BBVA or Banco Santander: which stock is cheaper in 2026?
As of October 5, 2026, BBVA (BBVA) trades at 12.2× earnings (P/E) and Banco Santander (SAN) at 10.6×, according to Kaplio. The median across the 334 banking companies above $2bn in Kaplio's universe is 12.9×. Kaplio's verdict: BBVA, fairly priced; Banco Santander, cheap. Value range by multiples: $20–$24 for BBVA and $14–$17 for Banco Santander. Against its own value range, Banco Santander is the cheaper of the two today.
According to the Kaplio Summary
The same verdict as each company's page: price range by multiples, the four lights, the expected return if consensus is right and what Buffett and Lynch would say today.
| BBVA (BBVA) | Banco Santander (SAN) | |
|---|---|---|
| Summary valuation | fairly priced ($20–$24) | cheap ($14–$17) |
| The four lights | Valuation: P/B 2.2× (fairly priced) Business: ROTCE 17.8 % (excellent) Balance sheet: Capital/assets 6.7 % (fragile) Results: 6 of 8 (on track) | Valuation: P/B 1.6× (justified) Business: ROTCE 14.8 % (solid) Balance sheet: Capital/assets 5.5 % (fragile) Results: 2 of 8 (disappointing) |
| Expected return (per year) | — | — |
| Buffett method | outside his circle | outside his circle |
| Lynch method | asset play · would not approve | stalwart · would wait |
Metrics side by side
| Metric | BBVA (BBVA) | Banco Santander (SAN) |
|---|---|---|
| Overview | ||
| Market Cap | $149B | $196B |
| Price | $26.98 | $13.36 |
| Valuation | ||
| P/E | 12.2× | 10.6× |
| P/B | 2.2× | 1.7× |
| P/S | 3.2× | 2.4× |
| EV/EBITDA | — | — |
| FCF Yield | — | — |
| Dividend Yield | 3.9 % | 2.0 % |
| Profitability | ||
| ROIC | 4.4 % | 2.0 % |
| ROE | 19.3 % | 15.5 % |
| Gross Margin | — | — |
| Operating Margin | 42.7 % | 26.3 % |
| Net Margin | 27.3 % | 21.8 % |
| Growth | ||
| Revenue 5Y CAGR | 4.2 % | 14.7 % |
| EPS 5Y CAGR | 64.6 % | — |
| FCF 5Y CAGR | — | — |
| Balance Sheet | ||
| Net Debt / EBITDA | — | — |
| Debt / Equity | 1.8× | 4.1× |
Trailing twelve months where available; otherwise the latest fiscal year. Growth: five-year compound annual rate.