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Mexican (IPC) Market Analysis & Valuation

UpdatedMay 22, 2026
DataAggregated Company Financials
Companies117
  • 7D0.2%
  • 3M-1.6%
  • 1Y15.6%
  • YTD7.7%

In the last week, the market has stayed flat, however the Energy sector stood out, gaining 5.3%. Meanwhile, the market is actually up 17% over the past year. As for the next few years, earnings are expected to grow by 9.1% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 22 May 2026Mex$10.4tMex$7.6tMex$696.8b12.4x15x1.4x
Sun, 19 Apr 2026Mex$10.8tMex$7.6tMex$678.3b12.8x16x1.4x
Tue, 17 Mar 2026Mex$10.2tMex$7.7tMex$673.7b12.9x15.2x1.3x
Thu, 12 Feb 2026Mex$10.7tMex$7.6tMex$645.4b13.2x16.6x1.4x
Sat, 10 Jan 2026Mex$10.2tMex$7.7tMex$663.1b13.5x15.4x1.3x
Mon, 08 Dec 2025Mex$10.1tMex$7.9tMex$658.8b12.6x15.4x1.3x
Wed, 05 Nov 2025Mex$10.0tMex$8.0tMex$654.5b12.3x15.3x1.3x
Fri, 03 Oct 2025Mex$9.9tMex$7.9tMex$615.6b11.8x16.1x1.3x
Sun, 31 Aug 2025Mex$9.4tMex$7.8tMex$617.2b12.1x15.2x1.2x
Tue, 29 Jul 2025Mex$9.2tMex$7.7tMex$603.9b12x15.3x1.2x
Thu, 26 Jun 2025Mex$9.3tMex$7.6tMex$601.8b12x15.4x1.2x
Sat, 24 May 2025Mex$9.3tMex$7.6tMex$589.7b12.4x15.7x1.2x
Mon, 21 Apr 2025Mex$8.7tMex$7.5tMex$605.6b11x14.4x1.2x
Wed, 19 Mar 2025Mex$8.7tMex$7.6tMex$595.2b10.9x14.6x1.1x
Fri, 14 Feb 2025Mex$9.0tMex$7.5tMex$627.6b11.6x14.3x1.2x
Sun, 12 Jan 2025Mex$8.5tMex$7.6tMex$606.6b11.2x14x1.1x
Tue, 10 Dec 2024Mex$8.7tMex$7.5tMex$603.0b12.2x14.4x1.2x
Thu, 07 Nov 2024Mex$8.6tMex$7.4tMex$596.2b11.6x14.4x1.2x
Sat, 05 Oct 2024Mex$9.0tMex$7.3tMex$587.8b12.2x15.3x1.2x
Mon, 02 Sep 2024Mex$9.1tMex$7.4tMex$590.2b11.8x15.4x1.2x
Wed, 31 Jul 2024Mex$9.0tMex$7.3tMex$583.7b11.9x15.4x1.2x
Fri, 28 Jun 2024Mex$9.0tMex$7.1tMex$583.9b12.8x15.4x1.3x
Sun, 26 May 2024Mex$9.3tMex$7.0tMex$566.4b13.5x16.4x1.3x
Tue, 23 Apr 2024Mex$9.3tMex$7.1tMex$574.7b13.6x16.2x1.3x
Thu, 21 Mar 2024Mex$9.5tMex$7.1tMex$584.8b13.3x16.2x1.3x
Sat, 17 Feb 2024Mex$9.5tMex$7.3tMex$619.4b14.1x15.4x1.3x
Mon, 15 Jan 2024Mex$9.6tMex$7.4tMex$655.8b12.9x14.7x1.3x
Wed, 13 Dec 2023Mex$9.4tMex$7.4tMex$658.2b12.3x14.3x1.3x
Fri, 10 Nov 2023Mex$8.8tMex$7.4tMex$658.6b11.8x13.4x1.2x
Sun, 08 Oct 2023Mex$8.8tMex$7.5tMex$665.8b12.5x13.2x1.2x
Tue, 05 Sep 2023Mex$9.2tMex$7.4tMex$658.1b13x14x1.2x
Thu, 03 Aug 2023Mex$9.4tMex$7.4tMex$660.8b13.3x14.2x1.3x
Sat, 01 Jul 2023Mex$9.2tMex$7.3tMex$638.0b13.1x14.5x1.3x
Mon, 29 May 2023Mex$9.3tMex$7.3tMex$639.2b13.3x14.5x1.3x
Price to Earnings Ratio

14.5x


Total Market Cap: Mex$9.3tTotal Earnings: Mex$639.2bTotal Revenue: Mex$7.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Mexican Market Price to Earnings3Y Average 15.1x202420252026
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 15.1x.
Past Earnings Growth
  • The earnings for Mexican listed companies have grown 2.9% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Mexican Market?

MX Market0.22%
Energy5.54%
Financials1.05%
Consumer Staples0.56%
Materials0.34%
Industrials-0.051%
Utilities-0.21%
Real Estate-0.45%
Consumer Discretionary-0.58%
Telecom-1.18%
Healthcare-1.55%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading close to its 3-year average PE ratio of 19.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 10.1% which is higher than its past year's earnings decline of 13.5% 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.
  • This is roughly in line with its past earnings growth rate.
  • 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
AC * Arca Continental. deMex$222.152.7%
+Mex$9.8b		4.5%PE19.6xConsumer Staples
WALMEX * Wal-Mart de México. deMex$55.291.0%
+Mex$9.5b		-15.5%PE19.1xConsumer Staples
PE&OLES * Industrias Peñoles. deMex$973.222.3%
+Mex$8.5b		141.1%PE12.1xMaterials
VISTA A Vista Energy. deMex$1.31k6.2%
+Mex$8.1b		37.2%PE10.7xEnergy
GFNORTE O Grupo Financiero Banorte. deMex$186.931.5%
+Mex$7.5b		7.8%PB2xFinancials
See more

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MFRISCO A-1
Mex$10.12
Minera Frisco. de
7D
-5.3%
1Y
199.4%
GCC *
Mex$201.61
GCC. de
7D
-3.9%
1Y
11.9%
ASUR B
Mex$531.69
Grupo Aeroportuario del Sureste S. A. B. de C. V
7D
3.5%
1Y
-20.2%
GFNORTE O
Mex$186.93
Grupo Financiero Banorte. de
7D
1.5%
1Y
7.8%
Narrative Update • May 20

GFNORTE O: Data Center Relocation Will Support Higher Future Earnings Multiple

Analysts have kept their MX$220.87 price target for Grupo Financiero Banorte, de largely unchanged. This is supported by relatively stable fair value assumptions, along with slight adjustments to the discount rate, revenue growth, profit margin, and expected future P/E levels.
VISTA A
Mex$1,313.53
Vista Energy. de
7D
6.2%
1Y
37.2%
GCARSO A1
Mex$133.78
Grupo Carso. de
7D
-3.7%
1Y
4.1%
Narrative Update • May 18

GCARSO A1: Higher Growth Assumptions Will Sustain Overvaluation Risk Ahead

Analysts have reiterated a price target of MX$115.00 for Grupo Carso, with the latest update reflecting adjusted assumptions for revenue growth, profit margins, discount rate, and future P/E that leave the headline target unchanged while fine tuning the underlying valuation drivers. Valuation Changes Fair Value: MX$115.00 remains unchanged, with the revised model still pointing to MX$115.0. Discount Rate: fallen slightly from 15.02% to 14.84%, reflecting a modest adjustment to the required return used in the model.
GMEXICO B
Mex$203.02
Grupo México. de
7D
0.5%
1Y
92.6%
FUNO 11
Mex$29.09
Fibra UNO
7D
-1.4%
1Y
17.1%
AC *
Mex$222.15
Arca Continental. de
7D
2.7%
1Y
4.5%
Narrative Update • May 15

AC *: Fair Value View Weighs Mixed Rating Shifts And Execution Uncertainty

Analysts have raised their MX$ fair value estimate for Arca Continental from MX$229.50 to approximately MX$235.39, reflecting updated assumptions for revenue growth, profit margins and future P/E following recent target changes from firms including Barclays, Itau BBA and UBS. Analyst Commentary Bullish Takeaways Bullish analysts have lifted their MX$ price targets, signaling increased confidence that Arca Continental can support a slightly higher valuation based on updated revenue and margin assumptions.
GAP B
Mex$420.27
Grupo Aeroportuario del Pacífico. de
7D
2.0%
1Y
-6.0%
Narrative Update • May 14

GAP B: Traffic Normalization Will Support Future Upside From Current Levels

Analysts have nudged their price target for Grupo Aeroportuario del Pacífico slightly higher to MX$480.57 from MX$479.47, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News In the April 2026 traffic update, Total Terminal Passengers were 5,113,400 compared with 5,531,000 in April 2025.
LIVEPOL C-1
Mex$102.83
El Puerto de Liverpool. de
7D
-1.5%
1Y
5.7%
PE&OLES *
Mex$973.22
Industrias Peñoles. de
7D
2.3%
1Y
141.1%
WALMEX *
Mex$55.29
Wal-Mart de México. de
7D
1.0%
1Y
-15.5%
Narrative Update • May 10

WALMEX *: Cautious Downgrades Will Still Support Resilient Margin Protection

Analysts have trimmed their MX$ price target on Wal-Mart de México by a small amount, citing slightly higher discount rate assumptions and modest tweaks to revenue growth, profit margin and future P/E inputs after a more cautious stance in recent research. Analyst Commentary Recent research reflects a more cautious stance on Wal-Mart de México, with a small trim to the MX$ price target and a downgrade in the stock rating.
BIMBO A
Mex$57.95
Grupo Bimbo. de
7D
-2.2%
1Y
3.4%
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SORIANA B
Mex$29.44
Organización Soriana S. A. B. de C. V
7D
-3.1%
1Y
7.7%
AMX B
Mex$22.80
América Móvil. de
7D
-1.5%
1Y
35.5%