Banco Santander, S.A. (SAN.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-264.6%

-€16.68

vs €10.13 price

Levered DCF

€20.14

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.29

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.07×	5.79×	5.92×	5.19×	6.68×	-4.7×	10.2×	7.94×
P/B	1.45×	0.7×	0.65×	0.53×	0.58×	0.54×	0.61×	0.64×
P/S	1.25×	0.55×	0.53×	0.54×	0.83×	0.73×	0.84×	0.88×
EV / EBITDA	23.71×	16.3×	8.45×	5.87×	5.15×	170.86×	14.6×	11.7×
Gross margin	39.8%	38.4%	37.7%	49.8%	66.7%	56.8%	57.5%	58.4%
Operating margin	15.6%	13.8%	12.7%	17.5%	23.7%	-3.4%	17.3%	20.4%
Net margin	11.8%	10.0%	9.4%	11.0%	13.2%	-14.5%	9.0%	11.2%
Current ratio	1.77×	0.19×	0.55×	21.18×	23.15×	18.03×	14.58×	16.64×
Debt / equity	5.05×	4.9×	3.26×	3.18×	2.86×	2.89×	2.67×	2.56×
Interest coverage	0.31×	0.26×	0.24×	0.46×	1.11×	-0.15×	0.58×	0.71×
Dividend yield	2.2%	4.4%	3.6%	3.9%	2.6%	0.0%	6.2%	5.1%
Payout ratio	23.7%	24.0%	20.4%	19.2%	16.2%	0.0%	57.9%	39.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	12.8%	11.6%	10.8%	9.3%	-10.8%	6.5%	8.1%
Return on invested capital	0.7%	1.7%	1.1%	2.6%	3.8%	-1.0%	4.3%	5.8%
Return on assets	0.8%	0.7%	0.6%	0.6%	0.5%	-0.6%	0.4%	0.5%
Free cash flow yield	51.9%	-47.2%	107.5%	35.8%	89.2%	131.0%	-17.7%	-14.3%
Earnings yield	9.4%	18.2%	17.8%	20.4%	16.0%	-19.9%	10.7%	12.7%
Enterprise value	€518.2B	€334.6B	€152.9B	€107.1B	€89.1B	€125.4B	€226.9B	€194.5B
Net debt / EBITDA	16.86×	12.93×	5.01×	3.28×	2.22×	110.94×	10.68×	8×
Cash conversion cycle (days)	-13	22	-1,812	-3,049	-5,801	4	-2,713	-2,911