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Mexican (IPC) Market Analysis & Valuation

UpdatedJan 21, 2026
DataAggregated Company Financials
Companies120
  • 7D1.5%
  • 3M6.8%
  • 1Y25.3%
  • YTD4.1%

Over the last 7 days, the market has remained flat, although notably the Materials sector gained 3.4% in that time. Meanwhile, the market is actually up 26% over the past 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
Wed, 21 Jan 2026Mex$10.5tMex$7.7tMex$659.0b13.1x15.9x1.4x
Fri, 19 Dec 2025Mex$9.9tMex$7.8tMex$658.4b13.1x15.1x1.3x
Sun, 16 Nov 2025Mex$10.1tMex$8.0tMex$659.8b12.1x15.2x1.3x
Tue, 14 Oct 2025Mex$9.9tMex$7.9tMex$623.9b11.8x15.8x1.2x
Thu, 11 Sep 2025Mex$9.6tMex$7.8tMex$615.9b12.2x15.6x1.2x
Sat, 09 Aug 2025Mex$9.3tMex$7.8tMex$617.5b11.9x15.1x1.2x
Mon, 07 Jul 2025Mex$9.3tMex$7.6tMex$600.0b12.2x15.6x1.2x
Wed, 04 Jun 2025Mex$9.2tMex$7.6tMex$590.6b12.3x15.6x1.2x
Fri, 02 May 2025Mex$9.1tMex$7.6tMex$603.3b11.2x15.2x1.2x
Sun, 30 Mar 2025Mex$8.6tMex$7.6tMex$609.5b10.6x14.2x1.1x
Tue, 25 Feb 2025Mex$8.9tMex$7.6tMex$624.8b12.3x14.3x1.2x
Thu, 23 Jan 2025Mex$8.6tMex$7.6tMex$613.9b11.4x14x1.1x
Sat, 21 Dec 2024Mex$8.5tMex$7.5tMex$610.0b11.7x14x1.1x
Mon, 18 Nov 2024Mex$8.5tMex$7.4tMex$602.5b11.6x14.1x1.1x
Wed, 16 Oct 2024Mex$9.1tMex$7.4tMex$589.4b12x15.4x1.2x
Fri, 13 Sep 2024Mex$8.9tMex$7.4tMex$589.0b11.8x15.2x1.2x
Sun, 11 Aug 2024Mex$9.1tMex$7.3tMex$585.7b11.4x15.5x1.2x
Tue, 09 Jul 2024Mex$9.0tMex$7.1tMex$582.5b12.6x15.4x1.3x
Thu, 06 Jun 2024Mex$8.9tMex$7.1tMex$565.6b13.1x15.7x1.3x
Sat, 04 May 2024Mex$9.4tMex$7.1tMex$569.2b12.9x16.5x1.3x
Mon, 01 Apr 2024Mex$9.6tMex$7.1tMex$580.7b13.7x16.5x1.4x
Wed, 28 Feb 2024Mex$9.6tMex$7.2tMex$583.4b13.5x16.5x1.3x
Fri, 26 Jan 2024Mex$9.6tMex$7.4tMex$662.0b12.9x14.4x1.3x
Sun, 24 Dec 2023Mex$9.8tMex$7.4tMex$656.4b13.2x15x1.3x
Tue, 21 Nov 2023Mex$9.0tMex$7.4tMex$657.0b11.7x13.7x1.2x
Thu, 19 Oct 2023Mex$8.8tMex$7.5tMex$672.0b12.5x13x1.2x
Sat, 16 Sep 2023Mex$9.1tMex$7.4tMex$659.2b12.7x13.7x1.2x
Mon, 14 Aug 2023Mex$9.2tMex$7.4tMex$654.4b13.2x14.1x1.2x
Wed, 12 Jul 2023Mex$9.2tMex$7.3tMex$636.1b13.7x14.5x1.3x
Fri, 09 Jun 2023Mex$9.3tMex$7.3tMex$638.8b13.3x14.6x1.3x
Sun, 07 May 2023Mex$9.5tMex$7.4tMex$668.4b13.2x14.2x1.3x
Tue, 04 Apr 2023Mex$9.5tMex$7.2tMex$660.9b12x14.4x1.3x
Thu, 02 Mar 2023Mex$9.4tMex$7.3tMex$678.8b11.3x13.9x1.3x
Sat, 28 Jan 2023Mex$9.7tMex$7.2tMex$663.8b12x14.6x1.3x
Price to Earnings Ratio

14.6x


Total Market Cap: Mex$9.7tTotal Earnings: Mex$663.8bTotal Revenue: Mex$7.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Mexican Market Price to Earnings3Y Average 14.9x202420252026
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 2.0% 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 Market1.48%
Materials3.84%
Financials3.64%
Healthcare0.78%
Real Estate0.67%
Consumer Staples0.23%
Industrials0.19%
Telecom-0.098%
Consumer Discretionary-0.14%
Energy-0.43%
Utilities-1.54%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 15.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 11.2% 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 Telecom sector, expecting annual earnings growth of 17% over the next 5 years.
  • However this is lower than its past earnings growth rate of 42% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 6.5% 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$198.914.9%
+Mex$72.6b		90.8%PE20.2xMaterials
GFNORTE O Grupo Financiero Banorte. deMex$183.057.8%
+Mex$36.8b		26.9%PB1.9xFinancials
PE&OLES * Industrias Peñoles. deMex$1.12k5.3%
+Mex$22.6b		289.1%PE27.6xMaterials
AC * Arca Continental. deMex$198.335.0%
+Mex$15.9b		9.8%PE16.6xConsumer Staples
GFINBUR O Grupo Financiero Inbursa. deMex$44.721.5%
+Mex$4.0b		3.7%PB1xFinancials
See more

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PE&OLES *
Mex$1,119.52
Industrias Peñoles. de
7D
5.3%
1Y
289.1%
GMEXICO B
Mex$198.91
Grupo México. de
7D
4.9%
1Y
90.8%

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GFNORTE O
Mex$183.05
Grupo Financiero Banorte. de
7D
7.8%
1Y
26.9%

GFNORTE O: Neutral Stance And Remittance App Adoption Will Shape Outlook

Analysts have slightly raised their fair value estimate for Grupo Financiero Banorte from MXN 199.50 to about MXN 200.38. A recent downgrade to Neutral with a MXN 195 target reflects a more balanced view of revenue growth, margins, and future P/E assumptions.
AC *
Mex$198.33
Arca Continental. de
7D
5.0%
1Y
9.8%
CUERVO *
Mex$20.78
Becle. de
7D
-5.6%
1Y
8.0%

Returns On Capital At Becle. de (BMV:CUERVO) Have Stalled

Jan 15
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VISTA A
Mex$869.99
Vista Energy. de
7D
-1.6%
1Y
-26.5%
LASITE *
Mex$5.52
Sitios Latinoamérica. de
7D
-5.6%
1Y
78.1%

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Jan 14
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SORIANA B
Mex$34.50
Organización Soriana S. A. B. de C. V
7D
-4.1%
1Y
15.0%
FIBRAPL 14
Mex$81.39
FIBRA Prologis
7D
2.5%
1Y
37.6%

FIBRAPL 14: Leadership Transition And New Acquisitions Will Shape Future Distributions

Analysts have nudged their FIBRA Prologis fair value estimate slightly higher to US$80.71 from US$80.13, citing updated assumptions for discount rate, revenue growth, profit margin and forward P/E that result in only modest shifts to their overall outlook. What's in the News FIBRA Prologis announced that CEO Héctor Ibarzábal plans to retire on June 30, 2026, after more than three decades with the company.
FEMSA UBD
Mex$181.14
Fomento Económico Mexicano. de
7D
-1.4%
1Y
3.3%

FEMSA UBD: Refined Assumptions Will Support Steady Fairly Valued Earnings Profile

Analysts have maintained their fair value estimate for Fomento Económico Mexicano, de at US$188.00, with the discount rate unchanged and only small adjustments to revenue growth, profit margin and future P/E assumptions. As a result, the headline price target level remains steady, although the mix of underlying expectations has shifted slightly.
AMX B
Mex$18.16
América Móvil. de
7D
-0.4%
1Y
27.2%

AMX B: Future Returns Will Rely On Higher P/E Multiple

Analysts have nudged their price target for América Móvil up slightly to about $21.93 from roughly $21.73, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E expectations. Valuation Changes Fair Value: Updated from US$21.73 to about US$21.93, a slight upward adjustment in the modelled estimate.
CIE B
Mex$36.30
Corporación Interamericana de Entretenimiento. de
7D
-5.3%
1Y
32.0%
BIMBO A
Mex$61.10
Grupo Bimbo. de
7D
-0.3%
1Y
15.0%

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Analysts kept their fair value estimate for Grupo Bimbo at $87.00, while adjusting key inputs such as revenue growth, profit margin and future P/E assumptions, which together inform this unchanged price target. What's in the News Grupo Bimbo has appointed Alejandro Rodríguez Bas as its new CEO, following the resignation of Rafael Pamias Romero.
WALMEX *
Mex$58.03
Wal-Mart de México. de
7D
0.3%
1Y
3.1%

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Dec 09
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MEGA CPO
Mex$58.65
Megacable Holdings S. A. B. de C. V
7D
8.2%
1Y
60.9%

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Dec 06
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GFINBUR O
Mex$44.72
Grupo Financiero Inbursa. de
7D
1.5%
1Y
3.7%