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Banco Santander S.A. (SAN) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of Banco Santander S.A. stock €7.96, price €10.82, that is 26.5% below the price, quality 65 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services ES · ISIN ES0113900J37

BS Banco Santander S.A. logo Broad data Nov 6, 2026

Banco Santander S.A.

SAN · MC
Solid, but expensive

Our calculation puts a fair price 26% below what the stock costs today.

Quality 65/100
Healthy Growth (revenue 5y +14.7 %/yr in EUR)
Highly profitable · 32.6% net margin (TTM)
2.3% dividend yield · Low payout
Ranks above peers (9/15)
Broad data
Wide moat 68/100 · thin data
Fair value €7.96 · Overvalued (−26.5%)
Downbeat coverage

Risks from the AI analysis

🚩Neobanks like Revolut erode retail deposits
Watch Banco Santander S.A. for free: we tell you when fair value or trend changes. Watch for free

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€12.95 €2.02 Fair Value €7.96 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range €2.02 – €12.95 · fair‑value band €6.40 – €10.67 · the €10.82 price screens above the €7.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Banco Santander, S.A. provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide.

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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; and project finance, debt capital markets, global transaction banking, and corporate finance services.

The company also provides credit and debit cards, real estate loans, microfinance, and auto loans; corporate and investment banking services; advice on mergers and acquisitions; wealth, asset, and risk management services; and digital payments and technology solutions.

In addition, it is involved in the securitization, leasing, management of portfolios, e-commerce, air transport, aircraft rental, software, consulting, fund and investment management, renewable energy, vehicle rental, insurance, advertising, marketing, telemarketing, automotive, agricultural, factoring, securities brokerage and investment, pension fund management, trade intermediary, venture capital fund, renting, restaurant, electricity production, IT, internet, and financial advisory and other activities; management, and other real estate activities; and purchase and sale of vehicles.

Further, the company offers mobile and online banking services. Banco Santander, S.A. was formerly known as Banco Santander Central Hispano SA and changed its name to Banco Santander, S.A. in February 2007. The company was incorporated in 1856 and is headquartered in Madrid, Spain.

Stock analysis

Banco Santander S.A. (SAN) currently trades at €10.82, while our model-based Fair Value estimate is €7.96, 26% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of €7.96 per share, and 1 of the 6 models we run sit above the €10.82 price.

Bear case: the Dividend Discount group reads lowest at €3.16, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: €6.40 (bear) to €10.67 (bull), the price of €10.82 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 65/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Banco Santander S.A. reported revenue of €120B in FY2025 versus €39.0B in FY2021, a compound +32.4%/yr. Reported net income was €14.1B in FY2025, compounding +14.8%/yr from FY2021.

Key figures

Market cap €159B Large · P/E ratio 12.3 · P/S ratio 3.59 · EPS (TTM) €0.8800 · Dividend yield 2.3% · Net margin 32.6% · Return on equity 13.1% · Return on assets (EBIT) 0.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).

What moves the price

The share trades about 16% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at −26%, SAN screens richer than that median.

Fair Value models

Bear €6.40 Fair Value €7.96 Bull €10.67
Price €10.82 · Downside -26.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.5334 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income €6.64 €7.96 €11.29 75
Gordon GGM €1.89 €3.53 €5.02 67
DDM Multi-Stage €1.89 €3.16 €3.75 67
All 6 models by family
Dividend Discount
Gordon GGM €1.89 €3.53 €5.02 67
DDM Multi-Stage €1.89 €3.16 €3.75 67
Multiples
P/E Multiple €9.54 €12.71 €15.89 63
P/B Multiple €3.26 €4.35 €5.44 55
Asset-Based
NCAV (Graham) €2.98 €3.99 €5.96 54
Economic Profit
Residual Income €6.64 €7.96 €11.29 75

Open the full fair value analysis →

Quality Score breakdown

Overall quality 65/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 27
How much profit the company makes from its sales and capital
Quality Growth 44
Are margins and returns getting better?
Cashflow 99
Do the profits arrive as real cash?
Financial strength 27
Debt, balance sheet and risk of trouble
Investment 82
Does it invest with discipline instead of growing at any price?
Low Volatility 64
How calm the share price moves, does not count
Price momentum 47
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 53
Distance to the 52-week high, does not count
New shares 97
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+136.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.7%
Start year 2020 (pandemic)
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+15.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.7%
Dividend (yield on the price)2.3%
Per share before 2020divided by the spin-off factor 1.0435
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.17.9% vs 8.5%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 16%
Pace: the 5-year rate starts in 2020 (pandemic)

SAN screens overvalued: fair value 26% below the price. Compare with JPMorgan Chase & Co →

Recent news

News mood ⓘNews mood, the average tone of recent news (97 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Very negative
Recent news coverage is unusually downbeat.
Note from the team Oct 27, 2026
AI conclusion: Santander's diversified operations deliver customer growth and efficiency gains, yet emerging-market volatility and US integration risks remain its main weaknesses.
Main risk: Digital challengers such as Revolut and Nubank could capture more customers in key markets like Spain and Latin America, pressuring deposit volumes and margins in Santander's diversified retail operations.
Bull case: Santander could leverage its scale and AI investments to enhance digital offerings through Openbank and retain or regain customers by offering superior integrated services.
Bear case: If neobanks continue gaining share, Santander might see sustained erosion of its low-cost deposit base, limiting lending capacity and compressing net interest margins across its operations.
Santander is prioritizing the integration of its Webster acquisition in the US to build a stronger commercial banking presence there, even as Brazil remains a key profit contributor exposed to recent political shifts. The group has delivered solid customer growth and efficiency gains across its diversified operations. Will the US expansion offset volatility from emerging markets or add another layer of execution risk?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Diversified · 46 stocks

Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 65 · Top 25%
Fair Value upside −26.5% · Above median
Profitability
Return on equity (12 months) 13.1% · Above median
Return on assets 0.8% · Above median
Net margin (12 months) 32.6% · Above median
Operating margin (12 months) 41.7% · Below median
Growth and dividend
Revenue growth (quarter YoY) 12.4% · Top 25%
Dividend yield (12 months) 2.3% · Bottom 25%
Balance sheet
Debt / equity 3.14× · Highest 25%

Valuation Multiplesvs Banks - Diversified median · lower = cheaper

P/E (12 months) 12.3× · Pricier than median
P/B 1.73× · Pricier than median
P/S (12 months) 3.59× · Cheaper than median
Price / free cash flow (fiscal year) 2.3× · Cheapest 25%
EV/EBITDA 18.1× · Pricier than median
PEG 0.76× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)62 · sector 36
PAST (return on equity)52 · sector 47
HEALTH (low debt)0 · sector 40
DIVIDEND (yield)47 · sector 69

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Diversified stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Agricultural Bank of China Limited 601288 ¥7.25 ¥9.14 +26% vs SAN
Industrial and Commercial Bank of China Limited 601398 ¥8.35 ¥10.52 +26% vs SAN
Bank of China Limited 601988 ¥6.77 ¥7.73 +14% vs SAN
China Construction Bank Corporation 601939 ¥11.91 ¥13.33 +12% vs SAN
Bank of America Corporation BAC $49.76 $42.16 −15% vs SAN
Citigroup Inc C $118.45 $96.55 −18% vs SAN
Wells Fargo & Company WFC $84.80 $66.59 −21% vs SAN
Mitsubishi UFJ Financial Group MUFG $21.14 $14.73 −30% vs SAN
Royal Bank of Canada RY $203.76 $132.82 −35% vs SAN
JPMorgan Chase & Co JPM $337.34 $187.04 −45% vs SAN

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Banco Santander S.A.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Banco Santander S.A. Fair Value". https://www.fairvalue-calculator.com/stock/SAN

Frequently asked questions

Is Banco Santander S.A. (SAN) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €7.96 versus a price of €10.82, about 26% lower (overvalued).
What is the fair value of SAN?
Our model-based fair value for Banco Santander S.A. is €7.96 (as of Nov 6, 2026), built from audited fundamentals. The current price: €10.82.
What is the quality score of SAN?
Banco Santander S.A. has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Banco Santander S.A. (SAN)?
Our model-based price target is the fair value of €7.96 (as of Nov 6, 2026) from 6 valuation models. Cautious scenario €6.40, optimistic scenario €10.67. It is a calculation from audited fundamentals, not an analyst target.
What is the Banco Santander S.A. stock forecast for 2026?
Our models put fair value at €7.96, about 26% lower versus a price of €10.82 (overvalued). Cautious scenario €6.40, optimistic scenario €10.67. The calculation is refreshed regularly with new filings.
What is the revenue of Banco Santander S.A. (SAN)?
Banco Santander S.A. reported trailing-twelve-month revenue of about €49.6B (latest available figure, as of Nov 6, 2026).
Does Banco Santander S.A. pay a dividend?
Banco Santander S.A. currently shows a dividend yield of 2.33% relative to its recent price (as of Nov 6, 2026).
What is the intrinsic value of Banco Santander S.A. (SAN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Banco Santander S.A. it is €7.96 per share (as of Nov 6, 2026), against a price of €10.82. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Banco Santander S.A. stock overvalued or undervalued in 2026?
As of Nov 6, 2026, SAN trades above its calculated fair value: price €10.82, fair value €7.96, a gap of about −26% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SAN?
No. The price is what the market pays today (€10.82); the fair value is what the company's own numbers justify (€7.96). For Banco Santander S.A. the two are €2.86 per share apart. That gap is exactly why we show both numbers side by side.
How much is Banco Santander S.A. worth?
The market values Banco Santander S.A. at about €159B (market capitalisation, as of Nov 6, 2026). Per share that is €10.82; our models calculate a fair value of €7.96 per share.
What do the bullish and bearish scenarios say about SAN?
Our models span a range for Banco Santander S.A.: cautious scenario €6.40, base €7.96, optimistic €10.67 per share (as of Nov 6, 2026, price €10.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SAN?
Banco Santander S.A. trades at a price-to-earnings ratio of 12.3 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €7.96 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), earnings ex one-offs: 5.0. Other multiples: PEG 0.8, P/B 1.7, P/S 3.6, EV/EBITDA 18.1.
What is the PEG ratio of SAN?
The PEG ratio of Banco Santander S.A. is 0.76 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Banco Santander S.A. (SAN)?
Balance-sheet figures for Banco Santander S.A. (as of Nov 6, 2026): return on equity 13.1%, debt of 3.14 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is SAN from its 52-week high?
Banco Santander S.A. trades at €10.82, about 16% below its 52-week high of €12.95 and 25% above the low of €8.67 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €7.96 is for.
Which stocks are comparable to Banco Santander S.A.?
From the same area (Financial Services) we also value JPMorgan Chase & Co, China Construction Bank Corporation, Industrial and Commercial Bank of China Limited, Agricultural Bank of China Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Banco Santander S.A. stock attractive at the current price?
The data as of Nov 6, 2026: price €10.82, calculated fair value €7.96 (−26%), Quality Score 65/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SAN calculated?
We run Banco Santander S.A. through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €7.96, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Banco Santander S.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Banco Santander S.A. (SAN)?
The closing price on Nov 5, 2026 was €10.82. Our model-based fair value is €7.96, about 26% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Banco Santander S.A. right now?
Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Banco Santander S.A. (SAN) come from?
Earnings per share at Banco Santander S.A. grew +7.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.5 %, EBIT margin −11.7 %, tax rate +0.9 %, residual (interest, one-offs) +15.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Banco Santander S.A.

How large is the market capitalisation of Banco Santander S.A. (SAN)?
The market capitalisation of Banco Santander S.A. is €159B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Banco Santander S.A. (SAN)?
The price-to-sales ratio of Banco Santander S.A. is 3.59 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Banco Santander S.A. (SAN)?
Earnings per share at Banco Santander S.A. are €0.8800 (price ÷ EPS = P/E 12.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Banco Santander S.A. (SAN)?
The dividend yield of Banco Santander S.A. is 2.3% (payout 28.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Banco Santander S.A. (SAN)?
The net margin of Banco Santander S.A. is 32.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Banco Santander S.A. (SAN)?
The return on equity (ROE) of Banco Santander S.A. is 13.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Banco Santander S.A. (SAN)?
On an EBIT basis the return on assets of Banco Santander S.A. is 0.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Banco Santander S.A. (SAN)?
The operating margin of Banco Santander S.A. is 41.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Banco Santander S.A. (SAN)?
Revenue at Banco Santander S.A. is growing +12.4% versus a year earlier (3y avg +41.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Banco Santander S.A. (SAN)?
Earnings per share at Banco Santander S.A. are growing +5.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Banco Santander S.A. (SAN) generate?
The free cash flow of Banco Santander S.A. is €77.7B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Banco Santander S.A. (SAN) carry?
The net debt of Banco Santander S.A. is €368B (fiscal year 2025, ≈ 4.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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