Top 10 Companies Listed on the Mexican Stock Exchange: Investment Guide for 2025

Understanding the Mexican Stock Market

The Mexican Stock Exchange (BMV) positions itself as the most important stock exchange in Mexico and the second in relevance in Latin America. This market integrates a diverse ecosystem of companies operating simultaneously across multiple segments: equities, derivatives, fixed income instruments, and exchange-traded funds (ETFs). For any investor interested in exposure to the Mexican economy, understanding the dynamics of the companies listed on the stock exchange is fundamental.

The BMV emerged from the merger of three stock market institutions: the Mexico Stock Exchange (Mexico City), the Western Stock Exchange (Guadalajara), and the Monterrey Stock Exchange, a process that was consolidated in 1978. Currently, the market structure also includes BIVA (Institutional Securities Exchange), although the BMV remains the primary trading center. The BMV Group also controls MexDer (derivatives market) and Indeval (securities depository).

Key Indicators of the Mexican Market

The S&P/BMV IPC (S&P/BMV IPC) functions as the market thermometer. This indicator groups together 35-36 of the country’s leading companies and is recalculated in real time. Its composition is reviewed semiannually (March and September), ensuring it always reflects the most relevant issuers.

Characteristics of the S&P/BMV IPC:

• Weighting method: market capitalization
• Launch date: October 30, 1978
• Annualized return (1 year): 29%
• Annualized return (5 years): 15%
• Annualized return (10 years): 6.44%
• Components: 35-36 companies
• Market cap range: between 17,882 million and 1,279,282 million MXN
• Average capitalization: 221,939 million MXN

The index concentration is significant: the largest company accounts for 12.4% of the total value, while the top ten companies hold 71.6%. This reflects a highly concentrated market with few key players.

Sector Distribution of the Market

Three sectors dominate the composition of the S&P/BMV IPC:

1. Consumer staples: 30.9% of the index weight
2. Materials: 26.2%
3. Industrial: 12.3%

This sector balance underscores the importance of companies dedicated to consumer goods, natural resources, and industrial infrastructure in the Mexican economy.

Overview of Listed Companies

Mexico’s capital market, although the second largest in Latin America, remains relatively small compared to its economic size. Currently, 145 companies are listed in total, of which 140 are Mexican. This contrasts sharply with developed markets: the five largest companies in the U.S. market have a combined value that exceeds that of the entire BMV by more than 15 times.

The S&P/BMV IPC includes about 25% of the listed companies but accounts for approximately 80% of the total market value. This characteristic makes tracking the main issuers a fairly accurate representation of the country’s overall economic performance.

Major Corporations in the Mexican Market

Grupo México: The Mining Giant

Market capitalization: 1.27 billion MXN
Ticker: GMEXICO B
Annual price range: 91.08 $ - 167.85 $
PER ratio: 17.71
Dividend yield: 2.71%

Grupo México operates as a conglomerate with various divisions: Mining, Transportation, and Infrastructure. Its mining division is the largest in the country and the third-largest copper producer worldwide. The transportation division manages Mexico’s most extensive railway network. In Q3 2025, the company reported revenues of 4,590 million dollars with an 11% growth, while net profit increased by over 50% to reach 1,290 million dollars. The analysts’ target price is 149.42 MXN.

Walmart de México: Retail Leadership

Market capitalization: 1.10 billion MXN
Ticker: WALMEX
Annual price range: 50.79 $ - 67.34 $
PER ratio: 21.86
Dividend yield: 3.83%

Walmart de México SAB de CV is the dominant retailer in the region, managing multiple store formats: discount stores, hypermarkets, supermarkets, and clubs. Founded in 1958 by Jerónimo Arango, it maintains a significant presence in Mexico and Central America. In Q2 2025, sales reached 246,253.8 million pesos (growth compared to 227,415.1 million in the same period of 2024), although net profit declined to 11,226.9 million from 12,510.1 million in Q2 2024. Barron’s assigns a “overweight” rating to the stock.

Grupo Financiero Banorte: Financial Power

Market capitalization: 534.70 billion MXN
Ticker: GF NORTE
Annual price range: 131.60 $ - 187.29 $
PER ratio: 9.02
Dividend yield: 7.30%

Banorte, founded in 1992, is Mexico’s second-largest bank. It offers a full range of services: savings accounts, credit cards, mortgage and commercial loans. The institution serves 22 million clients through over 1,000 branches and 7,000 ATMs, plus 5,200 affiliated establishments. It is notable as the oldest manager of AFORES (retirement funds). In Q3 2025, it reported a net profit of 13,008 million pesos, a 9% year-over-year decline. Analysts maintain a “overweight” recommendation.

América Móvil: Global Telecommunications

Market capitalization: 70.75 billion USD
Ticker: AMX B
Annual price range: 15,675.00 $ - 40,000.00 $

América Móvil is a multinational telecommunications company headquartered in Mexico City, operating in 23 countries across the Americas and Europe, serving over 323 million users. It ranks as the leading telecom company in the Americas and seventh worldwide. It provides mobile telephony, advertising, call centers, and owns tower infrastructure. The company is controlled by Grupo Carso, whose main shareholder is Carlos Slim.

In Q3 2025, América Móvil reported revenues of 232,920 million pesos (growth of 4.2% year-over-year) and a net profit of 22,700 million pesos. The consensus among analysts at Investing.com suggests a “Buy” recommendation with a target price of 21,323 MXN.

Fomento Económico Mexicano (FEMSA): Multiple Sectors

Market capitalization: 583.28 billion MXN
Ticker: FEMSA UBD
Annual price range: 156.00 $ - 212.11 $
PER ratio: 38.85
Dividend yield: 7.4%

FEMSA is a multinational corporation founded in 1890, leading in beverages, retail, restaurants, and pharmacies. It is the world’s largest Coca-Cola bottler and operates in 17 countries. It is listed on both the BMV and the New York Stock Exchange. In Q3 2025, consolidated revenues grew 9.1% to 214,638 million pesos, though net profit fell 36.8% to 5,838 million pesos due to exchange losses and higher financial expenses. Analysts maintain a “Buy” rating.

Macroeconomic Context: Opportunities in 2025

The Mexican economy in 2025 unfolds in a volatile international landscape marked by Donald Trump’s return to the U.S. presidency. His initial trade measures have caused regional turbulence, but the impact on Mexico has remained moderate thanks to strong domestic consumption and investment related to nearshoring (relocation of manufacturing from Asia to Mexico).

Favorable indicators:

Inflation has decreased to around 3.5% annually, allowing the Bank of Mexico to begin interest rate cuts. Although underlying inflation pressures persist, the monetary environment is more stable than in previous years. The exchange rate has shown resilience, staying within narrow ranges and avoiding sharp depreciations even during trade tensions.

For Mexican corporations, this exchange rate stability has eased operational cost pressures. The S&P/BMV IPC has advanced approximately 21% in 2025 so far, driven by sectors such as consumer staples, telecommunications, and mining. The index trades near 63,000–64,000 points.

Comparative Performance and Investor Outlook

The performance of the Mexican market in 2025 has surprised positively: the S&P/BMV IPC has gained 21.7% over the past 12 months, outperforming major U.S. indices which remain flat or in negative territory. This evolution occurs despite a 25% tariff on Mexican products.

For investors accustomed to focusing solely on U.S. assets, this presents a real opportunity for rebalancing. The resilience of the BMV is supported by nearshoring, robust domestic consumption, and strong performance of leading corporations like América Móvil, FEMSA, and Grupo México.

A balanced strategy could combine: selective exposure to high-cap Mexican stocks, strategic presence in U.S. assets, and local bonds from both economies. This diversification allows capturing yield differentials while mitigating trade, monetary, and geopolitical risks, offering a more robust investment horizon amid significant transformations.