Stock

Banco Santander (Brasil) S.A.

BSBR
66
Banks - Regional · Financial Services
Price
$5.58
-0.01 (-0.18%)
Market Cap
$41.78B
Exchange
New York Stock Exchange
Winston Score
66
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Bank Quality
Not counted
n/a
Growth
Strong
15/20
Capital Strength
Not counted
n/a
Asset Quality
Not counted
n/a
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Weak
1/5

33 of 50 counted points = Winston Score 66. Pillars marked n/a do not apply to this company and are left out of the total.

§Winston Score History

The full picture

Banco Santander Brasil is one of the largest private banks in Brazil, offering everyday banking services like checking accounts, loans, credit cards, and insurance to millions of individual customers and businesses. It also serves large corporations and wealthy clients through investment banking and wealth management products. The bank is a subsidiary of Spain's Santander Group, one of the biggest banking networks in the world.

The bank makes money primarily through interest on loans, credit card fees, and service charges, with additional income from insurance and investment products. It operates almost entirely within Brazil, where it ranks among the top five private banks by assets, giving it a strong brand presence and an extensive branch and digital network. The main growth driver is Brazil's large underbanked population and rising digital adoption, but the business faces real risk from Brazil's volatile interest rate environment and economic cycles, which can sharply increase loan defaults and squeeze profitability.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+50.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

R$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

90.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

R$1.2T cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Banco Santander (Brasil) S.A. is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 7.47B (2021) → 7.48B (2025)

Score breakdown

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Bank Quality

Not applicable for this business.

Growth

Sales growth
Sales YoY
+157.4%
Fast-growing sales (+157.4% YoY)
Profit growth
EPS YoY
+322.7%
Earnings growing fast (+322.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit
P/E Ratio (TTM)
28.9x
Growth-priced — P/E 28.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+16.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (28.9 → 12.3)

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Dividends

Dividend
Dividend Yield
1.14%
Small dividend — 1.14% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-59.6%
Dividend cut (-59.6% YoY) — warning sign
Payout Ratio
47%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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