Latest Ratios: P/E Ratio 20.7x · EV/EBITDA 7.2x · ROE 7.3%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $5.8B | $6.2B | $1.8B | $1.0B | $896M | $996M | $2.3B | $2.9B | $7.8B | $3.8B |
| Enterprise Value | $3.3B | $-2045620939392 | $-2304514053812 | $-1778055862690 | $-538552388854 | $-244440550974 | $-133261270959 | $-91517031000 | $-1742083596612 | $-621720897424 | $-808054371130 |
| P/E Ratio → | 20.68 | 0.02 | 0.02 | 0.00 | 0.02 | 0.03 | 0.01 | 0.06 | — | 0.05 | 0.04 |
| P/S Ratio | 1.96 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 | 0.03 |
| P/B Ratio | 1.33 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 | 0.01 | 0.01 |
| P/FCF | 4464.18 | 3.69 | 0.01 | — | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 | — | — |
| P/OCF | 4102.13 | 3.39 | 0.01 | — | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.57 | -0.51 | -0.29 | -0.16 | -0.22 | -0.32 | -0.36 | -1.23 | -0.56 | -6.27 |
| EV / EBITDA | 7.16 | -2.97 | -4.63 | -0.88 | -1.20 | -1.29 | -1.04 | -1.21 | -18.03 | — | -49.13 |
| EV / EBIT | 8.28 | -3.43 | -6.40 | -0.94 | -1.34 | -1.67 | — | -1.32 | — | — | — |
| EV / FCF | — | -1307.69 | -2.90 | — | -0.35 | -1.06 | -0.39 | -0.59 | -0.53 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.4% | 82.4% | 97.6% | 98.4% | 98.6% | 98.6% | 94.0% | 96.5% | 195.1% | 143.0% | 262.8% |
| Operating Margin | 16.7% | 16.7% | 8.0% | 30.7% | 12.2% | 12.9% | 28.1% | 27.1% | 2.2% | — | 7.8% |
| Net Profit Margin | 9.5% | 9.5% | 7.2% | 20.6% | 8.4% | 12.3% | 18.7% | 16.7% | -2.3% | 15.0% | 80.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 7.3% | 7.7% | 42.0% | 26.8% | 39.9% | 41.2% | 4.0% | -1.9% | 16.3% | 27.1% |
| ROA | 1.8% | 1.8% | 2.2% | 12.0% | 6.5% | 8.9% | 8.7% | 0.7% | -0.4% | 3.1% | 4.3% |
| ROIC | 7.9% | 7.9% | 5.5% | 39.3% | 25.2% | 25.8% | 36.1% | 3.6% | 1.1% | — | 1.4% |
| ROCE | 4.1% | 4.1% | 5.5% | 39.0% | 24.5% | 23.8% | 34.0% | 1.2% | 0.3% | — | 0.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.11 | 0.21 | 0.15 | 0.19 | 0.27 | 0.30 | 0.36 | 0.25 | 0.31 |
| Debt / EBITDA | 2.23 | 2.23 | 0.93 | 0.46 | 0.53 | 0.48 | 0.48 | 0.57 | 7.37 | — | 14.25 |
| Net Debt / Equity | — | -0.39 | -0.57 | -0.40 | -0.34 | -0.53 | -0.59 | -0.65 | -0.87 | -0.48 | -1.09 |
| Net Debt / EBITDA | -2.98 | -2.98 | -4.64 | -0.89 | -1.20 | -1.30 | -1.05 | -1.25 | -18.06 | — | -49.36 |
| Debt / FCF | — | -1311.38 | -2.91 | — | -0.35 | -1.07 | -0.39 | -0.61 | -0.53 | — | — |
| Interest Coverage | 0.26 | 0.26 | 0.19 | 0.53 | 0.19 | 0.25 | -0.00 | 0.52 | -0.05 | -0.08 | -0.03 |
Net cash position: cash ($3.59T) exceeds total debt ($1.54T)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 40.09 | 40.09 | 0.51 | 0.57 | 0.39 | 0.40 | 0.35 | 0.46 | — | 0.26 | 0.33 |
| Quick Ratio | 40.09 | 40.09 | 0.51 | 0.57 | 0.39 | 0.40 | 0.35 | 0.46 | — | 0.26 | 0.33 |
| Cash Ratio | 40.09 | 40.09 | 0.33 | 0.36 | 0.19 | 0.29 | 0.27 | 0.38 | — | 0.24 | 0.32 |
| Asset Turnover | — | 0.15 | 0.31 | 0.42 | 0.50 | 0.58 | 0.35 | 0.42 | 0.12 | 0.18 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 100.0% | 100.0% | 0.0% | 100.0% | — | 0.1% | 100.0% | 100.0% | 11.9% | — |
| Payout Ratio | 93.4% | 93.4% | 143.5% | 0.0% | 21.5% | — | 0.0% | 13.6% | — | 0.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 5858.0% | 5261.1% | 78009.8% | 5152.9% | 3265.3% | 7721.9% | 1760.3% | — | 2130.4% | 2707.1% |
| FCF Yield | 0.0% | 27.1% | 12834.6% | — | 146344.5% | 25651.9% | 34260.6% | 6665.6% | 114861.3% | — | — |
| Buyback Yield | 0.0% | 3.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 100.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 100.0% | 100.0% | 0.0% | 100.0% | 0.0% | 0.1% | 100.0% | 100.0% | 11.9% | 0.0% |
| Shares Outstanding | — | $64M | $64M | $64M | $64M | $64M | $64M | $64M | $65M | $68M | $59M |
Includes 30+ ratios · 22 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BMA stock.
Banco Macro S.A.'s current P/E ratio is 20.7x. The historical average is 0.3x. This places it at the 100th percentile of its historical range.
Banco Macro S.A.'s current EV/EBITDA is 7.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.8x.
Banco Macro S.A.'s return on equity (ROE) is 7.3%. The historical average is 28.2%.
Based on historical data, Banco Macro S.A. is trading at a P/E of 20.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Banco Macro S.A.'s current dividend yield is 4.51% with a payout ratio of 93.4%.
Banco Macro S.A. has 82.4% gross margin and 16.7% operating margin. Operating margin between 10-20% is typical for established companies.
Banco Macro S.A.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
NIM sustainability under policy shifts
P/B Reflects Discount to Rotating Earnings Power
BMA trades at a P/B of 1.43, a modest premium to its regional peers like BBAR at 1.30, suggesting the market is pricing in its defensive deposit franchise rather than its volatile return on tangible equity.
The bank's P/B valuation appears to embed expectations of a normalized ROTCE well below the 11.1% achieved in Q1 2024, but above the negative returns seen in mid-2024. This indicates investors view BMA as a structural play on Argentine banking but are discounting for the extreme earnings volatility driven by regulatory and macroeconomic shifts. The forward P/E of 0.01 is a clear distortion from hyperinflationary accounting and should be disregarded; the P/B metric remains the most relevant valuation anchor.
DuPont Analysis Reveals Leverage-Driven Returns
ROE recovered to 3.3% in Q2 2026, but this appears to be driven primarily by asset leverage (Equity/Assets of 0.24) rather than operational efficiency, as the net interest margin of 4.2% remains highly volatile.
Decomposing ROE shows that the bank's return is not generated from a high-return asset base but from applying thin equity against a massive, government-securities-heavy balance sheet. The negative fee income component (-6.6%) in the latest quarter further erodes the quality of earnings, indicating a complete reliance on spread income. This structure means ROE is acutely sensitive to NIM swings, as seen in the collapse to 0.0% in Q4 2025, making the current profitability level appear fragile and policy-dependent.
NIM Volatility Exposes Policy Dependency
NIM surged to 4.2% in Q2 2026 from 0.0% in Q4 2025, a pattern indicating that profitability is dictated by central bank rate decisions rather than consistent asset-liability management.
The bank's NIM is essentially a proxy for the real interest rate spread between sovereign paper yields and deposit costs, which can be unilaterally altered by the BCRA. The dramatic efficiency ratio improvement to 52.1% suggests strong operating leverage once NIM is positive, but this masks the fundamental vulnerability: in a low-rate environment, the high fixed-cost branch network becomes a significant drag. The efficiency gains are cyclical, not structural, and will reverse if the favorable rate environment does not persist.
Equity Ratio Compression Signals Growth Constraint
The equity-to-assets ratio has compressed to 0.24 from 0.34 in Q1 2024, indicating that rapid balance sheet expansion is outpacing organic capital generation, which may soon bind the bank's growth capacity.
This compression suggests the bank is using its capital less efficiently or is in a phase of rapid asset accumulation (likely securities) that has not yet been matched by earnings retention. While the absolute level may still be above regulatory minimums, the downward trend is a key metric to monitor, as it directly impacts the bank's ability to absorb losses and return capital. The historical high liquidity and low debt-to-equity ratio of 0.29% indicate management's conservative stance, but the current trajectory warrants scrutiny regarding future capital buffers.
Provision Coverage Assumes Benign Credit Cycle
Loan loss provisions fell to $163.1B in Q2 2026 from $238.8B in Q1, a trend that appears favorable but may be insufficient if consumer credit quality deteriorates in Argentina's interior provinces.
The reduction in provisions coincides with a return to profitability, but it also occurs against a backdrop of sustained hyperinflation exceeding 200% annually. In this environment, the real value of reserves is constantly eroding, and the reported provision levels may not adequately reflect true credit risk. Investors should monitor the NPL ratio (data unavailable in the provided metrics) and the coverage ratio relative to the quality of the consumer loan book, which is exposed to the volatile economic conditions in the provinces where BMA is dominant.
P/E Misleads on Earnings Quality
The P/E multiple is the most misapplied ratio to Banco Macro, as hyperinflationary accounting and volatile non-operating items like RECPAM create extreme swings in net income that obscure the bank's core earnings power.
For a bank like BMA, P/E is distorted by IAS 29 adjustments, which can produce massive nominal gains or losses on the net monetary position that have little to do with banking operations. The reported negative P/E for some peers in the table (like SUPV at -19.65) illustrates this sector-wide issue. The appropriate alternative is to focus on the P/B ratio in conjunction with a normalized ROTCE, which better isolates the return generated on the tangible equity base and provides a more stable framework for valuation than the highly volatile net income figure.