# Banco Santander, S.A. (BNC.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services / Banks. Price 1104p, market value 160.3 billionp.

## Valuation
- **P/E (trailing): 14.5×** (5-yr avg 597.0×, 3-yr avg 654.5×). Banco Santander, S.A. trades at 14.5× trailing earnings, well below its own five-year average of 597.0×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 10.4×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.62**. A PEG of 0.62 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 3.4×**. Each dollar of revenue is priced at 3.4×.
- **Price / book: 1.7×**. The shares trade at 1.7× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: 41.6%** (5-yr avg 0.3%). Free cash flow equals 41.6% of the market value, above its five-year average of 0.3%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 6.9%**. The inverse of the P/E: 6.9% of the price is earned each year.

## Profitability
- **Net margin: 11.3%**. 11.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 13.7%**. 13.7% on shareholders' equity is solid.
- **Return on assets: 0.8%**. Each dollar of assets produces 0.8% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -4.2%** (3-yr 12.6%/yr, 5-yr 21.6%/yr). Revenue fell 4.2% over the last year, against 21.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 16.9%** (3-yr 18.6%/yr). Earnings per share rose 16.9%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 66.4%/yr**. Free cash flow has compounded at 66.4% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.
- **Cash and short-term investments: 273.3 billionp**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 1.96%** (0p per share, trailing). Banco Santander, S.A. yields 1.96%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 24%** (4% of free cash flow). 24% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 5**. 5 straight years of increases.
- **Shareholder yield: 3.7%**. Dividends plus net buybacks return 3.7% of the market value a year.

## Analyst view
- **Analyst consensus: hold** (1 analyst). 1 analysts cover Banco Santander, S.A.; the consensus is hold, with an average price target of 962p (-13% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 56.2%** (YTD 25.1%, 3-mo 20.7%). The shares are up 56.2% over twelve months including dividends.
- **From 52-week high: -1.6%** (55.9% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 60**. An RSI of 60 is neutral.
- **Beta (1 yr): 1.38** (volatility 31%). Beta of 1.38 against the FTSE All-Share: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=BNC.L · Page: https://foliofundamentals.com/stocks/bnc.l

Not investment advice.