This paper has the purpose to perform an exploratory study aimed at determining the degree of ambidexterity in Spain-based subsidiaries. Three research questions are formulated: (1) Are Spain-based subsidiaries knowledge explorers? (2) According to intra-corporate knowledge flows, which role do they play inside the multinational? (3) Can they be considered ambidextrous organisations? We proposed a quantitative approach. The population consisted of 1,291 Spanish subsidiaries of foreign multinational firms located in high- technology and knowledge-intensive sectors. A questionnaire sent to the CEO or the subsidiary’s top manager was used to collect information. Most of the variables were measured through a multi-item scale and were extracted and adapted from previous research. The novelty of this work lies in the fact that subsidiaries of multinationals are analysed from the perspective of ambidextrous organisations. Several contributions are made. From a theoretical point of view, the theories of the multinational firm and organisational ambidexterity are linked, highlighting how important dynamic capabilities are when it comes to subsidiary ambidexterity. From an empirical point of view, this paper stresses the fact that a subsidiary’s ambidexterity level is closely linked to the role that it assumes inside the multinational, as well as with the international competitive strategy undertaken. Findings show that Spanish subsidiaries of foreign multinationals are highly knowledge-exploring ones, since a large proportion of them identify with actions oriented towards the development and/or acquisition of capabilities in R&D, production or marketing. With regard to the roles played, 45% of subsidiaries have the role of integrated player, which stresses the high intra-corporate knowledge flows made in both directions and highlights its strongly ambidextrous nature. 10% of subsidiaries adopt the role of global innovator; 25% of them are implementers, and 20% have the role of local innovator.