Mexican Stock Market 2025: Which Companies Are Driving Financial Growth

Context: Why Focus on the Mexican Stock Exchange

The Mexican economic landscape in 2025 presents a unique opportunity for diversified investors. While major U.S. indices are advancing slowly, the S&P/BMV IPC has accumulated a gain close to 21.7% over the past 12 months, demonstrating remarkable resilience amid a complex geopolitical environment. This unexpected performance reflects the Mexican market’s ability to capitalize on factors such as nearshoring, monetary stability, and strengthened domestic consumption.

The Mexican Stock Exchange functions as the main thermometer of the national economy. As the second-largest exchange in Latin America and the fifth in the American continent, it groups together companies listed on the country’s most important stock exchange, offering exposure to strategic sectors such as telecommunications, consumer goods, mining, and financial services.

Market Size and Composition

Currently, 145 companies are listed on the Mexican Stock Exchange, of which 140 are Mexican. This relatively compact number contrasts with more developed economies but reflects the concentrated nature of business capital in Mexico.

The Índice de Precios y Cotizaciones (S&P/BMV IPC) serves as the main reference, composed of 35 components weighted by market capitalization. This index is reviewed semiannually (March and September) and operates in real time, being the best reflection of the overall market behavior. Its fundamental characteristics include:

• 1-year annualized return: 29%
• 5-year annualized return: 15%
• Average capitalization per component: 221.939 million MXN
• Largest individual capitalization: 1,279,282 million MXN
• Concentration: The top 10 companies account for 71.6% of the total weighting

Sector distribution shows dominance of basic consumer goods (30.9%), followed by materials (26.2%) and industrial (12.3%) sectors, reflecting the country’s productive structure.

Companies with the Largest Market Weight in the Stock Market

Grupo México: Mining giant with diversified expansion

Grupo México leads the ranking with a market capitalization of 1.27 trillion MXN, establishing itself as the main listed asset on the Mexican stock exchange. Founded in 1978, it operates through three strategic divisions: Minera México (third-largest copper producer worldwide), Grupo México Transportes (largest rail fleet in the country), and Infrastructure.

In Q3 2025, the company reported revenues of 4,590 million dollars (+11% year-over-year) with net profit soaring over 50%, reaching 1,290 million dollars. Its PER ratio of 17.71 and dividend yield of 2.71% position it as an income-generating investment with growth potential.

Price data (November 2025):

• Quotation range: 158.68$ - 162.51$
• Annual range: 91.08$ - 167.85$
• Average volume: 7.96 million

Walmart de México: Retail leadership

With a capitalization of 1.10 trillion MXN, Walmart de México is the second-largest listed company. Its business model includes warehouses, discount stores, hypermarkets, supermarkets, and clubs with presence in Mexico and Central America.

In Q2 2025, total sales reached 246,253.8 million pesos (+8.2% year-over-year), although net profit decreased to 11,226.9 million pesos from 12,510.1 million in the same period of 2024. Despite this, Barron’s maintains a “Overweight” recommendation for the stock.

Performance metrics:

• Capitalization: 1.10 B MXN
• PER ratio: 21.86
• Dividend yield: 3.83%
• Price range: 61.43$ - 63.97$

Grupo Financiero Banorte: Pillar of the banking system

Banorte with a capitalization of 534.70 billion MXN is the second-largest bank in Mexico and Latin America. Founded in 1992, it operates under the brands Banorte and Ixe, with 22 million clients, over 1,000 branches, and 7,000 ATMs.

In Q3 2025, it recorded a net profit of 13,008 million pesos, representing a 9% year-over-year contraction. However, the consensus of analysts maintains a “Overweight” rating for its shares. Its PER ratio of 9.02 suggests an attractive valuation relative to earnings.

Key indicators:

• Capitalization: 534.70 billion MXN
• Dividend yield: 7.30%
• Price range: 131.60$ - 187.29$

FEMSA: Dominance in beverages and retail

Fomento Económico Mexicano (FEMSA) with a capitalization of 583.28 billion MXN is recognized as the largest Coca-Cola bottler worldwide. Its presence extends to 17 countries, operating in beverages, retail, restaurants, and pharmacies.

In Q3 2025, consolidated revenues grew 9.1% to 214,638 million pesos, although net profit fell 36.8% to 5,838 million pesos due to exchange losses and higher financial expenses. Its high PER ratio of 38.85 reflects expectations of future growth.

Financial features:

• Capitalization: 583.28 billion MXN
• Dividend yield: 7.4%
• Price range: 174.48$ - 180.00$

América Móvil: Multinational telecommunications

América Móvil with a capitalization of 70.75 billion USD operates as the largest telecom company in the Americas and seventh worldwide. Present in 23 countries with over 323 million users, it is controlled by Grupo Carso under Carlos Slim’s ownership.

During Q3 2025, it recorded revenues of 232,920 million pesos (+4.2% year-over-year) with net profit of 22,700 million pesos. The analyst consensus maintains a “Buy” recommendation with an average target price of 21,323 MXN over the next 12 months.

Market data:

• Capitalization: 70.75 billion USD
• Price range: 32,800.00$ - 35,160.00$
• Annual range: 15,675.00$ - 40,000.00$

Macroeconomic Dynamics Driving the Market

Monetary stability and prudent fiscal policy

Mexican inflation has fallen to near 3.5% annually, allowing the Bank of Mexico to implement gradual interest rate cuts without compromising stability. This price moderation environment has stabilized financial conditions compared to previous years, benefiting both companies and investors.

Peso strength and reduction of operational costs

The exchange rate has shown notable resilience during 2025. The Mexican peso has moved within controlled ranges, avoiding sharp depreciations even during episodes of increased trade tension. For listed companies, this exchange rate stability has reduced operational cost pressures and improved profit margins.

Nearshoring as a structural growth factor

The continuous influx of investment related to nearshoring continues to strengthen the economy. Companies seek to diversify their supply chains, positioning Mexico as a strategic destination. This phenomenon supports both the growth of large corporations and market confidence.

Considerations for Investment Strategy

The performance of the S&P/BMV IPC in 2025 presents a revealing contrast: while U.S. investors have faced years of moderate or negative returns, the Mexican market has delivered double-digit gains. This divergence is especially notable considering that the re-election of Donald Trump and the imposition of 25% tariffs on Mexican products initially generated pessimistic expectations.

For diversified investors, a balanced portfolio could combine:

• Exposure to Mexican stocks: Capturing growth in resilient sectors
• Selective participation in U.S. assets: Maintaining presence in a larger economy
• Local bonds from both economies: Reducing volatility through fixed-income instruments

This combination allows leveraging performance differences between markets while mitigating trade, monetary, and geopolitical risks, offering a more solid outlook amid significant changes.

Conclusion

Companies listed on the Mexican stock exchange continue demonstrating adaptability and value creation in a challenging environment. With a base of 145 listed companies and leadership from giants like Grupo México, Walmart de México, FEMSA, Banorte, and América Móvil, the Mexican stock market offers real opportunities for investors seeking diversification beyond saturated markets. The combination of macroeconomic stability, attractive valuations across multiple sectors, and structural growth prospects positions Mexico as a relevant alternative in global portfolios for 2025 and beyond.