Banco Santander, S.A. (SAN)

Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.

Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.

This filer reports no gross profit line, so there is no gross margin to compute. Banks, insurers and REITs do not present cost of revenue.

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

A bank's deposits are its raw material, not borrowings. Debt to equity computed over a deposit-funded balance sheet says nothing about solvency. Use the equity to assets ratio instead.

Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.

Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.

Interest is what a lender pays for its inventory of money, not a financing charge sitting below the operating line. Interest coverage is not defined for lenders.

Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.

The FY2025 balance sheet carries no net debt we could read.

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.

Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.

We do not hold this figure for this company, so there is nothing to show.

The FY2025 filing carries no diluted earnings per share we could read.

We do not hold this figure for this company, so there is nothing to show.

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.

4 of the nine Piotroski signals are undefined for a bank: signal 5 (falling long-term leverage), signal 6 (rising current ratio), signal 8 (rising gross margin), signal 9 (rising asset turnover). We do not publish a partial score under the full score's name.