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Mexican (IPC) Market Analysis & Valuation

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies121
  • 7D1.0%
  • 3M10.4%
  • 1Y31.2%
  • YTD10.4%

The market has climbed 1.0% in the last 7 days, lead by the Materials sector with a gain of 5.1%. The market is up 31% over the last 12 months. Earnings are forecast to grow by 11% annually.

Market Valuation and Performance

Has the Mexican Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 03 Mar 2026Mex$10.9tMex$7.8tMex$669.0b13.2x16.4x1.4x
Thu, 29 Jan 2026Mex$10.5tMex$7.6tMex$649.9b13.2x16.1x1.4x
Sat, 27 Dec 2025Mex$10.3tMex$7.8tMex$657.5b13.6x15.7x1.3x
Mon, 24 Nov 2025Mex$10.0tMex$8.0tMex$661.1b12.4x15.1x1.2x
Wed, 22 Oct 2025Mex$9.9tMex$7.9tMex$640.6b11.9x15.4x1.2x
Fri, 19 Sep 2025Mex$9.7tMex$7.9tMex$614.2b12.1x15.8x1.2x
Sun, 17 Aug 2025Mex$9.4tMex$7.8tMex$618.4b12x15.1x1.2x
Tue, 15 Jul 2025Mex$9.2tMex$7.6tMex$602.4b12.1x15.2x1.2x
Thu, 12 Jun 2025Mex$9.2tMex$7.5tMex$588.0b12.6x15.6x1.2x
Sat, 10 May 2025Mex$9.2tMex$7.6tMex$604.0b12.3x15.2x1.2x
Mon, 07 Apr 2025Mex$8.4tMex$7.6tMex$610.1b10.5x13.8x1.1x
Wed, 05 Mar 2025Mex$8.6tMex$7.6tMex$599.6b10.8x14.3x1.1x
Fri, 31 Jan 2025Mex$8.7tMex$7.6tMex$615.0b11.6x14.1x1.1x
Sun, 29 Dec 2024Mex$8.5tMex$7.5tMex$611.0b11.6x13.9x1.1x
Tue, 26 Nov 2024Mex$8.5tMex$7.4tMex$602.0b11.8x14.1x1.1x
Thu, 24 Oct 2024Mex$8.9tMex$7.3tMex$594.7b11.8x15x1.2x
Sat, 21 Sep 2024Mex$9.1tMex$7.4tMex$588.6b11.8x15.5x1.2x
Mon, 19 Aug 2024Mex$9.2tMex$7.3tMex$585.1b11.7x15.8x1.3x
Wed, 17 Jul 2024Mex$9.3tMex$7.1tMex$582.8b13.7x16x1.3x
Fri, 14 Jun 2024Mex$8.9tMex$7.1tMex$576.8b12.7x15.4x1.2x
Sun, 12 May 2024Mex$9.7tMex$7.0tMex$568.8b14.4x17x1.4x
Tue, 09 Apr 2024Mex$9.6tMex$7.1tMex$579.5b13.6x16.6x1.4x
Thu, 07 Mar 2024Mex$9.5tMex$7.1tMex$584.9b13.5x16.2x1.3x
Sat, 03 Feb 2024Mex$9.9tMex$7.4tMex$657.0b13x15x1.3x
Mon, 01 Jan 2024Mex$9.9tMex$7.4tMex$656.4b13.5x15.1x1.3x
Wed, 29 Nov 2023Mex$9.1tMex$7.4tMex$657.2b11.9x13.8x1.2x
Fri, 27 Oct 2023Mex$8.7tMex$7.5tMex$660.0b12x13.1x1.2x
Sun, 24 Sep 2023Mex$9.1tMex$7.5tMex$659.5b12.9x13.7x1.2x
Tue, 22 Aug 2023Mex$9.2tMex$7.4tMex$654.3b12.9x14.1x1.2x
Thu, 20 Jul 2023Mex$9.3tMex$7.3tMex$645.8b13.1x14.4x1.3x
Sat, 17 Jun 2023Mex$9.4tMex$7.3tMex$638.0b13.4x14.8x1.3x
Mon, 15 May 2023Mex$9.6tMex$7.4tMex$667.3b13.2x14.3x1.3x
Wed, 12 Apr 2023Mex$9.6tMex$7.3tMex$662.2b12.1x14.5x1.3x
Fri, 10 Mar 2023Mex$9.4tMex$7.3tMex$659.4b12.1x14.3x1.3x
Price to Earnings Ratio

14.3x


Total Market Cap: Mex$9.4tTotal Earnings: Mex$659.4bTotal Revenue: Mex$7.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Mexican Market Price to Earnings3Y Average 15x202420252026
Current Market PE
  • Investors are relatively neutral on the Mexican market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 15.0x.
Past Earnings Growth
  • The earnings for Mexican listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 2.1% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Sector Trends

Which sectors have driven the changes within the Mexican Market?

MX Market1.04%
Telecom6.91%
Materials5.06%
Healthcare3.34%
Real Estate0.78%
Consumer Discretionary0.63%
Utilities-0.41%
Energy-0.66%
Financials-1.68%
Consumer Staples-1.98%
Industrials-3.84%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 15.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 10.4% which is higher than its past year's earnings decline of 8.1% per year.
  • The Utilities sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Discretionary sector, expecting annual earnings growth of 19% over the next 5 years.
  • However this is lower than its past earnings growth rate of 33% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 26% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
GMEXICO B Grupo México. deMex$220.237.4%
+Mex$118.8b		126.2%PE19.6xMaterials
AMX B América Móvil. deMex$22.439.1%
+Mex$112.5b		53.5%PE16.3xTelecom
FEMSA UBD Fomento Económico Mexicano. deMex$195.361.7%
+Mex$18.3b		1.5%PE38xConsumer Staples
SIGMAF A Sigma Foods. deMex$19.184.8%
+Mex$4.8b		10.0%PE13.7xConsumer Staples
LIVEPOL C-1 El Puerto de Liverpool. deMex$108.753.1%
+Mex$4.4b		8.8%PE8.5xConsumer Discretionary
See more

Market Insights

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Latest News

GFNORTE O
Mex$191.03
Grupo Financiero Banorte. de
7D
-3.9%
1Y
29.9%
FEMSA UBD
Mex$195.36
Fomento Económico Mexicano. de
7D
1.7%
1Y
1.5%
GENTERA *
Mex$49.05
Gentera. de
7D
-8.9%
1Y
67.5%
CUERVO *
Mex$16.89
Becle. de
7D
-10.0%
1Y
1.6%
GCARSO A1
Mex$126.89
Grupo Carso. de
7D
-4.7%
1Y
8.0%

GCARSO A1: Higher Future P/E Will Threaten Returns Despite Stable Fundamentals

Analysts have lifted their price target for Grupo Carso to MX$115, with the change linked mainly to an updated future P/E assumption of 35.40, while keeping fair value, revenue growth, profit margin and discount rate broadly aligned with prior estimates. Valuation Changes Fair Value: MX$115 is unchanged between the prior and updated assessment.
VISTA A
Mex$1,019.07
Vista Energy. de
7D
3.3%
1Y
-1.5%
GAP B
Mex$441.73
Grupo Aeroportuario del Pacífico. de
7D
-8.7%
1Y
14.4%

GAP B: Weather-Driven Traffic Shifts Will Shape Balanced Forward Outlook

Analysts have nudged their price target on Grupo Aeroportuario del Pacífico up by MX$4.00 to MX$488.87, reflecting updated views on revenue growth, profit margins, and a slightly adjusted discount rate and forward P/E assumptions. What's in the News Preliminary January 2026 figures show total terminal passengers of 5,521,700 compared with 5,646,100 a year earlier, with load factors moving from 83.9% to 79.7% as available seats increased 3.0% (company operating results).
FIBRAMQ 12
Mex$43.13
FIBRA Macquarie México
7D
10.2%
1Y
36.3%
AMX B
Mex$22.43
América Móvil. de
7D
9.1%
1Y
53.5%

AMX B: Future Upside Will Depend On Stable Earnings Margin And P/E Support

Analysts now set their average price target for América Móvil at roughly MX$22.08, up from about MX$21.73. This reflects updated assumptions for slightly higher revenue growth, improved profit margins and a modestly lower future P/E multiple.
OMA B
Mex$257.95
Grupo Aeroportuario del Centro Norte. de
7D
-8.8%
1Y
33.8%

OMA B: Fair Value View Will Test Traffic Trends And P/E Expectations

Analysts have nudged their price target on Grupo Aeroportuario del Centro Norte higher, adding MX$8 to reflect slightly higher fair value estimates and modestly stronger assumptions for revenue growth, profit margins and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts are comfortable lifting fair value estimates, which supports a higher price target and suggests they see room for the shares to better reflect their updated assumptions.
LIVEPOL C-1
Mex$108.75
El Puerto de Liverpool. de
7D
3.1%
1Y
8.8%
WALMEX *
Mex$55.98
Wal-Mart de México. de
7D
-2.4%
1Y
2.1%
SIGMAF A
Mex$19.18
Sigma Foods. de
7D
4.8%
1Y
10.0%

SIGMAF A: Neutral Initiation And Updated Assumptions Will Support Long-Term Upside

Analysts have raised their fair value estimate for Sigma Foods to MX$20.29 from MX$19.19, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E that are consistent with a neutral stance recently outlined in Street research. Analyst Commentary Bullish Takeaways Bullish analysts view the updated fair value of MX$20.29 as broadly aligned with a neutral stance, which they see as reasonable given the current assumptions on revenue growth and margins.
GMEXICO B
Mex$220.23
Grupo México. de
7D
7.4%
1Y
126.2%

GMEXICO B: Higher Margins Will Offset JPMorgan Downgrade Concerns

Analysts have adjusted their price target on Grupo México S.A.B. de C.V. to MX$234.88 from MX$225.33, reflecting updated assumptions around discount rates, revenue growth, profit margins and forward P/E multiples discussed in recent research. Analyst Commentary Bullish analysts point to the updated MX$234.88 price target as a signal of confidence in Grupo México S.A.B. de C.V.'s ability to support current valuation assumptions around discount rates, revenue, margins and P/E multiples, even in the context of a recent downgrade at JPMorgan.
MFRISCO A-1
Mex$13.49
Minera Frisco. de
7D
4.0%
1Y
315.1%
GFINBUR O
Mex$43.03
Grupo Financiero Inbursa. de
7D
-2.6%
1Y
-9.9%