Resumen: The study of multinational corporations (MNCs) is of particular relevance, as they serve as an outward reflection of their country of origin. However, their study is not without complexity. This paper identifies Spanish MNCs in 2022 and characterizes them according to their degree of multinationalization and the geographical location of their foreign subsidiaries. Additionally, it analyzes their contribution to value creation and its distribution among the actors involved. The principal outcome is the pronounced heterogeneity among Spanish MNCs, as evidenced by their international engagement (high concentration in a few groups) and their value creation. Idioma: Español Año: 2024 Publicado en: Papeles de economía española 181 (2024), 120-138 ISSN: 0210-9107 Originalmente disponible en: Texto completo de la revista