2025: 5 Mexican company stocks that dominate the stock market - Where is the money?

The stock market in Mexico is experiencing a notable movement in 2025. While U.S. indices are stagnating or retreating, the S&P/BMV IPC has accumulated a gain of nearly 21.7% over the past 12 months. Behind this exceptional performance are leading companies whose shares account for the bulk of market capitalization and define the direction of the Mexican financial market.

Market Overview: Key Numbers

The Mexican Stock Exchange (BMV) remains the second-largest exchange in Latin America, but its structure is highly concentrated. Of the 145 companies listed on the market, only 36 make up the main stock index (S&P/BMV IPC), representing approximately 80% of the total market value.

The S&P/BMV IPC index, reviewed twice a year (March and September), is weighted by market capitalization. Its components range in market cap from 17.882 billion MXN to 1,279.282 billion MXN, with an average capitalization of 221.939 billion MXN. In terms of sectors, three dominate the index: consumer staples (30.9%), materials (26.2%), and industrials (12.3%).

Index performance over different horizons:

• 1 year: +29%
• 5 years: +15% annualized
• 10 years: +6.44% annualized

The 5 Largest Company Stocks: Who Leads

Five Mexican corporations account for nearly 44% of the entire market capitalization of the Mexican Stock Exchange. Together, they represent 55.8% of the value of the S&P/BMV IPC index, establishing the pillars on which the market rests.

1. Grupo México - Mining in the Spotlight

Market Cap: 1.27 B MXN | Price: 158.68 $ - 162.51 $ | PER: 17.71 | Dividend: 2.71%

Grupo México operates as a diversified conglomerate with three main divisions: Mining, Transportation, and Infrastructure. Its mining division is the largest in the country and the third-largest copper producer globally. In Q3 2025, revenues grew 11% to $4.590 billion, while net profit surged over 50%, reaching $1.290 billion.

Analyst consensus projects an average target price of 149.42 MXN, suggesting a potential decline of –6.9%. However, its solid operational performance maintains institutional interest.

2. Walmart de México - Retail with Momentum

Market Cap: 1.10 B MXN | Price: 61.43 $ - 63.97 $ | PER: 21.86 | Dividend: 3.83%

Founded in 1958 by Jerónimo Arango, this company has become an undisputed leader in retail trade in Central America. Its operational model includes hypermarkets, supermarkets, and discount clubs.

In Q2 2025, sales reached 246,253.8 million pesos (vs. 227,415.1 million in Q2 2024). Net profit was 11,226.9 million pesos compared to 12,510.1 million in the previous comparable period. Barron’s maintains a “Overweight” recommendation for Walmart de México shares.

3. América Móvil - Borderless Telecommunications

Market Cap: 70.75 billion USD | Price: 32,800 $ - 35,160 $ | Average Volume: 587

América Móvil is the largest telecommunications company in the Americas and the seventh worldwide. It operates in 23 countries with over 323 million users, offering mobile telephony, call center operations, and ownership of communication towers.

In Q3 2025, it reported revenues of 232.920 billion Mexican pesos (+4.2% year-over-year) and net income of 22.700 billion pesos. The analyst consensus recommends “Buy” with an average target price of 21,323 MXN for the next 12 months.

4. Fomento Económico Mexicano (FEMSA) - Beverages and Integrated Retail

Market Cap: 583.28 billion MXN | Price: 174.48 $ - 180.00 $ | PER: 38.85 | Dividend: 7.4%

FEMSA, founded in 1890, is the world’s largest Coca-Cola bottler and operates in beverages, retail, restaurants, and pharmacies. Its geographic presence extends to 17 countries in America and Europe.

In Q3 2025, consolidated revenues grew 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. Despite this setback, analysts maintain a “Buy” recommendation.

5. Grupo Financiero Banorte - Banking and Pensions

Market Cap: 534.70 billion MXN | Price: 178.03 $ - 186.44 $ | PER: 9.02 | Dividend: 7.30%

Banorte, founded in 1992, is Mexico’s second-largest bank. It operates under the brands Banorte and Ixe, offering savings accounts, credit cards, loans, mortgages, and commercial services. With 22 million clients, over 1,000 branches, and 7,000 ATMs, it is also the longest-standing pension fund administrator (fondos de pensión).

In Q3 2025, it posted a net income of 13.008 billion pesos (-9% year-over-year). Barron’s maintains an “Overweight” recommendation.

The Macroeconomic Context Supporting Company Stocks

The Mexican macroeconomic environment in 2025 presents favorable characteristics for investors. Although Donald Trump has returned to the U.S. presidency and imposed a 25% tariff on Mexican products, the impact on the Mexican market has been moderate.

Inflation continues to decline and is near 3.5% annually, allowing the Bank of Mexico to begin gradual interest rate cuts. The peso’s exchange rate has shown resilience, moving within a limited range and avoiding sharp depreciations. For Mexican companies, this has reduced pressures on operational costs.

Nearshoring — relocating supply chains from Asia to Latin America — continues to boost foreign direct investment into Mexico. This capital flow has strengthened domestic consumption and expanded business opportunities for multinational companies based in the country.

Investment Opportunities in Mexican Company Stocks

For investors who have historically concentrated their assets in U.S. markets, 2025 presents a strategic rethinking scenario. The S&P/BMV IPC has clearly outperformed the main U.S. indices, which remain flat or in negative territory.

A balanced strategy could combine:

• Mexican stocks: Exposure to companies in consumer, telecommunications, and mining sectors with solid fundamentals
• Local bonds: Fixed-income instruments in MXN and USD to diversify exchange rate risk
• Selective presence in U.S. assets: To avoid completely abandoning developed markets

This combination captures performance differences, reduces business and geopolitical risks, and offers investors a more robust horizon amid significant changes. The concentration of market cap in five large companies facilitates fundamental analysis and informed investment decision-making.