Banco Santander, S.A. (SAN) 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

-263.0%

-$18.81

vs $11.54 price

Levered DCF

-$12.33

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.29

Distress zone

Rating

C+

Overall 2 / 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	11.34×	5.72×	5.76×	5.1×	6.58×	-4.62×	10.11×	8.7×
P/B	1.5×	0.69×	0.63×	0.52×	0.57×	0.53×	0.6×	0.65×
P/S	1.29×	0.53×	0.5×	0.53×	0.81×	0.71×	0.83×	0.9×
EV / EBITDA	21.59×	14.95×	6.35×	11.69×	8.64×	262.07×	19.79×	11.79×
Gross margin	40.0%	39.4%	38.5%	49.8%	66.7%	56.8%	57.5%	58.4%
Operating margin	15.6%	14.6%	13.5%	17.5%	23.7%	-3.4%	17.3%	20.4%
Net margin	11.8%	9.7%	9.1%	11.0%	13.2%	-14.5%	9.0%	11.2%
Current ratio	0.25×	21.49×	5.89×	0.28×	0.26×	0.28×	0.34×	0.93×
Debt / equity	4.81×	4.9×	3.26×	4.78×	3.85×	3.95×	3.75×	2.56×
Interest coverage	0.31×	0.29×	0.27×	0.46×	1.11×	-0.15×	0.58×	0.71×
Dividend yield	2.2%	4.4%	3.7%	4.0%	2.6%	3.8%	6.2%	4.9%
Payout ratio	23.7%	24.0%	20.4%	19.2%	16.2%	-18.5%	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	1.8%	0.7%	0.5%	1.6%	1.5%	-0.3%	1.3%	0.6%
Return on assets	0.8%	0.7%	0.6%	0.6%	0.5%	-0.6%	0.4%	0.5%
Free cash flow yield	-14.5%	-47.8%	-14.2%	36.3%	90.6%	133.4%	-17.8%	-13.9%
Earnings yield	9.1%	18.4%	18.3%	20.7%	16.3%	-20.3%	10.8%	12.4%
Enterprise value	$472B	$333.7B	$124.7B	$213.2B	$149.6B	$192.4B	$307.6B	$196B
Net debt / EBITDA	14.52×	11.89×	3.26×	9.14×	5.76×	203.2×	15.9×	8×
Cash conversion cycle (days)	-13	21	16	-25	-9	4	12	11