Stock fact sheet · data as of
Banco Macro S.A. (BMA): fair value, margin of safety and Wheel Score
Ticker symbol BMA · Financial Services · Banks - Regional · Argentina · ADR · Value Income
BMA is an American depositary share (ADR): the US listing of Banco Macro S.A., whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.
Is BMA undervalued?
BMA has a margin of safety of 69%: the stock closed at 59.88 on 5 Nov 2026 against a GLS average fair value of 190.60. 7 of the 9 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 9 models disagree widely: EPV gives 44.20 while 10 Cap gives 519.28. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, BMA is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 71, growth score 46, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for BMA
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 62.16 | +4% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 68.78 | +15% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 227.55 | +280% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 99.45 | +66% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 243.54 | +307% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 519.28 | +767% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 393.81 | +558% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 56.68 | -5% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 44.20 | -26% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -145.68 | -343% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 91.00 | +52% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - BMA passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 7.3 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are thin or negative - ROIC 5.0%, ROE 6.4%, ROA 1.5% - with debt at 0.29 times equity and a free-cash-flow yield of 35.3%.
The dividend yield is high at 6.43% (payout ratio 87%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 2/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 5.0% |
|---|---|---|---|
| GLS Moat | 7.3 / 10 | ROE | 6.4% |
| Debt / equity | 0.29 | ROA | 1.5% |
| Free-cash-flow yield | 35.3% | Payout ratio | 87% |
| Institutions | 2 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 80: Good
BMA scores 80 out of 100 on the Wheel Score (Good band, 70-84): it passes all 9 Wheel Trade Filters. How it ranks: value strong, premium strong, moat good, health good, red flags good, option trading weak, stability fair; Option trading (weak) holds it back.
Implied volatility is 59% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 4,035 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 352k shares a day on a market cap of $3.8B, with a beta of 0.50 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 69% below fair value | |
| Premium | Strong | implied volatility 59% | |
| Moat | Good | moat 7.3/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Good | Red Flags score 80/100 | |
| Option trading | Weak | 162 contracts a day, 4,035 open interest | |
| Stability | Fair | beta 0.50, $3.8B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 25 Nov 2026 (after the close), 20 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to Banco Macro S.A. by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| WSBC WesBanco, Inc. | 39.67 | 54.19 | +27% | 50Fair | $3.8B |
| WSBCO WesBanco, Inc. | 25.20 | 46.65 | +46% | 35No options | $3.8B |
| BANF BancFirst Corporation | 114.99 | 87.83 | -31% | 32Weak | $3.9B |
| BANFP BFC Capital Trust II PFD TR 7.20% | 25.80 | 55.34 | +53% | 28No options | $3.7B |
| FIBK First Interstate BancSystem, Inc. | 39.10 | 44.93 | +13% | 70Good | $3.7B |
| RNST Renasant Corporation | 40.63 | 54.12 | +25% | 44Weak | $3.7B |
| FBP First BanCorp. | 26.53 | 35.84 | +26% | 52Fair | $4.0B |
| NIC Nicolet Bankshares, Inc. | 175.24 | 189.31 | +7% | 38Weak | $3.6B |
| ASBA Associated Banc-Corp | 24.66 | 38.17 | +35% | 34No options | $4.1B |
| INDB Independent Bank Corp. | 86.42 | 98.09 | +12% | 42Weak | $4.1B |
| CVBF CVB Financial Corp. | 23.37 | 29.71 | +21% | 50Fair | $4.1B |
| WSFS WSFS Financial Corporation | 81.08 | 61.88 | -31% | 32Weak | $4.2B |
⚖ Compare BMA with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about BMA
Is BMA undervalued right now?
By the GLS models, yes: at 59.88 the stock is 69% below the average fair value of 190.60 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of BMA and what does it mean?
BMA scores 80 out of 100 (Good). The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for BMA?
190.60 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Banco Macro S.A. report earnings next?
The next earnings report is due on 25 Nov 2026 (after the close), 20 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does BMA have listed options, and how liquid are they?
Yes. The nightly snapshot found 54 listed contracts with 4,035 open interest across all expiries and implied volatility of 59% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is BMA an ADR?
Yes. BMA is an American depositary share (ADR): the US listing of Banco Macro S.A., whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.