Financial Market Leaders: Which Are the Most Important Companies on the Mexican Stock Exchange in 2025?

The Mexican Stock Exchange represents the heart of the Mexican capital market, being the second largest in Latin America and the fifth in the American continent. Although Mexico has two stock exchanges — the BMV and BIVA — the Mexican Stock Exchange concentrates most of the trading activity and is the main reference for domestic and international investors seeking exposure to the Mexican market.

Understanding the Structure of the Mexican Market

The Mexican Stock Exchange was established in 1978 through the merger of three regional exchanges: the Mexico Stock Exchange in Mexico City, the Western Exchange in Guadalajara, and the Monterrey Exchange. This consolidation created a single, robust platform for trading stocks, derivatives, fixed income, and exchange-traded funds.

However, the Mexican capital market remains relatively small compared to the size of the national economy. Only 145 companies are listed on the Mexican stock exchange, of which 140 are of Mexican origin. This concentration makes the performance of the largest companies a key determinant for the entire market.

The Price and Quotation Index (S&P/BMV IPC) acts as a market thermometer. Composed of 35 stocks weighted by market capitalization, it includes the 36 largest and most liquid companies on the Mexican stock exchange. This index is reviewed twice a year and includes firms from various sectors, with basic consumption (30.9%), materials (26.2%), and industrial (12.3%) being the three most relevant segments.

In terms of performance, the S&P/BMV IPC has shown remarkable results: 29% annualized in the last year, 15% over five years, and 6.44% over a decade. The average market capitalization of included companies reaches MXN 221.939 billion, while the dispersion is considerable: the smallest capitalization is MXN 17.882 billion and the largest exceeds MXN 1.27 trillion.

The Exceptional Performance of 2025

The macroeconomic context of 2025 has been favorable for companies listed on the Mexican stock exchange. Inflation has fallen to near 3.5% annually, allowing the Bank of Mexico to implement gradual interest rate cuts. The Mexican peso has shown resilience, remaining within a limited range and avoiding sharp depreciations even during episodes of international trade tension.

Nearshoring — relocating productive activities from Asia to Latin America — continues to be a significant catalyst for foreign investment in Mexico. This trend, combined with strong domestic consumption, has enabled Mexican companies to maintain healthy operating margins despite global uncertainties.

The performance of the Mexican stock exchange has been surprising: the S&P/BMV IPC has gained approximately 21% so far in 2025, outperforming major U.S. indices, which remain lagging. This rally is concentrated in sectors such as telecommunications, mining, and basic consumption.

The Top Five Companies Leading the Market

The five largest companies listed on the Mexican stock exchange together account for 44.2% of the total market capitalization and concentrate 55.8% of the S&P/BMV IPC index value. Their relevance is structural in the Mexican financial economy.

Grupo Financiero Banorte: The Banking Powerhouse

Banorte, founded in 1992 and based in San Pedro Garza García, is the second-largest banking institution in Mexico. It operates under the brands Banorte and Ixe, serving 22 million clients through more than 1,000 branches and 7,000 ATMs nationwide.

Its service portfolio includes savings accounts, credit cards, mortgage loans, commercial financing, and retirement fund management (afores). Banorte is also the oldest pension fund administrator in Mexico.

In Q3 2025, Banorte reported a net profit of MXN 13.008 billion, representing a 9% year-over-year contraction. Despite this decline, analyst consensus maintains a “Overweight” position on the bank’s shares.

Quote data (November 11, 2025):

• Market capitalization: MXN 534.70 billion
• Price range: MXN 178.03 - 186.44
• PER ratio: 9.02
• Dividend yield: 7.30%
• Average volume: 6.53 million

América Móvil: Borderless Telecommunications

América Móvil S.A.B. de C.V., headquartered in Mexico City, is the largest telecommunications company in the Americas and the seventh worldwide in terms of subscribers. Operating in 23 countries across America and Europe, it serves over 323 million users.

Its services include mobile telephony, call center operations, digital advertising, and ownership of communication towers. The company is controlled by Grupo Carso, with Carlos Slim as its majority shareholder and founder.

In Q3 2025, América Móvil posted revenues of MXN 232.920 billion, reflecting a 4.2% year-over-year growth. Net income reached MXN 22.700 billion. Investing.com analysts recommend “Buy,” with a mean target price of MXN 21,323 for the next 12 months.

Quote data (November 11, 2025):

• Market capitalization: USD 70.75 billion
• Price range: MXN 32,800 - 35,160
• Annual range: MXN 15,675 - 40,000
• Average volume: 587 million

Fomento Económico Mexicano (FEMSA): Global Beverages and Retail

FEMSA, founded in 1890 in Monterrey, is a Mexican multinational leader in beverages, retail, restaurants, and pharmacies. It is the largest Coca-Cola bottler worldwide and has a significant presence in 17 countries across America, Europe, and Asia.

The company is listed on both the Mexican Stock Exchange and the New York Stock Exchange, being part of major stock indices. Its integrated business model allows risk diversification and opportunity capture across multiple geographies.

Q3 2025 showed mixed results: total consolidated revenues grew 9.1% to MXN 214.638 billion, but net income fell 36.8% to MXN 5.838 billion, mainly due to exchange losses and higher financial expenses. Despite this, investment consensus recommends “Buy.”

Quote data (November 11, 2025):

• Market capitalization: MXN 583.28 billion
• Price range: MXN 174.48 - 180.00
• Annual range: MXN 156.00 - 212.11
• PER ratio: 38.85
• Dividend yield: 7.4%
• Average volume: 2.46 million

Grupo México: Mining and Transportation

Founded in 1978, Grupo México is a conglomerate operating in three strategic divisions: Minera México, Grupo México Transportes, and Grupo México Infrastructure. Its mining division is the largest in Mexico and the third-largest copper producer globally, while its transportation division operates the country’s most extensive rail fleet.

Operational performance was solid in Q3 2025: revenues increased 11% to USD 4.59 billion, and net income surged over 50% to USD 1.29 billion. This growth reflects global copper demand and operational efficiency.

However, Grupo México has faced controversies over industrial disasters, including the sulfuric acid spill in the Sea of Cortés in 2019 and the Pasta de Conchos mine collapse in 2006, which caused 65 deaths.

Quote data (November 11, 2025):

• Market capitalization: MXN 1.27 trillion
• Price range: MXN 158.68 - 162.51
• Annual range: MXN 91.08 - 167.85
• PER ratio: 17.71
• Dividend yield: 2.71%
• Average volume: 7.96 million

The average analyst target price is MXN 149.42, suggesting a potential decline of –6.9%. Barron’s assigns a “Under/Sell” rating with a target price of USD 8.33 for Class B shares.

Walmart de México: Regional Retail Power

Walmart de México S.A.B. de C.V., founded in 1958 by Jerónimo Arango, is an undisputed leader in the retail sector. It operates warehouses, discount stores, hypermarkets, supermarkets, and clubs with a significant presence in Mexico and Central America.

The company’s strategy focuses on offering a wide variety of products at competitive prices, attracting millions of customers across the region. Its multi-format business model has enabled it to reach different market segments.

In Q2 2025, total sales reached MXN 246.253.8 million, compared to MXN 227.415.1 million in the same quarter last year. Net profit was MXN 11.226.9 million, down from MXN 12.510.1 million in Q2 24, reflecting margin pressures. Barron’s maintains a “Overweight” recommendation, suggesting a buy level above the market average.

Quote data (November 11, 2025):

• Market capitalization: MXN 1.10 trillion
• Price range: MXN 61.43 - 63.97
• Annual range: MXN 50.79 - 67.34
• PER ratio: 21.86
• Dividend yield: 3.83%
• Average volume: 25.45 million

Comparative Perspective: The Top Ten Companies

In addition to the five giants mentioned, five other companies complete the elite of the Mexican stock market. These are Cemex, Grupo Aeroportuario del Pacífico, Arca Continental, Industrias Peñoles, and Grupo Aeroportuario del Sureste. Together, the ten largest companies account for nearly 70% of the S&P/BMV IPC index value, highlighting the high market concentration.

Investment Opportunities in the Global Context

For investors who have maintained concentrated portfolios in U.S. markets for years, 2025 presents an attractive opportunity to rebalance. The performance of Mexican stock exchange companies has surprised positively, driven by nearshoring, strong local consumption, and relative macroeconomic stability.

A balanced strategy may combine selective exposure to Mexican stock exchange companies with holdings in U.S. assets and bonds from both economies. This diversification allows capturing performance differences between markets, reducing currency volatility, and mitigating specific geopolitical risks.

Mexico’s market size remains modest compared to the U.S. — the top five U.S. companies exceed the total value of the Mexican Stock Exchange by more than 15 times — but its dynamic growth and attractive valuations make it worthy of attention from global investors.

In conclusion, the most prominent Mexican stock exchange companies in 2025 offer exposure to resilient sectors and an economy that has demonstrated adaptability amid international changes, providing an interesting complement to globally diversified portfolios.