Banco Macro SA (BMA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Banco Macro SA stock $45.76, price $57.76, that is 20.8% below the price, quality 47 out of 100. Rating: overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $7.44 – $107.71 · fair‑value band $43.70 – $50.23 · the $57.76 price screens above the $45.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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Banco Macro S.A. provides various banking products and services to retail and corporate customers in Argentina.
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It offers various retail banking products and services, such as savings and checking accounts, time deposits, credit and debit cards, consumer finance loans, mortgage loans, automobile loans, overdrafts, credit-related services, home and car insurance coverage, tax collection, utility payments, automated teller machines, and money transfers.
The company also provides personal loans, document discounts, residential mortgages, overdrafts, pledged loans, and credit card loans to retail customers.
In addition, it offers corporate banking products and services, including deposits, lending, check cashing advances and factoring, guaranteed loans, credit lines for financing foreign trade, and cash management services; and trust, payroll, and financial agency services, as well as corporate credit cards and other specialty products; and working capital facilities, credit for investment projects, and leasing and foreign trade transactions.
Further, the company provides transaction services, such as cash management, collection services, payments to suppliers, payroll services, foreign exchange transactions, and foreign trade services; information services to corporate customers; and internet and mobile banking services.
Additionally, it offers short-term and medium-to-long-term corporate lending products. Banco Macro S.A. was incorporated in 1966 and is headquartered in Buenos Aires, Argentina.
Stock analysis
Banco Macro SA (BMA) currently trades at $57.76, while our model-based Fair Value estimate is $45.76, 21% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at medium.
Scenario range: $43.70 (bear) to $50.23 (bull), the price of $57.76 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Banco Macro SA B ADR reported revenue of $5.8T in FY2025 versus $1.7T in FY2021, a compound +36.0%/yr. Reported net income was $337B in FY2025, compounding +24.9%/yr from FY2021.
Key figures
Market cap $3.6B Mid · P/E ratio 11.6 · P/S ratio 0.67 · EPS (TTM) $4.89 · Dividend yield 5.5% · Net margin 5.8% · Return on equity 7.1% · Return on assets (EBIT) 12.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 43% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −21%, BMA screens cheaper than that median.
Fair Value models
Bear$43.70Fair Value $45.76Bull$50.23
Price $57.76 · Downside -20.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($4.18 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+56.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+75.6%
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+60.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+39.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+34.4%
Dividend (yield on the price)5.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.34.4% vs 16.9%, picking up
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.18% → 10%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +4.4% a year for the forecasts.
News mood ⓘNews mood, the average tone of recent news (87 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: The regional Argentine bank draws strength from its established client base and regional reach when expanding via the Personal Pay stake, yet its main weakness remains the limited durable moat with low ROE and weak advantages overall.
Main risk: Argentina's economic swings pose the biggest risk to the business by limiting gains from digital integration and hitting client growth as well as margins amid ongoing macro volatility.
Banco Macro is expanding beyond its traditional branch network by taking a 50 percent stake in the Personal Pay digital wallet. This move pairs the bank's established client base and regional reach with a telco partner's distribution to add services like credit cards and investments. Our models currently see the shares as undervalued. Will the digital push deliver faster client growth and higher margins, or will integration and Argentina's economic swings limit the gains?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 998 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Bottom 25%
Fair Value upside−20.8% · Below median
Profitability
Return on equity (12 months)7.1% · Bottom 25%
Return on assets1.5% · Top 25%
Net margin (12 months)9.0% · Bottom 25%
Operating margin (12 months)25.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)1.2% · Bottom 25%
Dividend yield (12 months)5.5% · Top 25%
Balance sheet
Debt / equity0.29× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Banco Macro SA B ADR Fair Value". https://www.fairvalue-calculator.com/stock/BMA
Frequently asked questions
Is Banco Macro SA (BMA) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $45.76 versus a price of $57.76, about 21% lower (overvalued).
What is the fair value of BMA?
Our model-based fair value for Banco Macro SA is $45.76 (as of Nov 7, 2026), built from audited fundamentals. The current price: $57.76.
What is the quality score of BMA?
Banco Macro SA has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Banco Macro SA (BMA)?
Our model-based price target is the fair value of $45.76 (as of Nov 7, 2026) from 2 valuation models. Cautious scenario $43.70, optimistic scenario $50.23. It is a calculation from audited fundamentals, not an analyst target.
What is the Banco Macro SA B ADR stock forecast for 2026?
Our models put fair value at $45.76, about 21% lower versus a price of $57.76 (overvalued). Cautious scenario $43.70, optimistic scenario $50.23. The calculation is refreshed regularly with new filings.
What is the revenue of Banco Macro SA (BMA)?
Banco Macro SA reported trailing-twelve-month revenue of about $4.3T (latest available figure, as of Nov 7, 2026).
Does Banco Macro SA B ADR pay a dividend?
Banco Macro SA currently shows a dividend yield of 5.50% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Banco Macro SA (BMA) and when is the ex-dividend date?
Banco Macro SA has a dividend yield of 5.5%. The last ex-dividend date was Jul 6, 2026. A dividend has been paid every year since 2022. Our assessment: Safety not assessed. Payout ratio and cash coverage are not available, so we do not judge how safe this dividend is.
What growth is priced into Banco Macro SA (BMA)?
For today's price to be fair in a discounted-cash-flow model, Banco Macro SA would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +58.1 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of BMA use?
Our models discount Banco Macro SA at 8.5 %: a base by market capitalisation (mid), damped by beta 0.41, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Banco Macro SA that is less than minus 40 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Banco Macro SA (BMA) delivered so far?
Over the past 5 years revenue at Banco Macro SA grew +58.1 % a year. The price currently implies free-cash-flow growth of less than minus 40 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Banco Macro SA (BMA) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Banco Macro SA (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Banco Macro SA (BMA)?
The free-cash-flow yield on the price is 42.38 %: that much free cash flow Banco Macro SA produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Banco Macro SA (BMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Banco Macro SA it is $45.76 per share (as of Nov 7, 2026), against a price of $57.76. It is the blended result of 2 valuation models in 2 families (Multiples, Economic Profit).
Is Banco Macro SA B ADR stock overvalued or undervalued in 2026?
As of Nov 7, 2026, BMA trades above its calculated fair value: price $57.76, fair value $45.76, a gap of about −21% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BMA?
No. The price is what the market pays today ($57.76); the fair value is what the company's own numbers justify ($45.76). For Banco Macro SA the two are $12.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Banco Macro SA B ADR worth?
The market values Banco Macro SA at about $3.6B (market capitalisation, as of Nov 7, 2026). Per share that is $57.76; our models calculate a fair value of $45.76 per share.
What do the bullish and bearish scenarios say about BMA?
Our models span a range for Banco Macro SA: cautious scenario $43.70, base $45.76, optimistic $50.23 per share (as of Nov 7, 2026, price $57.76). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BMA?
Banco Macro SA trades at a price-to-earnings ratio of 11.6 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $45.76 is built from several models across several years. Other multiples: PEG 0.5.
What is the PEG ratio of BMA?
The PEG ratio of Banco Macro SA is 0.47 (P/E divided by earnings growth, as of Nov 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Banco Macro SA (BMA)?
Balance-sheet figures for Banco Macro SA (as of Nov 7, 2026): return on equity 7.1%, debt of 0.29 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is BMA from its 52-week high?
Banco Macro SA trades at $57.76, about 43% below its 52-week high of $101.13 and at the low of $57.76 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $45.76 is for.
Which stocks are comparable to Banco Macro SA B ADR?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Banco Macro SA B ADR stock attractive at the current price?
The data as of Nov 7, 2026: price $57.76, calculated fair value $45.76 (−21%), Quality Score 47/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BMA calculated?
We run Banco Macro SA through 2 models from 2 families: Multiples, Economic Profit. Every model gets the same audited fundamentals; the fair value of $45.76 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Banco Macro SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Banco Macro SA (BMA)?
The closing price on Nov 6, 2026 was $57.76. Our model-based fair value is $45.76, about 21% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Banco Macro SA B ADR right now?
The price sits above even our optimistic bull case ($50.23). The favourable scenario is already priced in. Weak quality (47/100) and above fair value at the same time, the margin of safety is missing on both counts. The models converge in a tight band ($43.70 to $50.23), unusually little disagreement for a valuation. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Banco Macro SA (BMA) come from?
Earnings per share at Banco Macro SA grew +27.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +46.9 %, EBIT margin +14.8 %, tax rate −1.7 %, residual (interest, one-offs) −22.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Banco Macro SA
How large is the market capitalisation of Banco Macro SA (BMA)?
The market capitalisation of Banco Macro SA is $3.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Banco Macro SA (BMA)?
The price-to-sales ratio of Banco Macro SA is 0.67 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Banco Macro SA (BMA)?
Earnings per share at Banco Macro SA are $4.89 (price ÷ EPS = P/E 11.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Banco Macro SA (BMA)?
The dividend yield of Banco Macro SA is 5.5% (payout 65.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Banco Macro SA (BMA)?
The net margin of Banco Macro SA is 5.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Banco Macro SA (BMA)?
The return on equity (ROE) of Banco Macro SA is 7.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Banco Macro SA (BMA)?
On an EBIT basis the return on assets of Banco Macro SA is 12.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Banco Macro SA (BMA)?
The operating margin of Banco Macro SA is 25.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Banco Macro SA (BMA)?
Revenue at Banco Macro SA is growing +1.2% versus a year earlier (3y avg +2.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Banco Macro SA (BMA)?
Earnings per share at Banco Macro SA are growing +3.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Banco Macro SA (BMA) hold?
Banco Macro SA holds more cash than debt, $2.1T net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 7, 2026