Companies listed on the Mexican Stock Exchange 2025: A Guide for Investors in Latin America's Most Dynamic Market

In 2025, the Mexican Stock Exchange positions itself as a market of opportunities for those seeking to diversify their portfolio beyond the United States. With a performance that surprises by outperforming major U.S. indices, the S&P/BMV IPC has accumulated an increase of nearly 21.7% in the last 12 months, establishing itself as an attractive alternative in an uncertain global economic environment.

The Mexican Stock Exchange: Second largest financial power in Latin America

The Mexican Stock Exchange (BMV) is Mexico’s primary capital market and the second largest stock exchange in Latin America, after Brazil. It is the fifth most important on the American continent and is part of Grupo BMV, which also manages MexDer (derivatives market) and Indeval (central securities depository).

The BMV 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. Since then, it has evolved to offer multiple financial instruments such as stocks, derivatives, fixed income, and exchange-traded funds (ETFs), attracting both domestic and foreign investors.

How many companies are listed on the Mexican Stock Exchange?

Currently, 145 companies are listed on the Mexican stock exchange, of which 140 are of Mexican origin. This relatively modest number reflects that the Mexican capital market is small compared to the size of its economy, especially considering that the five largest companies in the U.S. market exceed the total value of the entire Mexican Stock Exchange by more than 15 times.

Despite its size, the Mexican market is characterized by a high concentration of value in a few companies. The main market indicator, the S&P/BMV IPC Index (S&P/BMV IPC), groups the 36 largest listed companies, which represent just 25% of the total number of listed companies but account for approximately 80% of the total market value.

Main indicator: The S&P/BMV IPC

The S&P/BMV IPC is the thermometer of the Mexican market. This index is weighted by market capitalization and is reviewed semiannually (in March and September) to reflect the current market composition. Its key metrics reveal:

• Number of components: 35 companies
• Average market capitalization: 221.939 million MXN
• Range of market capitalization: From 17.882 to 1,279.282 million MXN
• 1-year annualized return: 29%
• 5-year annualized return: 15%
• 10-year annualized return: 6.44%

The index weighting highlights the importance of certain sectors. The top three sectors by weight are: consumer staples (30.9%), materials (26.2%), and industrials (12.3%). The top 10 companies account for 71.6% of the total index weight, while the company with the largest weight represents 12.4% of it.

Companies driving the Mexican market: Leader analysis

The five largest companies listed on the Mexican stock exchange —Walmart de México, América Móvil, Grupo México, Fomento Económico Mexicano (FEMSA), and Grupo Financiero Banorte— represent approximately 44.2% of the total market capitalization of the BMV. In the S&P/BMV IPC index, these same companies account for around 55.8% of the value, confirming their structural role as pillars of the Mexican financial market.

( Walmart de México: Retail leadership

Walmart de México SAB de CV is the country’s largest retailer, operating warehouses, discount stores, hypermarkets, supermarkets, and clubs with a prominent presence in Mexico and Central America. Founded by Jerónimo Arango in 1958, the company has solidified its position by attracting millions of customers through a strategy of product variety and competitive prices.

Market data )as of November 11, 2025(:

• Market capitalization: 1.10 T MXN
• Price range: 61.43 $ - 63.97 $
• Annual range: 50.79 $ - 67.34 $
• PER ratio: 21.86
• Dividend yield: 3.83%

In Q2 2025, Walmart de México reported sales of 246,253.8 million pesos compared to 227,415.1 million in the same period of 2024, although its net profit decreased to 11,226.9 million pesos from 12,510.1 million in Q2 24. Barron’s maintains a “Overweight” recommendation for the company.

) América Móvil: Telecommunications powerhouse

América Móvil, S.A.B. de C.V. is a multinational telecommunications company headquartered in Mexico City, operating in 23 countries across the Americas and Europe, serving more than 323 million users. It is positioned as the largest telecom company in the Americas and the seventh worldwide in terms of subscribers. In addition to mobile telephony, it offers advertising services, call center operations, and owns communication towers. The company is controlled by Grupo Carso, whose majority shareholder is Carlos Slim.

Market data (as of November 11, 2025):

• Market capitalization: 70.75 billion USD
• Price range: 32,800.00 $ - 35,160.00 $
• Annual range: 15,675.00 $ - 40,000.00 $

In Q3 2025, América Móvil posted revenues of 232,920 million Mexican pesos, representing a year-over-year growth of 4.2%. Its net income reached 22,700 million Mexican pesos. The consensus of analysts from Investing.com maintains a “Buy” recommendation with an average target price of 21,323 MXN.

Grupo México: Mining and transportation

Grupo México is a conglomerate founded in 1978 that operates in three main divisions: Minera México, Grupo México Transportes, and Grupo México Infraestructura. Its mining division is the largest mining company in Mexico and the third-largest copper producer in the world, while its transportation division operates the country’s most important railway fleet.

Market data (as of November 11, 2025):

• Market capitalization: 1.27 B MXN
• Price range: 158.68 $ - 162.51 $
• Annual range: 91.08 $ - 167.85 $
• PER ratio: 17.71
• Dividend yield: 2.71%

In Q3 2025, Grupo México increased its revenues by 11% to 4.59 billion dollars, while its net profit soared over 50%, reaching 1.29 billion dollars. Barron’s assigns an average target price of 8.33 USD for the Class B shares with a “Sell” rating.

FEMSA: Beverages, retail, and restaurants

Fomento Económico Mexicano S.A.B. de C.V. (FEMSA) is Mexico’s largest multinational in the beverage sector, being the main bottler of Coca-Cola worldwide. Founded in 1890 in Monterrey, FEMSA is also a leader in retail, restaurants, and pharmacies, with presence in 17 additional countries beyond Mexico.

Market data ###as of November 11, 2025(:

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

In Q3 2025, FEMSA’s total consolidated revenues grew by 9.1% to 214,638 million pesos, but net income fell 36.8% to 5,838 million pesos due to exchange losses and higher financial expenses. Investment analysis maintains a “Buy” recommendation.

) Banorte: Leading financial institution

Grupo Financiero Banorte, S.A.B. de C.V. is the second-largest banking institution in Mexico and Latin America, founded in 1992 and headquartered in San Pedro Garza García. Banorte operates under the brands Banorte and Ixe, offering products such as savings accounts, credit cards, loans, mortgages, and commercial services. With 22 million clients, over 1,000 branches, and 7,000 ATMs, Banorte is also the oldest pension fund administrator in the country.

Market data ###as of November 11, 2025(:

• Market capitalization: 534.70 billion MXN
• Price range: 178.03 $ - 186.44 $
• Annual range: 131.60 $ - 187.29 $
• PER ratio: 9.02
• Dividend yield: 7.30%

In Q3 2025, Banorte reported a net income of 13,008 million pesos, a 9% year-over-year decline. However, Barron’s assigns an “Overweight” recommendation )Overweight(.

Macroeconomic context: Why 2025 is different

The Mexican economy in 2025 shows resilience amid a complex international environment. Following Donald Trump’s return to the U.S. presidency, the initial episodes of volatility stemming from trade measures have had a moderate impact on Mexico thanks to strong domestic consumption and the steady inflow of investment related to nearshoring )relocation of manufacturing from Asia to Latin America###.

Inflation continues to decline, approaching around 3.5% annually, allowing the Bank of Mexico to begin rate cuts. The monetary authority maintains a cautious tone because core inflation is still above the target. The Mexican peso has shown resilience, moving within a limited range without significant abrupt depreciations, even during moments of heightened trade tension.

The S&P/BMV IPC has grown around 21% so far in 2025, remaining near 63,000–64,000 points, reflecting the stability of the main companies listed on the stock exchange and the increasing interest of foreign investors in Mexico as an investment destination.

Investment opportunity: Strategic diversification

For investors who have concentrated most of their assets in the United States, 2025 presents a real opportunity to rebalance their strategies. The performance of the Mexican market contrasts notably with that of major U.S. indices, which remain flat or in negative territory.

This positive surprise occurs despite an environment that seemed unfavorable with the implementation of 25% tariffs on Mexican products and geopolitical uncertainty. The Mexican Stock Exchange has demonstrated resilience supported by nearshoring, robust domestic consumption, and strong performance of leading companies like América Móvil, FEMSA, and Grupo México.

A balanced strategy can combine exposure to Mexican stocks, selective presence in U.S. assets, and local bonds from both economies. This combination allows capturing performance differences and mitigating trade, monetary, and geopolitical risks, offering investors a more robust horizon in a year of significant transformations for global markets.