ROYAL BANK OF CANADA vs Banco Santander, S.A., two Banks—Regional stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
What is priced in: Royal Bank of Canada at 18.9 times earnings is priced for oligopoly permanence, Santander at 13.6 for European mediocrity it keeps not delivering. The current numbers run closer than five turns suggest: returns on equity of 15% and 13.8%, returns on assets of 0.9% and 0.83%, and Santander's 36.6% net margin actually tops RBC's 31%. Similar scale, $284B and $199B. Neither displays a dividend here. The premium buys jurisdiction, five protected banks in a rich country against dozens competing across two continents; the discount pays for history. On delivered economics the two franchises nearly tie, which makes the five turns pure geography.
Comparison updated 2026-07-10.
| Metric | RY | SAN |
|---|---|---|
| Price | $202.84 | $13.40 |
| Market cap | $283.7B | $199.5B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Mature |
| P/E | 18.9 | 13.6 |
| P/B | 2.76 | 1.63 |
| P/S | 5.69 | 4.33 |
| EV/EBITDA | 113.4 | 9.8 |
| Revenue growth | +12.1% | +6.3% |
| Gross margin | — | 138.5% |
| Net margin | 31.0% | 36.6% |
| Return on equity | 15.0% | 13.8% |
| Return on assets | 0.9% | 0.8% |
| Debt / equity | 0.00 | 0.00 |
| Piotroski F (quality) | 9 / 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.