TEO vs. BMA

Last updated Apr 1, 2026

Compare and contrast key facts about Telecom Argentina S.A. (TEO) and Banco Macro S.A. (BMA).

Performance

TEO vs. BMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Telecom Argentina S.A. (TEO) and Banco Macro S.A. (BMA). The values are adjusted to include any dividend payments, if applicable.

TEO vs. BMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEO Telecom Argentina S.A.	0.69%	-7.40%	79.33%	37.87%	6.86%	-15.34%	-39.38%	-17.25%	-54.46%	108.17%
BMA Banco Macro S.A.	-12.98%	-3.55%	277.79%	91.62%	27.04%	-9.96%	-57.05%	-14.00%	-60.72%	81.54%

Fundamentals

Market Cap TEO : $5.04B BMA : $4.95T
EPS TEO : -$392.83 BMA : $10.77
PS Ratio TEO : 0.00 BMA : 0.34
PB Ratio TEO : 0.00 BMA : 1.37
Total Revenue (TTM) TEO : $8.07T BMA : $4.81T
Gross Profit (TTM) TEO : $4.76T BMA : $3.27T
EBITDA (TTM) TEO : $2.06T BMA : $407.74B

Returns By Period

In the year-to-date period, TEO achieves a 0.69% return, which is significantly higher than BMA's -12.98% return. Over the past 10 years, TEO has underperformed BMA with an annualized return of 0.72%, while BMA has yielded a comparatively higher 6.24% annualized return.

TEO

• 1D: 5.13%
• 1M: 0.09%
• YTD: 0.69%
• 6M: 61.46%
• 1Y: 15.19%
• 3Y*: 36.04%
• 5Y*: 19.73%
• 10Y*: 0.72%

BMA

• 1D: 10.45%
• 1M: 0.83%
• YTD: -12.98%
• 6M: 88.14%
• 1Y: 7.55%
• 3Y*: 77.60%
• 5Y*: 52.36%
• 10Y*: 6.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

TEO vs. BMA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TEO

TEO Risk / Return Rank: 50
TEO Sharpe Ratio Rank: 50
TEO Sortino Ratio Rank: 53
TEO Omega Ratio Rank: 51
TEO Calmar Ratio Rank: 49
TEO Martin Ratio Rank: 48

BMA

BMA Risk / Return Rank: 46
BMA Sharpe Ratio Rank: 45
BMA Sortino Ratio Rank: 51
BMA Omega Ratio Rank: 49
BMA Calmar Ratio Rank: 44
BMA Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TEO vs. BMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Telecom Argentina S.A. (TEO) and Banco Macro S.A. (BMA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TEO	BMA	Difference
Sharpe ratio Return per unit of total volatility	0.23	0.10	+0.13
Sortino ratio Return per unit of downside risk	0.91	0.80	+0.11
Omega ratio Gain probability vs. loss probability	1.11	1.10	+0.01
Calmar ratio Return relative to maximum drawdown	0.28	0.06	+0.22
Martin ratio Return relative to average drawdown	0.63	0.14	+0.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEO vs. BMA - Sharpe Ratio Comparison

The current TEO Sharpe Ratio is 0.23, which is higher than the BMA Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of TEO and BMA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TEO	BMA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	0.10	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.89	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	0.10	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.18	-0.17

Correlation

The correlation between TEO and BMA is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TEO vs. BMA - Dividend Comparison

TEO's dividend yield for the trailing twelve months is around 0.42%, less than BMA's 4.24% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TEO Telecom Argentina S.A.	0.42%	0.42%	1.91%	3.43%	0.00%	8.90%	5.27%	12.36%	15.08%	3.33%	3.57%	5.28%
BMA Banco Macro S.A.	4.24%	2.38%	6.10%	7.75%	7.28%	0.00%	0.00%	6.20%	5.05%	0.65%	1.53%	0.00%

Drawdowns

TEO vs. BMA - Drawdown Comparison

The maximum TEO drawdown since its inception was -98.60%, which is greater than BMA's maximum drawdown of -91.66%. Use the drawdown chart below to compare losses from any high point for TEO and BMA.

Drawdown Indicators

	TEO	BMA	Difference
Max Drawdown Largest peak-to-trough decline	-98.60%	-91.66%	-6.94%
Max Drawdown (1Y) Largest decline over 1 year	-42.81%	-58.48%	+15.67%
Max Drawdown (5Y) Largest decline over 5 years	-54.02%	-65.40%	+11.38%
Max Drawdown (10Y) Largest decline over 10 years	-86.58%	-91.66%	+5.08%
Current Drawdown Current decline from peak	-55.88%	-29.90%	-25.98%
Average Drawdown Average peak-to-trough decline	-53.81%	-44.99%	-8.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.76%	26.44%	-7.68%

Volatility

TEO vs. BMA - Volatility Comparison

The current volatility for Telecom Argentina S.A. (TEO) is 15.56%, while Banco Macro S.A. (BMA) has a volatility of 16.97%. This indicates that TEO experiences smaller price fluctuations and is considered to be less risky than BMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEO	BMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.56%	16.97%	-1.41%
Volatility (6M) Calculated over the trailing 6-month period	47.96%	51.53%	-3.57%
Volatility (1Y) Calculated over the trailing 1-year period	65.27%	76.34%	-11.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.15%	59.30%	-5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.55%	62.19%	-12.64%

Financials

TEO vs. BMA - Profitability Comparison

The chart below illustrates the profitability comparison between Telecom Argentina S.A. and Banco Macro S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TEO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Telecom Argentina S.A. reported a gross profit of 751.43B and revenue of 2.73T. Therefore, the gross margin over that period was 27.5%.

BMA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Banco Macro S.A. reported a gross profit of 802.92B and revenue of 802.92B. Therefore, the gross margin over that period was 100.0%.

TEO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Telecom Argentina S.A. reported an operating income of 91.14B and revenue of 2.73T, resulting in an operating margin of 3.3%.

BMA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Banco Macro S.A. reported an operating income of 488.39B and revenue of 802.92B, resulting in an operating margin of 60.8%.

TEO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Telecom Argentina S.A. reported a net income of 120.30B and revenue of 2.73T, resulting in a net margin of 4.4%.

BMA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Banco Macro S.A. reported a net income of 69.19B and revenue of 802.92B, resulting in a net margin of 8.6%.