BBVA vs BMA: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: BMA is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BBVA and BMA share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BBVA and BMA exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) is a global financial group headquartered in Bilbao and Madrid, Spain, and one of the largest banks in the euro zone by market value. It operates retail and commercial banking, corporate and investment banking, and asset management across several geographies, but unlike most European peers the bulk of its earnings comes from emerging markets. Its main reporting areas are Spain, Mexico, Turkey (through its Garanti BBVA subsidiary), and South America, with a smaller Rest of Business unit. Mexico is the single largest profit contributor, typically generating a larger share of group net profit than the home market, which is why BBVA is often described as a Spanish bank with a Mexican engine. Like any bank it makes money mainly from net interest income (the spread between what it earns on loans and pays on deposits) plus fees and commissions from cards, payments, asset management, and investment banking.

Full BBVA guide

Banco Macro (NYSE: BMA) is one of the largest privately owned banks in Argentina, with a national branch footprint and a strong presence outside Buenos Aires in the country's interior provinces. Each ADR represents ten Class B common shares. The bank offers retail and commercial banking, lending to individuals and small and medium businesses, deposits, payments, and, increasingly, digital finance (it took a 50% stake in the Personal Pay wallet to tap Telecom's customer base). It has historically run high capital ratios and holds roughly a mid-teens share of the Argentine banking system.

Full BMA guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BBVA drivers: Mexico as the profit engine; Record profitability and high return on equity.
• BMA drivers: Argentina disinflation and rate normalization; Credit growth off a low base.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: BBVA's biggest distinguishing risk is geographic concentration in emerging markets: with Mexico, Turkey, and South America driving much of group profit, reported euro earnings are highly sensitive to the Mexican peso and Turkish lira, which can weaken sharply and erode results even when local-currency performance is strong. For BMA, argentina carries some of the highest macro risk of any major economy, and BMA concentrates that risk in a single stock.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BBVA if you believe its drivers more; BMA if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BBVA and BMA guides.

BBVA. BBVA trades at a low-double-digit price-to-earnings multiple, cheaper than many US banks, reflecting the market discount applied to its emerging-market exposure. Its return on tangible equity near 19% is well above most western European peers, and it returns capital through a high dividend and buybacks. Because the ADR reports in euros while much of the profit is earned in pesos and lira, currency moves are a material driver of the figures above.

BMA. Argentine bank financials are reported in inflation-adjusted pesos, which makes reported figures hard to compare across periods and against US peers. ROE has compressed sharply from historical highs as rates and inflation moderated, and Q4 2025 was dented by restructuring charges. After a strong share rally, some valuation screens flagged the ADR as trading well above estimated fair value.

Headline figures (approximate, July 2026): BBVA shows net attributable profit (fy2025) ~EUR 10.5 billion (record, up ~4.5%), net interest income (fy2025) ~EUR 25 billion, return on tangible equity (fy2025) ~19% (rising toward ~22% in Q1 2026), net profit (q1 2026) ~EUR 3.0 billion (up ~11% year over year); BMA shows recent adr price ~$100 range in early 2026, q2 2025 net income ~ARS 149.5B, 9m 2025 net income ~ARS 176.7B (down ~35% YoY), q4 2025 net income ~ARS 100B (down ~26% YoY).

BBVA and BMA are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BBVA and BMA exposure against your real portfolio. It is not an investment adviser.