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Banco Macro SA
(NYSE:BMA)
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Rating:60Neutral
Price Target:
$94.00
â–²(5.49% Upside)
Action:Reiterated
Date:06/26/26
The score is primarily driven by mixed financial performance: strong recent revenue growth and a conservatively levered balance sheet are offset by cooled profitability versus 2023 and notably inconsistent cash flow. Technicals add only modest support with a longer-term uptrend but near-term softness and neutral momentum. Valuation is slightly below average due to a higher P/E, partly balanced by the dividend yield.
Positive Factors
Capital adequacy
Very strong regulatory capital and reported excess buffers give the bank durable loss-absorption capacity. High CET1/Tier 1 ratios and excess capital support continued lending, dividend distributions and regulatory confidence amid Argentina’s macro volatility, enabling strategic optionality over months.
Negative Factors
Inconsistent cash generation
Volatile and sometimes negative free cash flow undermines the reliability of internal funding for loan growth, capital returns, and investment. Sharp swings in FCF can force reliance on capital distributions, asset sales or external funding, raising execution risk for medium-term strategy and payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital adequacy
Very strong regulatory capital and reported excess buffers give the bank durable loss-absorption capacity. High CET1/Tier 1 ratios and excess capital support continued lending, dividend distributions and regulatory confidence amid Argentina’s macro volatility, enabling strategic optionality over months.
Read all positive factors
Banco Macro SA (BMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.19B
Dividend Yield5.3%
Average Volume (3M)231.06K
Price to Earnings (P/E)25.2
Beta (1Y)1.03
Revenue Growth6.98%
EPS Growth6551.65%
CountryUS
Employees8,490
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)5807.30
Shares Outstanding62,817,800
10 Day Avg. Volume250,921
30 Day Avg. Volume231,055
Financial Highlights & Ratios
PEG Ratio6.60
Price to Book (P/B)1.60
Price to Sales (P/S)1.44
P/FCF Ratio5.35K
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$108.50Price Target Upside21.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)6.31
Revenue Forecast (FY)$4.13B
Banco Macro SA Business Overview & Revenue Model
Company Description
Banco Macro S.A. is an Argentina-based financial services group operating primarily as a commercial and retail bank. Through its banking network and digital channels, the company provides deposits and transaction accounts, consumer and commercial ...
How the Company Makes Money
Banco Macro makes money primarily through banking spread and fee-based activities. Its largest economic driver is typically net interest income: it funds itself mainly through customer deposits and other liabilities and invests those funds in inte...
Banco Macro SA Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 26, 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
Adjusted Profitability Recovery (Excluding Nonrecurring Items)
Reported Q4 2025 net income was ARS 100 billion; FY2025 net income was ARS 290.7 billion. Excluding ARS 82.9 billion of Q4 restructuring expenses (and other nonrecurring items), Q4 net income would have been ARS 183 billion and FY2025 ARS 393.7 billion, showing a materially stronger recurring earnings base.
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
Adjusted Profitability Recovery (Excluding Nonrecurring Items)
Reported Q4 2025 net income was ARS 100 billion; FY2025 net income was ARS 290.7 billion. Excluding ARS 82.9 billion of Q4 restructuring expenses (and other nonrecurring items), Q4 net income would have been ARS 183 billion and FY2025 ARS 393.7 billion, showing a materially stronger recurring earnings base.
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
68
Positive
Balance Sheet
74
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.76T | 5.82T | 6.46T | 9.69T | 5.37T | 1.70T |
| Gross Profit | 2.84T | 2.94T | 4.41T | 6.04T | 3.23T | 1.11T |
| EBITDA | 751.84B | 688.93B | 498.16B | 2.01T | 448.56B | 189.17B |
| Net Income | 371.55B | 337.27B | 325.50B | 1.27T | 276.45B | 138.74B |
Balance Sheet | ||||||
| Total Assets | 24.20T | 23.25T | 14.49T | 14.63T | 6.51T | 1.95T |
| Cash, Cash Equivalents and Short-Term Investments | 4.72T | 3.59T | 3.21T | 3.33T | 1.21T | 335.69B |
| Total Debt | 1.48T | 1.54T | 465.41B | 914.79B | 239.19B | 90.36B |
| Total Liabilities | 18.34T | 18.01T | 10.44T | 10.19T | 4.91T | 1.48T |
| Stockholders Equity | 5.86T | 5.23T | 4.05T | 4.44T | 1.59T | 466.72B |
Cash Flow | ||||||
| Free Cash Flow | 119.82B | 1.56B | 794.07B | -142.30B | 1.54T | 229.96B |
| Operating Cash Flow | 233.33B | 1.70B | 918.59B | -85.23B | 1.61T | 271.77B |
| Investing Cash Flow | -114.29B | -3.38B | -175.87B | 232.96B | -164.99B | -42.03B |
| Financing Cash Flow | 1.08T | 2.41B | 491.52B | -2.90T | 154.79B | -306.88B |
Banco Macro SA Technical Analysis
Neutral
89.11
Price Trends
90.31
Positive
81.41
Positive
81.60
Positive
Market Momentum
0.77
Positive
47.21
Neutral
54.07
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 89.11 is below the 20-day moving average (MA) of 92.17, below the 50-day MA of 90.31, and above the 200-day MA of 81.60, indicating a neutral trend. The MACD of 0.77 indicates Positive momentum. The RSI at 47.21 is Neutral, neither overbought nor oversold. The STOCH value of 54.07 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $5.82B | 8.31 | 11.63% | 3.70% | 0.67% | 0.52% | |
74 Outperform | $3.38B | 11.98 | 10.27% | 3.70% | 1.42% | 19.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $4.11B | 27.45 | 6.79% | 1.84% | -0.28% | -56.93% | |
60 Neutral | $6.19B | 25.17 | 7.28% | 5.47% | 6.98% | 6551.65% | |
59 Neutral | $6.16B | 11.67 | 9.35% | 3.19% | 6.14% | 29.21% | |
56 Neutral | $8.53B | 143.64 | 1.16% | 3.84% | 0.55% | -94.15% |
* Financial Sector Average
BMA
Banco Macro SA
91.90
26.84
41.26%
OZK
Bank OZK
51.30
5.12
11.08%
BBAR
Banco BBVA Argentina
18.93
3.61
23.52%
GGAL
Grupo Financiero Galicia SA
49.77
2.58
5.46%
AVAL
Grupo Aval Acciones y Valores SA Pfd
5.28
2.48
88.84%
FHB
First Hawaiian
27.79
4.81
20.94%
Banco Macro SA Corporate Events
Banco Macro Files Q1 2026 Condensed Interim Financials with SEC
Jun 24, 2026
Banco Macro SA has filed its condensed consolidated and separate interim financial statements for the period ended March 31, 2026, with the U.S. Securities and Exchange Commission via a Form 6-K dated June 23, 2026. The filing, presented in consta...
Banco Macro to Pay Third Cash Dividend Instalment Totaling ARS 49 Billion in July 2026
Jun 17, 2026
Banco Macro S.A. informed investors that, following shareholder approval on April 8, 2026 and subsequent authorization from the Central Bank of Argentina on April 30, 2026, its board on June 17, 2026 approved payment of the third and final instalm...
Banco Macro Says Central Bank Has Not Yet Cleared Planned Banco Sáenz Acquisition
Jun 4, 2026
Banco Macro S.A., operating internationally as Macro Bank Inc., is a major Argentine commercial bank focused on providing retail and corporate banking services throughout the country. Listed as a foreign private issuer in the United States, it rep...
Banco Macro Posts Strong 1Q26 Profit and Capital Buffers Despite Softer Credit and Deposits
May 27, 2026
Banco Macro reported its first-quarter 2026 results on May 27, 2026, with net income of Ps.139.8 billion, up 28% from the previous quarter and 131% year on year, delivering a 10% ROE and 2.4% ROA in a high-inflation environment. Operating income a...
Banco Macro Posts Strong First-Quarter 2026 Profit and Details Dispersed Ownership Structure
May 27, 2026
On May 27, 2026, Banco Macro S.A. reported its consolidated results for the first quarter ended March 31, 2026, posting net income of ARS 139.76 billion and total comprehensive income of ARS 129.23 billion. The board approved these figures on May ...
Banco Macro to Distribute Second ARS 49 Billion Dividend Installment in Early June
May 20, 2026
Banco Macro S.A., operating as Macro Bank Inc. for its foreign listings, is a leading Argentine financial institution offering retail and corporate banking services nationwide and to international investors via ADRs. The bank’s significant c...
Banco Macro to Distribute ARS 147 Billion Dividend in Three Monthly Installments
May 6, 2026
On May 6, 2026, Banco Macro S.A.’s board approved the payment of a large cash dividend totaling ARS 147.1 billion in constant currency as of February 28, 2026, following prior shareholder approval on April 8 and regulatory authorization from...
Banco Macro Wins Central Bank Approval for ARS 147 Billion Dividend Distribution
May 1, 2026
On April 30, 2026, Banco Macro S.A. reported that Argentina’s Central Bank, through its Superintendencia de Entidades Financieras y Cambiarias, authorized the bank to distribute profits totaling ARS 138.96 billion, expressed in constant curr...
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.