10 companies listed on the Mexican stock exchange: An analysis of the corporations shaping the market in 2025

The Current Context of the Mexican Stock Market

Mexico’s economy in 2025 unfolds within a landscape of selective opportunities. With the S&P/BMV IPC accumulating gains close to 21.7% over the past 12 months, Latin America’s second-largest stock exchange has outperformed major U.S. indices. This behavior reflects the resilience of Mexican corporations in the face of international trade challenges and the growing attraction of nearshoring as an investment catalyst.

The main stock index comprises 35 components, where the ten largest companies by market capitalization account for approximately 71.6% of the total value. Currently, 145 companies operate in the Mexican capital markets, although 140 are domestic, highlighting the importance of large corporations in the country’s economic dynamics.

The Fundamentals of the Mexican Stock Exchange

The BMV represents an integrated ecosystem where stocks, derivatives, fixed-income instruments, and exchange-traded funds converge. As an institution belonging to Grupo BMV —which also controls MexDer and Indeval— it functions as a thermometer of the national economic performance.

The S&P/BMV IPC, the main stock indicator, is reviewed semiannually (March and September) and is calculated in real-time with weighting based on market capitalization. Since its launch on October 30, 1978, it has recorded an annualized return of 29% in the last year, 15% over five years, and 6.44% over a decade. The leading sectors in its composition are consumer staples (30.9%), materials (26.2%), and industrials (12.3%).

The Corporations Driving the Market: A Breakdown of the Main Players

Grupo México: The Mexican Mining Giant

With a capitalization of 1.27 billion MXN, Grupo México operates three strategic divisions: mining, rail transportation, and infrastructure. Its Mining Division is recognized as the third-largest copper producer worldwide and the largest in Mexico.

In Q3 2025, the company reported revenues of 4.590 billion dollars (increase of 11%) and net income that grew over 50%, reaching 1.290 billion dollars. The price of its Class B shares fluctuates between 158.68 and 162.51 dollars, with a PER ratio of 17.71 and a dividend yield of 2.71%. According to analysts at Investing.com, the average target price is 149.42 MXN, suggesting a potential correction of 6.9%.

Walmart de México: Leadership in Retail and Distribution

As a leading company in the retail sector, Walmart de México manages warehouses, hypermarkets, supermarkets, and discount clubs with a dominant presence in Mexico and Central America. Its market capitalization reaches 1.10 billion MXN.

In Q2 2025, sales totaled 246.253.8 million pesos (compared to 227.415.1 million in Q2 24), although net income decreased to 11.226.9 million from 12.510.1 million in the previous period. Shares trade between 61.43 and 63.97 dollars, with a PER ratio of 21.86 and a dividend yield of 3.83%. Barron’s maintains a “overweight” recommendation for the company.

América Móvil: Global Expansion in Telecommunications

This telecommunications multinational, controlled by Grupo Carso of magnate Carlos Slim, operates in 23 countries across America and Europe with over 323 million users. It positions itself as the largest telecommunications company on the American continent and the seventh worldwide.

América Móvil’s market capitalization is 70.75 billion USD. In Q3 2025, it recorded revenues of 232.920 billion Mexican pesos (year-over-year growth of 4.2%) and net income of 22.700 billion pesos. The consensus of analysts at Investing.com maintains a “Buy” recommendation with an average target price of 21.323 MXN for the next 12 months.

FEMSA: Beverages and Integrated Retail Trade

FEMSA, founded in 1890 in Monterrey, operates as a leading Coca-Cola bottler worldwide and maintains a significant presence in beverages, retail, and restaurants. The company operates in 17 countries, including Argentina, Brazil, Chile, Colombia, Germany, and Switzerland.

With a capitalization of 583.28 billion MXN, FEMSA reported consolidated revenues of 214.638 billion pesos in Q3 (growth of 9.1%), although net income fell 36.8% to 5.838 billion pesos due to exchange effects and financial expenses. The PER ratio is 38.85 with a dividend yield of 7.4%. Available analyses suggest a “Buy” position.

( Grupo Financiero Banorte: Mexican Financial Intermediation

Banorte, founded in 1992 and based in San Pedro Garza García, operates as Mexico’s second-largest bank. It has 22 million clients, over 1,000 branches, and 7,000 ATMs. It is also the longest-standing administrator of retirement funds )fondo de retiro###.

Its market capitalization amounts to 534.70 billion MXN. In Q3 2025, it reported a net result of 13.008 billion pesos, representing a 9% year-over-year decline. The PER ratio is 9.02 with a dividend yield of 7.30%. Barron’s assigns an “Overweight” recommendation to the stock.

Investment Outlook: Opportunities in the Mexican Market

The concentration in the top ten companies (71.6% of the index) simplifies risk assessment for investors. The five largest corporations —Walmart de México, América Móvil, Grupo México, FEMSA, and Banorte— account for 44.2% of the total market capitalization and 55.8% of the S&P/BMV IPC value.

Market performance in 2025 reflects the adaptability of Mexican corporations to global trade changes. The peso has shown resilience within narrow ranges, reducing pressures on operating costs. Near 3.5% annual inflation has allowed gradual rate reductions by Banco de México, improving financial conditions.

For diversified portfolios, combining exposure to Mexican equities with selective presence in U.S. assets and bonds from both economies enables capturing performance differences while mitigating trade, monetary, and geopolitical risks. Although smaller than developed markets, the Mexican market offers attractive relative returns in contexts of higher global volatility.