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Spanish (IBEX) Banks Industry Analysis

UpdatedDec 16, 2025
DataAggregated Company Financials
Companies6
  • 7D3.2%
  • 3M17.2%
  • 1Y101.4%
  • YTD109.8%

The Banks is pretty flat in the last 7 days, but Banco Santander has stood out, gaining 4.0%. The past year has been better, since the industry has gained 97% in that time. Earnings are forecast to grow by 4.5% annually.

Industry Valuation and Performance

Has the Spanish Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 16 Dec 2025€365.4b€107.9b€32.0b11.4x11.4x3.4x
Thu, 13 Nov 2025€353.8b€108.0b€32.1b10.9x11x3.3x
Sat, 11 Oct 2025€314.5b€107.4b€32.0b9.8x9.8x2.9x
Mon, 08 Sep 2025€303.9b€107.4b€32.0b9.6x9.5x2.8x
Wed, 06 Aug 2025€290.5b€107.9b€32.0b9.2x9.1x2.7x
Fri, 04 Jul 2025€268.9b€108.3b€32.2b8.6x8.4x2.5x
Sun, 01 Jun 2025€264.2b€108.3b€32.2b8.2x8.2x2.4x
Tue, 29 Apr 2025€247.4b€107.5b€30.5b8.2x8.1x2.3x
Thu, 27 Mar 2025€255.7b€107.4b€30.4b8.2x8.4x2.4x
Sat, 22 Feb 2025€231.5b€107.0b€31.0b7.6x7.5x2.2x
Mon, 20 Jan 2025€190.3b€101.1b€28.9b7.7x6.6x1.9x
Wed, 18 Dec 2024€179.2b€101.1b€29.0b7x6.2x1.8x
Fri, 15 Nov 2024€180.3b€101.1b€29.0b6.8x6.2x1.8x
Sun, 13 Oct 2024€182.4b€100.1b€27.9b6.9x6.5x1.8x
Tue, 10 Sep 2024€178.6b€100.1b€27.9b7.1x6.4x1.8x
Thu, 08 Aug 2024€169.1b€100.1b€27.9b6.8x6.1x1.7x
Sat, 06 Jul 2024€181.9b€97.2b€26.1b7.8x7x1.9x
Mon, 03 Jun 2024€192.5b€97.2b€26.1b8.1x7.4x2x
Wed, 01 May 2024€184.6b€96.3b€26.0b7.6x7.1x1.9x
Fri, 29 Mar 2024€183.3b€93.5b€25.1b7.4x7.3x2x
Sun, 25 Feb 2024€158.4b€93.7b€25.0b6.4x6.3x1.7x
Tue, 23 Jan 2024€150.1b€90.9b€23.7b6.5x6.3x1.7x
Thu, 21 Dec 2023€149.6b€90.9b€23.7b6.4x6.3x1.6x
Sat, 18 Nov 2023€153.7b€90.9b€23.7b6.8x6.5x1.7x
Mon, 16 Oct 2023€144.8b€88.5b€21.8b7.3x6.6x1.6x
Wed, 13 Sep 2023€138.9b€88.5b€21.8b7.2x6.4x1.6x
Fri, 11 Aug 2023€144.6b€88.5b€21.8b7.3x6.6x1.6x
Sun, 09 Jul 2023€135.6b€85.3b€20.4b8.1x6.6x1.6x
Tue, 06 Jun 2023€130.0b€85.3b€20.4b7.6x6.4x1.5x
Thu, 04 May 2023€124.4b€83.6b€20.0b7.3x6.2x1.5x
Sat, 01 Apr 2023€135.0b€82.6b€19.6b8x6.9x1.6x
Mon, 27 Feb 2023€144.0b€80.9b€20.4b9.6x7.1x1.8x
Wed, 25 Jan 2023€135.1b€79.9b€18.3b7.3x7.4x1.7x
Fri, 23 Dec 2022€122.4b€79.9b€18.3b6.7x6.7x1.5x
Price to Earnings Ratio

6.7x


Total Market Cap: €122.4bTotal Earnings: €18.3bTotal Revenue: €79.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Banks Industry Price to Earnings3Y Average 7.3x202320242025
Current Industry PE
  • Investors are optimistic on the Spanish Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 11.2x which is higher than its 3-year average PE of 7.3x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 3.3x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 20% per year over the last three years.
  • Revenues for these companies have grown 11% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Spanish Financials industry?

ES Market1.40%
Financials2.98%
Banks3.19%
Diversified Banks3.19%
Regional Banks0%0
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 7.3x.
    • Analysts are expecting annual earnings growth of 4.5%, which is lower than the prior year's growth of 17.9% per year.
  • Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 7.3x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 4.5% over the next 5 years.
  • However this is lower than its past earnings growth rate of 18% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 4.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SAN Banco Santander€9.874.0%
+€5.6b		111.3%PB1.4x
BBVA Banco Bilbao Vizcaya Argentaria€19.563.2%
+€3.5b		100.2%PB2x
CABK CaixaBank€10.132.1%
+€1.5b		94.4%PB1.9x
SAB Banco de Sabadell€3.351.7%
+€279.8m		72.9%PB1.2x
UNI Unicaja Banco€2.743.6%
+€241.5m		105.6%PB1x

Latest News

BKT
€14.01
Bankinter
7D
1.9%
1Y
85.7%

BKT: Stable Rate Backdrop Will Likely Sustain Returns Amid Balanced Risk Reward

Analysts have nudged our Bankinter fair value estimate slightly higher to EUR 13.78 from EUR 13.60, citing a series of upward price target revisions and reinforced confidence in the bank's solid fundamentals and profitability in a stable rate environment. Analyst Commentary Recent Street research on Bankinter has tilted incrementally more positive, reflected in a series of price target increases that cluster around or above our updated fair value estimate.
UNI
€2.74
Unicaja Banco
7D
3.6%
1Y
105.6%

UNI: Future Performance Will Depend On Execution As Upside Appears Limited

Analysts have modestly raised their price target on Unicaja Banco, reflecting incremental upward revisions from EUR 2 to EUR 2.20 and from EUR 2.25 to EUR 2.55, as they acknowledge improving earnings that are, however, viewed as largely priced in. Analyst Commentary Recent Street research reflects a cautiously balanced stance on Unicaja Banco, with modest target price increases paired with restrained ratings and an emphasis on limited re-rating potential at current levels.
CABK
€10.13
CaixaBank
7D
2.1%
1Y
94.4%

CABK: Buybacks And Resilient Profitability Will Support Measured Forward Performance

Analysts have nudged their price target on CaixaBank higher, reflecting improved fair value estimates to about EUR 9.64 from EUR 9.50 as they highlight healthier loan and revenue growth expectations, resilient profitability, and a supportive forward P E multiple. Analyst Commentary Recent Street research reflects a more constructive stance on CaixaBank, driven by improving growth expectations and a valuation that is seen as better aligned with fundamentals.
BBVA
€19.56
Banco Bilbao Vizcaya Argentaria
7D
3.2%
1Y
100.2%

BBVA: Diversified Exposure And Digital Expansion Will Support Medium-Term Stability

The analyst price target for Banco Bilbao Vizcaya Argentaria has increased slightly from €18.37 to €18.65. Analysts cite sustained core revenue growth and the group's diversified exposure as key drivers for their positive outlook.
SAB
€3.35
Banco de Sabadell
7D
1.7%
1Y
72.9%

SAB: Dividend Yield And Takeover Uncertainty Will Influence Share Price Ahead

Banco de Sabadell's analyst price target has been modestly raised to €3.43 from €3.41, as analysts note improved profit margin expectations and a more favorable revenue outlook, both of which support the updated valuation. Analyst Commentary Market opinion on Banco de Sabadell remains mixed, with analysts highlighting both strengths and several areas of concern regarding the bank’s near-term prospects and valuation.
SAN
€9.87
Banco Santander
7D
4.0%
1Y
111.3%

SAN: Revenue Outlook And Upcoming Dividend Are Expected To Drive Stable Returns

Analysts have raised their price target for Banco Santander from €9.30 to €9.46, reflecting slight improvements in projected revenue growth and profit margins. What's in the News Banco Santander will hold Special/Extraordinary Shareholders Meetings on October 16, 2025 and November 28, 2025 in São Paulo, Brazil (company filing).