Companies on the Mexico Stock Exchange: Analysis of the Drivers of the Financial Market 2025

Overview of the Mexican Stock Exchange

The Mexican Stock Exchange (BMV), Latin America’s second-largest stock market and the fifth in the Americas, groups 145 listed companies (140 of Mexican origin). Unlike larger markets, this exchange is characterized by high concentration: only 36 companies make up the S&P/BMV IPC index, representing approximately 80% of the total market value.

The Price and Quotation Index reflects the overall performance of the Mexican stock market. With a semiannual review of its composition, this indicator is updated in March and September each year. Its performance has gained nearly 21.7% over the past 12 months, significantly outperforming major U.S. indices.

Key Data of the S&P/BMV IPC Index

Dominant Sectors: Consumer Staples (30.9%), Materials (26.2%), and Industrials (12.3%).

Leading Listed Giants: The Five Companies Driving the Market

Five corporations dominate the Mexican stock market, accounting for approximately 44.2% of the total capitalization and 55.8% of the S&P/BMV IPC value. Their significance lies not only in their size but also in their ability to represent the main pillars of the national economy.

América Móvil: Global Telecom Leader

América Móvil, a multinational headquartered in Mexico City, operates in 23 countries across the Americas and Europe, serving over 323 million users. It is the leading telecommunications operator in the Americas and the seventh worldwide in subscriptions.

Controlled by Grupo Carso, the company extends beyond mobile telephony, venturing into advertising, contact centers, and tower ownership.

Stock Metrics (November 2025):

• Market Cap: 70.75 billion USD
• Price Range: 32,800 - 35,160 MXN
• Annual Range: 15,675 - 40,000 MXN
• Analyst Consensus: Buy recommendation

In Q3, it reported revenues of 232.920 billion pesos with a 4.2% annualized growth, while net profit reached 22.700 billion pesos.

Grupo México: Mining and Transportation Powerhouse

Founded in 1978, this conglomerate operates three divisions: Mining, Transportation, and Infrastructure. Its mining unit positions Mexico as the third-largest copper producer globally, while its railway operation manages the country’s largest fleet.

Q3 showed an 11% increase in revenues (4.590 billion USD) and boosted net profit by over 50%, reaching 1.290 billion dollars.

Market Metrics:

• Market Cap: 1.27 T MXN
• Price Range: 158.68 - 162.51 MXN
• PER Ratio: 17.71
• Dividend Yield: 2.71%
• Analyst Price Target: 149.42 MXN

Walmart de México: Dominant Retailer in Central America

Founded in 1958 by Jerónimo Arango, this company leads the retail sector with hypermarkets, supermarkets, and discount clubs. Its presence spans Mexico and Central America, attracting millions of customers through competitive pricing strategies.

In Q2 2025, sales reached 246.253.8 million pesos compared to 227.415.1 million in the previous period. Barron’s maintains a “Overweight” rating for the company.

Operational Data:

• Market Cap: 1.10 B MXN
• Price Range: 61.43 - 63.97 USD
• Annual Range: 50.79 - 67.34 USD
• PER Ratio: 21.86
• Dividend Yield: 3.83%
• Average Volume: 25.45 M

Grupo Financiero Banorte: Second Banking Entity

Founded in 1992 and based in San Pedro Garza García, Banorte is the second-largest bank in Mexico and Latin America. It operates under the Banorte and Ixe brands, serving 22 million clients through over 1,000 branches and 7,000 ATMs.

It is notable as the oldest pension fund administrator (afores). In Q3, it reported a net profit of 13.008 billion pesos, with an annualized contraction of 9%.

Stock Indicators:

• Market Cap: 534.70 billion MXN
• Price Range: 178.03 - 186.44 MXN
• Annual Range: 131.60 - 187.29 MXN
• PER Ratio: 9.02
• Dividend Yield: 7.30%
• Consensus: Overweight

FEMSA: Coca-Cola Bottler and Retail Commerce

Mexican multinational founded in 1890, FEMSA is the world’s leading Coca-Cola bottler. It diversifies into beverages, retail, restaurants, and pharmacies, with operations in 17 countries besides Mexico.

Q3 showed consolidated revenues of 214.638 billion pesos (growth 9.1%), though net profit declined 36.8% to 5.838 billion due to currency pressures and financial expenses.

Quotation Parameters:

• Market Cap: 583.28 billion MXN
• Price Range: 174.48 - 180.00 MXN
• Annual Range: 156.00 - 212.11 MXN
• PER Ratio: 38.85
• Dividend Yield: 7.4%
• Recommendation: Buy

Macroeconomic Context: Factors Supporting the Market

The year 2025 presents a complex equation for the Mexican economy. Donald Trump’s presidency has caused regional volatility episodes, but Mexico has shown moderate resilience thanks to strong domestic consumption and steady foreign investment linked to nearshoring.

Inflation is declining toward 3.5% annually, allowing the Bank of Mexico to gradually reduce interest rates, though it remains cautious as core inflation stays above targets.

The peso has demonstrated strength, moving within limited ranges without sharp depreciations, reducing operational cost pressures for Mexican corporations. This scenario has enabled more stable financial conditions compared to previous years.

Strategic Opportunity for Investors

For portfolios traditionally concentrated in U.S. assets, the performance of the Mexican stock market in 2025 suggests valid strategic reconsiderations. The S&P/BMV IPC has gained 21.7% over twelve months, clearly outperforming major U.S. indicators.

This strength occurs despite a challenging environment marked by 25% tariffs on Mexican products, demonstrating the resilient capacity of leading corporations like América Móvil, FEMSA, and Grupo México.

Allocation Recommendations: A balanced portfolio can include selective exposure to Mexican stock companies, moderate presence in U.S. assets, and local bonds from both economies. This combination captures performance differences while reducing trade, monetary, and geopolitical risks.

Conclusions

The listed companies that dominate the Mexican market in 2025 reflect a highly concentrated but resilient economy. The S&P/BMV IPC maintains levels near 63,000–64,000 points, indicating corporate stability and strong investor interest in Mexico as an investment destination.

Monitoring the five largest corporations closely provides a reliable representation of the overall national financial performance, considering these entities embody the main economic pillars: telecommunications, mining, retail, financial services, and food-beverages.