The Mexican stock market in 2025: Which publicly traded companies are driving the economy?

The Mexican Stock Exchange (BMV) represents the epicenter of Mexican stock market activity, being the second most important exchange in Latin America. Through it, companies traded across multiple segments—stocks, derivatives, fixed income, and investment funds—operate, forming a financial ecosystem that reflects the pulse of the Mexican economy. The publicly traded companies listed here are fundamental to understanding the country’s macroeconomic performance.

The size and structure of the Mexican equity market

Although Mexico has two stock exchanges—BMV and BIVA (Bolsa Institucional de Valores)—, its market is relatively compact. Currently, 145 companies operate in the Mexican stock market, of which 140 are domestic. This concentration of assets in few companies is characteristic of the market: the main stock index, the S&P/BMV IPC, includes only 35 companies that represent approximately 80% of the total market value.

The BMV was established in 1978 following the merger of three regional stock exchanges: Mexico City, Western in Guadalajara, and Monterrey. It belongs to Grupo BMV, which also controls MexDer and Indeval, consolidating an integrated financial services ecosystem.

S&P/BMV IPC: The market thermometer

The Price and Quotation Index (S&P/BMV IPC) is the primary performance indicator of the largest and most liquid companies on the Mexican stock exchange. This index is reviewed semiannually (in March and September) and is calculated in real time, weighted by market capitalization.

Its main features:

• Number of components: 35 leading companies
• Average capitalization: MXN 221.939 billion per component
• Capitalization range: From MXN 17.882 million to MXN 1.279 trillion
• Concentration: The top 10 companies account for 71.6% of the index
• Most weighted company: Holds 12.4% of the index

Regarding recent performance, the index has gained 21.7% over the past 12 months, outperforming major U.S. indices. With annualized returns of 29% (1 year), 15% (5 years), and 6.44% (10 years), it demonstrates the resilience of the Mexican market.

Sector distribution of the index:

• Consumer staples: 30.9%
• Materials: 26.2%
• Industrials: 12.3%

The five giants leading the market

Five publicly traded companies dominate the Mexican stock market landscape, accounting for 44.2% of the total market capitalization and 55.8% of the S&P/BMV IPC index. Their combined performance is indicative of the overall financial health of the country.

Walmart de México: Dominant retail

Walmart de México SAB de CV leads the retail sector with a market cap of MXN 1.10 trillion. Since its founding in 1958 by Jerónimo Arango, the company has expanded through warehouses, hypermarkets, and supermarkets in Mexico and Central America.

Financial metrics:

• Current price: $61.43 - $63.97
• Annual range: $50.79 - $67.34
• Average volume: 25.45 million shares
• P/E ratio: 21.86
• Dividend yield: 3.83%

In Q2 2025, sales reached MXN 246,253.8 million, up from MXN 227,415.1 million the previous year. Net profit was MXN 11,226.9 million. Barron’s recommends an “overweight” position in the stock.

América Móvil: Global telecommunications

América Móvil SAB de CV is the largest telecommunications company in the Americas, operating in 23 countries with over 323 million users. Its market capitalization reaches USD 70.75 billion.

Market indicators:

• Price range: MXN 32,800 - MXN 35,160
• Annual range: MXN 15,675 - MXN 40,000
• Average volume: 587 million shares
• Structure: Controlled by Grupo Carso (Carlos Slim)

In Q3 2025, it reported revenues of MXN 232,920 million, showing a year-over-year growth of 4.2%. Net income reached MXN 22,700 million. The analytical consensus maintains a “Buy” recommendation with a target price of MXN 21,323.

Grupo México: Mining and transportation

Grupo México, founded in 1978, operates through three strategic divisions: Minera México (third largest copper producer in the world), Transportation (with the largest rail fleet in the country), and Infrastructure. Its market cap is MXN 1.27 trillion.

Recent performance:

• Price: MXN 158.68 - MXN 162.51
• Annual range: MXN 91.08 - MXN 167.85
• Average volume: 7.96 million shares
• P/E ratio: 17.71
• Dividend yield: 2.71%

In Q3 2025, revenues grew 11% to USD 4.59 billion, while net profit surged over 50%, reaching USD 1.29 billion. The average analytical target price is MXN 149.42.

FEMSA: Beverages, retail, and pharmacies

Fomento Económico Mexicano SAB de CV (FEMSA) is the largest Coca-Cola bottler worldwide, with presence in retail, restaurants, and pharmacies in Mexico and 17 other countries. Its market cap is MXN 583.28 billion.

Stock data:

• Price: MXN 174.48 - MXN 180.00
• Annual range: MXN 156.00 - MXN 212.11
• Average volume: 2.46 million shares
• P/E ratio: 38.85
• Dividend yield: 7.4%

In Q3 2025, consolidated revenues increased 9.1% to MXN 214,638 million, though net profit fell 36.8% to MXN 5,838 million due to exchange losses. Analytical recommendations favor buying.

Banorte: Financial leadership

Grupo Financiero Banorte SAB de CV, founded in 1992, is Mexico’s second-largest bank with 22 million clients, over 1,000 branches, and 7,000 ATMs. Its market cap is MXN 534.70 billion.

Stock indicators:

• Price: MXN 178.03 - MXN 186.44
• Annual range: MXN 131.60 - MXN 187.29
• Average volume: 6.53 million shares
• P/E ratio: 9.02
• Dividend yield: 7.30%

In Q3 2025, net income was MXN 13,008 million, a 9% year-over-year decline. Nonetheless, the analytical consensus maintains a “Overweight” recommendation.

Macroeconomic context: 2025 in perspective

The Mexican economy is experiencing a year of significant changes. After Donald Trump’s return to the U.S. presidency, tariffs of 25% on Mexican goods were implemented, causing episodes of market volatility. However, the impact has been moderate thanks to structural factors: strong domestic consumption, investment related to nearshoring, and resilience of the Mexican peso.

Inflation has fallen to around 3.5% annually, allowing Banco de México to gradually start cutting interest rates. Although core inflation remains above target, financial conditions have stabilized considerably.

The exchange rate has shown particular stability, avoiding sharp depreciations even during moments of increased trade tension. This behavior has significantly reduced pressures on operational costs for companies listed on the Mexican stock exchange.

Investment opportunity in emerging markets

The performance of the S&P/BMV IPC raises a question for international investors traditionally focused on the United States. With a 21.7% gain over 12 months, far outperforming stagnant or negative U.S. indices, Mexico emerges as an attractive alternative.

The publicly traded companies comprising the Mexican market—led by Walmart, América Móvil, FEMSA, Grupo México, and Banorte—have demonstrated adaptability in a complex environment. Their resilience is based on diversified business models, regional presence, and structural competitive advantages.

A balanced portfolio strategy could combine selective exposure to Mexican stocks, presence in U.S. assets, and local bonds from both economies. This approach allows capturing performance differentials while mitigating trade, monetary, and geopolitical risks, especially relevant in 2025 given the institutional change landscape in the region.