Guide to the Major Companies Listed on the Mexican Stock Exchange: Investment Opportunities in 2025

One Year of Surprises in the Mexican Market

The performance of the Mexican stock market in 2025 has exceeded expectations. The main index S&P/BMV IPC has gained nearly 21.7% over the past 12 months, a figure that contrasts significantly with the weakness of the U.S. markets. This result is especially relevant considering Mexico faces a complex environment characterized by trade tariffs and a U.S. presidential re-election that initially generated uncertainty.

Market resilience rests on clear pillars: strengthening of nearshoring, solid domestic consumption, and consistent performance of its leading stock market players.

The Mexican Stock Exchange: Structure and Composition

The Mexican Stock Exchange (BMV) functions as the epicenter of the Mexican capital markets. Although Mexico has two stock platforms —the BMV and BIVA (Bolsa Institucional de Valores)—, it is the BMV that dominates trading volume and market capitalization.

With only 145 companies listed on its platforms, the Mexican market is concentrated. Of these, 140 are domestic. The main benchmark index, S&P/BMV IPC, is composed of 35 components that represent only 25% of the total issuers but account for approximately 80% of market value. This concentration reflects the structure of the Mexican economy and has direct implications for investors.

Key Features of the S&P/BMV IPC:

• Market capitalization weighting
• Composition review twice a year (March and September)
• Real-time calculation
• Foundation: October 30, 1978
• Market cap range: from 17.882 billion MXN to 1.279 quadrillion MXN
• Average capitalization: 221.939 billion MXN

Sector Distribution of the Index:

The index maintains moderate sector diversification. Consumer staples lead with 30.9% weight, followed by materials with 26.2% and industrials with 12.3%. This composition explains the market’s resilience during periods of trade volatility.

Five Giants Dominating the Mexican Market

The five main companies listed on the Mexican stock exchange represent approximately 44.2% of total market capitalization and concentrate 55.8% of the main index’s value. Their prominence is indisputable and justifies that any serious analysis of the Mexican market begins with these companies.

Walmart de México: Retail Leadership

Walmart de México SAB de CV maintains a market capitalization of 1.10 trillion MXN, positioning itself as one of the largest assets in the market. Founded in 1958 by Jerónimo Arango, the company operates multiple retail formats: hypermarkets, supermarkets, and discount clubs strategically distributed across Mexico and Central America.

In Q2 2025, consolidated sales reached 246,253.8 million pesos, representing an 8.3% year-over-year growth compared to 227,415.1 million last year. Net profit was 11,226.9 million pesos versus 12,510.1 million in the same quarter of 2024.

With a PER ratio of 21.86 and a dividend yield of 3.83%, the stock trades within an annual range of $50.79 to $67.34. Barron’s maintains a “overweight” recommendation for the issuer.

América Móvil: Telecommunications on a Continental Scale

América Móvil S.A.B. de C.V. operates as the leading telecommunications company in the Americas by subscribers, serving over 323 million users across 23 countries in America and Europe. Controlled by Grupo Carso, the multinational headquartered in Mexico City has expanded from mobile telephony to develop operations in advertising, call centers, and communications infrastructure assets.

Market capitalization reaches USD 70.75 billion. During Q3 2025, it recorded revenues of 232,920 million Mexican pesos, reflecting a 4.2% year-over-year growth. Net income was 22,700 million pesos. The average target price from analysts surveyed by Investing.com is 21.323 MXN for the next 12 months, with a general “Buy” recommendation.

Grupo México: Mining and Strategic Diversification

Grupo México S.A.B. de C.V., founded in 1978, structures its operations into three main divisions: Minera México (considered the third-largest copper producer in the world), Transportes (with the country’s largest railway fleet), and Infrastructure. Its market capitalization reaches 1.27 trillion MXN.

In Q3 2025, revenues grew 11% to USD 4.59 billion, while net profit increased over 50%, reaching USD 1.29 billion. The analyst consensus sets an average target price of 149.42 MXN, indicating a potential decline of 6.9%. With a PER ratio of 17.71 and a dividend yield of 2.71%, the stock remains attractive for long-term investors.

FEMSA: Multinational Beverage and Retail Company

Fomento Económico Mexicano S.A.B. de C.V. (FEMSA) is recognized as the world’s largest Coca-Cola bottler. Founded in 1890 in Monterrey, the multinational operates in beverages, retail, restaurants, and pharmacies with active presence in 17 countries across America and Europe, including Germany, Austria, Brazil, Chile, Colombia, and Switzerland.

Market capitalization amounts to 583.28 billion MXN. In Q3 2025, total 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. The PER ratio of 38.85 reflects a market premium valuation. With a dividend yield of 7.4%, the stock remains attractive for income-oriented investors. The current recommendation is “Buy.”

Banorte: Integrated Financial Services

Grupo Financiero Banorte S.A.B. de C.V., founded in 1992 and based in San Pedro Garza García, operates as Mexico’s second-largest bank and Latin America’s. Market capitalization is 534.70 billion MXN.

The institution serves 22 million clients through over 1,000 branches and 7,000 ATMs, complemented by 5,200 cooperating retail outlets. Banorte is also the oldest fund manager for retirement funds (Afores) in the country. During Q3 2025, it posted a net result of 13,008 million pesos, showing a 9% year-over-year decline. With a PER ratio of 9.02 and a dividend yield of 7.30%, Barron’s maintains a “Overweight” recommendation.

Macroeconomic Context: Why the Moment is Relevant

The Mexican economy in 2025 navigates a more uncertain international environment but with strengthening domestic factors. Inflation has fallen to near 3.5% annually, allowing the Bank of Mexico to begin gradual interest rate cuts. Despite this, monetary authorities remain cautious because core inflation remains above the target range.

The peso’s exchange rate has shown resilience, moving within narrow ranges throughout the year despite episodes of trade tension. This stability has reduced pressures on the operational costs of Mexican export and import companies.

For the stock market, the scenario is particularly favorable. Financial conditions have stabilized, nearshoring continues to attract productive investment, and domestic consumption maintains momentum. The S&P/BMV IPC remains near 63,000-64,000 points, reflecting confidence in the stability of the largest issuers.

Investment Outlook: A Case for Geographic Diversification

For investors who have historically concentrated their portfolios in U.S. markets, the performance of the Mexican market in 2025 presents a real opportunity for rebalancing. The S&P/BMV IPC has accumulated approximately 21.7% return over the past 12 months, clearly outperforming major U.S. indices.

A balanced strategy could combine exposure to quality Mexican stocks (represented by the five main companies), selective presence in top-tier U.S. assets, and local bonds in pesos and dollars. This mix allows capturing performance differentials while reducing exposure to trade, monetary, and geopolitical risks that disproportionately affect a single market.

The main companies listed on the Mexican stock exchange offer risk-return profiles ranging from FEMSA’s growth with high dividends, to Banorte’s defensive stability, and Grupo México’s cyclical dynamism. This diversity enables building tailored portfolios according to investor objectives and risk tolerance.