(BMA) Banco Macro - Overview
Stock: Savings, Loans, Cards, Insurance, Transfers
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 3.87% |
| Yield on Cost 5y | 23.34% |
| Yield CAGR 5y | 21.46% |
| Payout Consistency | 56.7% |
| Payout Ratio | 0.1% |
| Risk 5d forecast | |
|---|---|
| Volatility | 62.2% |
| Relative Tail Risk | -14.5% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.27 |
| Alpha | -16.38 |
| Character TTM | |
|---|---|
| Beta | 1.423 |
| Beta Downside | 1.231 |
| Drawdowns 3y | |
|---|---|
| Max DD | 65.40% |
| CAGR/Max DD | 1.22 |
Description: BMA Banco Macro January 10, 2026
Banco Macro S.A. (NYSE:BMA) is Argentina’s largest privately-owned bank, offering a full suite of retail and corporate banking services. Its retail franchise includes deposit accounts, credit and debit cards, consumer loans (auto, mortgage, personal), insurance, and digital channels such as mobile and internet banking. On the corporate side, the bank provides deposits, term and working-capital loans, factoring, foreign-trade financing, cash-management, payroll, and specialized services like trust and leasing.
Recent public filings (Q4 2023) show a 12% year-over-year increase in total loan portfolio to ARS 1.8 trillion, a net interest margin of 4.2% (down 0.3 pp from the prior year), and a non-performing loan ratio of 4.1%, which remains above the regional average of ~2.5% but has been trending lower since 2022. The bank’s ROE sits at 13.5%, supported by a high-yielding loan book and a cost-to-income ratio of 45%. Macro-level drivers include Argentina’s persistently high inflation (≈140% YoY) and the central bank’s policy rate at 120%, both pressuring loan pricing and deposit costs, while the recent de-valuation of the peso has boosted the bank’s foreign-currency loan margins.
Given the bank’s dominant market share in a credit-constrained economy and its ongoing digital transformation, analysts should monitor the trajectory of its loan-loss provisions and the impact of any policy shifts on interest-rate spreads. For a deeper quantitative assessment, see the detailed macro-adjusted valuation model on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 3.0
| Net Income: 290.05b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.09 > 0.02 and ΔFCF/TA -20.09 > 1.0 |
| NWC/Revenue: -173.4% < 20% (prev -61.83%; Δ -111.6% < -1%) |
| CFO/TA -0.15 > 3% & CFO -3115.59b > Net Income 290.05b |
| Net Debt (-1696.37b) to EBITDA (407.74b): -4.16 < 3 |
| Current Ratio: 0.27 > 1.5 & < 3 |
| Outstanding Shares: last quarter (63.9m) vs 12m ago 0.06% < -2% |
| Gross Margin: 69.85% > 18% (prev 0.75%; Δ 6910 % > 0.5%) |
| Asset Turnover: 29.28% > 50% (prev 52.34%; Δ -23.06% > 0%) |
| Interest Coverage Ratio: 0.18 > 6 (EBITDA TTM 407.74b / Interest Expense TTM 1621.23b) |
Altman Z'' -2.47
| A: -0.43 (Total Current Assets 3190.04b - Total Current Liabilities 12025.10b) / Total Assets 20562.86b |
| B: 0.01 (Retained Earnings 176.20b / Total Assets 20562.86b) |
| C: 0.02 (EBIT TTM 287.45b / Avg Total Assets 17400.31b) |
| D: 0.20 (Book Value of Equity 3216.16b / Total Liabilities 15802.88b) |
| Altman-Z'' Score: -2.47 = D |
Beneish M 0.41
| DSRI: 5.06 (Receivables 291.82b/84.31b, Revenue 5094.31b/7451.46b) |
| GMI: 1.08 (GM 69.85% / 75.13%) |
| AQI: 1.13 (AQ_t 0.80 / AQ_t-1 0.71) |
| SGI: 0.68 (Revenue 5094.31b / 7451.46b) |
| TATA: 0.17 (NI 290.05b - CFO -3115.59b) / TA 20562.86b) |
| Beneish M-Score: 0.41 (Cap -4..+1) = D |
What is the price of BMA shares?
Over the past week, the price has changed by -8.83%, over one month by +4.15%, over three months by +7.53% and over the past year by -2.68%.
Is BMA a buy, sell or hold?
- StrongBuy: 2
- Buy: 2
- Hold: 3
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the BMA price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 116.4 | 25.3% |
| Analysts Target Price | 116.4 | 25.3% |
| ValueRay Target Price | 150 | 61.5% |
BMA Fundamental Data Overview February 02, 2026
P/E Trailing = 41.2551
P/E Forward = 3.0979
P/S = 0.0027
P/B = 1.9965
P/EG = 0.9
Revenue TTM = 5094.31b ARS
EBIT TTM = 287.45b ARS
EBITDA TTM = 407.74b ARS
Long Term Debt = 1414.05b ARS (from longTermDebt, last quarter)
Short Term Debt = 207.58b ARS (from shortTermDebt, last quarter)
Debt = 1493.67b ARS (from shortLongTermDebtTotal, last quarter)
Net Debt = -1696.37b ARS (from netDebt column, last quarter)
Enterprise Value = 8703.53b ARS (10399.90b + Debt 1493.67b - CCE 3190.04b)
Interest Coverage Ratio = 0.18 (Ebit TTM 287.45b / Interest Expense TTM 1621.23b)
EV/FCF = -4.90x (Enterprise Value 8703.53b / FCF TTM -1777.32b)
FCF Yield = -20.42% (FCF TTM -1777.32b / Enterprise Value 8703.53b)
FCF Margin = -34.89% (FCF TTM -1777.32b / Revenue TTM 5094.31b)
Net Margin = 5.69% (Net Income TTM 290.05b / Revenue TTM 5094.31b)
Gross Margin = 69.85% ((Revenue TTM 5094.31b - Cost of Revenue TTM 1535.95b) / Revenue TTM)
Gross Margin QoQ = 52.38% (prev 64.87%)
Tobins Q-Ratio = 0.42 (Enterprise Value 8703.53b / Total Assets 20562.86b)
Interest Expense / Debt = 35.37% (Interest Expense 528.38b / Debt 1493.67b)
Taxrate = 9.31% (33.52b / 360.01b)
NOPAT = 260.68b (EBIT 287.45b * (1 - 9.31%))
Current Ratio = 0.27 (Total Current Assets 3190.04b / Total Current Liabilities 12025.10b)
Debt / Equity = 0.31 (Debt 1493.67b / totalStockholderEquity, last quarter 4756.89b)
Debt / EBITDA = -4.16 (Net Debt -1696.37b / EBITDA 407.74b)
Debt / FCF = 0.95 (negative FCF - burning cash) (Net Debt -1696.37b / FCF TTM -1777.32b)
Total Stockholder Equity = 4440.33b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.67% (Net Income 290.05b / Total Assets 20562.86b)
RoE = 6.53% (Net Income TTM 290.05b / Total Stockholder Equity 4440.33b)
RoCE = 4.91% (EBIT 287.45b / Capital Employed (Equity 4440.33b + L.T.Debt 1414.05b))
RoIC = 4.99% (NOPAT 260.68b / Invested Capital 5225.17b)
WACC = 13.79% (E(10399.90b)/V(11893.57b) * Re(11.16%) + D(1493.67b)/V(11893.57b) * Rd(35.37%) * (1-Tc(0.09)))
Discount Rate = 11.16% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.02%
Fair Price DCF = unknown (Cash Flow -1777.32b)
EPS Correlation: 13.53 | EPS CAGR: -0.04% | SUE: -0.00 | # QB: 0
Revenue Correlation: 75.18 | Revenue CAGR: 88.59% | SUE: 0.18 | # QB: 0
EPS next Quarter (2026-03-31): EPS=2975.51 | Chg30d=-4.620 | Revisions Net=-1 | Analysts=2
EPS next Year (2026-12-31): EPS=12977.06 | Chg30d=-13.376 | Revisions Net=-1 | Growth EPS=+59.9% | Growth Revenue=+21.9%