The bank's total assets expanded to 24.2 trillion ARS in 2026Q1, with a capital structure supported by an equity-to-assets ratio of 0.24 despite significant sovereign debt exposure.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash & Short Term Investments | 14.36T | 3.59T | 3.21T | 3.33T | 1.21T | 335.69B | 196.18B | 137.07B | 2.46T | 961.56B | 1.05T | 256.46B | 115.89B | 69.94B | 44.14B | 26.19B | 20.66B | 19.08B | 11.48B | 9.61B | 8.04B | 3.6B | 4.1B |
| Cash & Due from Banks | 4.6T | 3.59T | 2.78T | 2.69T | 778.8B | 335.69B | 196.18B | 137.07B | 2.46T | 961.56B | 1.05T | 256.46B | 115.89B | 69.94B | 44.14B | 26.19B | 20.66B | 19.08B | 11.48B | 9.61B | 8.04B | 3.6B | 4.1B |
| Short Term Investments | 117.35B | 0 | 438.7B | 635.19B | 429.47B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 17.29T | 17.22T | 9.61T | 8.6T | 3.5T | 1.3T | 793.2B | 397.46B | 2.45T | 4.79T | 3.3T | 199.54B | 76.52B | 12.72B | 10.34B | 10.24B | 27.97B | 26.29B | 15.62B | 43.02B | 29.82B | 19.45B | 14.89B |
| Investments Growth % | 398.4% | 79.05% | 11.75% | 145.89% | 168.9% | 64.05% | 99.57% | -83.78% | -48.82% | 45.09% | 1553.76% | 160.78% | 501.34% | 23.02% | 1% | -63.38% | 6.38% | 68.31% | -63.7% | 44.27% | 53.32% | 30.61% | - |
| Long-Term Investments | 64.27T | 17.22T | 9.18T | 7.97T | 3.07T | 1.3T | 793.2B | 397.46B | 2.45T | 4.79T | 3.3T | 79.98B | 48.86B | 35.61B | 34.5B | 26.37B | 27.97B | 17.77B | 15.16B | 43.02B | 29.82B | 19.45B | 14.89B |
| Accounts Receivables | 400.75B | 0 | 508.31B | 631.06B | 1.42B | 60.1B | 29.83B | 21.06B | 0 | 19.24B | 8.08B | 15.46B | 6.21B | 4.23B | 2.53B | 1.56B | 0 | 0 | 0 | 1.85M | 1.13M | 2.98B | 5.78B |
| Goodwill & Intangibles | 194.48B | 182.85T | 147.48B | 163.69B | 54.31B | 16.37B | 7.7B | 4.82B | 69.69B | 29.78B | 664.07M | 6.41B | 3.03B | 1.85B | 1.27B | 1.36B | 1.18B | 800.97M | 646.71M | 262.6M | 190.97M | 70.22M | 2.48M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.61M | 397.53M | 331.58M | 316.19M | 319.98M | 368.69M | 401M | 209.38M | 206.76M | 71.81M | 81.07M | 1.65M | 2.48M |
| Intangible Assets | 194.48B | 182.85T | 147.48B | 163.69B | 54.31B | 16.37B | 7.7B | 4.82B | 69.69B | 29.78B | 643.46M | 6.02B | 2.7B | 1.53B | 947.5M | 987.04M | 780.01M | 591.59M | 439.95M | 190.79M | 109.89M | 68.58M | 0 |
| PP&E (Net) | 1.12T | 1.04T | 788.29B | 776.95B | 317.21B | 102.99B | 51.88B | 35.05B | 23.91B | 278.47B | 220.17B | 1.18B | 1.28B | 4.53B | 3.06B | 2.49B | 445.53M | 433.63M | 1.4B | 1.15B | 1.03B | 677.48M | 579.54M |
| Other Assets | 388.14B | -181.65T | 94.41B | 1.47T | 1.5T | 64.3B | 61.26B | 2.59B | 6.54T | 79.34B | 60.79B | -1.43B | 99.97M | 216.17M | -4.88M | 120.47B | -189.22M | 1.93B | -7.11M | 2.36B | 1.9B | 1.97B | 939.26M |
| Total Current Assets | 5.19T | 3.59T | 4.28T | 4.24T | 1.57T | 461.57B | 254.95B | 166.17B | 2.46T | 1.02T | 1.07T | 256.46B | 115.89B | 69.94B | 44.14B | 26.19B | 20.66B | 19.08B | 11.48B | 14.17B | 11.42B | 6.59B | 9.89B |
| Total Non-Current Assets | 19.01T | 19.46T | 10.21T | 10.39T | 4.94T | 1.48T | 914.14B | 439.98B | 9.09T | 5.18T | 3.58T | 79.76B | 53.27B | 42.2B | 37.85B | 149.65B | 28.32B | 20.35B | 17.2B | 46.79B | 32.94B | 22.17B | 16.41B |
| Total Assets | 24.2T | 23.25T | 14.49T | 14.63T | 6.51T | 1.95T | 1.17T | 606.15B | 11.54T | 6.19T | 4.66T | 104.95B | 555.86B | 318.92B | 210.39B | 175.84B | 133.18B | 102.17B | 73.06B | 60.97B | 44.37B | 28.75B | 26.3B |
| Asset Growth % | 160452.43% | 60.4% | -0.94% | 124.77% | 234.37% | 66.5% | 92.87% | -94.75% | 86.42% | 33% | 4335.51% | -81.12% | 74.3% | 51.58% | 19.65% | 32.04% | 30.35% | 39.84% | 19.84% | 37.41% | 54.3% | 9.33% | - |
| Return on Assets (ROA) | 0.01% | 1.79% | 2.24% | 11.99% | 6.54% | 8.91% | 8.66% | 0.7% | -0.36% | 3.08% | 4.34% | 19.64% | 5.9% | 4.97% | 3.4% | 3.23% | 3.41% | 3.26% | 3.21% | 2.9% | 3.55% | 2.89% | 2.19% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.02B | 52.93B | 6.23B | 992.29M | 636.65M | 307.51M | 231.84M | 207.03M | 99.31K | 296.69K | 162.21M | 146.21M | 79.22M | 0 | 334.38M |
| Total Debt | 1.48T | 1.54T | 465.41B | 914.79B | 239.19B | 90.36B | 61.92B | 43.23B | 711.96B | 331.99B | 234.36B | 43.29B | 16.29B | 9.01B | 5.55B | 6.18B | 5.02B | 4.46B | 4.01B | 9.29B | 5.26B | 3.4B | 2.3B |
| Net Debt | -3.12T | -2.05T | -2.31T | -1.78T | -539.6B | -245.34B | -134.26B | -93.83B | -1.74T | -629.57B | -811.87B | -213.17B | -99.6B | -60.93B | -38.59B | -20.01B | -15.64B | -14.62B | -7.47B | -317.87M | -2.78B | -202.22M | -1.8B |
| Long-Term Debt | 1.46T | 1.44T | 432.47B | 842.95B | 233.07B | 87.59B | 59.21B | 40.62B | 12.12B | 331.99B | 234.36B | 43.29B | 16.29B | 9.01B | 5.55B | 5.53B | 4.84B | 4.46B | 4.01B | 9.29B | 5.26B | 3.4B | 49.07M |
| Short-Term Debt | 0 | 89.48B | 18.96B | 51.4B | 0 | 0 | 933.68M | 1.36B | 253M | 0 | 0 | 0 | 0 | 0 | 0 | 657.42M | 180.77M | 0 | 0 | 0 | 0 | 0 | 2.25B |
| Other Liabilities | 597.13B | 16.51T | 1.44T | 1.77T | 597.98B | 227.03B | 129.47B | 59.9B | 151.39B | 589B | 414.69B | 80.36B | -2.2B | -1.67B | -1.26B | 33.22B | 26.84B | -1.17B | -1.23B | 1.26B | 904.93M | 940.84M | 4B |
| Total Current Liabilities | 16.26T | 89.48B | 8.48T | 7.46T | 4.04T | 1.15T | 738.65B | 359.23B | 0 | 3.95T | 3.26T | 0 | 54.81B | 43.5B | 0 | 29.42B | 0 | 0 | 0 | 42.03B | 30.88B | 19.9B | 18.49B |
| Total Non-Current Liabilities | 2.08T | 18.01T | 1.96T | 2.73T | 878.08B | 329.56B | 201.69B | 102.53B | 163.51B | 924.77B | 649.05B | 89B | 8.69B | 7.17B | 5.45B | 7.3B | 5.85B | 4.89B | 3.71B | 10.55B | 6.16B | 4.34B | 4.05B |
| Total Liabilities | 18.34T | 18.01T | 10.44T | 10.19T | 4.91T | 1.48T | 940.34B | 461.76B | 9.54T | 4.88T | 3.91T | 89.07B | 63.5B | 50.67B | 183.16B | 36.72B | 116.57B | 89.31B | 63.82B | 52.58B | 37.05B | 24.24B | 22.54B |
| Total Equity | 5.86T | 5.24T | 4.05T | 4.44T | 1.6T | 466.8B | 228.75B | 144.39B | 2T | 1.31T | 746.16B | 16.01B | 85.87B | 46.78B | 27.23B | 20.18B | 16.61B | 12.85B | 9.24B | 8.38B | 7.32B | 4.51B | 3.76B |
| Equity Growth % | 129246.55% | 29.24% | -8.76% | 178.33% | 241.72% | 104.07% | 58.42% | -92.79% | 52.98% | 75.34% | 4561.79% | -81.36% | 83.57% | 71.77% | 34.91% | 21.55% | 29.19% | 39.09% | 10.24% | 14.54% | 62.14% | 20.12% | - |
| Equity / Assets (Capital Ratio) | 24.21% | 22.52% | 27.95% | 30.35% | 24.51% | 23.98% | 19.57% | 23.82% | 17.34% | 21.13% | 16.03% | 15.25% | 15.45% | 14.67% | 12.94% | 11.48% | 12.47% | 12.58% | 12.65% | 13.75% | 16.5% | 15.7% | 14.29% |
| Return on Equity (ROE) | 0.03% | 7.26% | 7.67% | 42.01% | 26.82% | 39.9% | 41.22% | 3.97% | -1.94% | 16.28% | 27.08% | 127.43% | 38.89% | 35.52% | 27.68% | 27.13% | 27.25% | 25.89% | 24.39% | 19.44% | 21.93% | 19.25% | 15.35% |
| Book Value per Share | 91631.10 | 81875.75 | 63350.49 | 69432.79 | 24946.63 | 7300.41 | 3577.43 | 2259.67 | 30870.20 | 19317.10 | 12599.74 | 273.84 | 1449.94 | 789.98 | 458.06 | 340.89 | 275.80 | 213.49 | 135.13 | 122.58 | 107.02 | 73.98 | 61.59 |
| Tangible BV per Share | 88589.49 | -2777840.98 | 61044.06 | 66872.72 | 24097.28 | 7044.37 | 3456.95 | 2184.20 | 29795.39 | 18877.37 | 12588.53 | 164.10 | 1398.73 | 758.73 | 436.74 | 317.99 | 256.18 | 200.19 | 125.68 | 118.74 | 104.23 | 72.83 | 61.55 |
| Common Stock | 639.41M | 639M | 639.41M | 639.41M | 639.41M | 639.41M | 639.41M | 639.41M | 14.31B | 0 | 9.22B | 7.57B | 4.33B | 3.2B | 2.61B | 2.52B | 2.36B | 2.26B | 2.23B | 2.11B | 2.09B | 1.85B | 1.82B |
| Additional Paid-in Capital | 12.43B | 12.43B | 12.43B | 12.43B | 12.43B | 12.43B | 12.43B | 12.43B | 265.5B | 0 | 54.44B | 5.18B | 2.96B | 2.14B | 1.75B | 1.69B | 0 | 1.52B | 1.29B | 1.22B | 1.21B | 0 | 0 |
| Retained Earnings | 458.1B | 290.44B | -521.64B | 431.63B | -249.98B | -85.72B | -97.57B | -35.78B | -373.3B | 0 | 156.76B | 66.53B | 26.57B | 13.53B | 6.84B | 11.69B | 0 | 8.98B | 4.08B | 5.01B | 3.77B | 2.66B | 1.92B |
| Accumulated OCI | 3.58T | 4.93T | 3.31T | 2.74T | 1.26T | 366.09B | 230.64B | 116.78B | 1.38T | 0 | 420.12B | 126.37B | 51.28B | 27.51B | 16.01B | 0 | 0 | 0 | 0 | 13.91M | 13.8M | 13.67M | 13.48M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Sovereign debt concentration risk
According to recent financial statements, Banco Macro's total assets grew to 24.2 trillion ARS in 2026Q1, a trend primarily driven by an accumulation of investment securities rather than organic loan book expansion, suggesting a cautious approach to credit risk in the current Argentine macroeconomic environment.
The shift toward a 17.3 trillion ARS investment portfolio indicates that the bank is prioritizing liquidity and regulatory compliance over private sector lending. This asset composition suggests that management remains hesitant to deploy capital into the real economy until inflationary pressures and monetary policy stabilize.
As reported in quarterly filings, the equity-to-assets ratio stood at 0.24 in 2026Q1, reflecting a stable capital position that appears sufficient to absorb moderate shocks despite the significant expansion of the balance sheet in nominal terms over the preceding ten quarters.
While the capital ratio appears adequate, the reliance on government-linked assets means that the bank's solvency is intrinsically tied to the sovereign's fiscal health. Investors should monitor whether this capital buffer remains resilient if the central bank continues to shift away from high-yielding instruments.
Based on BMA's reported figures, cash and bank balances reached 4.6 trillion ARS in 2026Q1, yet this liquidity must be interpreted with caution as a substantial portion is likely tied to mandatory reserve requirements rather than available capital for commercial lending or unexpected outflows.
The bank's liquidity profile is heavily influenced by its role as a provincial financial agent, which necessitates maintaining significant cash buffers to service payroll and tax collection obligations. This structural requirement limits the bank's flexibility to pivot its liquidity toward higher-yielding opportunities during periods of market stress.
As indicated by the 17.3 trillion ARS investment portfolio, the bank's balance sheet is heavily concentrated in sovereign-linked instruments, which warrants further investigation into the potential for unrealized losses should the government's creditworthiness or the valuation of these instruments face sudden, adverse market adjustments.
This concentration creates a feedback loop where the bank's financial stability is directly correlated with the state's ability to service its debt. While this has historically been a profitable strategy, it introduces a systemic risk that could rapidly impair the bank's equity base if fiscal conditions deteriorate.
Quick answers to the most common questions about buying BMA stock.
As of 2025, Banco Macro S.A. (BMA) had total assets of $23.25T including $3.59T in current assets.
Banco Macro S.A. (BMA) carries total debt of $1.54T. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Banco Macro S.A. (BMA) has total shareholders' equity (book value) of $5.23T ($81875.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Banco Macro S.A. (BMA) reported a current ratio of 40.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.