In this article, we will discuss the 15 biggest Spanish companies. If you want to skip our analysis, you can proceed to the section highlighting the 5 Biggest Spanish Companies.
Economy of Spain
According to a report by the European Commission, the Spanish economy is projected to grow at 2.5% in 2023, 1.7% in 2024, and 2.0% in 2025. These projections indicate that while the economy is expected to continue growing, the pace might slow down slightly in 2024 before picking up again in 2025 as inflation is expected to decrease to 3.2% in 2024 from 3.4% in the previous year. Interest rate hikes impact the domestic demand and declining debt ratios may also restrain growth. GDP growth is projected to accelerate in 2025 due to increased investment by corporations, external demand, and ease in financing conditions.
On March 15, Reuters reported that Moody's and S&P upgraded Spain's outlook to positive, citing balanced growth, effective policies, and a resilient economy. Growth is forecasted at 1.5-1.6%, exceeding major EU economies. Spain's 2023 resilience contrasts with eurozone challenges. Moody's maintains a "Baa1" rating; S&P reaffirms "A/A-1" with a stable outlook.
Biggest Players in the Spanish Economy
Some of the biggest players in the Spanish economy are Industria de Diseño Textil, S.A. (BME:ITX), IIberdrola, S.A. (BME:IBE), Banco Santander, S.A. (BME:SAN), and Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA).
Industria de Diseño Textil, S.A. (BME:ITX) commonly known as Inditex, is a Spanish multinational clothing company and one of the biggest fashion retailers in the world. On March 13, Industria de Diseño Textil, S.A. (BME:ITX) reported strong performance in the financial year 2023, with sales up 10.4% year over year to $39.02 billion, driven by online and store growth. Net income grew 30.3% year over year to $5.87 billion. On January 23, Industria de Diseño Textil, S.A. (BME:ITX) and BASF SE (ETR:BAS) announced the launch of Loopamid, a recycled nylon 6 (polyamide 6 or PA6) fabric made entirely from textile waste. Zara made a new jacket entirely from loopamid, which signifies a milestone in fashion sustainability. By 2030 Industria de Diseño Textil, S.A. (BME:ITX) aims for 100% sustainable textile products.
Iberdrola, S.A. (BME:IBE) is one of the biggest utility companies in Spain and the world. Iberdrola, S.A. (BME:IBE) is primarily engaged in the generation, transmission, distribution, and sale of electricity. On February 22, Iberdrola SA (BME:IBE) reported a net profit of $5.22 billion for fiscal 2023, up by 10.7% year-on-year. Despite an 8.6% year over year decrease in net revenues, which amounted to $53.58 billion, the company expanded its renewable capacity to over 42,000 MW. Iberdrola, S.A. (BME:IBE) plans to invest $44.53 billion by 2026 including $5.43 billion from its partners. About $23.35 billion will be invested to expand and strengthen networks in the US, UK, Brazil, and Spain, while $8.42 billion will be invested in offshore wind projects, in the US, UK, France, and Germany. By 2030, Iberdrola, S.A. (BME:IBE) aims to achieve net zero emissions in energy generation and plans to create 10,000 new jobs.
Banco Santander, S.A. (BME:SAN) commonly known as Santander Group, is one of the biggest multinational financial services companies based in Spain. Banco Santander, S.A. (BME:SAN) is one of the ‘World’s Most Admired Companies’, and the seventh-most admired bank in the world according to the annual ranking published by Fortune magazine. Banco Santander, S.A. (BME:SAN) serves 165 million customers across Europe and the Americas. On January 31, Banco Santander, S.A. (BME:SAN) reported a profit of $12.06 billion for the financial year 2023, up 15% from the previous year, and total income increased by 10.2%, from 2022, to $62.41 billion. Commenting on the results Ana Botín, Banco Santander’s executive chair said:
“We are focused on delivering in the near-term while driving sustainable earnings growth for the future, and I am confident that 2024 will be even better for Santander, with strong momentum across our global businesses, despite heightened geopolitical risks and a slowing global economy. Our progress in executing our strategy, combined with the strength and diversification in our model, will allow us to continue to grow whilst further improving profitability, targeting a RoTE of 16% for 2024.”
Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) is one of the biggest financial institutes in the world and operates in more than 25 countries around the world including Spain, Portugal, Mexico, South America, Romania, Italy, and Turkey. On January 30, Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) reported that its net profit increased 30% compared to the previous year to $8.69 billion in the year 2023. Spain and Mexico were the top contributors to this growth with an improvement in customer spreads and an increase in lending in Mexico. The group added 11.1 million new customers and increased credit by nearly 8% year-on-year.
On March 14, Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) established a new entity, BBVA Global Wealth Advisors, Inc., in Miami, Florida to provide investment advisory services to high net-worth clients from Latin America. Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) also invests heavily in innovation. On March 7, the company signed a 5 year Whole Portfolio Agreement (WPA) with Cisco Systems Inc (NASDAQ:CSCO) to access Cisco’s full software portfolio and Customer Experience (CX) services. Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) is the first Europe, Middle East, and Africa-based financial services company to sign a WPA with Cisco Systems Inc (NASDAQ:CSCO) in Europe and Latin America. Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) also plans to hire 2,700 professionals in 2024, including engineers, mathematicians, and experts in artificial intelligence, cybersecurity, and data management.
Despite projections of a slight moderation in economic growth in 2024, Spain's economy remains resilient, driven by robust private consumption and investment. The recent upgrades by Moody's and S&P to Spain's outlook reflect confidence in its balanced growth trajectory and effective policies. Spain's ability to outperform major EU economies underscores its potential for continued growth. With favorable forecasts for 2025 driven by increased corporate investment and improved financing conditions, Spain is poised to maintain its positive momentum on the global stage. With that said, here are the 15 biggest Spanish companies.
15 Biggest Spanish Companies
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Our Methodology
To make our list of the 15 biggest Spanish companies, we went over several sources including industry reports, our own rankings, and multiple similar rankings. We also scanned the Finviz and Yahoo Finance stock screeners. For public companies, we checked each company's market capitalization, as of March 20, 2024, on Yahoo Finance. The market caps for companies were converted to US dollars based on the exchange rates. To quantify the "value" or "size" of private companies, we selected either the estimated valuation, or the annual revenue available for the most recent fiscal year, or the number of employees, subject to availability of data. The estimated valuation was sourced from major media reports based on the private companies' latest funding round. The annual revenue or number of employees was sourced from official statements by the company and the company's website. We have ranked the 15 biggest Spanish companies in ascending order of their market capitalization, as of March 20, 2024, or the aforementioned alternative metrics for private companies.
15 Biggest Spanish Companies
15. Endesa, S.A. (BME:ELE)
Market Cap: $17.17 billion
Endesa, S.A. (BME:ELE) is one of the biggest Spanish energy companies specializing in electricity generation and distribution. The company operates thermal, hydroelectric, nuclear, and renewable energy plants and has a strong presence in both Spain and Portugal. As of March 20, Endesa, S.A. (BME:ELE) has a market cap of $17.17 billion.
14. Repsol, S.A. (BME:REP)
Market Cap: $20.51 billion
Repsol, S.A. (BME:REP) is one of the biggest energy companies in Spain and globally. The company is engaged in the exploration, production, refining, and marketing of oil, natural gas, and petrochemical products. Repsol, S.A. (BME:REP) has a significant presence in over ten countries in South America and around the world. The company is worth $20.51 billion as of March 20.
13. Naturgy Energy Group, S.A. (BME:NTGY)
Market Cap: $21.20 billion
Naturgy Energy Group, S.A. (BME:NTGY), formerly known as Gas Natural Fenosa, is one of the biggest Spanish energy companies. The company is involved in the generation, distribution, and commercialization of natural gas and electricity. Naturgy Energy Group, S.A. (BME:NTGY) has a focus on renewable energy projects and sustainability initiatives. As of March 20, the company is worth $21.20 billion.
12. Telefónica, S.A. (BME:TEF)
Market Cap: $24.43 billion
Telefónica, S.A. (BME:TEF) is one of the biggest Spanish multinational telecommunications companies, offering a wide range of communication and digital services globally. Telefónica, S.A. (BME:TEF) provides mobile and fixed-line telephony, broadband internet, digital television, and other digital services. The company has a market cap of $24.43 billion as of March 20.
11. Cellnex Telecom, S.A. (BME:CLNX)
Market Cap: $24.86 billion
Cellnex Telecom, S.A. (BME:CLNX) is one of the biggest telecommunications infrastructure companies. The company specializes in the provision, operation, and maintenance of wireless telecommunications infrastructure assets across Europe. As of March 20, Cellnex Telecom, S.A. (BME:CLNX) has a market cap of $24.86 billion.
10. Amadeus IT Group, S.A. (BME:AMS)
Market Cap: $27.25 billion
Amadeus IT Group, S.A. (BME:AMS) is one of the biggest technology providers for the global travel and tourism industry. The company offers innovative solutions for airlines, hotels, travel agencies, and other travel service providers around the world. As of March 20, Amadeus IT Group, S.A. (BME:AMS) is worth $27.25 billion.
9. Compania Espanola de Petroleos, S.A. (CEPSA)
Revenue in 2023: $27.33 billion
Compania Espanola de Petroleos, S.A. (CEPSA) is a Spanish multinational oil and gas company headquartered in Madrid. The company is one of the biggest private energy companies involved in the exploration, production, refining, distribution, and marketing of petroleum products and their derivatives. Compania Espanola de Petroleos, S.A. (CEPSA) operates across Europe, Africa, and the Middle East, and plays a significant role in the global energy market. For the year 2023, the company reported a revenue of $27.33 billion.
8. Aena S.M.E., S.A. (BME:AENA)
Market Cap: $29.02 billion
Aena S.M.E., S.A. (BME:AENA) is one of the world's biggest airport operators by passenger traffic. The company manages a network of airports globally, focusing on providing safe, efficient, and high-quality airport services to facilitate air travel and promote tourism and economic development. As of March 20, Aena S.M.E., S.A. (BME:AENA) is worth $29.02 billion.
7. Ferrovial SE (BME:FER)
Market Cap: $29.05 billion
Ferrovial SE (BME:FER) is a Spanish multinational infrastructure operator and management company. The company is known for its involvement in large-scale infrastructure projects globally, particularly in the transportation, construction, and urban services sectors. Ferrovial SE (BME:FER) is valued at $29.05 billion as of March 20.
6. CaixaBank, S.A. (BME:CABK)
Market Cap: $37.50 billion
CaixaBank, S.A. (BME:CABK) is one of Spain's biggest banks, providing financial services to individuals and corporate clients. The company emphasizes customer satisfaction and innovation while leveraging technology to enhance efficiency and accessibility. As of March 20, CaixaBank, S.A. (BME:CABK) is worth $37.50 billion.
