Santander Holdings USA, Inc. is a US-listed company in the national commercial banks industry. Its financial year ends in December.
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~$31
Valuation models combined (6)
Base case. Range ~$25–$38. Weighted average of 6 models (residual income, justified price-to-book, price-to-book vs return on equity (peers), price-to-book vs peers, price-to-earnings vs peers, dividend discount (two-stage)), the residual income counting double.
Undervalued
The price is below our entire value range; our base value is 48% above it.
Price used: $20.77, November 2, 2026
Santander Holdings USA, Inc. valuation: adjust assumptions and compare models →
Revenue for the twelve months to June 2026 was $9.37bn, up 2.4% on a year earlier, about the same pace as a quarter earlier. That puts it 411 of 489 for growth among the financials companies we cover. Our cash-flow model value is $32.89 a share, against a share price of $20.86.
Source: 10-Q filed July 31, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Santander Holdings USA, Inc.'s trailing-twelve-month revenue grew 2.4% year on year, with a free-cash-flow margin of 25.8%. Where it lags: revenue growth of 2.4% ranks 460 of 560 financials companies we cover.
Current signal Net margin expanding: TTM net margin reached 19.0%, up 6.1pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Santander Holdings USA, Inc. as a bank or lender, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$30 ~$22–$41 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$29 ~$25–$35 | Included |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$38 ~$21–$55 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$25 ~$33–$48 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$32 ~$37–$50 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$31 ~$26–$38 | Included |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$31 ~$25–$38 | 6 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Santander Holdings USA, Inc. with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
No analyst estimates are published for Santander Holdings USA, Inc.: too few analysts cover it.
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $9.7B |
| FY23 Q4 | $9.3B |
| FY24 Q1 | $9.2B |
| FY24 Q2 | $9.2B |
| FY24 Q3 | $9B |
| FY24 Q4 | $9.2B |
| FY25 Q1 | $9.2B |
| FY25 Q2 | $9.2B |
| FY25 Q3 | $9.4B |
| FY25 Q4 | $9.4B |
| FY26 Q1 | $9.4B |
| FY26 Q2 | $9.4B |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -3.3% |
| FY23 Q4 | -5.7% |
| FY24 Q1 | -6.2% |
| FY24 Q2 | -5.5% |
| FY24 Q3 | -6.4% |
| FY24 Q4 | -1.7% |
| FY25 Q1 | -0.5% |
| FY25 Q2 | -0.9% |
| FY25 Q3 | 3.6% |
| FY25 Q4 | 2.7% |
| FY26 Q1 | 2.1% |
| FY26 Q2 | 2.4% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -6.9% |
| FY23 Q4 | -7.6% |
| FY24 Q1 | -7.3% |
| FY24 Q2 | -18.1% |
| FY24 Q3 | -26.7% |
| FY24 Q4 | -15.7% |
| FY25 Q1 | -32.9% |
| FY25 Q2 | -25.6% |
| FY25 Q3 | -12.7% |
| FY25 Q4 | -5.1% |
| FY26 Q1 | 17.7% |
| FY26 Q2 | 25.8% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 3.0 | 4.4 | 5.8 | 2.8 | 2.6 | 11.3 | 9.8 | 9.3 | 9.3 | 9.6 | 10.2 | 10.3 | 10.6 | 9.9 | 9.3 | 9.2 | 9.4 | 9.4 |
| Net income | 0.1 | 1.0 | 1.2 | 0.6 | 0.7 | 2.6 | −1.4 | 0.4 | 0.6 | 0.7 | 0.8 | −0.8 | 3.0 | 1.4 | 0.9 | 1.1 | 1.6 | 1.8 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | — | +47.4% | +32.8% | −51.9% | −7.1% | +332.5% | −13.2% | −5.0% | +0.1% | +2.8% | +6.1% | +1.4% | +3.2% | −6.9% | −5.7% | −1.7% | +2.7% | +2.4% |
| Net income | — | +611.0% | +14.7% | −52.1% | +16.9% | +291.8% | −154.6% | — | +52.2% | +28.1% | +6.5% | −211.6% | — | −52.9% | −33.6% | +15.5% | +52.7% | +50.5% |
| Margins | ||||||||||||||||||
| Net margin | 4.8% | 23.2% | 20.1% | 19.9% | 25.1% | 22.7% | −14.3% | 3.9% | 5.9% | 7.4% | 7.4% | −8.2% | 28.0% | 14.2% | 10.0% | 11.7% | 17.4% | 19.0% |
| Free-cash-flow margin | 40.6% | 58.0% | 34.5% | 50.4% | 43.9% | 36.3% | 48.6% | 54.0% | 51.5% | 71.5% | 65.2% | 49.2% | 78.0% | 51.1% | 20.4% | 12.6% | 21.3% | 50.3% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 1.3 | 2.7 | 2.2 | 1.6 | 1.4 | 4.4 | 5.1 | 5.3 | 5.0 | 7.0 | 6.8 | 5.3 | 8.5 | 5.3 | 1.9 | 1.2 | 2.0 | 4.7 |
| Capital spending | 0.0 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 |
| Free cash flow | 1.2 | 2.6 | 2.0 | 1.4 | 1.1 | 4.1 | 4.8 | 5.0 | 4.8 | 6.9 | 6.6 | 5.1 | 8.3 | 5.1 | 1.9 | 1.2 | 2.0 | 4.7 |
| Stock-based pay | 0.0 | 0.0 | −0.0 | −0.0 | −0.0 | 0.0 | −0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | — | −0.0 | — |
| Free cash flow after stock pay | 1.2 | 2.6 | 2.0 | 1.4 | 1.1 | 4.1 | 4.8 | 5.0 | 4.8 | 6.9 | 6.6 | 5.1 | 8.3 | 5.1 | — | — | 2.0 | — |
| Balance sheet | ||||||||||||||||||
| Cash | — | — | — | — | — | — | 12.1 | 13.1 | 6.5 | 7.8 | 7.6 | 12.6 | 19.3 | 10.2 | 13.1 | 18.5 | 14.4 | 11.4 |
| Total debt | — | 0.0 | 0.0 | 19.3 | 12.4 | 39.7 | 49.8 | 43.5 | — | 45.0 | 50.7 | 46.4 | 41.1 | 43.6 | 44.1 | 44.0 | 37.1 | 32.7 |
| Net debt (negative = net cash) | — | — | — | — | — | — | 37.8 | 30.5 | −6.5 | 37.2 | 43.1 | 33.8 | 21.8 | 33.4 | 31.0 | 25.5 | 22.7 | 21.4 |
| Returned to shareholders | ||||||||||||||||||
| Dividends | — | — | — | — | — | — | 0.0 | 0.0 | 0.0 | 0.4 | 0.4 | 0.1 | 0.0 | 4.8 | 3.1 | 1.3 | 1.5 | 1.8 |
| Total returned | — | — | — | — | — | — | 0.0 | 0.0 | 0.0 | 0.4 | 0.4 | 0.1 | 0.0 | 4.8 | 3.1 | 1.3 | 1.5 | 1.8 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 2,188 | 2,280 | 2,336 | 2,352 | 2,393 | 2,353 | 2,299 | 2,327 |
| Net income | 193 | 126 | 366 | 498 | 456 | 325 | 414 | 585 |
| Growth (year on year) | ||||||||
| Revenue | −8.5% | +6.9% | +0.9% | −2.0% | +9.4% | +3.2% | −1.6% | −1.1% |
| Net income | +61.4% | — | +6.6% | +20.1% | +136.1% | +157.5% | +13.2% | +17.5% |
| Margins | ||||||||
| Net margin | 8.8% | 5.5% | 15.7% | 21.2% | 19.1% | 13.8% | 18.0% | 25.1% |
| Free-cash-flow margin | −11.5% | 106.7% | −76.7% | −6.4% | 35.5% | 131.8% | 12.0% | 20.9% |
| Cash flow | ||||||||
| Cash from operations | −252 | 2,432 | −1,792 | −151 | 849 | 3,101 | 275 | 488 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −252 | 2,432 | −1,792 | −151 | 849 | 3,101 | 275 | 488 |
| Stock-based pay | — | — | — | −22 | 0 | −7 | — | — |
| Free cash flow after stock pay | — | — | — | −130 | 849 | 3,108 | — | — |
| Last 12 months unless stated | SNUS.PH | BEN | NDAQ | FCNCA | RNR | CFG | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $9.4bn | $9.3bn | $9.1bn | $9.6bn | $9.6bn | $8.9bn | $626m |
| Revenue growth, last 12 months | 2.4% | 7.9% | 11.5% | 0.9% | −20.9% | 10.6% | 11.5% |
| Revenue growth, 3-year average | −1.4% | 6.1% | 15.1% | −15.9% | 6.7% | 1.9% | 7.8% |
| Revenue growth, latest quarter | −1.1% | 14.3% | 20.9% | 2.5% | −47.1% | 9.6% | 10.7% |
| Operating margin | — | 9.7% | 29.8% | — | — | — | 9.7% |
| Operating margin, 3-year average | — | 8.3% | 26.7% | — | — | — | 13.8% |
| Net margin | 19.0% | 8.7% | 22.8% | 24.5% | 16.2% | 25.4% | 20.4% |
| Cash from operations / revenue | 50.3% | 3.0% | 27.8% | 33.1% | 29.3% | 14.1% | 28.8% |
| Free-cash-flow margin | 25.8% | 1.7% | 24.7% | 25.6% | 30.2% | 9.3% | 25.9% |
| Free-cash-flow margin, 3-year average | −5.9% | 10.4% | 23.7% | 26.0% | 30.6% | 20.1% | 25.8% |
| Stock pay / revenue | 0.0% | 1.6% | 1.9% | −0.0% | — | 1.3% | 1.4% |
| Change in share count | — | −0.2% | −1.7% | −11.7% | −12.4% | −2.4% | 0.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 2.4% | 11.5% | 460 of 560 |
| Change in growth rate Growth | +0.3pp | +0.1pp | 265 of 558 |
| Net margin Profitability | 19.0% | 20.4% | 298 of 560 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Revenue From Contracts With Customers | $1.2B | ▲ 13.9% |
| Asset and Wealth Management Fees | $343M | ▲ 18.0% |
| Commission and Trailer Fees | $319M | ▲ 16.0% |
| Underwriting Service Fees | $306M | ▲ 17.4% |
| Depository Services | $128M | ▲ 1.7% |
| Interchange Income | $80.2M | ▼ 3.4% |
| Other Products and Servi | $7.8M | ▲ 80.1% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Santander Holdings USA, Inc.'s 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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