MeritValue

Santander Holdings USA, Inc.

SNUS-PIdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'epsDiluted'

The thesis, from the filings

Santander Holdings USA, Inc. earns about 13% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $27.03 and $137.04 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$8.42B2$12.4B3$13.5B3$12.4B3
Net income$2.98B4$1.41B5$932.9M6$1.08B6$1.65B6
Operating cash flow$8.54B7$5.29B8$1.91B9$1.16B9$2.01B9
Capital expenditure$233.6M10$227.1M10———
Free cash flow (derived)$8.31B7$5.06B8———
Total debt$41.1B11$43.6B12$44.1B13$44B14$37.1B15
Cash & equivalents$19.3B16$10.2B17$13.1B18$18.5B18$14.4B18
Diluted shares530.4M530.4M530.4M530.4M530.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$300.62
your share of equity
Profit it earned you last year
$31.02
Free cash flow it threw off
—
Debt you’d be carrying
$699.52

10 shares is a claim on $300.62 of net worth that earned you $31.02 last year, against $699.52 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
13% avg · 5y
FY21 10%FY22 6%FY23 16%FY24 16%FY25 18%

It earned about 13% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

The 3 estimate methods that apply put fair value between $27.03 and $137.04 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$137.04
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$5.07B
DCF · Growth Exit 5Y
$123.1
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$5.07B
Earnings Power Value
$27.03
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.41B
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)9.08%
Terminal growth2.5%
At your growth, a share is worth $123.1
The three cases
Bear0.0%$90.83
Base5.0%$123.1
Bull10.0%$161.7

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000811830-22-000016 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000811830-25-000012 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000811830-26-000005 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000811830-24-000010 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000811830-25-000012 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000811830-26-000005 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000811830-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000811830-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000811830-26-000005 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000811830-23-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0000811830-22-000016 (LongTermDebt)
  12. 10-K · period ending 2022-12-31 · accession 0000811830-23-000005 (LongTermDebt)
  13. 10-K · period ending 2023-12-31 · accession 0000811830-24-000010 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0000811830-25-000012 (LongTermDebt)
  15. 10-K · period ending 2025-12-31 · accession 0000811830-26-000005 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0000811830-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000811830-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000811830-26-000005 (CashAndCashEquivalentsAtCarryingValue)