olivLaw · US equity research
Santander Holdings USA, Inc. SNUS-PH
National Commercial Banks · SIC 6021 · Vertical: National Commercial Banks (SIC 6021)
Santander Holdings USA is the US bank and auto finance holding company of the Santander group, focused on vehicle lending, retail and commercial banking and capital markets. In 2026 it is integrating the Webster Financial acquisition, a transaction of about that could materially change its size and profile.
At the close of 02 Nov 2026, Santander Holdings USA, Inc. (SNUS-PH) stock was 20.77 USD (−0.43% on the day), with market capitalisation 11.0 bn USD, P/E 6.2, dividend yield 16.17%, 52-week range 19.87–22.17 USD. Latest reported quarter (Q2 2026): net income of 584.7 m USD (+17.5% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.7
- weak (30–45)
- Bollinger (20, 2)
- 20.63 – 21.01
- in the lower half of the band · %B 0.36 · band width 1.8%
- SMA 50 / 200
- unavailable / unavailable
- MACD (12, 26, 9)
- -0.04 / -0.05
- 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 | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.8% | −2.3% | +1.6 pp | — |
| 3 months | unavailable | −0.8% | unavailable | — |
| 6 months | unavailable | +4.7% | unavailable | — |
| Year to date | unavailable | +10.2% | unavailable | — |
| 1 year | unavailable | +10.3% | unavailable | +19.2% |
| 3 years | unavailable | +73.0% | unavailable | +72.3% |
| 5 years | unavailable | +61.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Depreciation & amortisation | 652.1 m ≈ | 635.3 m | 657.2 m | 635.1 m ≈ | 599.6 m ≈ | 598.9 m | 576.6 m | 517.0 m ≈ |
| Pre-tax income | 161.1 m | 93.8 m | 382.8 m | 535.7 m | 546.0 m | 377.0 m | 482.8 m | 759.0 m |
| Income tax | -32.2 m | -32.5 m | 16.9 m | 38.0 m | 89.6 m | 51.9 m | 68.6 m | 174.3 m |
| Net income | 193.3 m | 126.3 m | 365.9 m | 497.7 m | 456.4 m | 325.2 m | 414.2 m | 584.7 m |
| Operating cash flow | -251.9 m ≈ | 2.4 bn | -1.8 bn | -151.4 m ≈ | 849.1 m ≈ | 3.1 bn | 274.9 m | 487.5 m ≈ |
| Dividends paid | 44.2 m ≈ | 919.2 m | 0 | 88.4 m ≈ | 0 ≈ | 1.4 bn | 44.2 m | 294.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | 707.4 m | 753.2 m | -840.4 m | 3.0 bn | 1.4 bn | 932.9 m | 1.1 bn | 1.6 bn |
| Net income YoY | +28.1% | +6.5% | −211.6% | unavailable | −52.9% | −33.6% | +15.5% | +52.7% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 6.9 bn | 6.6 bn | 5.1 bn | 8.3 bn | 5.1 bn | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.4 bn USD
- Financial debt
- 37.1 bn USD
- Net debt
- 22.7 bn USD
- Equity
- 15.9 bn USD
- Total assets
- 164.6 bn USD
- Debt / equity
- 2.33x
- Current ratio
- unavailable
- ROE
- 10.4%
- ROA
- 1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 6.4 bn | 6.2 bn | 6.2 bn | 5.9 bn | 5.6 bn | 6.0 bn | SEC (XBRL)· 02 Mar 2026verified |
| Net fee income | 3.9 bn | 4.5 bn | 3.7 bn | 3.5 bn | 3.6 bn | 3.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | -766.9 m | 4.7 bn | 1.7 bn | 786.8 m | 970.6 m | 1.8 bn | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -840.4 m | 3.0 bn | 1.4 bn | 932.9 m | 1.1 bn | 1.6 bn | SEC (XBRL)· 02 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 12.6 bn | 19.3 bn | 10.2 bn | 13.1 bn | 18.5 bn | 14.4 bn | SEC (XBRL)· 02 Mar 2026verified |
| Loans | 84.8 bn | 85.6 bn | 90.6 bn | 86.1 bn | 80.7 bn | 76.9 bn | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 149.4 bn | 159.8 bn | 168.2 bn | 165.0 bn | 165.2 bn | 164.6 bn | SEC (XBRL)· 02 Mar 2026verified |
| Deposits | 75.3 bn | 81.6 bn | 79.1 bn | 77.1 bn | 78.1 bn | 79.0 bn | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 46.4 bn | 41.1 bn | 43.6 bn | 44.1 bn | 44.0 bn | 37.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 128.2 bn | 135.4 bn | 150.3 bn | 147.5 bn | 147.6 bn | 146.6 bn | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 21.3 bn | 24.5 bn | 17.4 bn | 15.5 bn | 15.7 bn | 15.9 bn † | SEC (XBRL)· 02 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 125.0 m | 0 | 4.8 bn | 3.1 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 02 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 70 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 11.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet8
- Quality50
- Returns100
- Valuation97
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: 31.46 – 44.49 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income31.46 – 32.94 (Mid 32.18)
- Justified P/B33.08 – 44.49 (Mid 37.94)
- Dividend discount (DDM)unavailable · input data missing
- Peers: P/E37.69 – 43.46 (Mid 40.05)33 companies used · median multiple 11.9x · quartiles 11.2x – 12.9xASRV, BAC, CAC, CASH, CBU, CFBK, CFR, CHCO, COF, DCBG, FHN, FULT, HAFC, HBAN, JPM, KEY, LCNB, MRBK, NBHC, NBTB, NKSH, ONB, PNC, PRK, RF, SFST, SHBI, TBBK, USB, WAFD, WFC, WSFS, ZION
- Peers: P/B31.61 – 43.48 (Mid 37.86)33 companies used · median multiple 1.2x · quartiles 1.0x – 1.4xASRV, BAC, BANC, C, CAC, CARE, CASH, CBU, CFBK, COF, DCBG, FHN, FULT, HAFC, HBAN, KEY, LCNB, MRBK, NBHC, NBTB, NKSH, ONB, PNC, PRK, RF, SFST, SHBI, UBS, USB, WAFD, WFC, WSFS, ZION
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 70/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 10.8% | 38 (vs peers) | 27% |
| ROA · Quality | 1.1% | 47 (on a fixed band) | 10% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | 3.6% | 83 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 96.6% | 8 (on a fixed band) | 7% |
| P/B · Valuation | 0.7x | 97 (vs peers) | 17% |
| P/E (TTM) · Valuation | 6.2x | 97 (vs peers) | 17% |
| Dividend yield · Returns | 16.2% | 100 (vs peers) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial8/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality50/100 · 3/4 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation97/100 · 2/2 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
SANTANDER HOLDINGS USA, INC. (SNUS-PH). Latest full fiscal year: 2021; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 6.0 bn USD in 2025; ROE 10.8%.
The estimated value range is 32.34–43.47 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 37.90 USD, the price of 20.77 USD leaves a potential of 82.5% (value / price − 1) and a margin of safety of 45.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 70/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net interest margin: 3.6%
- P/B: 0.7x
- P/E (TTM): 6.2x
- Dividend yield: 16.2%
- The price is below the estimated value range
What contradicts it
- Loan-to-deposit: 96.6%
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, EPS CAGR 3Y, Revenue CAGR 3Y, NPL ratio, Cost of risk.
Versus the vertical median
National Commercial Banks (SIC 6021) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JPMJpmorgan Chase & Co | 905.3 bn | 14.5 | 17.8% | 35.7% | +2.8% | +9% / +118% |
| BACBofA Finance LLC | 342.0 bn | 11.7 | 10.8% | 26.8% | +6.8% | −8% / +63% |
| WFCWells Fargo & Company | 257.8 bn | 12.0 | 12.9% | — | −1.6% | +0% / +93% |
| CCitigroup Inc | 215.3 bn | 17.6 | 6.8% | 16.8% | +5.6% | +19% / +167% |
| UBSUBS Group AG | 162.0 bn | 20.5 | 8.9% | — | +7.0% | +26% / +72% |
| COFCapital One Financial Corp | 129.3 bn | 12.9 | 9.4% | 17.0% | +36.6% | −4% / +89% |
| USBUs Bancorp \de\ | 94.2 bn | 11.9 | 12.7% | 27.5% | +4.4% | +23% / +59% |
| PNCPnc Financial Services Group, Inc. | 92.4 bn | 12.5 | 12.6% | 30.6% | +7.2% | +21% / +73% |
| HBANHuntington Bancshares Incorporated | 32.3 bn | 12.9 | 9.1% | 133.3% | +6.4% | −2% / +42% |
| RFRegions Financial Corporation | 24.7 bn | 11.7 | 11.9% | — | +23.8% | +14% / +74% |
| KEYKeycorp | 22.9 bn | 12.3 | 10.3% | 26.0% | +62.7% | +17% / +73% |
| FHNFirst Horizon Corp | 11.2 bn | 11.3 | 11.6% | 29.9% | +7.2% | +6% / +85% |
| SNUS-PHSantander Holdings USA, Inc. | 11.0 bn | 6.2 | 10.8% | — | unavailable | unavailable / unavailable |
| CFRCullen/Frost Bankers, Inc. | 10.0 bn | 14.8 | 16.3% | 29.5% | +8.3% | +30% / +63% |
| ONBOld National Bancorp | 9.7 bn | 10.5 | 11.5% | — | +6.1% | +19% / +73% |
| ZIONZions Bancorporation, National Association | 9.7 bn | 8.5 | 16.4% | 168.7% | +3.6% | +25% / +86% |
| FULTFulton Financial Corp | 4.6 bn | 11.5 | 11.1% | 137.0% | −6.5% | +33% / +69% |
| WSFSWsfs Financial Corp | 4.1 bn | 13.5 | 11.9% | — | +50.2% | +44% / +109% |
| CBUCommunity Financial System, Inc. | 3.4 bn | 15.0 | 11.5% | 26.6% | +9.6% | +14% / +45% |
| PRKPark National Corporation | 3.3 bn | 16.4 | 11.0% | 25.8% | +2.9% | +19% / +65% |
| BANCBanc Of California, Inc. | 2.9 bn | — | -0.7% | -1.4% | −3.8% | +0% / +60% |
| NBTBNbt Bancorp Inc | 2.8 bn | 13.1 | 11.4% | 117.1% | +10.4% | +29% / +50% |
| WAFDWaFd, Inc. | 2.2 bn | 9.4 | 8.5% | 810.8% | +7.8% | −4% / +14% |
| CHCOCity Holding Company | 2.0 bn | 15.9 | 16.8% | 177.4% | +3.2% | +20% / +51% |
| TBBKThe Bancorp, Inc. | 1.9 bn | 8.7 | 29.6% | 164.3% | +20.8% | −28% / +18% |
1- and 3-year price returns: for SNUS-PH 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
Santander Holdings USA is the US bank and auto finance holding company of the Santander group, focused on vehicle lending, retail and commercial banking and capital markets. In 2026 it is integrating the Webster Financial acquisition, a transaction of about 1 that could materially change its size and profile.
SWOT
Strengths
- Strong position in auto finance and a consolidated servicing model with many partner dealers.
- Deposit growth and reduced reliance on wholesale funding support funding costs.
- Membership of the Santander group gives access to funding and international expertise.
Weaknesses
- High exposure to auto lending, which is sensitive to the economic cycle and vehicle prices.
- Auto delinquencies are elevated and have risen over the past year.
- Earnings depend largely on net interest income, which is exposed to rate changes.
Opportunities
- The Webster integration could strengthen the northeastern footprint and widen the customer base.
- Growth in capital markets and fee income could reduce dependence on net interest margin.
- Expanding online platforms could bring cheaper deposits and new customers.
Threats
- Tariffs and falling auto sales could weaken loan demand and portfolio quality.
- Stricter regulation and capital requirements could limit activities or dividends.
- Competition from digital and non-bank lenders could pressure margins and deposit costs.
Risks
- Macroeconomic and market riskhigh
A US recession could raise credit losses and reduce demand for the company's products.
- Interest rate riskhigh
Rate changes could reduce net interest income, which makes up most of revenue.
- Auto credit riskmedium
Rising auto delinquencies could require higher loan loss provisions.
- Webster integration riskmedium
Closing and integrating the acquisition could be delayed or cost more than expected.
- Cyber and operational riskmedium
Cyberattacks and system failures could affect customer data and daily operations.
Investment thesis
What would need to be true (bull case)
- If funding optimization through deposits continues, the net interest margin could hold steady even as rates fall.
- Growth in capital markets and servicing fees could reduce dependence on auto lending.
- The Webster integration could widen the deposit base and branch network if synergies materialize.
What would break the thesis
- If tariffs and falling auto sales persist, loan demand and portfolio quality could weaken.
- Elevated auto delinquencies could require larger provisions and reduce earnings.
- Integration and regulatory risks could delay synergies and limit dividend distributions.
What to watch
- Completion of the Webster acquisition and integration into SBNAsecond half of 2026
- Trend in auto delinquencies and net charge-offsQ3 2026
- Net interest margin and non-interest income trajectoryQ3 2026
- Outcome of the re-proposed Basel III capital rules and effect on CET12027
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
SHUSA is the parent of Santander Bank, N.A. (SBNA), SC, a vehicle-focused consumer finance company, Banco Santander International, Santander Securities and SanCap. Its auto lending relies on indirect origination through manufacturer-franchised dealers, plus a web-based direct lending program and servicing for other lenders. It attracts deposits through branches in the northeastern US and the online Openbank platform, and funds loans with deposits, public and private borrowings.
The Stellantis MPLFA ended in July 2025, effective September 15, 2025, except for trailing obligations. Retail, commercial and investment banking sit under one holding structure.
The company is consolidated-supervised by the Federal Reserve and supervised by the OCC and FDIC through SBNA, and was classified as well-capitalized at June 30, 2026. Applications to merge SC into SBNA were filed at the end of 2025.
Segments
Auto
The Auto segment covers consumer and commercial auto loans and leases, dealer loans and floorplan financing, including SC's indirect origination and third-party servicing. Segment assets were 2 at Q2 2026.
CBB and Commercial
Consumer & Business Banking offers deposits, small business loans and investment products through a networking agreement. Commercial covers CRE, multifamily and middle-market lending, with assets of 3 at Q2 2026.
Market context
US auto finance is highly competitive and fragmented, with no single lender above 10% of the used car lending market. Pricing is transparent because lenders post rates on web-based credit application platforms, so dealer service matters.
Trends
- Cheaper fundingtailwind
Funding optimization through Openbank deposit growth could support the net interest margin and profitability.
- Tariffs and auto demandheadwind
Tariffs could raise vehicle prices and reduce auto loan demand if industry sales weaken.
- Credit normalizingmixed
Auto delinquencies have risen year on year while net charge-offs stayed flat, suggesting a controlled normalization of credit risk.
- Webster integrationmixed
The Webster deal could expand the deposit base and branch network, but carries execution and integration risk in the near term.
Competitive position
Main competitors include national and regional banks, credit unions, digital banks and the captive finance arms of automakers. In auto lending, competition is on pricing, dealer service and proprietary credit scoring.
In deposits, competition comes from banks, digital banks, money market funds and broker-dealers. Dealer relationships are central, and the company aims to expand captive financing as an edge.
- National and regional banks
Compete for deposits and commercial loans in the northeastern US and for corporate financing.
- Automaker captive finance companies
Compete for auto loans through captive offers and dealer programs.
- Digital and virtual banks
Attract deposits and retail customers through online channels with lower operating costs.
- Broker-dealers and asset managers
Compete in capital markets, wealth management and investment product distribution.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (amendment)28 Oct 2026Financial statements and exhibits
- Current report27 Aug 2026Item 3.02 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report20 Aug 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Current report12 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report05 Aug 2026Other events · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report12 Jun 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report05 Jun 2026Other events · Financial statements and exhibits
- Current report02 Jun 2026Other events · Financial statements and exhibits
- Quarterly report04 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Santander Holdings USA, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Santander Holdings USA, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Santander Holdings USA, Inc. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.