Estados financieros detallados de Banco Macro S.A. (BMA): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Banco Macro S.A. registró ingresos de $5.82T en el último ejercicio fiscal, con un CAGR de 5 años del 58.1%. El beneficio neto alcanzó $337.27B, con un CAGR a 5 años del 34.4%.
Márgenes de los últimos 12 meses: margen bruto 56.9%, margen operativo 10.5%, margen neto 6.4%. El flujo de caja libre creció a un CAGR del -65.9% en 5 años.
Al precio actual de $76.15, BMA cotiza a un P/E de 18.16 y un ROE del 7.73%. La capitalización bursátil es de $4.9B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $338.79B | $1.59T | $2.77T | $387.42B | $587.93B | $1.70T | $5.37T | $9.69T | $6.46T | $5.82T |
| Coste de Ventas | $14.35B | 0 | $38.76B | $140.77B | $201.98B | $589.91B | $2.14T | $3.65T | $2.05T | $2.88T |
| Beneficio Bruto | $338.79B | $1.59T | $2.77T | $246.65B | $385.95B | $1.11T | $3.23T | $6.04T | $4.41T | $2.94T |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $115.99B | $496.73B | $898.17B | $17.32B | $111.19B | $350.72B | $351.04B | $923.47B | $1.02T | $1.58T |
| Gastos Operativos | $338.79B | $1.59T | $2.77T | $177.48B | $270.69B | $965.84B | $2.83T | $4.16T | $4.05T | $2.34T |
| Beneficio Operativo | $10.02B | 0 | $30.72B | $69.17B | $115.26B | $145.94B | $401.07B | $1.88T | $360.01B | $595.61B |
| EBITDA | 0 | 0 | 0 | $75.34B | $12.82B | $189.17B | $448.56B | $2.01T | $498.16B | $688.93B |
| Gastos por Intereses | $209.87B | $478.77B | $1.35T | $131.84B | $178.87B | $574.16B | $2.09T | $3.55T | $1.94T | $2.25T |
| Beneficio Antes de Impuestos | $158.07B | $404.16B | $391.68B | $69.17B | $115.26B | $145.94B | $401.07B | $1.88T | $360.01B | $595.91B |
| Impuestos | $3.48B | $236.90B | $9.43B | $26.59B | $38.36B | $7.19B | $124.57B | $614.79B | $33.52B | $256.92B |
| Beneficio Neto | $103.21B | $167.26B | -$32.04B | $42.57B | $76.90B | $138.74B | $276.45B | $1.27T | $325.50B | $337.27B |
| BPA | $1742.00 | $2468.70 | $-493.50 | $638.10 | $1202.30 | $457.80 | $846.10 | $22388.80 | $5090.60 | $5281.60 |
| BPA Diluido | $1742.00 | $2468.70 | $-493.50 | $638.10 | $1202.30 | $457.80 | $846.10 | $22388.80 | $5090.60 | $5281.60 |
| Acciones en Circulación (Diluidas) | $59.2M | $67.7M | $64.8M | $63.9M | $63.9M | $63.9M | $63.9M | $63.9M | $63.9M | $63.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $1.44T | $1.20B | $1.91T | $1.47T |
| Beneficio Bruto | $755.84B | $601.9M | $1.17T | $864.97B |
| Beneficio Operativo | -$38.03B | $138.6M | $212.69B | $321.60B |
| EBITDA | $3.76B | $202.01B | $259.35B | $328.99B |
| Beneficio Neto | -$33.10B | $115.27B | $140.24B | $204.08B |
| BPA | $-517.60 | $1799.20 | $2193.30 | $3193.40 |
| BPA Diluido | $-517.60 | $1799.20 | $2193.30 | $3193.40 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1.05T | $961.56B | $2.46T | $137.07B | $196.18B | $335.69B | $778.80B | $2.69T | $2.78T | $3.59T |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | $429.47B | $635.19B | $438.70B | 0 |
| Cuentas por Cobrar | $27.32B | $48.27B | $84.68B | $28.73B | $57.16B | $123.40B | $1.86B | $862.28B | $1.04T | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $1.07T | $1.02T | $2.46T | $166.17B | $254.95B | $461.57B | $1.57T | $4.24T | $4.28T | $3.59T |
| Inmovilizado Material | $220.17B | $278.47B | $23.91B | $35.05B | $51.88B | $102.99B | $317.21B | $776.95B | $788.29B | $1.04T |
| Fondo de Comercio | $20.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $643.5M | $29.78B | $69.69B | $4.82B | $7.70B | $16.37B | $54.31B | $163.69B | $147.48B | $182.85T |
| Activos Totales | $4.66T | $6.19T | $11.54T | $606.15B | $1.17T | $1.95T | $6.51T | $14.63T | $14.49T | $23.25T |
| Cuentas por Pagar | $6.23B | $52.93B | $36.02B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | 0 | 0 | $253.0M | $1.36B | $933.7M | $57.0M | 0 | $51.40B | $18.96B | $89.48B |
| Pasivos Corrientes | $3.26T | $3.95T | 0 | $359.23B | $738.65B | $1.15T | $4.04T | $7.46T | $8.48T | $89.48B |
| Deuda a Largo | $234.36B | $331.99B | $12.12B | $40.62B | $59.21B | $87.59B | $233.07B | $842.95B | $432.47B | $1.44T |
| Pasivos Totales | $3.91T | $4.88T | $9.54T | $461.76B | $940.34B | $1.48T | $4.91T | $10.19T | $10.44T | $18.01T |
| Reservas | $156.76B | 0 | -$373.30B | -$35.78B | -$97.57B | -$85.72B | -$249.98B | $431.63B | -$521.64B | $290.44B |
| Patrimonio Neto | $740.05B | $1.31T | $2.00T | $144.39B | $228.74B | $466.72B | $1.59T | $4.44T | $4.05T | $5.23T |
| Deuda Total | $234.36B | $331.99B | $711.96B | $43.23B | $61.92B | $90.36B | $239.19B | $914.79B | $465.41B | $1.54T |
| Deuda Neta | -$811.87B | -$629.57B | -$1.74T | -$93.83B | -$134.26B | -$245.34B | -$969.07B | -$2.42T | -$2.75T | -$2.05T |
| Capital Circulante | -$2.19T | -$2.94T | $2.46T | -$193.06B | -$483.70B | -$688.64B | -$2.46T | -$3.21T | -$4.20T | $3.50T |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $3.37T | $3.59T | $4.60T | $3.33T |
| Activos Totales | $20.56T | $23245.90T | $24.20T | $25.96T |
| Pasivos Totales | $15.80T | $18010.66T | $18.34T | $19.62T |
| Patrimonio Neto | $4.76T | $5232.22T | $5.86T | $6.34T |
| Deuda Total | $1.51T | $1498.86T | $1.48T | $1.74T |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | 0 | $22.07B | $391.68B | $26.48B | $70.31B | $145.94B | $24.04B | $972.2M | $129.16B | $289.42B |
| Amortizaciones | 0 | $2.16B | $65.92B | $4.09B | $12.94B | $43.22B | $103.41B | $64.9M | $138.14B | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | 0 | -$69.43B | $2.40T | $5.65B | -$72.27B | $34.07B | $442.03B | -$1.94T | -$4.79T | $566.51B |
| Flujo de Caja Operativo | 0 | -$23.55B | $3.41T | $160.04B | $351.90B | $271.77B | $1.61T | -$85.23B | $918.59B | $1.70B |
| Inversiones (CapEx) | 0 | -$2.94B | -$112.58B | -$5.64B | -$10.81B | -$41.81B | -$75.75B | -$57.07B | -$124.52B | -$138.1M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | -$216.3M | 0 | -$24.5M | -$8.53B | 0 |
| Recompra de Acciones | 0 | 0 | -$222.73B | -$9.2M | 0 | 0 | 0 | 0 | 0 | -$210.9M |
| Dividendos Pagados | 0 | -$936.7M | -$201.83B | -$5.81B | -$1.2M | 0 | -$59.46B | -$179.7M | -$466.94B | -$315.04B |
| Flujo de Caja Libre | 0 | -$26.50B | $3.29T | $154.40B | $341.09B | $229.96B | $1.54T | -$142.30B | $794.07B | $1.56B |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $515.68B | $1.02B | $624.55B | $613.42B |
| Inversiones (CapEx) | -$45.19B | -$37.9M | -$30.57B | -$38.17B |
| Flujo de Caja Libre | $470.49B | $983.8M | $593.98B | $575.25B |
| Dividendos Pagados | 0 | -$97.0M | -$72.59B | -$62.76B |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +370.2% | +73.9% | -86.0% | +51.8% | +189.4% | +215.6% | +80.5% | -33.3% | -10.0% |
| Crecimiento Beneficio Neto (anual) | | +62.1% | -119.2% | +232.9% | +80.6% | +80.4% | +99.3% | +358.5% | -74.3% | +3.6% |
| Crecimiento BPA (anual) | | +41.7% | -120.0% | +229.3% | +88.4% | -61.9% | +84.8% | +2546.1% | -77.3% | +3.8% |
| Cambio en Acciones (anual) | | +14.4% | -4.3% | -1.4% | +0.1% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% |
| Crecimiento FCF (anual) | | | +12528.4% | -95.3% | +120.9% | -32.6% | +568.2% | -109.3% | +658.0% | -99.8% |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 63.7% | 65.6% | 65.3% | 60.2% | 62.3% | 68.3% | 50.5% |
| Margen Operativo | 3.0% | 0.0% | 1.1% | 17.9% | 19.6% | 8.6% | 7.5% | 19.4% | 5.6% | 10.2% |
| Margen EBITDA | 0.0% | 0.0% | 0.0% | 19.4% | 2.2% | 11.1% | 8.4% | 20.7% | 7.7% | 11.8% |
| Margen Neto | 30.5% | 10.5% | -1.2% | 11.0% | 13.1% | 8.2% | 5.1% | 13.1% | 5.0% | 5.8% |
| Margen FCF | 0.0% | -1.7% | 118.9% | 39.9% | 58.0% | 13.5% | 28.6% | -1.5% | 12.3% | 0.0% |
| Tasa Impositiva Efectiva | 2.2% | 58.6% | 2.4% | 38.4% | 33.3% | 4.9% | 31.1% | 32.6% | 9.3% | 43.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.00 | $-391.21 | $50791.67 | $2416.28 | $5334.38 | $3596.40 | $24029.77 | $-2225.51 | $12418.80 | $24.46 |
| Dividendo por Acción | $0.00 | $13.83 | $3113.03 | $90.88 | $0.02 | $0.00 | $929.96 | $2.81 | $7302.65 | $4927.06 |
| Acciones en Circulación (Básicas) | $59.2M | $67.7M | $64.8M | $63.9M | $63.9M | $63.9M | $63.9M | $63.9M | $63.9M | $63.9M |
Qué mirar en empresas de Financial Services
- Efficiency Ratio (≤55%) — Gastos operativos / ingresos. Bancos top por debajo del 55%.
- ROA (≥1%) — Cuánto ganan por cada euro de activos. En banca el ROE engaña por el apalancamiento.
- ROTCE (≥12%) — Rentabilidad sobre Capital Tangible. Descuenta goodwill e intangibles.
- Capital / Activos (proxy Tier 1) (≥8%) — Proxy del ratio de capital. FMP no expone Tier 1 regulatorio directo.
- P/B (1,0-1,5x) — Métrica clásica bancaria. <1x puede ser oportunidad o distress.
- Rentabilidad por dividendo sostenible (≥2%, <8%) — Bancos UE pagan 5-7% sin estrés. >8% es señal de distress.
Rentabilidad
| Rentabilidad sobre capital | 7.73% |
| Rentabilidad sobre capital invertido | 1.70% |
| Rentabilidad sobre activos | 1.66% |
| Margen bruto | 56.90% |
| Margen operativo | 10.50% |
| Margen neto | 6.36% |
Salud financiera
| Deuda / Patrimonio | 0.27 |
| Ratio corriente | 9.57 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.59 | 0.88 | -3.37 | 3.40 | 1.09 | 3.14 | 3.43 | 1.01 | 19.58 | 24.77 |
| P/VC | 0.08 | 0.11 | 0.05 | 0.96 | 0.37 | 0.20 | 0.12 | 0.33 | 1.57 | 1.60 |
| P/V | 0.18 | 0.09 | 0.04 | 0.36 | 0.14 | 0.05 | 0.03 | 0.15 | 0.99 | 1.44 |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 63.7% | 65.6% | 65.3% | 60.2% | 62.3% | 68.3% | 50.5% |
| Margen Operativo | 3.0% | 0.0% | 1.1% | 17.9% | 19.6% | 8.6% | 7.5% | 19.4% | 5.6% | 10.2% |
| Margen Neto | 30.5% | 10.5% | -1.2% | 11.0% | 13.1% | 8.2% | 5.1% | 13.1% | 5.0% | 5.8% |