BMV 2025: These 5 giants are driving the Mexican stock market to break through upward

Mexico’s stock market performance this year has been truly remarkable. As of mid-November, the S&P/BMV IPC index has risen approximately 21.7%, not only far surpassing the three major US indices but also giving a hard lesson to investors who only focus on US stocks. Behind this rally are structural changes in the Mexican financial market and strong performances from key companies.

The Five Giants Supporting Half the BMV

On Mexico’s main exchange, BMV, there are 145 listed companies (including 140 domestic Mexican firms), but the true power lies with those major enterprises. Data shows that just five companies contribute 44.2% of BMV’s total market capitalization, with their weight in the S&P/BMV IPC index reaching 55.8%.

These five key companies are: Walmart Mexico (WALMEX), América Móvil (AMX), Grupo México (GMEXICO B), FEMSA, and Grupo Financiero Banorte (GF NORTE). Their stock price movements largely determine the overall index direction.

The Absolute Main Player in Retail: Walmart Mexico

As the undisputed leader in Mexico’s retail industry, Walmart Mexico achieved a market value of 1.10 trillion Mexican pesos last year. The company has a vast store network across Central America, ranging from discount stores to supermarkets, hypermarkets, and membership stores.

In Q2 this year, Walmart Mexico’s revenue reached 246.254 billion pesos, up 8.7% year-over-year. Although net profit declined compared to the same period last year (from 12.51 billion to 11.227 billion pesos), its dominant position in the consumer sector remains solid. Investment analysts maintain a buy rating. Its current stock price oscillates between $61 and $64, with a dividend yield of 3.83%.

Telecom Giant América Móvil: A Communication Hub Covering 23 Countries

América Móvil is the undisputed king of Latin America’s telecom market, serving over 323 million users across 23 countries in the Americas and Europe. As the largest telecom operator in the region, it offers not only traditional mobile services but also advertising, call centers, and tower operations.

In Q3 2025, América Móvil’s revenue reached 232.92 billion pesos, up 4.2% year-over-year, with net profit of 22.7 billion pesos. The company’s current market cap is $70.75 billion, with its stock price fluctuating between 32,800 and 35,160 pesos in USD terms. Analysts are generally optimistic about its future, with a 12-month average target price of 21,323 pesos.

Mining and Infrastructure Double Engines: Grupo México

Founded in 1978, Grupo México is a diversified corporate giant with three main business segments: mining, transportation, and infrastructure. Its mining division is Mexico’s largest mining company and the third-largest copper producer globally; its transportation division controls Mexico’s largest railway fleet.

In Q3 2025, the group’s revenue grew 11% to $4.59 billion, with net profit soaring over 50%, surpassing $1.29 billion. Its current market value is 1.27 trillion pesos, with stock prices between $158 and $163, and a dividend yield of 2.71%. Despite historical controversies over environmental and safety issues, its market performance remains strong.

Consumer and Beverage Empire: FEMSA

Founded in 1890, FEMSA is a veteran multinational headquartered in Monterrey, known as the world’s largest Coca-Cola bottler. Its business extends into beverages, retail, foodservice, and pharmacy sectors, with a solid operational network in 17 countries.

In Q3, FEMSA’s revenue increased 9.1% to 21.464 billion pesos, but due to exchange rate losses and rising financial costs, net profit declined 36.8% quarter-over-quarter to 5.838 billion pesos. Its current market cap is 58.328 billion pesos, with a stock price between $174 and $180, a P/E ratio of 38.85, and a dividend yield of 7.4%. Market analysts are generally optimistic about its medium-term prospects.

Financial Services Pillar: Banorte Group

As Mexico’s second-largest banking group, Banorte was established in 1992, operating under the Banorte and Ixe brands. The financial institution has 22 million clients, over 1,000 branches, and 7,000 ATMs, and is also Mexico’s oldest pension fund manager (Afores).

In Q3, Banorte posted a net profit of 13.008 billion pesos, down 9% year-over-year. Despite this, its current market cap is 53.47 billion pesos, with stock prices between $178 and $186, a P/E ratio of only 9.02, and a dividend yield of 7.3%, making it the lowest valuation among the five giants. Investment circles generally maintain a buy rating.

The Numerical Portrait of the BMV Index

As a barometer of Mexico’s financial market, the S&P/BMV IPC index comprises 36 major companies, representing about 80% of the total market cap. In 2025, the index has broken through the key levels of 63,000-64,000 points, reflecting market stability and sustained investor interest.

Sector-wise, the largest weights are in Consumer Staples (30.9%), Materials (26.2%), and Industrials (12.3%). Historically, the 10-year annualized return is 6.44%, the 5-year is 15%, and this year has already achieved a 29% annualized return, demonstrating strong growth momentum.

Why the Mexican Stock Market is Worth Watching in 2025

Rather than viewing Mexico’s stock market performance this year as a black swan event, it is better understood as the result of multiple factors working together.

Nearshoring Wave Accelerates: As global trade patterns shift, multinational companies are speeding up the transfer of capacity and investment to Mexico, injecting new growth momentum into local enterprises.

Resilient Consumption Support: Although the 25% tariffs implemented by the Trump administration created short-term uncertainty, strong domestic consumption in Mexico has been enough to offset external pressures.

Friendly Monetary Policy Shift: With inflation falling to around 3.5%, the Mexican central bank has begun to gradually cut interest rates, improving the financing environment and benefiting companies and consumers.

Exchange Rate Stability: The peso has shown remarkable resilience this year, remaining relatively stable amid international trade frictions, reducing exchange rate risks for Mexican companies.

Investment Perspective: How to Position

For investors accustomed to only allocating to US stocks, 2025 is a good time to reassess emerging market opportunities. An ideal cross-regional investment portfolio could be constructed as follows:

Core Allocation: Choose the largest-cap, most liquid stocks among major Mexican companies to gain core exposure to the BMV market.

Stable Allocation: Maintain a position in leading US stocks to achieve hedged, stable returns.

Fixed Income: Simultaneously allocate to local bonds in both economies to benefit from yield differentials and manage geopolitical and exchange rate risks.

This hybrid strategy allows capturing regional opportunities while effectively reducing risks from a single market, enhancing the resilience of the investment portfolio.

In an era of global economic uncertainties, flexible asset allocation is becoming key to steady returns.