olivLaw · European equity research
BANKINTER, S.A. BKT.MC
Spain · BME Madrid · ISIN ES0113679I37 · Vertical: Listed companies from Spain
Bankinter is a Spanish bank that lends to private clients and companies, and its portfolio of financial assets at amortised cost exceeded 108985551 thousand EUR at the end of 2025. The annual report shows non-performing assets easing slightly, to 1800716 thousand EUR, which makes credit quality a central topic for investors.
At the close of 05 Nov 2026, BANKINTER, S.A. (BKT.MC) stock was 14.58 EUR (+1.78% on the day), with market capitalisation 13.1 bn EUR, P/E 12.5 on diluted EPS of 1.17 EUR over the last 12 months, dividend yield 3.93%, beta 1.00, 52-week range 13.05–16.96 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.6
- neutral
- Bollinger (20, 2)
- 13.55 – 15.68
- in the lower half of the band · %B 0.48 · band width 14.6%
- SMA 50 / 200
- 15.70 / 14.89
- mixed trend
- MACD (12, 26, 9)
- -0.44 / -0.48
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.9% | −0.6% | −7.3 pp | — |
| 3 months | −11.3% | −4.2% | −7.1 pp | — |
| 6 months | +3.1% | +4.3% | −1.3 pp | — |
| Year to date | +3.0% | +7.5% | −4.5 pp | — |
| 1 year | +9.0% | +9.9% | −1.0 pp | +4.9% |
| 3 years | +140.9% | +49.8% | +91.1 pp | +30.5% |
| 5 years | +193.5% | +42.8% | +150.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 6.4, median 7.4, max 12.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 844.8 m | 953.0 m | 1.1 bn |
| Net income YoY | unavailable | +12.8% | +14.4% |
| Diluted EPS | 0.91 | 1.03 | 1.17 |
| Diluted EPS YoY | unavailable | +13.2% | +13.6% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 636.7 m | 1.9 bn | -633.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 15.0 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 6.4 bn EUR
- Total assets
- 131.0 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 17.7%
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Gross profit | 2.7 bn | 2.9 bn | 3.0 bn | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 82.1 m | 87.5 m | 90.4 m | esef· 20 Oct 2026verified |
| Pre-tax income | 1.2 bn | 1.4 bn | 1.5 bn | esef· 20 Oct 2026verified |
| Income tax | 384.1 m | 406.7 m | 445.2 m | esef· 20 Oct 2026verified |
| Net income | 844.8 m | 953.0 m | 1.1 bn | esef· 20 Oct 2026verified |
| Diluted EPS | 0.91 | 1.03 | 1.17 | esef· 20 Oct 2026verified |
| Dividend per share | 0.45 | 0.51 | 0.57 | esef· 20 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 13.9 bn | 15.4 bn | 15.0 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 424.2 m | 442.6 m | 464.8 m | esef· 20 Oct 2026verified |
| Goodwill | 2.3 m | 2.3 m | 2.3 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 299.7 m | 318.2 m | 368.6 m | esef· 20 Oct 2026verified |
| Total assets | 113.0 bn | 122.0 bn | 131.0 bn | esef· 20 Oct 2026verified |
| Total liabilities | 107.7 bn | 116.1 bn | 124.6 bn | esef· 20 Oct 2026verified |
| Equity | 5.3 bn | 5.9 bn | 6.4 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 898.7 m | 899.0 m | 900.8 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 658.4 m | 1.9 bn | -598.9 m | esef· 20 Oct 2026verified |
| Capex | 21.7 m | 50.8 m | 34.7 m | esef· 20 Oct 2026verified |
| Free cash flow | 636.7 m ≈ | 1.9 bn ≈ | -633.6 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -44.2 m | -120.8 m | -101.0 m | esef· 20 Oct 2026verified |
| Financing cash flow | -105.8 m | -262.4 m | 282.4 m | esef· 20 Oct 2026verified |
| Dividends paid | 405.8 m | 462.3 m | 516.7 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 13.1 bn EUR
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.80 – 26.26 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E18.50 – 26.26 (Mid 23.33)19 companies used · median multiple 19.9x · quartiles 15.8x – 22.4xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC, FDR.MC
- Dividend discount (DDM)7.80 – 10.64 (Mid 9.00)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -58.1% | 0 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 12.5x | 87 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -4.8% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 3.9% | 56 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial56/100 · 1/2 factors with a value
- Valuation48/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BANKINTER SOCIEDAD ANONIMA (BKT.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 17.7%.
The estimated value range is 13.15–18.45 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 16.17 EUR, the price of 14.58 EUR leaves a potential of 10.9% (value / price − 1) and a margin of safety of 9.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 12.5x
What contradicts it
- FCF conversion: -58.1%
- FCF yield: -4.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for BKT.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Bankinter is a Spanish bank that lends to private clients and companies, and its portfolio of financial assets at amortised cost exceeded 108985551 thousand EUR at the end of 2025. The annual report shows non-performing assets easing slightly, to 1800716 thousand EUR, which makes credit quality a central topic for investors.
SWOT
Strengths
- Diversified loan book with a significant share of secured loans, which supports the stability of interest income.
- Active liquidity management and experience in interbank transactions, which help control funding risk.
- Explicit credit risk classification policy and provisioning based on expected losses.
Weaknesses
- The volume of non-performing assets remains high, which means significant exposure to deterioration in loan quality.
- Sales of non-performing assets generated losses, showing the cost of cleaning up the loan book.
- Dependence on the Spanish market makes the bank sensitive to the domestic economy.
Opportunities
- If loan quality keeps improving, the bank could reduce provisions and free up capital for lending.
- Growth in lending to companies and clients could bring additional interest income.
- Developing activity in Portugal could widen the client base and diversify geographic risk.
Threats
- An economic downturn could lead to higher non-performing assets and the need for larger provisions.
- Competitive pressure from large banks and digital players could limit margins.
- Regulatory or interest rate changes could affect the profitability of the loan portfolio.
Risks
- Credit riskhigh
Loan book quality remains the main risk, because an economic downturn could increase non-performing assets and provisions.
- Losses on sales of non-performing assetsmedium
Sales of non-performing and written-off exposures generated losses, showing that recovery is not always complete.
- Liquidity riskmedium
Reliance on interbank funding and temporary securities transfers could become a problem if markets tighten.
- Interest rate riskmedium
Changes in interest rates can affect margins and the value of hedging instruments, including macro-hedges.
- Sector concentration risklow
Concentration on private clients and public administrations makes the bank vulnerable to shocks specific to these sectors.
Investment thesis
What would need to be true (bull case)
- The quality of non-performing assets improved slightly in 2025, and if the trend continues, provisions could fall and support profitability.
- A loan book rich in secured lending could limit losses in case of an economic slowdown.
- Active liquidity management and experience in interbank markets offer flexibility in the face of market changes.
What would break the thesis
- The high volume of non-performing assets remains a vulnerability, and an economic downturn could quickly raise provisions.
- Competitive pressure and dependence on the Spanish market could limit margin growth over the long term.
What to watch
- Trend in non-performing assets and the level of provisions2026
- Result of the sales of non-performing and written-off exposures2026
- Evolution of micro-hedges and valuation adjustments2026
- Results in Portugal and growth of the loan portfolionext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Bankinter Group conducts universal banking in Spain and Portugal, with a focus on lending to individuals, companies and public administrations, as well as interbank transactions and active liquidity management. The 2025 consolidated financial statements detail loans to credit institutions, customers and debt securities. The customer loan book reflects the core structure of the bank's activity.
Interbank trading is used to manage liquidity actively, both by placing and by raising funds in interbank markets. Assets lent or pledged mainly correspond to temporary transfers of securities, according to the note on financial assets.
Credit risk management is central, the bank applying a three-stage risk classification and a provisioning policy based on expected credit losses. The bank periodically sells non-performing and written-off assets, and in 2025 it sold exposures of 376 million EUR, with a loss of 19 million EUR.
Segments
Lending to private clients and companies
Loans to customers are the largest segment of the bank's asset book, including commercial loans, mortgage loans and other term loans. They form part of the financial assets at amortised cost portfolio in the 2025 annual report.
Loans to public administrations
The bank holds a significant portfolio of claims on public administrations, both as loans and as debt securities. These exposures are presented separately in the consolidated financial statements.
Interbank and treasury transactions
Deposits with credit institutions and temporary asset purchase operations are used to manage liquidity. This segment fluctuates with funding needs and interbank market conditions.
Market context
Bankinter operates in the Spanish and Portuguese banking markets, where it competes with other universal banks and digital institutions. The structure of the loan book, with a large share of secured loans, influences the interest margin and the provisions required.
Asset quality and the level of provisioning remain decisive for the bank's results, especially in a credit market sensitive to the economic cycle. Sector and geographic diversification of risks is a stated principle of its management.
Competitive position
Bankinter competes in the Spanish market with the large universal banks and regional banks, as well as with new digital players. Competitive pressure is felt mainly in deposit products and mortgage loans.
The bank differentiates itself through operational efficiency, prudent risk management and its presence in Portugal, where it acquired a loan portfolio from a foreign bank.
- Banco SantanderSAN
Large Spanish universal bank with international activity and competitive pressure in corporate lending.
- CaixaBank
Spanish banking group with an extensive branch network and a strong position in mortgage lending.
- Banco Sabadell
Spanish bank with commercial activity in the corporate and retail segments.
- BBVABBVA
Large banking group active in Spain and Latin America, a direct competitor in lending.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / BANKINTER, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.