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Banco MacroBMA +0.24%67 Piotroski F-Score is 4 as of Aug. 26, 2026, which is 33% below its 10-year median of 6.00. GuruFocus rates BMA with a GF Score™ of 67/100 and a GF Value™ of $41.17 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,491 Banks companies, Banco Macro ranks worse than 74.18% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Banco Macro has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Banco Macro's Piotroski F-Score or its related term are showing as below:
BMA'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 6 Max: 9
Current: 4
During the past 13 years, the highest Piotroski F-Score of Banco Macro was 9. The lowest was 2. And the median was 6.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Banco Macro Piotroski F-Score Related Terms
Banco Macro Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Banco Macro's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Banks - Regional subindustry, Banco Macro's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Banco Macro Piotroski F-Score vs Banks Industry
For the Banks industry and Financial Services sector, Banco Macro's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Banco Macro's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was -24.372 + 78.657 + 100.296 + 139.206 = $294 Mil. Cash Flow from Operations was 603.015 + 649.926 + 446.669 + -250.929 = $1,449 Mil. Revenue was 641.011 + 1032.548 + 1004.502 + 701.855 = $3,380 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(15546.267 + 15141.881 + 16010.749 + 17307.718 + 17388.746) / 5 = $16279.0722 Mil. Total Assets at the begining of this year (Jun25) was $15,546 Mil. Long-Term Debt & Capital Lease Obligation was $1,106 Mil. Total Assets was $17,389 Mil. Total Liabilities was $13,139 Mil.
Net Income was 125.967 + 155.686 + 55.79 + 167.759 = $505 Mil.
Revenue was 1127.904 + 1410.078 + 1008.403 + 1102.305 = $4,649 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(13066.739 + 14979.236 + 18875.847 + 15143.98 + 15546.267) / 5 = $15522.4138 Mil. Total Assets at the begining of last year (Jun24) was $13,067 Mil. Long-Term Debt & Capital Lease Obligation was $828 Mil. Total Assets was $15,546 Mil. Total Liabilities was $11,740 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Banco Macro's current Net Income (TTM) was 294.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Banco Macro's return on assets of this year was 0.01889759. Banco Macro's return on assets of last year was 0.0386632.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Banco Macro's gearing of this year was 0.06795688. Banco Macro's gearing of last year was 0.0533379.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Banco Macro's current ratio of this year was 1.32343529. Banco Macro's current ratio of last year was 1.32418817.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Banco Macro's number of shares in issue this year was 63.939. Banco Macro's number of shares in issue last year was 63.941.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Banco Macro's net margin of this year was 0.08692139. Banco Macro's net margin of last year was 0.10867621.
==> Last year's net margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Banco Macro's asset turnover of this year was 0.21741013. Banco Macro's asset turnover of last year was 0.35576512.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Banco Macro has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Banco Macro (BMA) has a Piotroski F-Score of 4 as of Aug. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Banco Macro and its competitors. This is 33% below median its historical median of 6.00. Over the past decade, Banco Macro's Piotroski F-Score has ranged from 2.00 to 9.00. According to the industry distribution chart, Banco Macro ranks #1106 out of 1491 companies in the Banks industry, placing it in the top 74.2%.
Is Banco Macro's Piotroski F-Score too high?
Banco Macro's current Piotroski F-Score of 4 is 33% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 9.00. The Banks industry median Piotroski F-Score is 6.00. Banco Macro's value of 4 is 33.3% below this industry median. Based on the distribution chart, Banco Macro ranks #1106 out of 1491 companies in the Banks industry, which is below the industry midpoint. Overall, Banco Macro has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Banco Macro's Piotroski F-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banco Macro ranks #1106 out of 1491 companies for Piotroski F-Score. This places Banco Macro in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Banco Macro's value of 4 is 33.3% below this benchmark. Historically, Banco Macro's own Piotroski F-Score has ranged from 2.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, Banco Macro has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Banks company?
The median Piotroski F-Score among Banks companies is 6.00, based on 1,491 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Banco Macro's current Piotroski F-Score of 4 is 33.3% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Banco Macro and its competitors. For the Banks industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Banco Macro's current Piotroski F-Score is 4, which is 33% below median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banco Macro stock overvalued right now?
Based on GuruFocus' analysis, Banco Macro (BMA) is currently considered Significantly Overvalued. The stock's GF Value™ is $41.17, compared to a current price of $77.96 — trading 89.3% above its estimated fair value. The current Piotroski F-Score is 4, which is 33% below median its 10-year median of 6.00 and 33.3% below the Banks industry median of 6.00. Banco Macro's overall GF Score™ is 67/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Banco Macro (BMA), the current Piotroski F-Score is 4 as of Aug. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Banco Macro (BMA) Overvalued in 2026?
Based on GuruFocus' analysis, Banco Macro stock appears to be overvalued.
The current stock price of $77.96 is trading 89.3% above its estimated GF Value™ of $41.17.
GuruFocus considers Banco Macro to be Significantly Overvalued.
Key valuation signals for BMA:
Piotroski F-Score: 4 (33% below median its 10-year median of 6.00)
GF Value™: $41.17 vs. price of $77.96 (89.3% above fair value)
Industry Position: 33.3% below the Banks median (#1106 of 1491)
No single metric tells the full story. See the BMA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Banco Macro SA is a financial institution and it provides standard banking products and services designed to suit individual needs. It has two categories of customers, retail customers, which include individuals and entrepreneurs, and corporate customers, which include small, medium, and large companies and corporations. In addition, it provides services to four provincial governments. The company generates the majority of its revenue from Argentina.
67GF Score
Get the complete analysis for BMA
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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