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Banco Macro SA
(NYSE:BMA)
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Rating:64Neutral
Price Target:
$71.00
â–¼(-9.03% Downside)
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
Strong capital and liquidity
The very high Tier 1 ratio and substantial liquidity provide Banco Macro with resilience against credit or funding stress. This balance-sheet capacity can support continued lending, absorb volatility, and fund strategic digital or product investments without relying heavily on external capital.
Negative Factors
Muted loan growth
Lower expected loan growth limits the expansion of interest-earning assets, which can constrain net interest income and operating leverage. If subdued demand persists, Banco Macro may have fewer opportunities to deploy its strong liquidity and convert balance-sheet capacity into higher returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong capital and liquidity
The very high Tier 1 ratio and substantial liquidity provide Banco Macro with resilience against credit or funding stress. This balance-sheet capacity can support continued lending, absorb volatility, and fund strategic digital or product investments without relying heavily on external capital.
Read all positive factors
Banco Macro SA (BMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.39B
Dividend Yield7.5%
Average Volume (3M)287.30K
Price to Earnings (P/E)15.7
Beta (1Y)0.97
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. Volume403,598
30 Day Avg. Volume287,304
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 Cap1.11
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$91.00Price Target Upside16.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)8.1
Revenue Forecast (FY)$3.92B
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 primarily makes money through core banking and related financial services. Its main earnings drivers are typically: (1) Net interest income: the spread between interest earned on interest-bearing assets (such as consumer, SME, and corp...
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 | 772.45B | 774.72B | 498.16B | 2.05T | 504.48B | 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
Negative
78.05
Price Trends
76.26
Negative
83.05
Negative
81.59
Negative
Market Momentum
-3.36
Positive
31.24
Neutral
37.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BMA, the sentiment is Negative. The current price of 78.05 is above the 20-day moving average (MA) of 70.28, above the 50-day MA of 76.26, and below the 200-day MA of 81.59, indicating a bearish trend. The MACD of -3.36 indicates Positive momentum. The RSI at 31.24 is Neutral, neither overbought nor oversold. The STOCH value of 37.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $4.85B | 7.33 | 11.21% | 4.19% | -0.40% | -1.91% | |
69 Neutral | $3.00B | 10.64 | 10.27% | 4.21% | 1.51% | 19.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $2.74B | 14.20 | 8.15% | 3.55% | 5.91% | -32.85% | |
64 Neutral | $4.39B | 15.71 | 7.73% | 7.50% | 4.03% | -24.70% | |
61 Neutral | $5.99B | 10.86 | 9.54% | 3.48% | 15.47% | 18.50% | |
54 Neutral | $6.29B | 54.87 | 2.13% | 4.49% | 3.21% | -89.45% |
* Financial Sector Average
BMA
Banco Macro SA
64.96
14.45
28.62%
OZK
Bank OZK
44.41
-3.98
-8.22%
BBAR
Banco BBVA Argentina
12.65
2.92
29.98%
GGAL
Grupo Financiero Galicia SA
36.81
3.75
11.35%
AVAL
Grupo Aval Acciones y Valores SA Pfd
4.89
1.31
36.48%
FHB
First Hawaiian
24.69
1.48
6.38%
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...
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.