SAN EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
SAN's ev/ebitda is higher than 82% of the last 10 years.
EV/EBITDA History
SAN EV/EBITDA by year
Yearly range of SAN’s ev/ebitda from 2016 to 2026. Over the full period it ranged from -1.3 to 276.1, averaging 19.2.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 20.8 | 22.3 | 23.9 | 23.9 |
| 2025 | 4.8 | 9.0 | 22.0 | 22.0 |
| 2024 | 4.6 | 5.4 | 15.1 | 15.1 |
| 2023 | 0.6 | 4.2 | 8.1 | 1.0 |
| 2022 | -1.3 | 2.0 | 9.4 | -1.0 |
| 2021 | 1.2 | 77.8 | 276.1 | 8.8 |
| 2020 | 12.2 | 29.8 | 262.1 | 262.1 |
| 2019 | 11.9 | 13.2 | 20.0 | 20.0 |
| 2018 | 11.7 | 13.1 | 14.5 | 11.8 |
| 2017 | 13.4 | 15.7 | 17.6 | 13.6 |
| 2016 | 17.5 | 18.0 | 18.6 | 18.5 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is SAN EV/EBITDA High or Low Right Now?
Banco Santander, S.A.'s EV/EBITDA is currently 23.9, which is historically pricey relative to its 10-year historical range. The 10-year median EV/EBITDA for SAN is approximately 12.6. See all SAN valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.