Mexican companies listed on the stock exchange: The giants driving the market in 2025

Mexico’s Stock Market Boom in 2025: A Surprising Market

By mid-2025, the investment landscape has shifted unexpectedly. While major U.S. indices remain flat or in negative territory, the Mexican Stock Exchange has accumulated a return of nearly 21.7% over the past 12 months. This performance has attracted global attention, especially considering an international context marked by 25% trade tariffs on Mexican products and Donald Trump’s re-election. The inevitable question is: what is driving this bullish movement?

The answer lies in a combination of factors: the strengthening of nearshoring, robust domestic consumption, and the exceptional performance of leading market players. The S&P/BMV IPC, the country’s main stock market indicator, trades around 63,000–64,000 points, reflecting both the stability of leading corporations and renewed interest from foreign investors in Mexico as an investment destination.

Macroeconomic Outlook: Monetary Stability and Favorable Financial Conditions

The strength of the Mexican market does not come from nowhere. Inflation has fallen to near 3.5% annually, allowing the Bank of Mexico to implement gradual interest rate cuts. Although core inflation remains above target ranges, the Central Bank maintains a cautious approach that has enabled more stable financial conditions than in previous periods.

The exchange rate has also shown remarkable resilience. The Mexican peso has remained within a controlled range throughout 2025, avoiding sharp depreciations even during moments of trade tension. For Mexican companies listed on the stock exchange, this behavior has significantly reduced operational cost pressures and facilitated better visibility of future earnings.

Market Structure: Concentration and Opportunities

The Mexican Stock Exchange hosts approximately 145 listed companies, of which 140 are Mexican. However, the market structure reveals high concentration: the top 10 corporations account for nearly 70% of the main index’s value, and the five largest companies account for around 55.8% of the S&P/BMV IPC index.

This pattern of concentration, although typical of emerging markets, creates an interesting dynamic: investors in the main Mexican companies listed on the exchange manage to capture a significant representation of the national economic performance. Leading companies operate in strategic sectors such as basic consumption (30.9% of the index), materials (26.2%), and industry (12.3%), making them reliable proxies for assessing the country’s economic health.

The Five Pillars of the Mexican Stock Market

Walmart de México: Retail Leadership

Walmart de México, founded in 1958 by Jerónimo Arango, dominates the retail sector with a market capitalization of 1.10 trillion pesos. The company operates multiple retail formats—from discount stores to hypermarkets and shopping clubs—extending its influence throughout Central America.

Recent performance reinforces its privileged position. In Q2 2025, sales reached 246,253.8 million pesos, surpassing the 227,415.1 million from the previous year. The dividend yield of 3.83% attracts income-focused investors, while Barron’s maintains a “overweight” recommendation, indicating confidence in its growth trajectory.

América Móvil: Global Telecom Power

América Móvil represents the heavyweight in communications with a market capitalization of 70.75 billion dollars. Operating in 23 countries across America and Europe with over 323 million users, the corporation is positioned as the largest telecommunications company on the American continent and seventh worldwide.

Controlled by Grupo Carso—whose main shareholder is Carlos Slim—, América Móvil generates diversified revenues through mobile telephony, advertising, call centers, and tower operations. In Q3 2025, it reported revenues of 232,920 million Mexican pesos, representing a 4.2% year-over-year growth. Analysts recommend “Buy” with an average target price of 21,323 MXN over the next 12 months.

Grupo México: Mining and Transportation Leader

Founded in 1978, Grupo México operates three main divisions: Mining, Transportation, and Infrastructure. Its Mining Division is the largest mining company in Mexico and the third-largest copper producer worldwide. Its Transportation Division controls the country’s most important railway fleet. The market capitalization reaches 1.27 trillion pesos.

In Q3 2025, revenues grew 11% to 4.59 billion dollars, while net profit surged over 50%, reaching 1,290 million dollars. This accelerated growth reflects both global copper demand and operational efficiency. However, analysts project an approximate 6.9% decline with a target price of 149.42 MXN.

FEMSA: Diversification in Beverages, Retail, and Foodservice

FEMSA, founded in 1890 in Monterrey, has positioned itself as the world’s largest Coca-Cola bottler. With a market capitalization of 583.28 billion pesos, the corporation diversifies its presence across beverages, retail, and foodservice, operating in 17 countries besides Mexico.

Q3 2025 showed mixed growth: total consolidated revenues increased 9.1% to 214,638 million pesos, but net profit fell 36.8% to 5,838 million pesos, mainly due to exchange losses and higher financial expenses. Despite this quarterly setback, the dividend yield of 7.4% and the “Buy” recommendation from analysts maintain confidence in its potential.

Banorte: Financial Strength

Banorte, the second-largest bank in Mexico and Latin America, was founded in 1992 and is headquartered in San Pedro Garza García. It has 22 million clients, over 1,000 branches, and 7,000 ATMs. Its market capitalization is 534.70 billion pesos.

In Q3 2025, Banorte reported a net result of 13,008 million pesos, reflecting a 9% year-over-year decline. Despite this setback, Barron’s analysis maintains an “Overweight” recommendation, highlighting the defensive position of the financial sector during times of economic uncertainty. The dividend yield of 7.30% and a P/E ratio of 9.02 make its shares attractive for value investors.

Investment Opportunities in Mexican Companies Listed on the Stock Exchange

For investors who have concentrated portfolios in U.S. assets for years, 2025’s performance presents a real opportunity for strategic rethinking. A balanced portfolio can combine exposure to Mexican listed companies, selective presence in U.S. assets, and local bonds from both economies.

This mix allows capturing performance differences between markets, diversifying trade and currency risks, and protecting against geopolitical volatility. The main Mexican companies listed on the exchange—through sectors like consumer goods, telecom, and mining—offer sufficient scale and liquidity to form the basis of a defensive strategy with moderate upside potential.

The 2025 context suggests that Mexico has transitioned from a speculative market to a key investment destination, supported by structural nearshoring and strong domestic consumption.