Banco Santander, S.A. (SAN) Key Metrics
SAN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · eurosSAN returns How much profit the business earns on the capital it uses.
SAN financial health Debt, liquidity and how easily interest is covered.
SAN efficiency & capital use Working capital cycle and where the cash goes.
SAN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SAN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SAN cash returned to shareholders
SAN key metrics in euros
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 14.0% | 13.0% | 11.5% | 9.9% | 8.6% | −8.7% | 6.3% | 8.2% | 7.1% | 6.9% |
| Return on invested capital (ROIC) | 4.5% | 5.7% | 14.4% | 32.9% | 19.6% | −1.5% | 4.2% | 4.3% | 3.7% | 3.1% |
| Return on assets (ROA) | 0.8% | 0.7% | 0.6% | 0.6% | 0.5% | −0.6% | 0.4% | 0.5% | 0.5% | 0.5% |
| Return on tangible assets | 0.8% | 0.7% | 0.6% | 0.6% | 0.5% | −0.6% | 0.4% | 0.5% | 0.5% | 0.5% |
| Free cash flow margin | −18.8% | −25.1% | −7.1% | 19.4% | 73.6% | 95.3% | −14.8% | −12.6% | 43.7% | 19.3% |
| Income quality (OCF / net income) | −1.05 | −1.92 | 0.45 | 2.88 | 6.98 | — | 0.52 | 0.44 | 6.07 | 3.52 |
| Financial health | ||||||||||
| Total debt | €496.64B | €483.38B | €310.98B | €324.07B | €272.72B | €257.27B | €294.62B | €246.62B | €217.97B | €228.87B |
| Cash & short-term investments | €318.20B | €237.41B | €268.41B | €390.76B | €335.18B | €284.71B | €249.72B | €113.66B | €111.00B | €76.45B |
| Net debt | €178.44B | €245.96B | €42.57B | −€66.69B | −€62.46B | −€27.43B | €44.90B | €132.96B | €106.97B | €152.41B |
| Debt / equity | 4.81 | 4.90 | 3.26 | 3.32 | 2.81 | 2.82 | 2.66 | 2.56 | 2.31 | 2.52 |
| Debt / assets | 0.27 | 0.26 | 0.17 | 0.19 | 0.17 | 0.17 | 0.19 | 0.17 | 0.15 | 0.17 |
| Net debt / EBITDA | 8.16 | 11.02 | 2.17 | −3.66 | −3.61 | −37.37 | 2.89 | 8.00 | 7.28 | 11.61 |
| Current ratio | 0.25 | 21.49 | 5.89 | 8.55 | 11.78 | 12.08 | 7.44 | 0.93 | 7.22 | 5.44 |
| Quick ratio | 0.25 | 21.49 | 9.18 | 16.19 | 22.80 | 23.79 | 13.92 | 2.79 | 25.78 | 22.10 |
| Interest coverage | 0.3 | 0.3 | 0.3 | 0.5 | 1.1 | -0.2 | 0.6 | 0.7 | 0.6 | 0.4 |
| Working capital | −€973.76B | €240.13B | €346.08B | €353.20B | €311.98B | €266.04B | €222.05B | −€9.11B | €95.62B | €62.39B |
| Invested capital | €281.61B | €344.56B | €138.00B | €30.90B | €34.59B | €63.89B | €155.56B | €229.43B | €201.46B | €243.35B |
| Tangible asset value | €95.44B | €88.07B | €84.37B | €78.94B | €80.47B | €75.41B | €82.97B | €78.80B | €78.15B | €73.28B |
| Net current asset value | −€1.43T | −€1.48T | −€1.28T | −€1.24T | −€1.16T | −€1.13T | −€1.16T | −€1.24T | −€1.23T | −€1.16T |
| Capital allocation | ||||||||||
| Dividends paid | €3.34B | €3.02B | €2.26B | €1.85B | €1.31B | €4.09B | €3.77B | €3.12B | €2.67B | €2.31B |
| Share buybacks (net) | €4.08B | €4.79B | €3.11B | €2.05B | €1.65B | €758.0M | €928.0M | €1.03B | €1.31B | €1.38B |
| Dividend payout ratio | 23.7% | 24.0% | 20.4% | 19.2% | 16.2% | — | 57.9% | 39.9% | 40.3% | 37.2% |
| Dividends + buybacks / free cash flow | — | — | — | 23.1% | 6.5% | 8.4% | — | — | 12.7% | 27.4% |
| Capex / revenue | 6.4% | 6.5% | 11.2% | 12.5% | 18.5% | 14.1% | 19.5% | 17.5% | 12.6% | 12.0% |
| Capex / operating cash flow | — | — | 272.0% | 39.1% | 20.1% | 12.9% | 417.3% | 357.0% | 22.4% | 38.2% |
| Capex / depreciation | 2.41 | 2.58 | 4.28 | 3.63 | 4.14 | 3.03 | 4.71 | 5.03 | 3.47 | 3.53 |
| SG&A / revenue | 18.0% | 17.1% | 17.8% | 23.4% | 29.4% | 29.4% | 27.2% | 28.4% | 27.8% | 26.2% |
| Efficiency | ||||||||||
| Days sales outstanding | — | 31.0 | 29.7 | 31.4 | 32.9 | 36.7 | 34.8 | 36.7 | 34.4 | 31.9 |
| Days of inventory on hand | — | — | -1,437.0 | -2,827.2 | -5,349.5 | -3,526.9 | -2,677.5 | -3,240.0 | -3,060.4 | -1,213.4 |
| Days payables outstanding | 12.6 | 13.4 | 15.5 | 22.7 | 39.2 | 26.9 | 22.9 | 29.2 | 27.7 | 23.1 |
| Cash conversion cycle (days) | — | 17.6 | -1,422.8 | -2,818.5 | -5,355.8 | -3,517.1 | -2,665.7 | -3,232.5 | -3,053.7 | -1,204.6 |
| Receivables turnover | — | 11.78 | 12.30 | 11.64 | 11.08 | 9.95 | 10.50 | 9.93 | 10.61 | 11.45 |
| Payables turnover | 28.90 | 27.25 | 23.60 | 16.10 | 9.31 | 13.56 | 15.93 | 12.50 | 13.18 | 15.82 |
| Asset turnover | 0.06 | 0.07 | 0.07 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 |
| Average receivables | — | €11.02B | €9.91B | €7.48B | €5.55B | €6.08B | €6.91B | €7.01B | €6.72B | €6.09B |
| Average payables | €2.49B | €2.89B | €3.17B | €2.71B | €2.20B | €1.93B | €1.94B | €2.32B | €2.35B | €2.13B |
| Average inventory | — | — | −€294.89B | −€338.23B | −€300.18B | −€252.29B | −€226.25B | −€257.15B | −€259.80B | −€111.78B |
| Intangibles / total assets | 0.9% | 1.0% | 1.1% | 1.1% | 1.0% | 1.1% | 1.8% | 2.0% | 2.0% | 2.2% |
Computed from SAN's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.
SAN valuation and financial ratios
Banco Santander earned a return on equity of 14.0% and a return on invested capital of 4.5% in fiscal 2025. It ended the year with €496.6 billion of debt and €318.2 billion in cash and short-term investments, net debt of €178.4 billion. It returned €7.4 billion to shareholders: €3.3 billion in dividends and €4.1 billion in share buybacks.
See the SAN income statement, the SAN chart for price history, or the SAN stock overview for the latest quote and news.
SAN key metrics FAQ
What is Banco Santander's return on equity?
Banco Santander's return on equity (ROE) was 14.0% in fiscal 2025: net income of €14.1 billion on average shareholders' equity of €100.9 billion.
What is Banco Santander's ROIC?
Banco Santander's return on invested capital was 4.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Banco Santander have?
Banco Santander had total debt of €496.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 4.81 and €178.4 billion of net debt (8.16 times EBITDA).
Does Banco Santander buy back its shares?
Yes. Banco Santander spent €4.1 billion on net share repurchases in fiscal 2025.
What is Banco Santander's current ratio?
Banco Santander's current ratio was 0.25 at the end of fiscal 2025: current assets were 0.25 times current liabilities.