Banco Santander, S.A. (SAN) P/E Ratio History
ExpensiveTrading at 14.3x vs 5Y avg 8.3x · 100th percentile · Material premium to history · Data 2007–2025
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P/E Ratio Analysis
As of July 8, 2026, Banco Santander, S.A. (SAN) trades at a price-to-earnings ratio of 14.3x, with a stock price of $14.19 and trailing twelve-month earnings per share of $0.87.
The current P/E is 73% above its 5-year average of 8.3x. Over the past five years, SAN's P/E has ranged from a low of 4.6x to a high of 13.6x, placing the current valuation at the 100th percentile of its historical range.
Compared to the Financial Services sector median P/E of 14.3x, SAN is roughly in line with its sector peers. The sector includes 800 companies with P/E ratios ranging from 0.0x to 157.0x.
Relative to the broader market, SAN trades at a notable discount to the S&P 500 median P/E of 25.9x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our SAN DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
SAN Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
SAN P/E vs Peers
European universal banks peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $145B | 13.5 | 0.21 | +1% | |
| $70B | 10.4Lowest | 0.09Best | +126%Best | |
| $93B | 13.3 | 0.49 | +28% | |
| $93B | 11.4 | 0.29 | +29% | |
| $169B | 21.8 | 3.68 | +55% | |
| $91B | 10.8 | 0.52 | +4% | |
| $909B | 16.9 | 0.96 | +2% | |
| $425B | 15.7 | 1.02 | +19% | |
| $241B | 20.1 | 2.48 | +17% | |
| $267B | 13.8 | 0.19 | +18% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
SAN Historical P/E Data (2007–2025)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2025 Q4 | Dec 31 2025 | $11.73 | $0.86 | 13.6x | +15% |
| FY2025 Q3 | Sep 29 2025 | $10.29 | $0.82 | 12.5x | +5% |
| FY2025 Q2 | Jun 30 2025 | $8.30 | $0.83 | 10.0x | -16% |
| FY2025 Q1 | Mar 31 2025 | $6.70 | $0.81 | 8.3x | -30% |
| FY2024 Q4 | - | $4.56 | $0.77 | 5.9x | -50% |
| FY2024 Q3 | Sep 30 2024 | $5.10 | $0.74 | 6.9x | -42% |
| FY2024 Q2 | Jun 30 2024 | $4.63 | $0.72 | 6.4x | -46% |
| FY2024 Q1 | Mar 31 2024 | $4.84 | $0.68 | 7.1x | -40% |
| FY2023 Q4 | Dec 31 2023 | $4.14 | $0.66 | 6.3x | -47% |
| FY2023 Q3 | Sep 30 2023 | $3.76 | $0.62 | 6.1x | -49% |
| FY2023 Q2 | Jun 30 2023 | $3.71 | $0.58 | 6.4x | -46% |
| FY2023 Q1 | Mar 31 2023 | $3.69 | $0.55 | 6.7x | -44% |
| FY2022 Q4 | Dec 31 2022 | $2.95 | $0.54 | 5.5x | -54% |
| FY2022 Q3 | Sep 30 2022 | $2.32 | $0.50 | 4.6x | -61% |
| FY2022 Q2 | - | $2.80 | $0.47 | 5.9x | -50% |
| FY2022 Q1 | - | $3.38 | $0.44 | 7.7x | -35% |
| FY2021 Q4 | Dec 31 2021 | $3.29 | $0.38 | 8.7x | -27% |
| FY2021 Q3 | - | $3.62 | $0.27 | 13.3x | +12% |
| FY2021 Q2 | Jun 30 2021 | $3.91 | $0.29 | 13.4x | +12% |
| FY2020 Q1 | - | $2.25 | $0.23 | 9.9x | -17% |
| FY2019 Q4 | - | $3.97 | $0.32 | 12.5x | +5% |
| FY2019 Q3 | Sep 30 2019 | $3.85 | $0.31 | 12.6x | +6% |
| FY2019 Q2 | Jun 30 2019 | $4.39 | $0.38 | 11.4x | -4% |
| FY2019 Q1 | Mar 31 2019 | $4.44 | $0.40 | 11.0x | -8% |
| FY2018 Q4 | Dec 31 2018 | $4.29 | $0.42 | 10.1x | -15% |
| FY2018 Q3 | Sep 30 2018 | $4.79 | $0.40 | 12.0x | +1% |
| FY2018 Q2 | Jun 30 2018 | $5.12 | $0.38 | 13.6x | +15% |
| FY2018 Q1 | Mar 31 2018 | $6.28 | $0.40 | 15.6x | +31% |
| FY2017 Q4 | Dec 31 2017 | $6.27 | $0.39 | 16.0x | +35% |
| FY2017 Q3 | Sep 30 2017 | $6.65 | $0.40 | 16.5x | +39% |
| FY2017 Q2 | Jun 30 2017 | $6.41 | $0.43 | 15.0x | +26% |
| FY2017 Q1 | Mar 31 2017 | $5.82 | $0.39 | 15.0x | +26% |
| FY2016 Q4 | Dec 31 2016 | $4.96 | $0.38 | 13.1x | +10% |
| FY2016 Q3 | Sep 30 2016 | $4.23 | $0.27 | 15.4x | +30% |
| FY2016 Q2 | - | $3.76 | $0.27 | 13.7x | +15% |
| FY2016 Q1 | - | $4.18 | $0.37 | 11.2x | -6% |
| FY2015 Q4 | - | $4.67 | $0.39 | 11.9x | -0% |
| FY2015 Q3 | Sep 30 2015 | $5.06 | $0.50 | 10.1x | -15% |
| FY2015 Q2 | - | $6.72 | $0.51 | 13.2x | +11% |
| FY2015 Q1 | - | $7.14 | $0.46 | 15.5x | +30% |
| FY2014 Q4 | Dec 31 2014 | $7.98 | $0.45 | 17.7x | +49% |
| FY2014 Q3 | - | $9.10 | $0.44 | 20.9x | +75% |
| FY2014 Q2 | Jun 30 2014 | $9.99 | $0.41 | 24.2x | +104% |
| FY2014 Q1 | Mar 31 2014 | $9.18 | $0.39 | 23.7x | +99% |
| FY2013 Q4 | - | $8.69 | $0.39 | 22.4x | +88% |
| FY2013 Q3 | Sep 30 2013 | $7.83 | $0.58 | 13.5x | +13% |
| FY2013 Q2 | Jun 30 2013 | $6.20 | $0.78 | 8.0x | -33% |
| FY2013 Q1 | Mar 31 2013 | $6.53 | $1.04 | 6.3x | -47% |
| FY2008 Q4 | Dec 31 2008 | $9.09 | $1.22 | 7.5x | -37% |
| FY2008 Q3 | - | $14.39 | $1.41 | 10.2x | -14% |
| FY2008 Q2 | Jun 30 2008 | $17.43 | $1.44 | 12.1x | +2% |
| FY2008 Q1 | Mar 31 2008 | $19.11 | $1.40 | 13.7x | +15% |
| FY2007 Q4 | Dec 31 2007 | $20.64 | $1.39 | 14.8x | +25% |
| FY2007 Q3 | Sep 30 2007 | $18.51 | $1.10 | 16.8x | +41% |
Average P/E for displayed period: 11.9x
Should I Buy SAN?
Wall Street verdict, signals, and target summaries.
Intrinsic Valuation
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Historical Returns
19+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
SAN — Frequently Asked Questions
Quick answers to the most common questions about buying SAN stock.
What is SAN's P/E ratio?
Banco Santander, S.A. (SAN) trailing twelve-month P/E ratio is 14.3x, based on TTM diluted EPS of $0.87. The 5-year average P/E is 8.3x and the historical range spans 4.6x to 13.6x.
Is SAN stock overvalued or undervalued?
SAN trades at 14.3x P/E, above its 5-year average of 8.3x. The 100th percentile ranking within the 4.6x–13.6x historical range indicates a premium to historical valuation.
Is SAN stock expensive?
Yes, SAN is expensive relative to its own history. The current P/E of 14.3x is above the 5-year average of 8.3x. The stock sits at the 100th percentile of its 5-year valuation range.
What is SAN's historical P/E range?
Over the past 5 years, SAN's P/E ratio has ranged from 4.6x to 13.6x, with a median of 7.1x and an average of 8.3x. The current P/E of 14.3x places the stock at the 100th percentile of this range. Full historical data spans 2007–2025.
How does SAN's P/E compare to the S&P 500?
SAN trades at 14.3x P/E versus the S&P 500 median of 25.9x. The 45% discount to the market suggests lower growth expectations or perceived higher risk.
How does SAN's valuation compare to Financial Services peers?
Banco Santander, S.A. P/E of 14.3x compares to the Financial Services sector median of 14.3x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is SAN's PEG ratio?
SAN PEG ratio is N/A, based on a P/E of 14.3x and EPS growth of 13.0%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is SAN's earnings yield?
SAN earnings yield is 7.01%, the inverse of its 14.3x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.