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Mexican (IPC) Market Analysis & Valuation

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies125
  • 7D-2.6%
  • 3M1.6%
  • 1Y18.2%
  • YTD18.0%

Over the last 7 days, the market has dropped 2.6%, driven by a pullback of 3.7% in the Materials sector. As for the longer term, the market has actually risen by 18% in the last year. As for the next few years, earnings are expected to grow by 12% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Dec 2025Mex$10.0tMex$7.8tMex$658.3b13.1x15.2x1.3x
Sat, 15 Nov 2025Mex$10.1tMex$8.0tMex$659.8b12.1x15.3x1.3x
Mon, 13 Oct 2025Mex$9.8tMex$7.9tMex$624.4b11.8x15.6x1.2x
Wed, 10 Sep 2025Mex$9.6tMex$7.8tMex$615.5b12.2x15.6x1.2x
Fri, 08 Aug 2025Mex$9.3tMex$7.8tMex$617.0b11.5x15.1x1.2x
Sun, 06 Jul 2025Mex$9.3tMex$7.6tMex$600.0b12.2x15.6x1.2x
Tue, 03 Jun 2025Mex$9.2tMex$7.6tMex$590.3b12.4x15.6x1.2x
Thu, 01 May 2025Mex$9.1tMex$7.5tMex$605.2b10.9x15.1x1.2x
Sat, 29 Mar 2025Mex$8.6tMex$7.6tMex$609.5b10.6x14.2x1.1x
Mon, 24 Feb 2025Mex$8.9tMex$7.6tMex$623.9b12x14.3x1.2x
Wed, 22 Jan 2025Mex$8.6tMex$7.6tMex$614.7b11.2x13.9x1.1x
Fri, 20 Dec 2024Mex$8.6tMex$7.5tMex$611.6b11.6x14.1x1.1x
Sun, 17 Nov 2024Mex$8.5tMex$7.4tMex$602.5b11.6x14.1x1.1x
Tue, 15 Oct 2024Mex$9.1tMex$7.3tMex$587.1b12.2x15.5x1.2x
Thu, 12 Sep 2024Mex$8.9tMex$7.4tMex$590.8b11.7x15.1x1.2x
Sat, 10 Aug 2024Mex$9.1tMex$7.3tMex$585.7b11.4x15.5x1.2x
Mon, 08 Jul 2024Mex$9.0tMex$7.1tMex$583.0b12.5x15.4x1.3x
Wed, 05 Jun 2024Mex$8.8tMex$7.1tMex$573.5b12.9x15.3x1.2x
Fri, 03 May 2024Mex$9.4tMex$7.1tMex$568.9b13.3x16.5x1.3x
Sun, 31 Mar 2024Mex$9.6tMex$7.1tMex$580.8b13.7x16.5x1.4x
Tue, 27 Feb 2024Mex$9.6tMex$7.2tMex$587.2b13.6x16.4x1.3x
Thu, 25 Jan 2024Mex$9.6tMex$7.4tMex$662.1b12.8x14.4x1.3x
Sat, 23 Dec 2023Mex$9.8tMex$7.4tMex$656.4b13.2x15x1.3x
Mon, 20 Nov 2023Mex$9.0tMex$7.4tMex$657.0b11.7x13.7x1.2x
Wed, 18 Oct 2023Mex$8.8tMex$7.5tMex$664.9b12.3x13.2x1.2x
Fri, 15 Sep 2023Mex$9.1tMex$7.4tMex$659.2b12.7x13.7x1.2x
Sun, 13 Aug 2023Mex$9.3tMex$7.5tMex$659.9b13.2x14.1x1.3x
Tue, 11 Jul 2023Mex$9.3tMex$7.3tMex$636.1b13.7x14.6x1.3x
Thu, 08 Jun 2023Mex$9.3tMex$7.3tMex$637.7b13.3x14.6x1.3x
Sat, 06 May 2023Mex$9.5tMex$7.4tMex$669.9b13x14.2x1.3x
Mon, 03 Apr 2023Mex$9.5tMex$7.2tMex$660.7b12x14.4x1.3x
Wed, 01 Mar 2023Mex$9.3tMex$7.4tMex$666.7b11.5x14x1.3x
Fri, 27 Jan 2023Mex$9.7tMex$7.2tMex$663.8b12.1x14.6x1.3x
Sun, 25 Dec 2022Mex$9.1tMex$7.3tMex$649.0b11.7x14x1.2x
Price to Earnings Ratio

14x


Total Market Cap: Mex$9.1tTotal Earnings: Mex$649.0bTotal Revenue: Mex$7.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Mexican Market Price to Earnings3Y Average 14.9x202320242025
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 14.9x.
Past Earnings Growth
  • The earnings for Mexican listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 2.2% 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 Market-2.63%
Utilities0.13%
Consumer Discretionary0.022%
Industrials-0.49%
Real Estate-1.05%
Consumer Staples-2.38%
Financials-3.15%
Telecom-3.56%
Materials-3.66%
Healthcare-5.48%
Energy-9.21%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading close to its 3-year average PE ratio of 19.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 12.4% which is higher than its past year's earnings decline of 4.2% 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 better than its past earnings growth rate of 15% per year.
  • In contrast, the Energy industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
SORIANA B Organización Soriana S. A. B. de C. VMex$37.9921.0%
+Mex$11.9b		24.8%PE17.7xConsumer Staples
AC * Arca Continental. deMex$189.621.1%
+Mex$3.4b		8.3%PE15.9xConsumer Staples
MFRISCO A-1 Minera Frisco. deMex$9.013.9%
+Mex$2.1b		157.4%PE58.6xMaterials
LASITE * Sitios Latinoamérica. deMex$5.519.3%
+Mex$2.0b		54.3%PE13.1xTelecom
GMXT * GMéxico Transportes. deMex$32.891.2%
+Mex$1.7b		2.8%PE15.3xIndustrials
See more

Market Insights

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The recent dip in stock prices came on the back of stretched valuations and fears of an AI fueled bubble. This time the nervousness also spilled into the corporate bond market...
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SORIANA B
Mex$37.99
Organización Soriana S. A. B. de C. V
7D
21.0%
1Y
24.8%
AMX B
Mex$18.43
América Móvil. de
7D
-4.5%
1Y
26.8%

AMX B Future Returns Will Benefit From Higher Earnings Multiple Despite Margin Pressure

Analysts have nudged their price target on América Móvil higher from $21.48 to $21.73, citing slightly richer future earnings multiples, despite marginal trims to long term revenue growth and profit margin assumptions. Valuation Changes The fair value estimate has risen slightly from MX$21.48 to MX$21.73 per share, implying a modest uplift in intrinsic value.
GMEXICO B
Mex$162.76
Grupo México. de
7D
-5.7%
1Y
67.0%

GMEXICO B Will Face Pressure From Project Delays Despite Higher Copper Prices

The analyst price target for Grupo México has been raised to approximately MXN 83 from about MXN 76, as analysts factor in higher long term copper and precious metal price assumptions, along with improved revenue growth expectations, despite a more conservative profit margin outlook. Analyst Commentary Recent Street research on Grupo México reflects a more balanced, and in some cases cautious, reassessment of the company’s risk reward profile.
AC *
Mex$189.62
Arca Continental. de
7D
1.1%
1Y
8.3%

AC *: Higher Margins And Stable Risk Profile Will Support Ongoing Compounding

Analysts have nudged their price target on Arca Continental slightly lower, trimming fair value by about MXN 1.40 per share to MXN 223.67 as they fine tune assumptions around long term revenue growth and valuation multiples, even as projected profit margins edge marginally higher. Valuation Changes Fair Value: Trimmed slightly from MX$225.06 to MX$223.67 per share, reflecting modestly more conservative assumptions.
FEMSA UBD
Mex$180.69
Fomento Económico Mexicano. de
7D
-2.6%
1Y
5.0%

FEMSA UBD Leadership Transition Will Shape Modest Long-Term Earnings Outlook

Analysts have modestly raised their price target on Fomento Económico Mexicano, de from $185.00 to $188.00. This reflects slightly higher long term valuation multiples, despite tempering assumptions for revenue growth and profit margins and applying a marginally higher discount rate.
CUERVO *
Mex$20.83
Becle. de
7D
1.6%
1Y
-16.5%

CUERVO *: Higher Profit Margins Will Support Future Share Price Strength

Analysts have adjusted their price target on Becle, de slightly lower to approximately $27.89 from about $27.98. This reflects modestly higher long-term discount assumptions that partially offset incremental improvements in expected revenue growth, profit margins, and future valuation multiples.
GMXT *
Mex$32.89
GMéxico Transportes. de
7D
1.2%
1Y
2.8%

GMXT * Tender Offer Will Support Improved Profitability And Narrow Discount

Analysts raised their price target on GMéxico Transportes slightly, with fair value edging up from about $58.95 to $59.54. They cited improved profitability assumptions following the recent tender offer, even as they moderate near term revenue growth and valuation multiples.
HERDEZ *
Mex$80.00
Grupo Herdez. de
7D
5.3%
1Y
48.7%

HERDEZ * Will See Modest Profit Outlook Offset By Meeting Uncertainties

Analysts have nudged their price target on Grupo Herdez, S.A.B. de C.V. only modestly higher, reflecting slightly stronger expectations for revenue growth and profit margins, which are partially offset by a marginally higher discount rate and a slightly lower projected future P/E multiple. What's in the News Special and Extraordinary Shareholders Meeting scheduled for December 4, 2025, to be held at Monte Pelvoux 215, Lomas de Chapultepec, Miguel Hidalgo, Mexico City (company announcement) The meeting is expected to address strategic and corporate governance matters that require shareholder approval, which may affect the company’s capital structure and future corporate actions (inference from meeting type) The focus on extraordinary items indicates the possibility of significant decisions beyond routine operational approvals, which may influence the company’s long term risk profile (inference from meeting type) Valuation Changes Fair Value: unchanged at 85.0, indicating no revision to the intrinsic value estimate.
GCARSO A1
Mex$115.99
Grupo Carso. de
7D
-4.2%
1Y
1.7%
WALMEX *
Mex$55.74
Wal-Mart de México. de
7D
-6.0%
1Y
-3.9%

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LASITE *
Mex$5.51
Sitios Latinoamérica. de
7D
9.3%
1Y
54.3%
BIMBO A
Mex$57.82
Grupo Bimbo. de
7D
-3.2%
1Y
3.9%

BIMBO A Leadership Change Will Drive Margins And Support Undervalued Upside

Analysts have nudged their price target for Grupo Bimbo higher, lifting fair value by approximately $0.75 per share as they factor in slightly stronger long term profit margins, despite moderating revenue growth and a modestly higher future earnings multiple. What's in the News Grupo Bimbo has appointed Alejandro Rodríguez Bas as its new CEO following the resignation of Rafael Pamias Romero, signaling a leadership transition at the top of the company (Key Developments).
GFNORTE O
Mex$164.44
Grupo Financiero Banorte. de
7D
-6.1%
1Y
24.6%

GFNORTE O Net Profit Margin Strength Will Support Future Upside Potential

Analysts slightly raised their price target for Grupo Financiero Banorte to MXN 199.75 from MXN 199.63, citing modest tweaks to discount rate, revenue growth, and profitability assumptions, even as some on the Street turn more cautious with a Neutral stance and a MXN 195 target. Analyst Commentary Street research reflects a more balanced stance on Grupo Financiero Banorte, with some analysts trimming their outlook in light of recent performance and valuation levels.
MFRISCO A-1
Mex$9.01
Minera Frisco. de
7D
3.9%
1Y
157.4%

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Nov 29
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SITES1 A-1
Mex$15.23
Operadora de Sites Mexicanos. de
7D
3.8%
1Y
17.7%

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Nov 28
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VISTA A
Mex$819.18
Vista Energy. de
7D
-8.6%
1Y
-25.0%