2025 Mexican Stock Market Corporate Value Investing: Why Focus on Bolsa Mexicana de Valores?

This year, global investors are re-evaluating emerging markets. The performance of the Mexican stock market in 2025 is enough to change many people’s perceptions of the Latin American market.

Although the Bolsa Mexicana de Valores (BMV) is smaller than the New York Stock Exchange, as Latin America’s second-largest exchange, it is becoming a new focus for traders seeking diversification. As of November 2025, there are 145 listed companies on the BMV, of which 140 are Mexican domestic firms, and the market-leading S&P/BMV IPC index has risen over 21% in the past 12 months, far outperforming major U.S. stock indices during the same period.

Structure and Opportunities in the Mexican Stock Market

The Bolsa Mexicana de Valores consists of multiple trading segments, including the cash market, derivatives market (MexDer), and fixed income market. The S&P/BMV IPC is the market’s benchmark index, composed of 35 constituent stocks covering various sectors from consumer goods to mining and telecommunications.

Structurally, the market is highly concentrated: the top 10 listed companies account for 71.6% of the index weight, indicating strong industry leaders and relatively manageable risk. Over the past five years, the index has achieved an annualized return of 15%; over the past decade, 6.44%. These figures reflect that, despite cyclical fluctuations, Mexican companies have maintained a relatively stable capacity to create long-term value.

The Five Major Companies Driving the Market

Currently, five giants are the main drivers of growth in the Bolsa Mexicana de Valores. These five companies together account for 44.2% of BMV’s total market capitalization, with a weight of 55.8% in the S&P/BMV IPC.

Retail Leader: Walmart de México

As one of Latin America’s largest retail companies, Walmart de México leads with a market cap of 1.10 trillion Mexican pesos. The company operates thousands of stores across Mexico and Central America, including discount stores, supermarkets, and hypermarkets. In Q2 2025, its sales increased by 8.2% year-over-year to 246.25 billion pesos, although net profit declined by 10.3% YoY. Nonetheless, its retail empire’s scale and customer base remain the foundation of investor confidence. Barron’s maintains an “overweight” rating on the stock, indicating its value in a portfolio.

Telecom Empire: América Móvil

With a market cap of $70.75 billion, América Móvil is one of the world’s largest telecom groups, serving over 323 million users across 23 countries in the Americas and Europe. Its Q3 earnings showed revenue growth of 4.2% to 2.329 trillion pesos, with net profit of 227 billion pesos, maintaining a stable growth trend. Controlled by Carlos Slim’s Grupo Carso, the company receives “buy” ratings from multiple analysts.

Mining and Infrastructure Giant: Grupo México

With a market cap of 1.27 trillion pesos, Grupo México performed remarkably in 2025. As the world’s third-largest copper producer, its mining, transportation, and infrastructure divisions achieved revenue growth of 11% in Q3, reaching $4.59 billion, with net profit soaring over 50% YoY to $1.29 billion. Although analysts anticipate a 6.9% downside risk, its strong fundamentals cannot be ignored.

Beverage and Retail Conglomerate: FEMSA

FEMSA (Fomento Económico Mexicano), valued at 58.328 billion pesos, exemplifies Mexico’s business empire. As the world’s largest Coca-Cola bottler, FEMSA has extensive operations in beverages, retail, foodservice, and pharmacies across 17 countries. In Q3, revenue grew 9.1% to 2.146 trillion pesos, despite a 36.8% decline in net profit to 5.838 billion pesos due to exchange losses. Its dividend yield remains high at 7.4%, making it attractive for investors seeking stable cash flow.

Financial Services Leader: Grupo Financiero Banorte

As Mexico’s second-largest bank, Banorte has a market cap of 53.470 billion pesos, serving 22 million clients with over 1,000 branches and 7,000 ATMs. In Q3, net profit was 13.008 billion pesos, down 9% YoY, but its position as the country’s oldest pension fund manager remains unshaken. Barron’s rates it as “overweight,” with a P/E ratio of only 9.02, indicating attractive relative valuation.

Why 2025 Is a Key Moment to Focus on Mexican Corporate Value?

The macro environment provides clear support. In 2025, despite increased policy uncertainty in the U.S. (e.g., Trump’s tariffs), the Mexican economy shows resilience. Inflation has fallen back to an annual rate of 3.5%, and the central bank has begun to ease monetary policy gradually. The peso remains stable, avoiding significant depreciation, which benefits companies’ cost control.

More importantly, the nearshoring trend is accelerating. An increasing number of companies seeking alternatives to Chinese manufacturing are shifting to Mexico, creating long-term growth opportunities for local manufacturing and infrastructure firms.

Market performance shows that the S&P/BMV IPC index rose over 21% in 2025, while the three major U.S. indices remained flat or declined during the same period. This relatively strong performance is partly driven by the stable earnings of the five major companies and partly by optimistic future outlooks.

Investment Considerations and Practical Strategies

For investors heavily weighted in U.S. stocks for years, this is a good time to adjust the investment structure. A balanced allocation could include: Mexican blue-chip stocks, selected U.S. assets, and local bonds from both markets. Such diversification allows investors to share in growth from different markets while hedging against currency, trade, and geopolitical risks.

Although the Bolsa Mexicana de Valores is relatively small (total market cap less than 1/15 of the top five U.S. companies), its stock quality, dividend yields, and valuation attractiveness make it a meaningful addition to global asset allocation.

Key Data Highlights:

• 5-year annualized return of S&P/BMV IPC: 15%
• Top five companies’ market cap share: 44.2%
• Number of index constituents: 35
• Index gain in 2025: 21%+
• Total listed companies: 145

For investors aiming to capture emerging market opportunities in the second half of 2025, understanding these Mexican companies’ value will be the foundation for making informed decisions.