Banco Santander S.A. (SAN) — Working Capital to Net Assets Ratio
Banco Santander S.A. (SAN) has a Working Capital to Net Assets ratio of 177.1% as of December 2025. Working capital of €199.67 Billion (current assets of €457.58 Billion minus current liabilities of €257.91 Billion) is measured against net assets of €112.75 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See Banco Santander S.A. (SAN) net asset quality to measure how much of total assets are equity-financed.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Banco Santander S.A. Working Capital to Net Assets (1991–2025)
This chart shows how Banco Santander S.A.'s Working Capital to Net Assets ratio has evolved across 24 annual periods from 1991 to 2025. As of December 2025, the ratio stands at 177.1%, reflecting working capital of €199.67 Billion against net assets of €112.75 Billion EUR. Check tangible equity quality of Banco Santander S.A. to evaluate the tangible quality of the company's equity base.
Annual Working Capital to Net Assets for Banco Santander S.A. (1991–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Banco Santander S.A. from 1991 to 2025, covering 24 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see Banco Santander S.A. market capitalisation.
| Year | WC/NA Ratio | Working Capital (EUR) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 177.1% | €199.67 Billion | €112.75 Billion | €457.58 Billion | €257.91 Billion | ▲ +1162.2 pp |
| 2024 | -985.1% | €-1.06 Trillion | €107.33 Billion | €251.85 Billion | €1.31 Trillion | ▼ -597.7 pp |
| 2023 | -387.4% | €-403.85 Billion | €104.24 Billion | €416.84 Billion | €820.69 Billion | ▼ -605.2 pp |
| 2022 | 217.8% | €212.54 Billion | €97.58 Billion | €223.07 Billion | €10.53 Billion | ▲ +10.1 pp |
| 2021 | 207.7% | €201.59 Billion | €97.05 Billion | €210.69 Billion | €9.10 Billion | ▲ +48.6 pp |
| 2020 | 159.1% | €145.31 Billion | €91.32 Billion | €153.84 Billion | €8.53 Billion | ▲ +74.0 pp |
| 2019 | 85.1% | €94.14 Billion | €110.66 Billion | €101.07 Billion | €6.93 Billion | ▼ -14.4 pp |
| 2018 | 99.5% | €106.83 Billion | €107.36 Billion | €113.66 Billion | €6.83 Billion | ▲ +3.1 pp |
| 2017 | 96.4% | €102.97 Billion | €106.83 Billion | €111.00 Billion | €8.03 Billion | ▲ +29.3 pp |
| 2016 | 67.0% | €68.85 Billion | €102.70 Billion | €76.45 Billion | €7.60 Billion | ▼ -4.0 pp |
| 2015 | 71.1% | €70.17 Billion | €98.75 Billion | €77.75 Billion | €7.58 Billion | ▲ +1.8 pp |
| 2014 | 69.3% | €62.13 Billion | €89.71 Billion | €69.85 Billion | €7.72 Billion | ▲ +69.0 pp |
| 2013 | 0.3% | €220.00 Million | €79.52 Billion | €6.70 Billion | €6.48 Billion | ▲ +1.9 pp |
| 2012 | -1.6% | €-1.28 Billion | €81.19 Billion | €7.21 Billion | €8.49 Billion | ▼ -228.1 pp |
| 2011 | 226.5% | €187.66 Billion | €82.86 Billion | €190.71 Billion | €3.05 Billion | ▲ +249.5 pp |
| 2010 | -23.0% | €-18.62 Billion | €80.91 Billion | €178.24 Billion | €196.85 Billion | ▲ +76.2 pp |
| 2009 | -99.2% | €-73.31 Billion | €73.87 Billion | €141.74 Billion | €215.05 Billion | ▼ -285.1 pp |
| 2008 | 185.9% | €111.54 Billion | €60.00 Billion | €114.87 Billion | €3.33 Billion | ▲ +39.6 pp |
| 2007 | 146.3% | €84.23 Billion | €57.56 Billion | €89.02 Billion | €4.78 Billion | ▲ +24.5 pp |
| 2006 | 121.8% | €57.33 Billion | €47.07 Billion | €61.23 Billion | €3.90 Billion | ▼ -116.7 pp |
| 2004 | 238.5% | €87.06 Billion | €36.50 Billion | €88.69 Billion | €1.63 Billion | ▼ -253.5 pp |
| 1993 | 492.0% | €17.70 Billion | €3.60 Billion | €17.82 Billion | €124.93 Million | ▲ +69.6 pp |
| 1992 | 422.4% | €12.18 Billion | €2.88 Billion | €12.56 Billion | €382.82 Million | ▲ +491.2 pp |
| 1991 | -68.8% | €-1.73 Billion | €2.52 Billion | €11.75 Billion | €13.48 Billion | — |