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Banco Macro SA
(NYSE:BMA)
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Rating:59Neutral
Price Target:
$79.00
â–¼(-11.35% Downside)
Action:Reiterated
Date:08/20/26
The score is held back primarily by volatile cash-flow quality and weak technicals (below major moving averages with negative momentum). Offsetting these are a conservatively levered balance sheet and a constructive earnings call with improved adjusted ROE guidance and strong capital/liquidity, while valuation is supported by a high dividend but tempered by a mid-range P/E given earnings volatility.
Positive Factors
Strong Capital and Liquidity
Exceptional capital and liquidity buffers improve Banco Macro’s ability to absorb credit or market shocks, support regulatory resilience, and fund selective lending or strategic investment without relying heavily on external financing.
Negative Factors
Rising Non-Performing Loans
Deteriorating consumer and overall asset quality could raise provisions and constrain future lending. Although NPLs remain below system levels, continued increases would pressure profitability and test the bank’s risk controls.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Capital and Liquidity
Exceptional capital and liquidity buffers improve Banco Macro’s ability to absorb credit or market shocks, support regulatory resilience, and fund selective lending or strategic investment without relying heavily on external financing.
Read all positive factors
Banco Macro SA (BMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.22B
Dividend Yield6.25%
Average Volume (3M)231.06K
Price to Earnings (P/E)18.8
Beta (1Y)0.93
Revenue Growth6.21%
EPS Growth-24.60%
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
$132.00Price Target Upside48.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)7.02
Revenue Forecast (FY)$4.04B
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: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
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
Negative
89.11
Price Trends
88.33
Negative
83.50
Negative
82.82
Negative
Market Momentum
-3.79
Positive
41.38
Neutral
61.07
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 89.11 is above the 20-day moving average (MA) of 82.02, above the 50-day MA of 88.33, and above the 200-day MA of 82.82, indicating a bearish trend. The MACD of -3.79 indicates Positive momentum. The RSI at 41.38 is Neutral, neither overbought nor oversold. The STOCH value of 61.07 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 | $5.58B | 8.16 | 11.21% | 3.70% | -0.40% | -1.91% | |
69 Neutral | $3.14B | 11.19 | 10.27% | 3.70% | 1.51% | 19.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $6.30B | 11.79 | 9.54% | 3.19% | 15.47% | 18.50% | |
59 Neutral | $5.22B | 18.81 | 7.73% | 5.47% | 6.21% | -24.60% | |
57 Neutral | $3.19B | 22.00 | 6.79% | 1.84% | -0.28% | -56.93% | |
57 Neutral | $7.50B | 128.25 | 1.16% | 3.84% | 0.55% | -94.15% |
* Financial Sector Average
BMA
Banco Macro SA
78.05
23.93
44.22%
OZK
Bank OZK
49.47
-1.69
-3.30%
BBAR
Banco BBVA Argentina
14.92
2.94
24.57%
GGAL
Grupo Financiero Galicia SA
43.91
5.72
14.97%
AVAL
Grupo Aval Acciones y Valores SA Pfd
5.45
2.17
66.06%
FHB
First Hawaiian
25.96
0.97
3.90%
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...
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...
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.