Detailed financial statements for Grupo Financiero Galicia S.A. (GGAL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Grupo Financiero Galicia S.A. (GGAL) functions as a prominent financial services conglomerate, delivering an extensive array of financial solutions and products to both individual clients and corporate entities across Argentina. The company structures its diverse operations into several key segments: Banking, NaranjaX, Insurance, and other miscellaneous business ventures.
Analysis Summary
Grupo Financiero Galicia S.A. reported revenue of 8.54T ARS in the most recent fiscal year, growing at a 5-year CAGR of 70.2%. Net income reached 212.52B ARS, with a 23.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 41.0%, operating margin 1.8%, net margin 1.4%. Free cash flow grew at -40.0% CAGR over 5 years.
At $31.48 (closing price, November 2, 2026), GGAL trades at a P/E of 48.08 and an ROE of 2.13%. Market capitalisation stands at $5.3B.
Balance sheet quality for GGAL: debt-to-equity ratio of 0.46, current ratio of 2.02 over the last 12 months, net cash position of 5.77T ARS at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 40.27B ARS represents 19% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 32.32B ARS | 109.95B ARS | 173.02B ARS | 312.57B ARS | 597.96B ARS | 1.76T ARS | 4.68T ARS | 7.30T ARS | 7.53T ARS | 8.54T ARS |
| Cost of Revenue | 3.15B ARS | 11.22B ARS | 34.14B ARS | 45.28B ARS | 100.50B ARS | 133.15B ARS | 355.60B ARS | 415.24B ARS | 862.80B ARS | 2.87T ARS |
| Gross Profit | 29.17B ARS | 98.73B ARS | 138.89B ARS | 267.29B ARS | 497.46B ARS | 1.63T ARS | 4.33T ARS | 6.88T ARS | 6.66T ARS | 5.67T ARS |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 12.54B ARS | 49.46B ARS | 58.48B ARS | 80.20B ARS | 149.11B ARS | 444.06B ARS | 1.02T ARS | 1.13T ARS | 1.43T ARS | 2.13T ARS |
| Operating Expenses | 19.80B ARS | 75.78B ARS | 131.82B ARS | 184.77B ARS | 361.34B ARS | 1.34T ARS | 3.88T ARS | 5.70T ARS | 4.45T ARS | 5.36T ARS |
| Operating Income | 9.37B ARS | 22.95B ARS | 7.07B ARS | 82.51B ARS | 136.13B ARS | 288.14B ARS | 444.45B ARS | 1.18T ARS | 2.21T ARS | 303.85B ARS |
| EBITDA | 9.67B ARS | 25.16B ARS | 10.53B ARS | 92.92B ARS | 160.48B ARS | 376.09B ARS | 633.50B ARS | 1.42T ARS | 2.40T ARS | 608.44B ARS |
| Interest Expense | 16.94B ARS | 38.18B ARS | 94.05B ARS | 197.38B ARS | 267.75B ARS | 1.10T ARS | 3.84T ARS | 6.60T ARS | 3.10T ARS | 3.88T ARS |
| Pre-tax Income | 9.37B ARS | 22.95B ARS | 7.07B ARS | 82.51B ARS | 136.13B ARS | 288.14B ARS | 444.45B ARS | 1.18T ARS | 2.21T ARS | 303.85B ARS |
| Income Tax | 3.35B ARS | 11.75B ARS | 14.54B ARS | 33.57B ARS | 61.11B ARS | 99.52B ARS | 115.07B ARS | 448.25B ARS | 586.61B ARS | 91.24B ARS |
| Net Income | 6.02B ARS | 10.45B ARS | -7.26B ARS | 48.72B ARS | 74.01B ARS | 188.62B ARS | 329.38B ARS | 734.24B ARS | 1.62T ARS | 212.52B ARS |
| EPS | 46.30 ARS | 82.10 ARS | -34.30 ARS | 208.60 ARS | 268.60 ARS | 1,279.00 ARS | 1,025.70 ARS | 5,405.60 ARS | 11,868.00 ARS | 1,422.00 ARS |
| EPS (Diluted) | 46.30 ARS | 133.30 ARS | -34.20 ARS | 208.60 ARS | 268.60 ARS | 1,279.00 ARS | 1,025.70 ARS | 5,405.60 ARS | 11,868.00 ARS | 1,422.00 ARS |
| Shares Outstanding (Diluted) | 130.5 M | 133.7 M | 143.2 M | 143.2 M | 143.2 M | 148.0 M | 148.0 M | 148.0 M | 159.4 M | 160.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 1.97T ARS | 5.68T ARS | 2.56T ARS | 2.01T ARS |
| Gross Profit | 1.24T ARS | 1.40T ARS | 1.66T ARS | 1.87T ARS |
| Operating Income | -173.87B ARS | -75.67B ARS | 67.94B ARS | 397.60B ARS |
| EBITDA | -99.21B ARS | 102.28B ARS | 143.09B ARS | 493.99B ARS |
| Net Income | -87.71B ARS | -63.79B ARS | 66.49B ARS | 258.32B ARS |
| EPS | -546.10 ARS | -118.90 ARS | 413.90 ARS | 1,608.00 ARS |
| EPS (Diluted) | -546.10 ARS | -118.90 ARS | 413.90 ARS | 1,608.00 ARS |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 17.27B ARS | 42.82B ARS | 150.90B ARS | 177.87B ARS | 264.79B ARS | 462.49B ARS | 1.39T ARS | 2.00T ARS | 3.76T ARS | 9.37T ARS |
| Short-term Investments | 0 | 0 | 0 | 0 | 43.00B ARS | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 3.01B ARS | 18.71B ARS | 0 | 269.41B ARS | 477.36B ARS | 1.31T ARS | 2.23T ARS | 5.94T ARS | 7.94T ARS |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 17.27B ARS | 42.82B ARS | 150.90B ARS | 160.53B ARS | 307.79B ARS | 462.49B ARS | 627.91B ARS | 2.03T ARS | 12.79T ARS | 17.36T ARS |
| Property, Plant & Equipment | 3.82B ARS | 18.21B ARS | 29.79B ARS | 44.88B ARS | 66.01B ARS | 121.15B ARS | 360.68B ARS | 355.26B ARS | 995.52B ARS | 1.20T ARS |
| Goodwill | 5.6M ARS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 1.72B ARS | 7.06B ARS | 11.83B ARS | 21.84B ARS | 41.36B ARS | 119.93B ARS | 123.61B ARS | 304.49B ARS | 381.32B ARS |
| Total Assets | 242.25B ARS | 489.64B ARS | 876.37B ARS | 935.35B ARS | 1.59T ARS | 3.27T ARS | 10.49T ARS | 10.22T ARS | 32.52T ARS | 45.67T ARS |
| Accounts Payable | 1.45B ARS | 2.11B ARS | 0 | 0 | 0 | 0 | 139.86B ARS | 144.45B ARS | 235.52B ARS | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 631.4M ARS | 0 | 50.84B ARS | 389.70B ARS | 677.10B ARS |
| Total Current Liabilities | 1.41B ARS | 14.75B ARS | 46.12B ARS | 38.22B ARS | 60.41B ARS | 54.41B ARS | 575.00B ARS | 750.55B ARS | 19.25T ARS | 29.04T ARS |
| Long-term Debt | 15.22B ARS | 70.22B ARS | 120.98B ARS | 91.81B ARS | 79.30B ARS | 151.77B ARS | 467.36B ARS | 436.26B ARS | 3.55T ARS | 2.88T ARS |
| Total Liabilities | 220.44B ARS | 422.16B ARS | 781.23B ARS | 774.21B ARS | 1.32T ARS | 2.68T ARS | 8.59T ARS | 8.20T ARS | 26.45T ARS | 37.91T ARS |
| Retained Earnings | 1.46B ARS | 29.58B ARS | 38.87B ARS | -45.68B ARS | -116.35B ARS | -112.87B ARS | -393.01B ARS | -216.09B ARS | 3.76T ARS | -1.38T ARS |
| Total Equity | 20.35B ARS | 64.52B ARS | 92.49B ARS | 155.12B ARS | 275.22B ARS | 593.09B ARS | 1.90T ARS | 2.02T ARS | 6.06T ARS | 7.76T ARS |
| Total Debt | 15.22B ARS | 70.22B ARS | 120.98B ARS | 96.94B ARS | 85.89B ARS | 160.31B ARS | 491.26B ARS | 465.73B ARS | 2.16T ARS | 3.60T ARS |
| Net Debt | -2.05B ARS | 27.39B ARS | -29.92B ARS | -80.92B ARS | -221.90B ARS | -302.18B ARS | -902.43B ARS | -1.53T ARS | -1.60T ARS | -5.77T ARS |
| Working Capital | 15.87B ARS | 28.08B ARS | 104.78B ARS | 122.31B ARS | 247.38B ARS | 408.08B ARS | 52.91B ARS | 1.28T ARS | -6.46T ARS | -11.68T ARS |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 8.69T ARS | 9.37T ARS | 6.65T ARS | 6.24T ARS |
| Total Assets | 42.00T ARS | 45.67T ARS | 45.16T ARS | 50.36T ARS |
| Total Liabilities | 34.90T ARS | 37.91T ARS | 36.57T ARS | 41.17T ARS |
| Total Equity | 7.09T ARS | 7.76T ARS | 8.59T ARS | 9.20T ARS |
| Total Debt | 2.72T ARS | 3.60T ARS | 3.25T ARS | 3.01T ARS |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 6.02B ARS | 10.45B ARS | -5.33B ARS | 29.77B ARS | 136.13B ARS | 288.14B ARS | 204.10B ARS | 732.22B ARS | 747.07B ARS | 303.85B ARS |
| Depreciation & Amortization | 301.4M ARS | 2.21B ARS | 3.46B ARS | 10.41B ARS | 24.36B ARS | 87.94B ARS | 189.04B ARS | 241.43B ARS | 188.07B ARS | 304.59B ARS |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 0 | -82.07B ARS | -14.13B ARS | 36.39B ARS | 153.52B ARS | 75.12B ARS | 23.13B ARS | -1.24T ARS | -8.47T ARS | -4.80T ARS |
| Operating Cash Flow | 25.01B ARS | -43.48B ARS | 23.89B ARS | 168.39B ARS | 540.28B ARS | -281.92B ARS | 1.79T ARS | 6.22T ARS | -2.70T ARS | 326.77B ARS |
| Capital Expenditure | -900.5M ARS | -5.01B ARS | -5.67B ARS | -16.35B ARS | -20.95B ARS | -20.54B ARS | -57.70B ARS | -72.64B ARS | -214.70B ARS | -286.50B ARS |
| Acquisitions | 0 | -2.25B ARS | 0 | 0 | -300.8M ARS | -994.5M ARS | -2.42B ARS | -13.67B ARS | 1.07T ARS | -400.75B ARS |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -979.3M ARS | 0 |
| Dividends Paid | -150.0M ARS | -859.2M ARS | -2.49B ARS | -3.62B ARS | -5.99B ARS | -3.75B ARS | -66.21B ARS | -179.28B ARS | -614.94B ARS | -383.46B ARS |
| Free Cash Flow | 24.11B ARS | -48.50B ARS | 18.22B ARS | 157.56B ARS | 519.33B ARS | -302.46B ARS | 1.74T ARS | 1.59T ARS | -2.92T ARS | 40.27B ARS |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 7.68T ARS | -2.77T ARS | 781.42B ARS | -621.74B ARS |
| Capital Expenditure | -98.29B ARS | -69.41B ARS | -69.56B ARS | -77.73B ARS |
| Free Cash Flow | 7.58T ARS | -2.84T ARS | 711.85B ARS | -699.47B ARS |
| Dividends Paid | -111.10B ARS | -139.55B ARS | -119.81B ARS | -204.18B ARS |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +240.2% | +57.4% | +80.7% | +91.3% | +195.0% | +165.6% | +55.7% | +3.2% | +13.4% | |
| Net Income Growth (YoY) | +73.7% | -169.5% | +771.2% | +51.9% | +154.9% | +74.6% | +122.9% | +121.3% | -86.9% | |
| EPS Growth (YoY) | +77.3% | -141.8% | +708.2% | +28.8% | +376.2% | -19.8% | +427.0% | +119.6% | -88.0% | |
| Shares Change (YoY) | +2.5% | +7.1% | +0.0% | +0.0% | +3.4% | +0.0% | +0.0% | +7.7% | +0.8% | |
| FCF Growth (YoY) | -301.1% | +137.6% | +764.9% | +229.6% | -158.2% | +674.1% | -8.3% | -283.1% | +101.4% | |
| Gross Margin | 90.3% | 89.8% | 80.3% | 85.5% | 83.2% | 92.5% | 92.4% | 94.3% | 88.5% | 66.4% |
| Operating Margin | 29.0% | 20.9% | 4.1% | 26.4% | 22.8% | 16.3% | 9.5% | 16.2% | 29.4% | 3.6% |
| EBITDA Margin | 29.9% | 22.9% | 6.1% | 29.7% | 26.8% | 21.3% | 13.5% | 19.5% | 31.9% | 7.1% |
| Net Margin | 18.6% | 9.5% | -4.2% | 15.6% | 12.4% | 10.7% | 7.0% | 10.1% | 21.6% | 2.5% |
| FCF Margin | 74.6% | -44.1% | 10.5% | 50.4% | 86.9% | -17.1% | 37.1% | 21.8% | -38.8% | 0.5% |
| Effective Tax Rate | 35.8% | 51.2% | 205.8% | 40.7% | 44.9% | 34.5% | 25.9% | 37.9% | 26.5% | 30.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 184.80 ARS | -362.66 ARS | 127.24 ARS | 1,100.43 ARS | 3,627.23 ARS | -2,043.86 ARS | 11,734.77 ARS | 10,766.43 ARS | -18,297.58 ARS | 250.70 ARS |
| Dividends Per Share | 1.15 ARS | 6.42 ARS | 17.37 ARS | 25.30 ARS | 41.82 ARS | 25.35 ARS | 447.43 ARS | 1,211.44 ARS | 3,857.67 ARS | 2,387.29 ARS |
| Shares Outstanding (Basic) | 130.5 M | 133.7 M | 143.2 M | 143.2 M | 143.2 M | 148.0 M | 148.0 M | 148.0 M | 159.4 M | 160.6 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 2.13% |
| Return on Invested Capital | 0.31% |
| Return on Assets | 0.35% |
| Gross Margin | 40.99% |
| Operating Margin | 1.79% |
| Net Margin | 1.41% |
Financial Health
| Debt / Equity | 0.46 |
| Current Ratio | 2.02 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 0.14 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.22 | 14.91 | -30.24 | 4.66 | 2.74 | 0.76 | 1.68 | 2.58 | 5.41 | 55.04 |
| P/B | 2.74 | 2.54 | 1.61 | 0.90 | 0.38 | 0.24 | 0.13 | 1.02 | 1.69 | 1.62 |
| P/S | 1.72 | 1.49 | 0.86 | 0.45 | 0.18 | 0.08 | 0.05 | 0.28 | 1.36 | 1.47 |
| Gross Margin | 59.2% | 66.7% | 52.0% | 52.4% | 57.5% | 56.9% | 50.8% | 49.5% | 62.7% | 45.6% |
| Operating Margin | 29.0% | 20.9% | 4.1% | 26.4% | 22.8% | 16.3% | 9.5% | 16.2% | 29.4% | 3.6% |
| Net Margin | 18.6% | 9.5% | -4.2% | 15.6% | 12.4% | 10.7% | 7.0% | 10.1% | 21.6% | 2.5% |
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Explore sector: Financial Services · Banks - Regional
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