The most noteworthy companies to watch in 2025 for investing in the Mexican Stock Exchange

The Mexican Stock Exchange (BMV) is the epicenter of the capital markets in Mexico, offering access to more than 145 listed companies. In 2025, a handful of corporate entities lead market movements, representing approximately 44% of the entire stock market capitalization. For those seeking Mexican companies to invest in, these firms are the true movers of the country’s economy.

The five corporations dominating the Mexican market

Five major conglomerates —Walmart de México, América Móvil, Grupo México, FEMSA, and Banorte— concentrate the bulk of the market value. Together, these Mexican companies for investment account for more than 55% of the main index, the S&P/BMV IPC, establishing themselves as the structural pillars of the market. Keeping a close watch on these corporations provides a fairly accurate snapshot of Mexico’s overall financial health, given the high level of market concentration.

Walmart de México: Leading retail

Walmart de México SAB de CV positions itself as the company with the highest market capitalization in 2025, reaching 1.10 billion Mexican pesos. Founded by Jerónimo Arango in 1958, the company operates under various formats including department stores, hypermarkets, supermarkets, and discount clubs, with reach extending to Mexico and Central America.

In the second quarter of this year, the retailer’s consolidated sales reached 246,253.8 million pesos, compared to 227,415.1 million in the same period of 2024. This figure reflects continuous growth, although net profit showed a contraction, decreasing from 12,510.1 million pesos in Q2 2024 to 11,226.9 million in 2025.

Financial metrics:

• Current price range: $61.43 - $63.97
• Annual range: $50.79 - $67.34
• PER ratio: 21.86
• Dividend yield: 3.83%

Barron’s rating maintains a “Overweight” recommendation for this stock, suggesting a buy level above the market average.

América Móvil: Continental telecommunications

América Móvil S.A.B. de C.V. is the second Mexican company to invest in by market capitalization, with a market value of $70.75 billion USD. This multinational operates in 23 countries across America and Europe, serving over 323 million users, positioning as the leading telecom operator in the American continent.

Controlled by Grupo Carso under the leadership of Carlos Slim, the company demonstrated operational strength in 2025. During the third quarter, it recorded revenues of 232,920 million Mexican pesos, showing a year-over-year growth of 4.2%. Net income stood at 22,700 million pesos.

Performance indicators:

• Market capitalization: 70.75 billion USD
• Price range: 32,800 - 35,160 pesos
• Annual range: 15,675 - 40,000 pesos
• Average volume: 587 million

The analyst consensus on Investing.com favors a “Buy” recommendation, with an average target price of 21,323 MXN over the next twelve months.

Grupo México: Mining and rail transport

Grupo México SAB de CV, founded in 1978, operates three strategic divisions: Minera México, Grupo México Transportes, and Infrastructure. Its mining division is the largest mining company in the country and the third-largest copper producer worldwide, while its transport branch manages Mexico’s largest rail fleet.

In the third quarter of 2025, Grupo México experienced significant results. Revenues grew by 11%, reaching $4,590 million, while net profit surged over 50%, reaching $1,290 million.

Stock parameters:

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

The average target price set by analysts on Investing.com is 149.42 MXN, indicating an approximate downside potential of -6.9%. Barron’s assigns a target price of $8.33 USD with a “Under/Sell” rating.

FEMSA: Beverages, retail, and pharmacies

Fomento Económico Mexicano S.A.B. (FEMSA) consolidates as a leader in three key sectors: beverages, retail, and pharmacies. Founded in 1890 in Monterrey, the corporation is the world’s largest Coca-Cola bottler, with active presence in 17 additional countries beyond Mexico.

During the third quarter of 2025, consolidated revenues grew by 9.1%, totaling 214,638 million pesos. However, net profit declined by 36.8%, reaching 5,838 million pesos, due to exchange losses and increased financial expenses.

Market data:

• 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%

As of November 2025, specialized analysis portals maintain a “Buy” recommendation for FEMSA.

Banorte: Comprehensive financial services

Grupo Financiero Banorte S.A.B. de C.V., established in 1992 and based in San Pedro Garza García, ranks second among Mexico’s four largest banks. The entity operates under the brands Banorte and Ixe, serving 22 million clients through over a thousand branches and 7,000 ATMs nationwide.

In the third quarter of 2025, Banorte reported a net income of 13,008 million pesos, a 9% year-over-year decline. Despite this quarterly setback, the analyst consensus maintains an average “Overweight” recommendation according to Barron’s.

Financial indicators:

• 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%

The S&P/BMV IPC index: Market thermometer

The Price and Quotation Index represents the 36 largest Mexican companies with the highest liquidity on the stock exchange. This index, weighted by market capitalization and reviewed semiannually in March and September, accounts for 25% of total listed companies but concentrates about 80% of the total value.

Index structure:

• Weighting by market cap: Method used
• Components: 35 companies
• Minimum capitalization: 17.882 billion MXN
• Maximum capitalization: 1.279 trillion MXN
• Average capitalization: 221.939 billion MXN

Historical performance:

• 1-year annualized return: 29%
• 5-year annualized return: 15%
• 10-year annualized return: 6.44%

Sector distribution shows significant concentration: consumer staples dominate with 30.9%, followed by materials at 26.2%, and industrials at 12.3%. The top ten companies account for 71.6% of the total index weight, with the largest company representing 12.4%.

Mexican economic context 2025: A year of resilience

The Mexican macroeconomic outlook in 2025 unfolds in an international environment of increased uncertainty, especially after Donald Trump’s return to the U.S. presidency. Early trade measures caused regional volatility episodes, but the impact on Mexico has remained moderate thanks to strong domestic consumption and continued investment related to nearshoring.

Inflation has continued its downward trajectory, approaching around 3.5% annually, allowing the Bank of Mexico to begin gradual interest rate cuts. However, the monetary authority maintains a cautious stance as core inflation remains above the target.

The exchange rate has shown notable resilience. The peso has maintained a range-bound trajectory, avoiding sharp depreciations even during moments of heightened trade tension. This behavior has eased operational cost pressures for Mexican corporations.

Stock market performance: An exceptional year

The S&P/BMV IPC has gained nearly 21.7% over the past twelve months, clearly outperforming the flat or negative performance of major U.S. indices. This result is particularly significant given the challenging environment marked by Trump’s re-election and the application of 25% tariffs on Mexican products.

The resilience of the Mexican stock market is supported by several pillars: ongoing nearshoring, strong domestic consumption, and outstanding performance of leading companies like América Móvil, FEMSA, and Grupo México. The index remains near 63,000 - 64,000 points, reflecting the stability of major issuers and foreign investor interest in Mexico as an investment destination.

Investment strategy for 2025

For those who have historically concentrated their portfolios in U.S. assets, 2025 presents a relevant opportunity to rebalance their strategy. The year’s surprise has come from the Mexican market, where performance has exceeded expectations in a challenging international context.

A balanced portfolio can incorporate selective exposure to the Mexican companies analyzed here, complemented by holdings in quality U.S. assets and sovereign bonds from both economies. This combination allows capturing performance differences while mitigating trade, monetary, and geopolitical risks.

Although the Mexican market’s total capitalization is significantly lower than its U.S. counterparts, it offers diversification and return opportunities over a medium-term horizon. The concentration in a few large corporations, while involving concentration risk, also facilitates analysis and monitoring of key companies driving the national economy.