The Mexican Stock Market in 2025: Opportunities in Mexican Companies Listed on the Stock Exchange

A Year of Surprises for Mexico’s Financial Market

2025 has brought an unexpected turn in the portfolios of global investors. While major U.S. indices remain virtually stagnant or in negative territory, the Mexican market has surprised with a robust performance. The S&P/BMV IPC has gained approximately 21.7% over the past 12 months, clearly surpassing many expectations for a challenging year marked by tariffs and trade tensions.

This resilience is no coincidence. Mexican companies listed on the stock exchange have demonstrated the ability to navigate a challenging environment, supported by factors such as nearshoring, strengthening domestic consumption, and the country’s relative macroeconomic stability.

The Economic Context: Controlled Inflation and Prudent Policies

The Mexican economy entered 2025 with inflation gradually decreasing, approaching around 3.5% annually. This has allowed the Bank of Mexico to implement gradual interest rate cuts, creating more favorable financial conditions than in previous periods.

The Mexican peso has also shown notable resilience. Throughout the year, it has maintained a limited movement within a controlled range, avoiding sharp depreciations even during moments of heightened trade tensions. For listed companies, this has meant reduced pressure on operational costs, improving profit margins.

The international environment, although uncertain after Donald Trump’s return to the U.S. presidency, has not discouraged foreign investment into Mexico. In fact, trade policies have accelerated the search for nearshore production alternatives to the United States, directly benefiting local companies.

Mexican Stock Exchange: Structure and Main Index Features

The Mexican Stock Exchange (BMV) represents the heart of Mexico’s capital markets. As the second-largest exchange in Latin America and the fifth in the Americas, it groups 145 listed companies, of which 140 are of Mexican origin.

The S&P/BMV IPC functions as the main market thermometer. This index includes 35 companies selected for their size, liquidity, and sector representation. Its composition is reviewed twice a year (March and September) and uses market capitalization weighting.

Key index data in 2025:

• Total market capitalization: Fluctuates between 17,882 million and 1,279,282 million MXN depending on the segment
• Average capitalization: 221,939 million MXN
• Annualized return over the last 12 months: 29%
• Annualized return over the last 5 years: 15%
• Annualized return over the last 10 years: 6.44%

The index’s weighting reflects a highly concentrated economy: the largest company accounts for 12.4% of the index, while the top 10 companies hold 71.6% of the total value.

Sectoral distribution of the index:

The S&P/BMV IPC is dominated by three main sectors:

1. Consumer staples and products: 30.9% of the index weight
2. Materials: 26.2%
3. Industrial: 12.3%

This composition reflects Mexico’s productive structure, where mass consumption, mining, and manufacturing companies play leading roles.

The Five Leading Corporations in the Mexican Market

Five Mexican companies dominate the Mexican Stock Exchange. Together, these corporations represent approximately 44.2% of the total market capitalization and account for around 55.8% of the S&P/BMV IPC value.

Tracking the performance of these five companies provides a fairly accurate representation of the overall behavior of the Mexican market. Their size and relevance make them reliable barometers of the country’s financial health.

Walmart de México: The Retail Powerhouse

Walmart de México SAB de CV has solidified its position as the undisputed leader in the Mexican retail sector. With over six decades of history since its founding in 1958 by Jerónimo Arango, the company operates multiple retail formats: department stores, hypermarkets, supermarkets, and clubs, with reach extending into Central America.

The chain serves millions of consumers through a strategy based on offering a wide variety of products at accessible prices.

Current financial indicators:

• Market capitalization: 1.10 B MXN
• Current price range: $61.43 - $63.97
• 12-month range: $50.79 - $67.34
• Average trading volume: 25.45 M
• PER ratio: 21.86
• Dividend yield: 3.83%

Recent performance: In Q2 2025, sales reached 246,253.8 million pesos compared to 227,415.1 million in the same period last year. However, net profit declined, from 12,510.1 million pesos (Q2 2024) to 11,226.9 million in Q2 2025.

Barron’s maintains a constructive stance on the company, assigning a “Overweight” recommendation, suggesting a buy position above the market average.

América Móvil: The Telecom Giant

América Móvil, S.A.B. de C.V., has transcended Mexican borders to become a global telecommunications colossus. Operating in 23 countries across America and Europe, the company serves over 323 million users. It is the largest telecom operator in the Americas and the seventh worldwide in terms of subscribers.

Beyond mobile telephony, the company diversifies its revenue through advertising, call centers, and tower ownership. Grupo Carso, controlled by businessman Carlos Slim, is the majority shareholder.

Market metrics:

• Market capitalization: 70.75 billion USD
• Current price range: $32,800.00 - $35,160.00
• 12-month range: $15,675.00 - $40,000.00
• Average volume: 587

Operational results: In Q3 2025, América Móvil reported revenues of 232,920 million Mexican pesos, showing a year-over-year growth of 4.2%. Net profit was 22,700 million pesos.

The analyst consensus compiled by Investing.com maintains a “Buy” recommendation, with an average target price of 21,323 MXN for the next 12 months.

Grupo México: The Mining Powerhouse

Grupo México is a conglomerate with significant reach across three strategic divisions: Mining, Transportation, and Infrastructure, supported by its corporate foundation.

Its mining division is the largest mineral producer in Mexico and the third-largest copper producer worldwide. The transportation division operates the country’s most extensive railway network. However, the company also has a history of significant industrial incidents that have generated environmental and labor controversy.

Stock data:

• Market capitalization: 1.27 B MXN
• Current price range: $158.68 - $162.51
• 12-month range: $91.08 - $167.85
• Average volume: 7.96 M
• PER ratio: 17.71
• Dividend yield: 2.71%

Quarterly performance: In Q3 2025, Grupo México’s revenues grew by 11%, reaching 4,590 million dollars. Net profit was even more dynamic, soaring over 50% to 1,290 million dollars.

The analyst consensus from Investing.com suggests an average target price of 149.42 MXN, indicating an approximate downside potential of –6.9%. Barron’s analysts set an average target price of 8.33 USD for Class B shares, with a cautious outlook.

FEMSA: The Global Coca-Cola Bottler

Fomento Económico Mexicano S.A.B. de C.V., known as FEMSA, exemplifies a successful expansion of a Mexican company into international markets. Founded in 1890 in Monterrey, it has become the world’s largest Coca-Cola bottler, with operations in beverages, retail, restaurants, and pharmacies.

It operates in 17 countries besides Mexico, including Central Europe, South America, and Central America. Its shares are traded simultaneously on the Mexican Stock Exchange and the New York Stock Exchange, part of major stock indices.

Market indicators:

• Market capitalization: 583.28 billion MXN
• Current price range: $174.48 - $180.00
• 12-month range: $156.00 - $212.11
• Average volume: 2.46 M
• PER ratio: 38.85
• Dividend yield: 7.4%

Financial results: In Q3 2025, total consolidated revenues grew by 9.1%, reaching 214,638 million pesos. However, net profit declined by 36.8%, to 5,838 million pesos, due to adverse exchange effects and higher financial expenses.

Investment portals maintain a “Buy” recommendation on FEMSA as of November 11, 2025.

Grupo Financiero Banorte: The Pillar of the Banking Sector

Grupo Financiero Banorte, S.A.B. de C.V., founded in 1992 and based in San Pedro Garza García, has established itself as the second-largest banking institution in Mexico and Latin America. It operates under the brands Banorte and Ixe, offering a comprehensive portfolio of financial products: savings accounts, credit cards, mortgages, commercial and auto loans.

The institution serves 22 million clients through over 1,000 branches and 7,000 ATMs nationwide. It also manages deposits in 5,200 partner establishments. Banorte is also the oldest administrator of Afores (Retirement Fund Administrators), reflecting its long-term asset management experience. It is listed on the Mexican Stock Exchange and Latibex.

Quote data:

• Market capitalization: 534.70 billion MXN
• Current price range: $178.03 - $186.44
• 12-month range: $131.60 - $187.29
• Average volume: 6.53 M
• PER ratio: 9.02
• Dividend yield: 7.30%

Recent evolution: In Q3 2025, Banorte reported a net profit of 13,008 million pesos, a 9% year-over-year decline. Despite this, the analyst consensus remains positive, rating the shares as “Overweight (Overweight)” according to Barron’s criteria.

Strategic Reconsideration: Diversification Beyond the United States

For investors who have traditionally concentrated their portfolios in U.S. markets, the performance of the Mexican market in 2025 provides a compelling argument to reconsider asset allocation.

The S&P/BMV IPC’s near 21.7% return over the last 12 months contrasts sharply with the sideways stability of major U.S. indices. This performance differential occurs in a context where trade and geopolitical risks could have had the opposite effect.

The dynamism of the Mexican market has been driven by structural factors beyond cyclical trends: nearshoring continues to attract productive investment, domestic consumption remains strong, and leading companies have demonstrated operational capacity even under external pressures.

A balanced portfolio strategy can combine selective exposure to Mexican companies listed on the stock exchange with assets in the U.S. and bonds from both economies. This approach allows capturing performance differentials, diversifying currency, trade, and geopolitical risks, and building a more resilient investment horizon amid significant global environment changes.

Ultimately, the Mexican stock market in 2025 is not just an alternative: it is a tangible diversification opportunity grounded in data and real performance.