JPMorgan Chase & Co (JPM) is overvalued and Banco Santander SA ADR (SAN) is fairly valued.
Against our estimates of intrinsic value, SAN trades at the wider discount: a margin of safety of +1%, against -22% for JPM.
Values as of the 22 Sept 2026 close.
Book value at 2.09x, the multiple a 17.7% return on equity justifies, blended with earnings, values the shares at $279.10; the price of $340.00 is 22% above that value.
Leak Score 45/100 on 9 of 12 signals
Book value at 1.64x, the multiple a 13.0% return on equity justifies, blended with earnings, values the shares at $14.61; the price of $14.49 is 1% below that value.
Leak Score 0/100 on 3 of 12 signals
| Metric | JPM | SAN |
|---|---|---|
| Verdict | Overvalued | Fairly valued |
| Price | $340.00 | $14.49 |
| Intrinsic value | $279.10 | $14.61 |
| Margin of safety | -22% | +1% |
| Leak Score | 45/100 (9/12) | 0/100 (3/12) |
| Market cap | $903.8B | $210.8B |
| Revenue growth, 5 years | 17.3% | 13.8% |
| Operating margin | 28.4% | 15.2% |
| Net margin | 21.4% | 13.1% |
| Return on equity | 17.7% | 13.0% |
| Debt to equity | 3.41 | 4.12 |
| P/E | 14.6x | 11.4x |
| Forward P/E | 13.5x | 10.0x |
| P/B | 2.6x | 1.7x |
| Dividend yield | 1.9% | 2.1% |