Banco Macro (BMA)
NYSE:BMA
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Banco Macro SA
(NYSE:BMA)
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Rating:65Neutral
Price Target:
$110.00
â–²(34.16% Upside)
Action:Downgraded
Date:12/02/25
Banco Macro's overall stock score reflects a mix of strong revenue growth and a solid balance sheet, tempered by modest profitability and significant challenges highlighted in the recent earnings call. Technical indicators show positive momentum, but the financial performance and earnings call concerns weigh heavily on the score.
Positive Factors
Loan Growth
Sustained, high loan growth expands the bank's interest-earning asset base and drives long-term net interest income. Over 2-6 months, this supports revenue resilience and market share gains in Argentina, though credit underwriting must hold to preserve asset quality.
Negative Factors
Net Income Losses
Quarterly net losses reduce retained earnings and strain profitability metrics, limiting capacity to absorb future shocks and invest in operations. If losses persist, they can erode return on equity and constrain capital deployment choices over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Loan Growth
Sustained, high loan growth expands the bank's interest-earning asset base and drives long-term net interest income. Over 2-6 months, this supports revenue resilience and market share gains in Argentina, though credit underwriting must hold to preserve asset quality.
Read all positive factors
Banco Macro SA (BMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.82B
Dividend Yield2.37%
Average Volume (3M)298.39K
Price to Earnings (P/E)<0.1
Beta (1Y)0.83
Revenue Growth-23.62%
EPS Growth-22.31%
CountryUS
Employees9,004
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)4315.40
Shares Outstanding62,817,800
10 Day Avg. Volume275,833
30 Day Avg. Volume298,389
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)<0.01
Price to Sales (P/S)0.00099
P/FCF Ratio0.00
Enterprise Value/Market Cap915.70
Enterprise Value/Revenue0.77
Enterprise Value/Gross Profit1.50
Enterprise Value/Ebitda6.40
Forecast
1Y Price Target
$104.33Price Target Upside27.25% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)6.28
Revenue Forecast (FY)$3.89B
Banco Macro SA Business Overview & Revenue Model
Company Description
Banco Macro S.A. provides various banking products and services to retail and corporate customers in Argentina. It offers various retail banking products and services, such as savings and checking accounts, time deposits, credit and debit cards, c...
How the Company Makes Money
Banco Macro generates revenue primarily through the interest income from loans and credit facilities extended to customers. The bank earns significant income from net interest margin, which is the difference between the interest earned on loans an...
Banco Macro SA Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Positive
The call presented a mixed but fundamentally constructive picture: Banco Macro showed solid recurring profitability drivers (strong NII, deposit and loan growth YoY, market share gains), very robust capital and liquidity metrics, improved efficiency and proactive restructuring to lower future costs, and a successful FX positioning. Offsetting these positives were significant one-off restructuring charges that depressed reported earnings and ROE, higher provisions and a deterioration in consumer NPLs, Q4 net monetary losses amid inflation volatility, elevated operating costs in the quarter and a much higher effective tax rate. Management provided updated 2026 guidance (loans +20% real, deposits +6% real, adjusted ROE ~8%) and a path to recovery; many negatives are being managed via restructuring and provisioning. Overall, the highlights modestly outweigh the lowlights given the bank's strong capital/liquidity position and recurring income strength, but risks remain tied to consumer credit quality, inflation/macro volatility and transitional restructuring costs.Positive Updates
Successful FX Positioning
Short U.S. dollar positioning in H2 2025 and related allocations generated a Q4 net gain of ARS 26.3 billion, contributing positively to results.
Negative Updates
Reported Earnings Decline Year-over-Year
Q4 2025 net income was 26% (ARS 34.4 billion) lower than Q4 2024; FY2025 net income was 32% lower than FY2024. Reported accumulated annualized ROE was 5.1% (accumulated annualized ROA 1.4%).
Read all updates
Q4-2025 Updates
Positive
Negative
Successful FX Positioning
Short U.S. dollar positioning in H2 2025 and related allocations generated a Q4 net gain of ARS 26.3 billion, contributing positively to results.
Read all positive updates
Company Guidance
Banco Macro said it has fine‑tuned 2026 guidance to reflect updated macro consensus (GDP ~2.8–3.0% and inflation ~27% vs prior 20%), targeting real loan growth of ~20% and real deposit growth of ~6%, an adjusted ROE of ~8% (reported ROE ~5% when including restructuring charges) and adjusted ROA ~1.8–2.0%; it expects cost of risk ~5.2% (vs 5.6% in 2025) and NPLs to drift to the mid‑to‑low 3% range (with improvement concentrated in 2H26), NIM around ~20% (Q4‑25 NIM ~21.7%), and noted Q4‑25 restructuring charges of ARS 82.9bn (≈ARS 36bn carrying into 2026) that reduce recurring OpEx over time (≈3pp impact on ROE), while preserving strong buffers — excess capital ARS 3.6tn (CAR & Tier‑1 ~30.6%) and liquid assets/total deposits ~73% — and using securities (~24% of assets) and capital to finance any loan‑deposit gap while maintaining market share (private‑loan share ~8.6%, private‑deposit share ~7.9%).Banco Macro SA Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
72
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.82T | 6.46T | 9.69T | 5.37T | 1.70T |
| Gross Profit | 2.94T | 4.41T | 6.04T | 3.23T | 1.11T |
| EBITDA | 688.93B | 498.16B | 2.01T | 448.56B | 189.17B |
| Net Income | 337.27B | 325.50B | 1.27T | 276.45B | 138.74B |
Balance Sheet | |||||
| Total Assets | 23.25T | 14.49T | 14.63T | 6.51T | 1.95T |
| Cash, Cash Equivalents and Short-Term Investments | 3.59T | 3.21T | 3.33T | 1.21T | 335.69B |
| Total Debt | 1.54T | 465.41B | 914.79B | 239.19B | 90.36B |
| Total Liabilities | 18.01T | 10.44T | 10.19T | 4.91T | 1.48T |
| Stockholders Equity | 5.23T | 4.05T | 4.44T | 1.59T | 466.72B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 794.07B | -142.30B | 1.54T | 229.96B |
| Operating Cash Flow | 0.00 | 918.59B | -85.23B | 1.61T | 271.77B |
| Investing Cash Flow | 0.00 | -133.69B | 177.09B | -75.77B | -42.03B |
| Financing Cash Flow | 0.00 | -592.03B | -2.90T | -77.79B | -306.88B |
Banco Macro SA Technical Analysis
Neutral
81.99
Price Trends
73.24
Negative
80.91
Negative
72.69
Negative
Market Momentum
-1.11
Positive
47.73
Neutral
27.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BMA, the sentiment is Neutral. The current price of 81.99 is above the 20-day moving average (MA) of 72.98, above the 50-day MA of 73.24, and above the 200-day MA of 72.69, indicating a bearish trend. The MACD of -1.11 indicates Positive momentum. The RSI at 47.73 is Neutral, neither overbought nor oversold. The STOCH value of 27.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BMA.
Banco Macro SA Risk Analysis
Banco Macro SA disclosed 38 risk factors in its most recent earnings report. Banco Macro SA reported the most risks in the "Macro & Political" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
1.
The Argentine economy has experienced significant volatility in recent decades, characterized by periods of low or negative growth, high levels of inflation and currency devaluation. Q4, 2023
2.
The occurrence of any of the above may have a material adverse effect on our business, results of operations, cash flow or financial condition. Q4, 2023
Banco Macro SA Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $3.21B | 11.13 | 10.39% | 3.96% | 0.76% | 24.52% | |
73 Outperform | $5.30B | 7.77 | 11.63% | 3.68% | 0.67% | 0.52% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $4.82B | 0.02 | 5.81% | 2.37% | -23.62% | -22.31% | |
55 Neutral | $3.10B | 24.59 | 7.42% | 0.80% | -14.13% | -47.64% | |
51 Neutral | $4.85B | 13.33 | 9.57% | 3.03% | -0.72% | 52.65% | |
49 Neutral | $6.97B | 6.96 | 2.70% | 1.82% | -5.90% | -79.34% |
* Financial Sector Average
BMA
Banco Macro SA
72.58
-17.10
-19.07%
OZK
Bank OZK
47.32
2.64
5.90%
BBAR
Banco BBVA Argentina
14.76
-6.75
-31.39%
GGAL
Grupo Financiero Galicia SA
42.30
-18.14
-30.01%
AVAL
Grupo Aval Acciones y Valores SA Pfd
4.19
1.51
56.17%
FHB
First Hawaiian
26.63
3.32
14.27%
Banco Macro SA Corporate Events
Banco Macro Invests US$75 Million for 50% Stake in Personal Pay Operator Micro Sistemas
Jan 22, 2026
On January 22, 2026, Banco Macro S.A. announced that it had entered into a master agreement with Telecom Argentina S.A. and its subsidiaries Micro Fintech Holding LLC and Micro Sistemas S.A.U. to foster the growth and expansion of Micro Sistemas, ...
Banco Macro to Pay Eighth Installment of ARS 39.46 Billion Cash Dividend on January 29, 2026
Jan 14, 2026
On January 14, 2026, Banco Macro S.A. announced that, following shareholder approvals from April 4, 2025, regulatory authorizations from the Central Bank of Argentina, and a board resolution adopted the same day, it will pay the eighth installment...
Banco Macro Announces 7th Dividend Payment Set for December 30, 2025
Dec 17, 2025
On December 17, 2025, Banco Macro S.A. announced the payment of the seventh installment of its cash dividend, amounting to AR $38.37 billion (AR $60.01 per share), which represents 6,001.47% of the outstanding capital stock. This distribution alig...
Banco Macro Releases Q3 2025 Financial Statements Highlighting Lending Growth
Dec 17, 2025
Banco Macro SA has released its condensed interim financial statements for the fiscal period ending September 30, 2025, outlining its financial position, operations, and related developments. The report highlights a decrease in cash and bank depos...
Banco Macro Faces Class Action Lawsuit Over Improper Tax Application
Dec 1, 2025
On November 28, 2025, Banco Macro S.A. was notified of a class action lawsuit filed against it by ‘Usuarios y Consumidores Unidos.’ The lawsuit alleges that Banco Macro has been improperly applying the Tax for an Inclusive and Solidary...
Banco Macro SA Reports Strong Financial Results for November 2025
Nov 26, 2025
Banco Macro SA reported its financial results for the period ending November 26, 2025, showcasing a total net income of 176,739,280 pesos and a comprehensive income of 186,894,892 pesos. The bank’s shareholders’ equity stood at 4,759,9...
Banco Macro Reports Decline in 3Q25 Net Income Amid Strong Financing Growth
Nov 26, 2025
Banco Macro S.A. reported its financial results for the third quarter of 2025, ending September 30. The bank experienced a significant decline in net income, totaling Ps.176.7 billion for the first nine months of 2025, which was 35% lower than the...
Banco Macro Announces Sixth Dividend Payment for 2025
Nov 12, 2025
On November 12, 2025, Banco Macro S.A. announced the payment of the sixth installment of its cash dividend, amounting to AR $37,446,788,165.99, which is AR $58.5664000649 per share. This decision follows resolutions from the shareholders’ me...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.