Main companies listed on the Mexican Stock Exchange: Investment Guide 2025

The Mexican Market in 2025: An Opportunity for Diversification

The Mexican Stock Exchange (BMV) positions itself as the second-largest in Latin America and the fifth in the American continent, establishing itself as an attractive destination for investors seeking to diversify their portfolios beyond U.S. markets. With 145 companies currently listed and a market capitalization concentrated in key sectors, the BMV has demonstrated remarkable resilience during 2025, accumulating gains close to 21.7% over the past 12 months.

This performance significantly surpasses the main U.S. indices, which remain relatively flat. For those who have historically concentrated their investments in North American assets, the Mexican stock exchange presents a real opportunity to rebalance positions and capture differentiated returns.

The Five Largest Companies Driving the Market

The Mexican stock market landscape is dominated by five leading companies that together account for approximately 44.2% of the total market capitalization. These corporate giants represent 55.8% of the value of the country’s main stock index, the S&P/BMV IPC, making them essential references for any investment strategy in Mexico.

Walmart de México: Leading Retailer in Central America

With a capitalization of 1.10 billion Mexican pesos, Walmart de México SAB de CV is the largest retailer in the region. Founded in 1958 by Jerónimo Arango, the company manages an extensive network that includes warehouses, discount stores, hypermarkets, and supermarkets with a significant presence in Mexico and Central America.

In the second quarter of 2025, the company reported sales of 246,253.8 million pesos compared to 227,415.1 million in the same period last year. However, net profit declined to 11,226.9 million pesos from 12,510.1 million in Q2 24. With a current price between $61.43 and $63.97, a PER ratio of 21.86, and a dividend yield of 3.83%, the stock is viewed positively by Barron’s, which maintains a “overweight” recommendation.

Grupo México: Mining and Transportation Conglomerate

Grupo México leads the market with a capitalization of 1.27 billion Mexican pesos, positioning itself as the largest company listed on the Mexican stock exchange. Founded in 1978, this conglomerate operates through three strategic divisions: Minera México, Transportation, and Infrastructure, establishing itself as the third-largest copper producer worldwide and operator of the country’s largest rail fleet.

During Q3 2025, revenues grew by 11% to reach $4.59 billion, while net income increased by over 50% to $1.29 billion. Class B shares trade in a range of $158.68 to $162.51 with a PER ratio of 17.71 and a dividend yield of 2.71%.

América Móvil: Multinational Telecommunications

América Móvil, S.A.B. de C.V., operates as the largest telecommunications company in the Americas with a market capitalization of $70.75 billion. Present in 23 countries across America and Europe with over 323 million users, it ranks as the seventh-largest telecom company worldwide by subscription count.

In Q3 2025, the company recorded revenues of 232,920 million Mexican pesos, representing a year-over-year growth of 4.2%, with a net profit of 22,700 million pesos. Shares trade between 32,800 and 35,160 pesos, reflecting institutional confidence. The analyst consensus collected by Investing.com maintains a “Buy” recommendation with an average target price of 21,323 pesos over the next 12 months.

FEMSA: Beverages, Retail, and Integrated Pharmacies

Fomento Económico Mexicano S.A.B. de C.V. (FEMSA) with a capitalization of 583.28 billion pesos leads the beverage, retail, restaurant, and pharmacy sectors. Founded in 1890, it operates as the world’s largest Coca-Cola bottler and has a presence in 17 international countries.

During Q3 2025, total revenues grew by 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. Trading between $174.48 and $180.00, with a PER ratio of 38.85 and the highest dividend yield among the five (7.4 %), the stock maintains a “Buy” recommendation.

Banorte: Financial and Banking Institution

Grupo Financiero Banorte, with a capitalization of 534.70 billion pesos, ranks as the second-largest banking institution in Mexico and Latin America. Operating from San Pedro Garza García since 1992, it has 22 million clients, over 1,000 branches, and 7,000 ATMs.

In Q3 2025, it posted a net result of 13,008 million pesos, a 9% year-over-year decline. Nonetheless, analysts maintain a “Overweight” recommendation. With prices between 178.03 and 186.44 dollars, a PER ratio of 9.02 (the lowest in the group), and a dividend yield of 7.30%, it represents the most conservative option with the best relative valuation.

Market Structure: S&P/BMV IPC Index

The Price and Quotation Index is the definitive thermometer of the Mexican market, comprising the 35-36 largest and most liquid companies. Weighted by market capitalization, it is reviewed biannually in March and September, with real-time calculation since October 1978.

Sector concentration is notable: consumer staples account for 30.9%, materials 26.2%, and industrials 12.3%. Regarding company weighting, the most important company accounts for 12.4% of the index, while the top ten companies accumulate 71.6% of the total weight, reflecting a highly concentrated structure.

Annualized returns show volatility depending on the horizon: 29% in 1 year, 15% in 5 years, and 6.44% in 10 years. Market capitalization ranges from 17.882 billion pesos for smaller companies to 1,279.282 billion for the largest, with an average of 221.939 billion pesos.

Macroeconomic Context: Stability in Times of Uncertainty

2025 presents a complex but favorable outlook for Mexico. The return of Donald Trump to the U.S. presidency initially caused episodes of volatility, with the imposition of 25% tariffs on Mexican products. However, the impact has remained moderate thanks to favorable structural factors.

Inflation continues to decline and is close to 3.5% annually, allowing the Bank of Mexico to begin gradual interest rate cuts. Although core inflation remains above the target range, the monetary outlook has become more favorable for stock assets. The exchange rate has shown notable resilience, moving within narrow ranges without suffering abrupt depreciations even during moments of trade tension, reducing pressures on Mexican corporate operating costs.

The nearshoring phenomenon continues to drive foreign direct investment, while domestic consumption remains strong. The S&P/BMV IPC has grown about 21% so far in 2025, consolidating at levels of 63,000 to 64,000 points, reflecting sustained interest from international investors in Mexico as an investment destination.

Portfolio Outlook: Balanced Mix for 2025

For investors with portfolios historically concentrated in U.S. markets, the current balance offers a strategic window for repositioning. The BMV has demonstrated resilience superior to major North American indices, with sectors such as consumer staples, telecommunications, and mining showing outstanding performance.

A balanced strategy can combine three components: selective exposure to Mexican stocks through leading companies, moderate presence in U.S. assets for diversification, and local bonds from both economies. This combination allows capturing performance differentials, reducing trade and currency risks, and strengthening defense against geopolitical volatility.

The Mexican stock exchange offers sophisticated investors a tangible opportunity for diversification in a context where regional emerging markets show relative strength and attractive valuations compared to their global peers.