BLK
BlackRock, Inc.
BLK has lower modeled downside risk, despite its lower overall score.
SAN
Banco Santander, S.A.
SAN has the edge over BLK overall, supported by stronger valuation and stronger modeled upside.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
SAN Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| N/A | |
| N/A |
SAN's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like SAN.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK has the edge over SAN in the historical PE scenario, which offers more potential upside but is not a forecast.
SAN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.8x | $6.79 | -44% |
| Fair | 6.9x | $8.02 | -34% |
| Expensive | 11x | $12.46 | +2.7% |
| Current | 11x | $12.13 | — |
Historical ranges are pointers, not guarantees.
SAN's PE is 11x, but its earnings don't support one, so it isn't a reliable read right now.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
SAN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for SAN, with profitability improving.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK earned $43.87 per share over the past year, up 11% from the year before.
SAN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $1.16 | +27% |
| Q2 2026 | $1.14 | +24% |
| Q1 2026 | $1.12 | +24% |
| Q4 2025 | $0.96 | +12% |
| Q3 2025 | $0.91 | +11% |
| Q2 2025 | $0.92 | +15% |
| Q1 2025 | $0.90 | +18% |
| Q4 2024 | $0.86 | +18% |
SAN has the edge over BLK on earnings, with more consistent year-over-year improvement.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK has the edge over SAN on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK has the edge over SAN on profitability, with a higher operating margin.
SAN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $36.4B | +170% |
| Q2 2026 | $37.2B | +134% |
| Q1 2026 | $33B | -6% |
| Q4 2025 | $16.6B | -5.3% |
| Q3 2025 | $13.4B | -19% |
| Q2 2025 | $15.9B | -7.5% |
| Q1 2025 | $35.1B | -6.4% |
| Q4 2024 | $17.6B | +9.8% |
SAN's revenue has picked up after two years of holding roughly level: $36.4B last quarter, up 170% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -18 points |
| Q2 2026 | 14% | -16 points |
| Q1 2026 | 17% | +0.5 points |
| Q4 2025 | 33% | +3.8 points |
| Q3 2025 | 33% | -0.1 points |
| Q2 2025 | 31% | -1 points |
| Q1 2025 | 16% | +2.8 points |
| Q4 2024 | 29% | +1.9 points |
SAN's operating margin was 15% last quarter, down 18 points from the same quarter a year ago.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK has the stronger cash trend. Its trailing FCF is up 20% versus its history, compared with SAN at down 186%.
SAN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q1 2026 | -$21.9B | +$416.6M |
| Q4 2025 | $0 | -100% |
| Q3 2025 | -$11.1B | -186% |
| Q2 2025 | $21.6B | +$38.8B |
| Q1 2025 | -$22.3B | +$32.7B |
| Q4 2024 | $23B | +370% |
| Q3 2024 | $12.9B | +101% |
| Q2 2024 | -$17.1B | -1043% |
SAN's free cash flow was −$11.3B over the past year, against −$3.6B the year before. Free cash flow isn't a meaningful measure for financial services companies like SAN.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has the edge over SAN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
SAN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +15% | +2.2B shares |
| 1 year | +6.2% | +990M shares |
| 3 years | +6.1% | +977M shares |
| 5 years | -9.7% | -1.8B shares |
| Available history | -6.8% | -1.2B shares |
SAN has 16.9B diluted shares, up 6.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2026 | $3.4B |
| Q4 2025 | — |
| Q3 2025 | $560.5M |
| Q2 2025 | $1.3B |
| Q1 2025 | $954.3M |
| Q4 2024 | $2.3B |
| Q3 2024 | $658.8M |
| Q2 2024 | $1.4B |
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has the edge over SAN on leverage, with a lower net debt burden relative to earnings.
SAN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 15.4x | High |
| Q2 2026 | 14.8x | High |
| Q1 2026 | 13.8x | High |
| Q4 2025 | 14.6x | High |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 1.1x | Healthy |
| Q1 2025 | 1.1x | Healthy |
| Q4 2024 | 11.9x | High |
SAN's net debt is about 15 years of its operating earnings (EBITDA), up from 1.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like SAN.
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
SAN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.0 | Neutral |
| Stochastic | 14.4 | Oversold |
SAN's weekly RSI is 42 (neutral) and its Stochastic is 14 (oversold).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
SAN PE vs Financial Services Sector
| Metric | SAN | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 19% below |
| PE % | 81 | 63 | 18 pts above |
SAN has the edge over BLK on valuation relative to its sector.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK has the edge over SAN on trend strength, trading above more of its moving averages.
SAN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.8 | 5.3% below |
| 20 week MA | $13.7 | 12% below |
| 50 week MA | $12.7 | 4.5% below |
| 100 week MA | $10.3 | 18% above |
| 200 week MA | $7.25 | 67% above |
SAN has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 67% above its 200-week average.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has the edge over SAN on returns for 2026, with the stronger performance.
SAN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.96 | $3.19 | -19% |
| 2021 | $3.19 | $3.26 | +2.2% |
| 2022 | $3.26 | $2.94 | -9.8% |
| 2023 | $2.94 | $4.14 | +41% |
| 2024 | $4.14 | $4.49 | +8.5% |
| 2025 | $4.49 | $11.8 | +163% |
| 2026 YTD | $11.8 | $12.1 | +2.7% |
SAN has finished higher in four of the last six years. It's up 2.7% so far in 2026.