Latest Ratios: P/E Ratio 16.1x · EV/EBITDA 6.4x · ROE 10.4%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $38.2B | $23.2B | $29.2B | $48.8B | $40.5B | $40.1B | $61.7B | $86.8B | $79.8B | $69.6B | $64.0B |
| Enterprise Value | $24.2B | $-48783866010 | $-40344374190 | $-9385866250 | $17.5B | $37.2B | $52.8B | $150.5B | $154.7B | $128.1B | $146.4B |
| P/E Ratio → | 16.07 | 3.75 | 4.49 | 10.56 | 2.84 | 2.58 | 4.59 | 5.28 | 6.35 | 8.19 | 9.15 |
| P/S Ratio | 1.29 | 0.15 | 0.23 | 0.40 | 0.37 | 0.53 | 1.21 | 1.15 | 1.19 | 0.94 | 0.77 |
| P/B Ratio | 0.79 | 0.18 | 0.24 | 0.42 | 0.37 | 0.38 | 0.58 | 0.89 | 0.87 | 0.80 | 0.76 |
| P/FCF | 146.77 | 17.39 | — | 1.47 | 10.16 | 9.03 | 1.53 | 4.05 | 15.16 | 1.44 | 12.30 |
| P/OCF | 39.29 | 4.66 | — | 1.33 | 5.91 | 5.89 | 1.46 | 3.49 | 9.65 | 1.38 | 9.49 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.32 | -0.31 | -0.08 | 0.16 | 0.49 | 1.04 | 1.99 | 2.31 | 1.72 | 1.76 |
| EV / EBITDA | 6.41 | -2.52 | -1.84 | -0.64 | 0.79 | 1.37 | 4.31 | 6.10 | 8.76 | 7.92 | 8.19 |
| EV / EBIT | 7.42 | -2.92 | -2.10 | -0.79 | 0.89 | 1.50 | 5.46 | 6.76 | 9.72 | 8.83 | 8.93 |
| EV / FCF | — | -36.51 | — | -0.28 | 4.40 | 8.38 | 1.31 | 7.02 | 29.37 | 2.64 | 28.12 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.5% | 27.5% | 34.0% | 29.3% | 37.8% | 61.7% | 60.7% | 57.3% | 54.3% | 46.5% | 40.9% |
| Operating Margin | 11.0% | 11.0% | 14.9% | 9.8% | 17.7% | 32.9% | 19.0% | 29.5% | 23.8% | 19.5% | 19.7% |
| Net Profit Margin | 8.4% | 8.4% | 10.4% | 7.8% | 12.9% | 20.6% | 26.4% | 21.7% | 18.8% | 12.0% | 8.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.4% | 10.4% | 11.4% | 8.4% | 13.2% | 14.6% | 13.2% | 17.4% | 14.1% | 10.4% | 8.9% |
| ROA | 1.0% | 1.0% | 1.1% | 0.9% | 1.5% | 1.7% | 1.6% | 2.2% | 1.8% | 1.4% | 1.2% |
| ROIC | 4.9% | 4.9% | 5.7% | 3.7% | 6.6% | 9.8% | 4.1% | 9.1% | 6.8% | 6.1% | 6.4% |
| ROCE | 3.7% | 3.7% | 4.8% | 2.9% | 4.4% | 5.7% | 2.4% | 5.8% | 4.6% | 4.5% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.03 | 1.03 | 1.13 | 1.18 | 1.14 | 0.93 | 0.66 | 0.86 | 1.03 | 0.91 | 1.28 |
| Debt / EBITDA | 6.71 | 6.71 | 6.18 | 9.26 | 5.72 | 3.63 | 5.72 | 3.40 | 5.34 | 4.90 | 6.08 |
| Net Debt / Equity | — | -0.57 | -0.58 | -0.51 | -0.21 | -0.03 | -0.08 | 0.66 | 0.82 | 0.67 | 0.97 |
| Net Debt / EBITDA | -3.72 | -3.72 | -3.17 | -3.97 | -1.04 | -0.11 | -0.73 | 2.58 | 4.24 | 3.62 | 4.61 |
| Debt / FCF | — | -53.90 | — | -1.75 | -5.77 | -0.65 | -0.22 | 2.98 | 14.21 | 1.21 | 15.82 |
| Interest Coverage | 0.16 | 0.16 | 0.24 | 0.15 | 0.29 | 0.93 | 0.53 | 0.78 | 0.56 | 0.40 | 0.35 |
Net cash position: cash ($202.0B) exceeds total debt ($130.0B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.34 | 0.34 | 0.37 | 0.34 | 0.55 | 0.55 | 0.39 | 0.33 | 0.32 | 0.35 | 0.30 |
| Quick Ratio | 0.34 | 0.34 | 0.37 | 0.34 | 0.55 | 0.55 | 0.39 | 0.33 | 0.32 | 0.35 | 0.30 |
| Cash Ratio | 0.25 | 0.25 | 0.25 | 0.26 | 0.28 | 0.20 | 0.16 | 0.05 | 0.06 | 0.06 | 0.09 |
| Asset Turnover | — | 0.12 | 0.10 | 0.11 | 0.11 | 0.08 | 0.05 | 0.10 | 0.09 | 0.12 | 0.13 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.5% | 28.0% | 19.3% | 11.2% | 18.3% | 24.7% | 16.7% | 8.0% | 7.6% | 8.1% | 5.0% |
| Payout Ratio | 50.9% | 50.9% | 42.0% | 57.7% | 51.7% | 63.8% | 76.6% | 42.4% | 48.3% | 63.3% | 43.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 26.7% | 22.3% | 9.5% | 35.3% | 38.7% | 21.8% | 18.9% | 15.8% | 12.2% | 10.9% |
| FCF Yield | 0.7% | 5.7% | — | 68.2% | 9.8% | 11.1% | 65.3% | 24.7% | 6.6% | 69.6% | 8.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.3% | 0.0% | 0.2% | 0.3% | 0.4% | 0.5% | 0.1% |
| Total Shareholder Yield | 6.5% | 28.0% | 19.3% | 11.2% | 19.5% | 24.7% | 16.8% | 8.3% | 8.0% | 8.7% | 5.2% |
| Shares Outstanding | — | $3.8B | $7.5B | $7.5B | $7.5B | $7.5B | $7.5B | $7.5B | $7.5B | $7.5B | $7.5B |
Credit quality and SELIC volatility
According to recent market data, BSBR trades at a P/B of 0.81, which, as noted in financial filings, suggests the market is pricing the bank at a discount to its tangible book value due to persistent ROE compression relative to its primary domestic peers.
The current valuation multiple appears to reflect investor skepticism regarding the bank's ability to achieve a sustainable return on tangible equity that exceeds its cost of capital. This discount may indicate that the market views BSBR as a commodity balance sheet rather than a premium franchise, particularly when compared to the higher valuation multiples commanded by more profitable incumbents like Itaú Unibanco.
Based on the provided quarterly data, BSBR's ROE has struggled to exceed 5.1% in recent periods, a trend that, as evidenced by the bank's financial statements, is primarily driven by compressed net interest margins and volatile non-interest income contributions.
The DuPont decomposition suggests that the bank's profitability is currently constrained by a combination of narrow interest spreads and inconsistent fee generation. Investors should monitor whether the strategic pivot toward high-income and agribusiness segments can effectively improve asset utilization and restore ROE to levels more consistent with historical performance.
As reported in financial statements, BSBR's net interest margin has remained stubbornly anchored between 1.1% and 1.2% over the last ten quarters, indicating that the bank is currently unable to expand its spread despite the volatile interest rate environment characterizing the Brazilian financial landscape.
The efficiency ratio's significant volatility, ranging from 12.9% to 25.6%, suggests that the bank's operating leverage is currently inconsistent and potentially vulnerable to rising administrative overhead costs. This lack of clear trend in the efficiency ratio may indicate that digital transformation efforts are not yet fully offsetting the costs associated with maintaining a large physical branch network.
According to the bank's reported figures, the equity-to-assets ratio has remained consistently anchored at 0.10 over the last ten quarters, suggesting that BSBR maintains a stable regulatory capital position despite the significant volatility observed in its underlying net income and operational cash flows.
While the capital ratio appears adequate, the bank's reliance on deferred tax assets and hedge accounting warrants further investigation to determine the quality of this capital buffer. Investors should monitor whether this stability is sufficient to support dividend payments if credit provisioning requirements continue to fluctuate in response to the broader Brazilian credit cycle.
As evidenced by the bank's historical filings, the P/E ratio is frequently misapplied to BSBR, as it fails to account for the significant non-cash volatility introduced by provision for credit losses and hedge accounting effects that distort headline earnings.
Investors should prioritize P/TBV over P/E when evaluating BSBR, as the latter is highly sensitive to discretionary provisioning and tax-related accounting adjustments that do not reflect the bank's underlying cash-generative capacity. Relying on P/E may obscure the true operational health of the bank, leading to an inaccurate assessment of its valuation relative to peers.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying BSBR stock.
Banco Santander (Brasil) S.A.'s current P/E ratio is 16.1x. The historical average is 7.1x. This places it at the 100th percentile of its historical range.
Banco Santander (Brasil) S.A.'s current EV/EBITDA is 6.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.6x.
Banco Santander (Brasil) S.A.'s return on equity (ROE) is 10.4%. The historical average is 12.1%.
Based on historical data, Banco Santander (Brasil) S.A. is trading at a P/E of 16.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Banco Santander (Brasil) S.A.'s current dividend yield is 6.52% with a payout ratio of 50.9%.
Banco Santander (Brasil) S.A. has 27.5% gross margin and 11.0% operating margin. Operating margin between 10-20% is typical for established companies.
Banco Santander (Brasil) S.A.'s Debt/EBITDA ratio is 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.