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Banco Macro SA
(NYSE:BMA)
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Rating:64Neutral
Price Target:
$84.00
â–²(7.62% Upside)
Action:Reiterated
Date:09/06/26
The score is driven mainly by solid underlying financial health—especially a conservatively positioned balance sheet—and a generally constructive earnings-call outlook with improved ROE guidance and strong capital/liquidity. These positives are tempered by volatile historical revenue/cash-flow patterns and weaker technical momentum (negative MACD and trading below key longer-term averages). Valuation is supportive via the high dividend yield but not compelling enough on P/E to outweigh the trend and credit-growth risks.
Positive Factors
Exceptional capital and liquidity buffers
Very strong capitalization and liquidity provide Banco Macro with resilience against credit or funding stress and capacity to support customers. The substantial regulatory surplus also preserves strategic flexibility for lending, technology investment, and other growth initiatives over the coming quarters.
Negative Factors
Muted lending growth and weaker outlook
Weak credit demand and reduced loan-growth expectations constrain the expansion of interest income and limit operating leverage from the bank’s capital base. If subdued volumes persist, Banco Macro may find it harder to convert strong liquidity and solvency into durable earnings growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional capital and liquidity buffers
Very strong capitalization and liquidity provide Banco Macro with resilience against credit or funding stress and capacity to support customers. The substantial regulatory surplus also preserves strategic flexibility for lending, technology investment, and other growth initiatives over the coming quarters.
Read all positive factors
Banco Macro SA (BMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.30B
Dividend Yield6.18%
Average Volume (3M)311.12K
Price to Earnings (P/E)19.0
Beta (1Y)1.03
Revenue Growth4.03%
EPS Growth-24.70%
CountryUS
Employees8,180
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)6668.30
Shares Outstanding62,817,800
10 Day Avg. Volume283,499
30 Day Avg. Volume311,117
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
$111.50Price Target Upside42.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)7.7
Revenue Forecast (FY)$3.95B
Banco Macro SA Business Overview & Revenue Model
Company Description
Banco Macro S.A. operates as a leading financial services institution in Argentina, providing a broad spectrum of banking products and solutions to both individual consumers and corporate entities nationwide. For its retail customers, the bank off...
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:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 25, 2026
Earnings Call Sentiment Positive
The call presented a mix of constructive operational and financial achievements—strong quarterly profitability improvement, upgraded adjusted ROE guidance, robust capital and liquidity, high stage 3 coverage and continued execution of a multi-year digital and product transformation—balanced against ongoing challenges: muted loan growth, a sequential rise in NPLs (notably in consumer), significant one-time restructuring charges, some compression in asset yields, and macro/political uncertainty heading into an election year. Management provided conservative forward guidance for loan growth and cost-of-risk while highlighting capacity to invest and pursue strategic opportunities.Positive Updates
Quarterly Net Income and ROE Improvement
Net income increased 39% quarter-on-quarter (and ~4% year-on-year) to ARS 206.8 billion (reported). Reported ROE rose to 13.4% and adjusted annualized ROE reached 14.3% (excludes ARS 14.2 billion after-tax restructuring charges). Management raised adjusted ROE guidance for 2026 to ~12% (from prior ~8%).
Negative Updates
Muted Loan Growth and Revised Guidance
Total lending grew only 3% quarter-on-quarter and declined ~5% year-on-year. Management revised loan growth guidance down to a real growth range of ~2–5% for 2026 (previously higher), citing muted demand and macro/pre-electoral uncertainties.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Net Income and ROE Improvement
Net income increased 39% quarter-on-quarter (and ~4% year-on-year) to ARS 206.8 billion (reported). Reported ROE rose to 13.4% and adjusted annualized ROE reached 14.3% (excludes ARS 14.2 billion after-tax restructuring charges). Management raised adjusted ROE guidance for 2026 to ~12% (from prior ~8%).
Read all positive updates
Company Guidance
Management updated 2026 guidance raising adjusted ROE to about 12% (from ~8%) while reported ROE is guided around 9–10% for the year; they expect cost of risk to end 2026 near 6.5–7%, total NPLs to be ~5.5–6% (Stage 3 <4%) with Stage‑3 coverage to remain well above 100% (Q2 Stage‑3 coverage 148.8%) and total coverage not expected to fall below ~90% (Q2 coverage 95.4%). Loan growth was downgraded to roughly 2–5% real for 2026 (peso loans roughly tracking monthly inflation; USD lending ~2–2.5%/month; management assumes ~12–13% peso devaluation June–Dec), deposit growth is now targeted nearer ~10% real, liquidity remains ample (liquid assets ≈79% of deposits / ≈74% equivalent) and capital strong (Tier‑1 ~28% vs 11.5% requirement, ~ARS 2.7bn excess); margins should stay above ~20% NIM and restructurings (ARS 14.2bn after‑tax in Q2) will continue while the branch count is cut toward ~370 and headcount below 8k to fund digital/fee income initiatives.Banco Macro SA Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.82T | 5.82T | 6.46T | 9.69T | 5.37T | 1.70T |
| Gross Profit | 2.79T | 2.94T | 4.41T | 6.04T | 3.23T | 1.11T |
| EBITDA | 794.10B | 688.93B | 498.16B | 2.01T | 448.56B | 189.17B |
| Net Income | 426.50B | 337.27B | 325.50B | 1.27T | 276.45B | 138.74B |
Balance Sheet | ||||||
| Total Assets | 25.96T | 23.25T | 14.49T | 14.63T | 6.51T | 1.95T |
| Cash, Cash Equivalents and Short-Term Investments | 3.33T | 3.59T | 3.21T | 3.33T | 1.21T | 335.69B |
| Total Debt | 1.74T | 1.54T | 465.41B | 914.79B | 239.19B | 90.36B |
| Total Liabilities | 19.62T | 18.01T | 10.44T | 10.19T | 4.91T | 1.48T |
| Stockholders Equity | 6.34T | 5.23T | 4.05T | 4.44T | 1.59T | 466.72B |
Cash Flow | ||||||
| Free Cash Flow | 1.64T | 1.56B | 794.07B | -142.30B | 1.54T | 229.96B |
| Operating Cash Flow | 1.75T | 1.70B | 918.59B | -85.23B | 1.61T | 271.77B |
| Investing Cash Flow | -956.22B | -3.38B | -175.87B | 232.96B | -164.99B | -42.03B |
| Financing Cash Flow | -101.98B | 2.41B | 491.52B | -2.90T | 154.79B | -306.88B |
Banco Macro SA Technical Analysis
Neutral
78.05
Price Trends
85.20
Negative
83.48
Negative
82.80
Negative
Market Momentum
-1.62
Negative
45.61
Neutral
64.29
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 78.05 is above the 20-day moving average (MA) of 77.47, below the 50-day MA of 85.20, and below the 200-day MA of 82.80, indicating a neutral trend. The MACD of -1.62 indicates Negative momentum. The RSI at 45.61 is Neutral, neither overbought nor oversold. The STOCH value of 64.29 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $5.52B | 8.05 | 11.21% | 3.81% | -0.40% | -1.91% | |
69 Neutral | $3.12B | 11.06 | 10.27% | 4.05% | 1.51% | 19.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $3.27B | 17.09 | 8.15% | 2.93% | 5.91% | -32.85% | |
64 Neutral | $5.30B | 19.01 | 7.73% | 6.18% | 4.03% | -24.70% | |
61 Neutral | $6.30B | 11.53 | 9.54% | 3.06% | 15.47% | 18.50% | |
54 Neutral | $7.52B | 66.00 | 2.13% | 3.77% | 3.21% | -89.45% |
* Financial Sector Average
BMA
Banco Macro SA
78.83
37.56
90.99%
OZK
Bank OZK
48.77
-1.47
-2.93%
BBAR
Banco BBVA Argentina
15.34
6.58
75.13%
GGAL
Grupo Financiero Galicia SA
44.72
15.88
55.09%
AVAL
Grupo Aval Acciones y Valores SA Pfd
5.39
2.02
59.94%
FHB
First Hawaiian
25.67
1.11
4.50%
Banco Macro SA Corporate Events
Banco Macro Posts Strong 2Q26 Earnings and Bolsters Solvency Amid Mixed Deposit Trends
Aug 19, 2026
On August 19, 2026, Banco Macro reported results for the second quarter ended June 30, 2026, highlighting net income of Ps.206.8 billion, up 39% quarter-on-quarter and 4% year-on-year, with adjusted profitability metrics improving once restructuri...
Banco Macro Posts Strong Quarterly Profits and Details Diversified Ownership
Aug 19, 2026
Macro Bank Inc., known as Banco Macro, is one of Argentina’s leading private banks, offering a broad suite of retail and corporate banking services to domestic clients and international investors. Its capital is divided between Class A and C...
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...
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.