Banco Santander, S.A.

NYSE:SAN Stock Report

Market Cap: US$193.8b

Banco Santander Management

Management criteria checks 4/4

Banco Santander's CEO is Hector Grisi Checa, appointed in Jan 2023, has a tenure of 3.42 years. total yearly compensation is €9.49M, comprised of 33.2% salary and 66.8% bonuses, including company stock and options. directly owns 0.02% of the company’s shares, worth $39.16M. The average tenure of the management team and the board of directors is 9.4 years and 10.5 years respectively.

Key information

Hector Grisi Checa

Chief executive officer

€9.5m

Total compensation

CEO salary percentage33.20%
CEO tenure3.4yrs
CEO ownership0.02%
Management average tenure9.4yrs
Board average tenure10.5yrs

Recent management updates

Recent updates

Seeking Alpha Jun 09

Banco Santander: Limited Value And Income Appeal Ahead

Summary Banco Santander, S.A. delivered resilient Q1 2026 results, with revenues up 4% YoY but bottom-line missing consensus and shares underperforming the market. SAN's earnings growth outlook is modest, with mixed NII prospects—European rate tailwinds offset by Brazilian headwinds—and fee growth likely to remain single-digit. Operational efficiency remains the core driver, with the ONE Transformation program targeting a cost-to-income ratio drop from 45% (2025) to 36% (2028). I maintain a Hold rating, as SAN trades near fair value (1.45x book), with limited near-term value and income appeal. Read the full article on Seeking Alpha
Seeking Alpha Feb 22

Banco Santander: Starting To Get Its Due From The Market

Summary Banco Santander has been a strong performer since my last update, with good fourth quarter results and bullish FY2025 guidance driving the shares back over tangible book value. Management expects Santander to deliver a strong 16.5% return on tangible equity this year. Given the current P/TBVPS multiple, this would imply a P/E of just ~7x. While the higher share price would have lowered the stock's total yield based on Santander's usual 50% payout ratio, capital returns for 2025-2026 have been upped by roughly €4 billion. Read the full article on Seeking Alpha
Seeking Alpha Jan 23

Banco Santander: A Positive Update For 2025

Summary Banco Santander stock remains a "Buy" due to its operational outperformance, impressive efficiency improvements, and significant profit growth, despite not being as "cheap" as before. The bank's 3Q24 results confirmed my positive thesis, with record profits, improved efficiency ratios, and increased shareholder rewards through dividends and buybacks. Santander's geographic diversification and successful ONE transformation program mitigate risks, making it a fundamentally appealing investment compared to peers like BBVA, HSBC, and Lloyds. I maintain my price target of $5.25/share for 2025 on SAN, expecting continued outperformance and market recognition of the bank's undervaluation. Read the full article on Seeking Alpha
Seeking Alpha Oct 30

Banco Santander Q3 Earnings: 2025 Commentary Looks Bullish

Summary Banco Santander, S.A. delivered another period of record earnings last quarter, with the market rewarding this by sending the stock down around 3%. Potential remediation charges in the U.K. and lower European interest rates may be to blame, but neither should really move the dial. Management commentary regarding 2025 was also bullish. SAN stock still trades at a meaningful discount to tangible book value, implying a P/E of just 5x based on current earnings. Read the full article on Seeking Alpha
Seeking Alpha Aug 09

Banco Santander: Record H1 Results Met With A Cheaper Valuation

Summary Shares of multinational banking giant Banco Santander have been a little soft since my last update, trailing European financials by around ten points in that time. Results for the first half of the year produced records throughout the income statement, with the bank's return on tangible equity still comfortably in the mid-teens area. The recent share price decline puts the stock at just 0.8x tangible book value, with this implying a P/E of just 5x alongside a double-digit dividend-plus-buyback yield. Read the full article on Seeking Alpha
Seeking Alpha Jul 23

Outperforming The Average With Santander

Summary Strong operating performance in 1Q24 shows Santander's turnaround strategy is working well, with potential for further growth. Santander's trajectory is positive, outperforming S&P500 averages with improved fundamentals and earnings growth. Despite risks from exposure to Latin America, Santander remains attractively priced and continues to outperform. Read the full article on Seeking Alpha
Seeking Alpha May 01

Banco Santander Q1: Earnings Remain In A Sweet Spot

Summary Shares of Spanish giant Santander have gained just under 30% since last coverage, as the market continues to play catch-up to the bank's elevated levels of profitability. Q1 results were robust enough, with the bank reporting a strong mid-teens return on tangible equity despite the impact of the Spanish windfall banking tax. The bank's Spanish operations remain surprisingly profitable at this stage in the cycle, while Brazil is seeing some expected improvement. These shares remain reasonably valued below tangible book value, continuing to afford investors a reasonable margin of safety. Read the full article on Seeking Alpha
Seeking Alpha Feb 17

Banco Santander Remains Materially Undervalued

Summary Shares of Banco Santander have been fairly quiet since previous coverage in October, trailing the broader European financial universe as well as certain peers like BBVA. Q4 results were a bit so-so, while management's 2024 profitability target looks very ambitious. These shares still trade at a clear discount to tangible book value, which continues to undervalue the bank's through-the-cycle earnings power. Read the full article on Seeking Alpha
Seeking Alpha Jan 16

Santander Remains A Strong Play Of Southern-European/European Banking

Summary Banco Santander has shown solid performance and outperformed the S&P500 with a 7% growth. The company's trajectory is expected to be positive, supported by improved fundamentals and earnings growth. Despite risks from exposure to Latin America and emerging market currency, Santander has the potential for significant upside and remains a buy. Read the full article on Seeking Alpha

CEO Compensation Analysis

How has Hector Grisi Checa's remuneration changed compared to Banco Santander's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

€12b

Dec 31 2025€9m€3m

€12b

Sep 30 2025n/an/a

€13b

Jun 30 2025n/an/a

€13b

Mar 31 2025n/an/a

€11b

Dec 31 2024€9m€3m

€11b

Sep 30 2024n/an/a

€11b

Jun 30 2024n/an/a

€11b

Mar 31 2024n/an/a

€11b

Dec 31 2023€8mn/a

€10b

Compensation vs Market: Hector's total compensation ($USD11.01M) is about average for companies of similar size in the US market ($USD14.65M).

Compensation vs Earnings: Hector's compensation has been consistent with company performance over the past year.


CEO

Hector Grisi Checa (60 yo)

3.4yrs
Tenure
€9,488,690
Compensation

Mr. Hector Blas Grisi Checa serves as Chief Executive Officer & Executive Director of Banco Santander, S.A. since January 01, 2023. He served as Executive Chairman and Chief Executive Officer of Grupo Fina...


Leadership Team

NamePositionTenureCompensationOwnership
Ana de Sautuola y O'Shea
Executive Chair37.3yrs€11.98m0.24%
$ 455.7m
Hector Grisi Checa
Group CEO & Executive Director3.4yrs€9.49m0.020%
$ 39.2m
Jose Garcia-Cantera
Senior EVP & Group CFO11.4yrsno data0.020%
$ 38.5m
Juan Olaizola Bartolome
Senior EVP and Group Chief Operating & Technology Officerless than a yearno data0.0021%
$ 4.1m
Kamran Butt
Chief Investment Officer & Head of Product2yrsno datano data
Manuel Antonio Amaral Preto
Group Senior EVP & Chief Accounting Officerless than a yearno data0.00098%
$ 1.9m
Jose Linares Perou
Senior EVP and Global Head of Corporate & Investment Banking9.4yrsno data0.0069%
$ 13.4m
Begona Morenes
Global Head of Investor Relationsno datano datano data
Jaime Perez Renovales
Senior EVP10.8yrsno data0.0078%
$ 15.1m
David Hazell
Group Senior EVP & Chief Compliance Officer2.4yrsno data0.00050%
$ 969.2k
Juan Manuel Mendez de Vigo
Senior EVP and Group Head of Communications24.9yrsno data0.0073%
$ 14.2m
Jose De Mora Gil-Gallardo
Group Senior EVP & Head of Corporate Development & Financial Planning11.4yrsno data0.0064%
$ 12.5m
9.4yrs
Average Tenure
60yo
Average Age

Experienced Management: SAN's management team is seasoned and experienced (9.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Ana de Sautuola y O'Shea
Executive Chair37.3yrs€11.98m0.24%
$ 455.7m
Hector Grisi Checa
Group CEO & Executive Director3.4yrs€9.49m0.020%
$ 39.2m
Glenn Hutchins
Independent Vice Chair & Lead Independent Director3.5yrs€700.00k0.0061%
$ 11.7m
Francisco D'Souza
Member of International Advisory Boardno datano datano data
Jose Alvarez
Non-Executive Vice Chairman11.4yrs€447.34k0.019%
$ 36.6m
George Kurtz
Member of International Advisory Boardno datano datano data
Francisco Botin-Sanz de Sautuola y O'Shea
Non-Independent Non-Executive Director21.9yrs€137.15k0.26%
$ 494.8m
Sheila Colleen Bair
Member of International Advisory Boardno data€130.00kno data
Belen Garcia
Independent Non-Executive Director10.5yrs€580.80k0.000090%
$ 174.5k
Soledad Daurella Comadran
Independent Non-Executive Director11.3yrs€313.71k0.0044%
$ 8.5m
Pamela Walkden
Independent Non-Executive Director6.7yrs€383.01k0.00058%
$ 1.1m
German de Fuente Escamilla
Independent Director4.2yrs€344.32k0.000070%
$ 135.7k
10.5yrs
Average Tenure
61.5yo
Average Age

Experienced Board: SAN's board of directors are seasoned and experienced ( 10.5 years average tenure).


Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/16 16:33
End of Day Share Price 2026/06/16 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Banco Santander, S.A. is covered by 36 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Javier Esteban LarioBanco de Sabadell. S.A.
Thomas Andrew RaynerBarclays
Cecilia Romero ReyesBarclays