Banco Santander, S.A.

SAN

Banco Santander, S.A. provides various retail and commercial banking products and services to individuals, small and medium-sized enterprises, and large companies worldwide. It offers demand and time deposits, and current and savings accounts; mortgages, consumer finance, syndicated corporate loans, structured financing, cash management, export and agency finance, trade and working capital solutions, and corporate finance; and insurance products. The company also provides cash, asset, and wealth management; and private banking services. In addition, it is involved in the corporate banking; treasury, risk hedging, foreign trade, confirming, custody, and investment banking activities. The company operates through a network of 9,879 branches. The company was formerly known as Banco Santander Central Hispano S.A. and changed its name to Banco Santander, S.A. in June 2007. Banco Santander, S.A. was founded in 1856 and is headquartered in Madrid, Spain.

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📊 Valuation

Key valuation metrics

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 Growth

Revenue, earnings, and per-share growth metrics

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 Profitability

Profit margins and return on equity

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 Cash Quality

Cash flow quality and conversion metrics

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ Leverage & Liquidity

Debt, liquidity, and financial health

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ Ops & Cap Efficiency

Asset utilization, working capital, ROIC, and capital efficiency

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 Shareholder Returns

Dividends, share buybacks, dilution, and insider trading activity

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

Profit Waterfall Analysis

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Profitability Margins

Operating Income Margini

32.85%

Operating Income = $4.92B

Revenue = $14.98B

Pre-tax Profit Margini

32.85%

Income Before Tax = $4.92B

Revenue = $14.98B

Net Profit Margini

25.13%

Net Income = $3.76B

Revenue = $14.98B

Tax Metrics

Effective Tax Ratei

23.64%

Income Tax Expense = $1.16B

Income Before Tax = $4.92B

Cash Tax Rate (TTM)i

0.00%

Income Taxes Paid = $0.00B

Income Before Tax = $18.68B

Financial Sector PPNR Metrics

PPNRi

$8.09B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $10.79B | non interest income: $4.19B | non interest expense: $6.88B

PPNR Margini

54.04%

PPNR = $8.09B

Revenue = $14.98B

PPNR / Avg Assetsi

0.44%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $8.09B | avg total assets: $1851.90B

Cost Efficiency Metrics

Efficiency Ratioi

45.96%

Non-Interest Expense = $6.88B

Revenue = $14.98B

Cost-to-Incomei

45.96%

Operating Expenses = $6.88B

Revenue = $14.98B

Cost-to-Assetsi

0.37%

Operating Expenses = $6.88B

Avg Total Assets = $1851.90B

Operating Leverage Metrics

Operating JAWSi

20.77%

Revenue Growth = 5.84%

Expense Growth = -14.93%

Operating Margin Expansioni

-23.23pp

Current Operating Margin = 32.85%

Prior Operating Margin = 56.07%

Earnings Quality Metrics

Earnings Qualityi

N/A

Operating Cash Flow = N/A

Net Income = $3.76B

Accruals / Avg Assetsi

N/A

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $3.76B | operating cash flow: N/A | avg total assets: $1851.90B

Volatility Metrics

PPNR Volatilityi

3.78x

Core Revenue Volatilityi

0.39x

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $71.37B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $34.79B | employee count: N/A

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Capital Adequacy

Tangible Common Equity (TCE)i

EUR85.83B

Tangible Assets (TA)i

EUR1849.42B

TCE / TA Ratioi

4.64%

🔴 Risk

TCE = EUR85.83B

TA = EUR1849.42B

Leverage

Equity / Assets (E/A)i

5.52%

Total Equity = EUR103.13B

Total Assets = EUR1866.72B

Assets / Equity (A/E)i

18.10x

Total Assets = EUR1866.72B

Total Equity = EUR103.13B

Capital Quality

AOCI / TCEi

-43.91%

🔴 Risk

AOCI = EUR-37.68B

TCE = EUR85.83B

(Goodwill + Intangibles) / Equityi

16.78%

✅ Healthy

GW+Intangibles = EUR17.30B

Total Equity = EUR103.13B

Liquidity

Liquidity Buffer (HQLA proxy)i

0.00%

🔴 Risk

Cash+ST Inv = EUR0.00B

Total Assets = EUR1866.72B

Funding Structure

Wholesale Funding Ratio (Core)i

26.30%

⚠️ Warning

ST+LT Debt = EUR461.38B

Total Liabilities = EUR1754.02B

Securities / Assetsi

0.00%

✅ Healthy

ST+LT Inv = EUR0.00B

Total Assets = EUR1866.72B

Risk-Adjusted

Risk-Adjusted TCE (ATCE)i

EUR48.14B

ATCE / TAi

2.60%

TCE ATCE = EUR48.14B

TA = EUR1849.42B

ATCE Scissor Spreadi

204 bps

🔴 Risk

TCE/TA = 464.00%

ATCE/TA = 260.00%

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Cash Flow Waterfall Chart

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Inflow

Outflow

Subtotal

Start/End

Cash Generation Capability

Earnings Cash Contenti

-0.55x

TTM Operating Cash Flow = $-7.82B

TTM Net Income = $14.10B

Cash Flow ROA (CFROA)i

-0.42%

TTM Operating Cash Flow = $-7.82B

Average Total Assets = $1853.69B

Liquidity / Solvency

Cash Flow Adequacyi

-0.77x

TTM Operating Cash Flow = $-7.82B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $10.13B

OCF / Short-Term Debti

N/A

TTM Operating Cash Flow = $-7.82B

Short-Term Debt = $0.00B

Sustainability / Stability

OCF Growth Rate (YoY)i

-100.00%

Current Quarter OCF = $0.00B

Same Quarter Last Year OCF = $22.97B

OCF Volatility (CV)i

11.91x

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📊 Valuation

Key valuation metrics

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 Growth

Revenue, earnings, and per-share growth metrics

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 Profitability

Profit margins and return on equity

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 Cash Quality

Cash flow quality and conversion metrics

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ Leverage & Liquidity

Debt, liquidity, and financial health

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ Ops & Cap Efficiency

Asset utilization, working capital, ROIC, and capital efficiency

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 Shareholder Returns

Dividends, share buybacks, dilution, and insider trading activity

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

Profitability Margins

Operating Income Margini

32.85%

Operating Income = $4.92B

Revenue = $14.98B

Pre-tax Profit Margini

32.85%

Income Before Tax = $4.92B

Revenue = $14.98B

Net Profit Margini

25.13%

Net Income = $3.76B

Revenue = $14.98B

Tax Metrics

Effective Tax Ratei

23.64%

Income Tax Expense = $1.16B

Income Before Tax = $4.92B

Cash Tax Rate (TTM)i

0.00%

Income Taxes Paid = $0.00B

Income Before Tax = $18.68B

Financial Sector PPNR Metrics

PPNRi

$8.09B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $10.79B | non interest income: $4.19B | non interest expense: $6.88B

PPNR Margini

54.04%

PPNR = $8.09B

Revenue = $14.98B

PPNR / Avg Assetsi

0.44%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $8.09B | avg total assets: $1851.90B

Cost Efficiency Metrics

Efficiency Ratioi

45.96%

Non-Interest Expense = $6.88B

Revenue = $14.98B

Cost-to-Incomei

45.96%

Operating Expenses = $6.88B

Revenue = $14.98B

Cost-to-Assetsi

0.37%

Operating Expenses = $6.88B

Avg Total Assets = $1851.90B

Operating Leverage Metrics

Operating JAWSi

20.77%

Revenue Growth = 5.84%

Expense Growth = -14.93%

Operating Margin Expansioni

-23.23pp

Current Operating Margin = 32.85%

Prior Operating Margin = 56.07%

Earnings Quality Metrics

Earnings Qualityi

N/A

Operating Cash Flow = N/A

Net Income = $3.76B

Accruals / Avg Assetsi

N/A

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $3.76B | operating cash flow: N/A | avg total assets: $1851.90B

Volatility Metrics

PPNR Volatilityi

3.78x

Core Revenue Volatilityi

0.39x

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $71.37B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $34.79B | employee count: N/A

Capital Adequacy

Tangible Common Equity (TCE)i

EUR85.83B

Tangible Assets (TA)i

EUR1849.42B

TCE / TA Ratioi

4.64%

🔴 Risk

TCE = EUR85.83B

TA = EUR1849.42B

Leverage

Equity / Assets (E/A)i

5.52%

Total Equity = EUR103.13B

Total Assets = EUR1866.72B

Assets / Equity (A/E)i

18.10x

Total Assets = EUR1866.72B

Total Equity = EUR103.13B

Capital Quality

AOCI / TCEi

-43.91%

🔴 Risk

AOCI = EUR-37.68B

TCE = EUR85.83B

(Goodwill + Intangibles) / Equityi

16.78%

✅ Healthy

GW+Intangibles = EUR17.30B

Total Equity = EUR103.13B

Liquidity

Liquidity Buffer (HQLA proxy)i

0.00%

🔴 Risk

Cash+ST Inv = EUR0.00B

Total Assets = EUR1866.72B

Funding Structure

Wholesale Funding Ratio (Core)i

26.30%

⚠️ Warning

ST+LT Debt = EUR461.38B

Total Liabilities = EUR1754.02B

Securities / Assetsi

0.00%

✅ Healthy

ST+LT Inv = EUR0.00B

Total Assets = EUR1866.72B

Risk-Adjusted

Risk-Adjusted TCE (ATCE)i

EUR48.14B

ATCE / TAi

2.60%

TCE ATCE = EUR48.14B

TA = EUR1849.42B

ATCE Scissor Spreadi

204 bps

🔴 Risk

TCE/TA = 464.00%

ATCE/TA = 260.00%

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Banco Santander, S.A.

🔍 Business Model Analysis (DuPont Model)

Financial Metrics

📊 Valuation

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 Growth

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 Profitability

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 Cash Quality

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ Leverage & Liquidity

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ Ops & Cap Efficiency

ROIC (TTM)

Asset Turnover (TTM)

SG&A/Revenue - SG&A Efficiency (TTM)

Operating Expense Ratio (TTM)

Cost-to-Income Ratio (TTM)

Revenue per Employee (Quarterly)

🎁 Shareholder Returns

Dividend Yield (TTM)

Buyback Yield (TTM)

TSR - Total Shareholder Return (1Y)

Dividend Growth CAGR (3Y)

Income Statement Analysis

Profit Waterfall Analysis

Balance Sheet Analysis

Cash Flow Statement Analysis

📊 Valuation

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 Growth

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 Profitability

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 Cash Quality

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ Leverage & Liquidity

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ Ops & Cap Efficiency

ROIC (TTM)