HSBC HOLDINGS PLC vs Banco Santander, S.A., two Banks—Regional stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both prices assume European-domiciled banking deserves its discount, and the two discounts nearly match: 15.5 times earnings at HSBC, 13.6 at Santander, for franchises earning 11.3% and 13.8% on equity respectively. Santander's 36.6% net margin, the highest among global mega-banks on this page, buys it nothing: two turns cheaper than HSBC despite the stronger returns. Returns on assets split narrowly, 0.83% against 0.72%. The pair is intra-European relative value: an Asia-facing network against an Atlantic retail machine, both priced as if their best decades were archival. One of them out-earns most American peers; the passport does the rest.
Comparison updated 2026-07-10.
| Metric | HSBC | SAN |
|---|---|---|
| Price | $93.76 | $13.40 |
| Market cap | $326.8B | $199.5B |
| Sector | Financial Services | Financial Services |
| Stage | Mature | Mature |
| P/E | 15.5 | 13.6 |
| P/B | 1.59 | 1.63 |
| P/S | 4.79 | 4.33 |
| EV/EBITDA | -3.8 | 9.8 |
| Revenue growth | +9.0% | +6.3% |
| Gross margin | — | 138.5% |
| Operating margin | 41.0% | — |
| Net margin | 33.9% | 36.6% |
| Return on equity | 11.3% | 13.8% |
| Return on assets | 0.7% | 0.8% |
| Debt / equity | 0.00 | 0.00 |
| Piotroski F (quality) | 8 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.