Publicly traded companies: The current landscape of the Mexican stock market in 2025

The Macroeconomic Landscape Shaping Publicly Traded Companies

Throughout 2025, companies listed on the Mexican Stock Exchange operate within an economic context characterized by caution and selective opportunities. Donald Trump’s re-election in the United States initially introduced regional volatility, although Mexico has demonstrated surprising resilience. Inflation has slowed to around 3.5% annually, allowing the Bank of Mexico to implement gradual interest rate cuts, while the peso has shown stability within controlled ranges, reducing inflationary pressures on the operational costs of domestic corporations.

The nearshoring phenomenon and the strength of domestic consumption have served as buffers against external pressures. In this environment, the performance of the (S&P/BMV IPC) Index has achieved an approximate growth of 21% during 2025, reaching levels close to 63,000-64,000 points.

Structure and Characteristics of the Mexican Stock Exchange

The (BMV) Mexican Stock Exchange stands as the most relevant institution in the Mexican capital markets and the second largest in Latin America. Through its operations, it facilitates the trading of stocks, derivatives, fixed-income instruments, and exchange-traded funds (ETFs).

Currently, 145 companies are traded on the BMV, of which 140 are Mexican. These companies are distributed across multiple sectors, with the most significant being: consumer staples (30.9%), materials (26.2%), and industry (12.3%). The main index, composed of 35 components reviewed twice annually (March and September), reflects the behavior of the most liquid and largest-capitalization stocks in the market.

Index Structure of the S&P/BMV IPC

The index is characterized by considerable concentration:

• Weight of the largest company: 12.4%
• Weight of the top 10 companies: 71.6%
• Average market capitalization: 221.939 billion MXN
• Market capitalization range: From 17.882 to 1,279.282 billion MXN

The index’s accumulated return shows an upward trend: 29% annualized over 1 year, 15% over 5 years, and 6.44% over 10 years.

The Most Relevant Corporations in the Market: Leaders Guiding Listed Companies

Five major corporations account for approximately 44.2% of the total market capitalization and represent 55.8% of the S&P/BMV IPC index value. Their performance is a reliable thermometer of the country’s financial health.

Walmart de México: Dominance in the Retail Sector

Operating since 1958 and based in Mexico City, Walmart de México has established itself as an undisputed leader in distribution and commerce. Its ecosystem includes warehouses, hypermarkets, supermarkets, and price clubs in Mexico and Central America.

Performance Indicators:

• Market capitalization: 1.10 billion MXN
• Current price range: $61.43 - $63.97
• PER ratio: 21.86
• Dividend yield: 3.83%

In Q2 2025, its sales reached 246,253.8 million pesos (increase compared to 227,415.1 million from the previous year), although net profit decreased to 11,226.9 million pesos from 12,510.1 million in Q2 2024. Barron’s analysts recommend “overweight” on these shares, suggesting a buy above the market average.

América Móvil: Telecommunications Leadership

A multinational with presence in 23 countries, América Móvil serves over 323 million users, positioning as the leading telecommunications company in the Americas and the seventh worldwide in subscriptions. Controlled by Grupo Carso, it offers services including telephony, call center operations, advertising, and tower infrastructure management.

Financial Metrics:

• Market capitalization: 70.75 billion USD
• Price range: $32,800 - $35,160
• Annual range: $15,675 - $40,000

During Q3 2025, it recorded revenues of 232,920 million Mexican pesos with a year-over-year growth of 4.2%, while net income stood at 22,700 million pesos. The analytical consensus from Investing.com maintains a “Buy” recommendation with an average price target of 21,323 MXN.

Grupo México: Mining and Industrial Conglomerate

Founded in 1978, Grupo México operates three strategic divisions: Mining (third-largest copper producer worldwide), Transportation (owns the country’s largest rail fleet), and Infrastructure. Despite its economic importance, it has faced controversies related to industrial disasters.

Market Data:

• Market capitalization: 1.27 billion MXN
• Price range: $158.68 - $162.51
• Annual interval: $91.08 - $167.85
• PER ratio: 17.71
• Dividend yield: 2.71%

In Q3 2025, its revenues grew 11% to $4.59 billion, while net income increased over 50%, reaching $1.29 billion. Barron’s sets an average price target of $8.33 USD with a “Sell” rating.

Fomento Económico Mexicano (FEMSA): Diversification in Beverages and Retail

A multinational company since 1890, FEMSA is the world’s largest Coca-Cola bottler, operating in 17 additional countries beyond Mexico. Its portfolio includes beverages, retail, restaurants, and pharmacies.

Quotation Parameters:

• Market capitalization: 583.28 billion MXN
• Price range: $174.48 - $180.00
• 12-month range: $156.00 - $212.11
• PER ratio: 38.85
• Dividend yield: 7.4%

In Q3 2025, consolidated revenues grew 9.1% to 214,638 million pesos, but net income fell 36.8% to 5,838 million pesos due to exchange losses and higher financial costs. Analysis platforms recommend “Buy.”

Grupo Financiero Banorte: Strength in the Banking Sector

A Mexican banking institution founded in 1992 and based in San Pedro Garza García, Banorte is the second of Mexico’s four largest banks. It operates under the brands Banorte and Ixe, serving 22 million clients through 1,000 branches and 7,000 ATMs.

Stock Information:

• Market capitalization: 534.70 billion MXN
• Price range: $178.03 - $186.44
• 52-week range: $131.60 - $187.29
• PER ratio: 9.02
• Dividend yield: 7.30%

In Q3 2025, it reported a net profit of 13,008 million pesos, a 9% year-over-year contraction. Barron’s maintains a “Overweight” recommendation on its shares.

Comparative Analysis: The Surprising Performance of 2025

The performance of the Mexican market in 2025 has exceeded initial expectations. With the S&P/BMV IPC accumulating gains close to 21.7% over the past twelve months, it has significantly outperformed major U.S. indices, which have remained flat or in negative territory.

This result is particularly notable considering that trade policies included 25% tariffs on Mexican products, a scenario that should have negatively impacted. However, resilience has been maintained by factors such as:

• Re-shoring supply chains from Asia (nearshoring)
• Maintaining solid levels of domestic consumption
• Exceptional performance of key sectors like consumer, telecommunications, and mining

Investor Outlook: Building Strategic Portfolios

For those who have historically concentrated their investments in U.S. markets, 2025 marks a turning point for strategic rebalancing. A balanced composition could include:

• Exposure to Mexican stocks: Capturing the dynamism of companies listed on the stock exchange, such as the five leaders mentioned
• Selective presence in U.S. assets: Geographic diversification
• Fixed-income instruments: Local bonds from both economies for stabilization

This structure allows leveraging yield differentials, reducing risks associated with trade volatility, currency fluctuations, and geopolitical pressures, providing a more robust investment horizon for the upcoming period.