n/a	0.77	EUR 217.89B	EUR 327.72B	EUR 98.60B
FY2023	EUR 56.69B	EUR 11.08B	-EUR 8.63B	n/a	0.65	EUR 246.90B	EUR 310.98B	EUR 95.42B
FY2022	EUR 54.22B	EUR 9.61B	EUR 16.87B	n/a	0.54	EUR 259.02B	EUR 282.96B	EUR 89.10B

Valuation history

Year	Snapshot date	Market cap	P/E	Dividend yield	Annual dividend/share
2026	2026-10-09	USD 198.01B	10.6	1.1%	0.15
2025	2025-12-31	USD 172.18B	11.2	n/a	n/a
2024	2024-12-31	USD 69.02B	5.6	4.6%	0.21
2023	2023-12-29	USD 65.87B	6.6	3.6%	0.15
2022	2022-12-30	USD 49.54B	5.2	4.1%	0.12
2021	2021-12-31	USD 56.14B	6.6	1.8%	0.06

Dividend history

Latest trailing dividend snapshot: annual dividend/share 0.15 USD, yield 1.1%.

Year	Dividends/share
FY2024	0.21 EUR
FY2023	0.15 EUR
FY2022	0.12 EUR

About Banco Santander S.A.

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;

ETFs that hold Banco Santander S.A.

Banco Santander S.A. is one of the ten largest holdings of 215 ETFs that investors in Europe can buy. The 8 most traded of them:

ETF	Weight	TER
Amundi Core Stoxx Europe 600 UCITS ETF Acc	1.42%	0.07%
iShares Core EURO STOXX 50 UCITS ETF (DE)	4.03%	0.10%
iShares Core MSCI Europe UCITS ETF EUR (Acc)	1.45%	0.12%
iShares STOXX Europe 600 UCITS ETF (DE) EUR (Dist)	1.37%	0.20%
Amundi Euro Stoxx Banks UCITS ETF Acc	14.27%	0.30%
iShares Core MSCI Europe UCITS ETF EUR (Dist)	1.45%	0.12%
iShares Core EURO STOXX 50 UCITS ETF	4.12%	0.10%
iShares STOXX Europe 600 Banks UCITS ETF (DE)	8.73%	0.47%

Compare every fund on the same index:

EURO STOXX 50 ETFs STOXX Europe 600 ETFs EURO STOXX 50 ESG ETFs

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Frequently asked questions

Is Banco Santander S.A. overvalued or undervalued?

Bullrun's valuation model currently marks Banco Santander S.A. as 4.0% undervalued.

What is Banco Santander S.A.'s market cap?

Banco Santander S.A.'s market capitalization is USD 198.01B.

What is Banco Santander S.A.'s P/E ratio?

Banco Santander S.A.'s price-to-earnings (P/E) ratio is 10.6.

Does Banco Santander S.A. pay a dividend?

Banco Santander S.A. has a dividend yield of 1.1%.