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Alsea MXN

Alsea operates quick-service and casual dining brands (e.g. Starbucks, Domino’s, Burger King) as franchisee and owner across Mexico and LatAm.

At a glance: strengths & risks
✓Margins improving (16%→20%, Q2 2026)✗Profit falling (-52% y/y, Q2 2026)

Sector: Restaurants

MX_ALSEA

Price chart

42.98 MXNDay 0.07%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
42.98 MXN · 0.07%
Market cap
34.5 bn MXN

Growth

Δ revenue y/y
-1.8%
Δ EBITDA y/y
24.8%

Multiples

P/E (LTM)
19.4x
3y avg: 26.8x
P/B (FY)
3.9x
P/E (ann.)
16.2x
EV/EBITDA (LTM)
3.9x
3y avg: 4.2x
EV/EBITDA (ann.)
3.7x

Cash return

Dividend yield
3.6%
FCF yield (LTM)
1.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+79.9%
↓ details

Liquidity

Daily turnover (listing)
24.4 mln MXN

Shares: yahoo_fundamentals_timeseries/ALSEA.MX

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B MXN, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB MXNOperating profitB MXND&AB MXNEBITDAB MXNNet profitB MXNOperating CFB MXNCapex + M&AB MXNAssetsB MXNEquityB MXNROE (annualized)Net debtB MXNSource
2026-06-30Q2 2026 (3M)OK21.1
y/y -1.8%
2.1
y/y -1.8%
2.2
y/y 67.5%
4.3
y/y 24.8%
0.5
y/y -52.0%
0.5-1.078.3
y/y -4.8%
8.3
y/y -0.5%
24.6%29.5Link
2026-03-31Q1 2026 (3M)OK20.1
y/y 0.3%
1.6
y/y 3.5%
2.2
y/y 72.1%
3.9
y/y 34.4%
0.1
y/y -60.7%
2.3-0.979.6
y/y -2.5%
9.0
y/y 1.2%
4.0%29.7Link
2025-12-31Q4 2025 (3M)OK22.0
y/y —
2.7
y/y —
2.5
y/y —
5.2
y/y —
0.7
y/y —
10.0-1.780.3
y/y -2.5%
8.7
y/y -5.7%
—28.3Link
2025-09-30Q3 2025 (3M)PARTIAL21.0
y/y —
1.8
y/y —
1.4
y/y —
3.1
y/y —
0.5
y/y —
3.7-1.2—
y/y —
—
y/y —
—-4.7Report (PDF)
2025-06-30Q2 2025 (3M)OK21.5
y/y —
2.1
y/y —
1.3
y/y —
3.5
y/y —
1.1
y/y —
3.7-1.382.3
y/y —
8.4
y/y —
51.5%30.0Report (PDF)
2025-03-31Q1 2025 (3M)OK20.0
y/y —
1.6
y/y —
1.3
y/y —
2.9
y/y —
0.2
y/y —
1.0-1.081.6
y/y —
8.9
y/y —
10.0%48.6Report (PDF)
2024-12-31FY 2024 (12M)ERR79.0
y/y 5.6%
8.3
y/y 3.9%
8.7
y/y 5.7%
17.0
y/y 4.8%
0.8
y/y -74.3%
14.3-6.482.3
y/y 6.3%
9.3
y/y 7.2%
8.6%23.5Link
2023-12-31FY 2023 (12M)OK74.8
y/y —
8.0
y/y —
8.2
y/y —
16.2
y/y —
3.0
y/y —
15.5-5.077.4
y/y —
8.7
y/y —
—18.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)498
Long-term debt (incl. LT leases)34 457
− Cash & equivalents5 487
Net debt29 468

Net debt / LTM EBITDA: 1.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

020 00040 00060 00080 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-10%0%10%20%30%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-2 50002 5005 0007 50010 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-20 000020 00040 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 7.38x of reported net profit; after capex, 5.29x.
year202320242025
cash flow / profit5.18x18.62x7.38x
accruals, % of assets-16.1%-16.4%-19.8%
Last twelve months (to 2026-06-30): 9.21x of profit came back as operating cash flow.
net debt / EBITDA 2.0x · capex 0.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +80.3%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (4 326 − 3 467) × 3.83
3 286
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (34 512 + 29 468) ÷ 16 546
3.9x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (3.9 + 9) ÷ 2
6.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 501 + 0 + 6 569 − 0
6 569
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (3 286 × 6.4 + 6 569) ÷ 34 512
+80.3%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • net-cash rise stripped: net debt fell while EBITDA declined and no share dilution measured (likely equity raise / recapitalisation)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +7% vs +6% the year before — a +1.4 pp move. 3-year CAGR —.
revenue growth by year: 2024 +6% · 2025 +7%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-061 MXNEx-dividend: 1 MXN per sharePaidYahoo Finance (ex-div)
2025-10-130.5342 MXNEx-dividend: 0.5342 MXN per sharePaidYahoo Finance (ex-div)
2024-05-101.2 MXNEx-dividend: 1.2 MXN per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.alsea.net/inversionistas/centro-de-reportes/reportes-trimestrales.html

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Alsea — from primary filings.

Frequently asked questions

What is Alsea's P/E ratio?
Alsea trades at a P/E of 19.4x (price to trailing 12-month earnings).
What is Alsea's EV/EBITDA?
Alsea trades at 3.9x EV/EBITDA.
What is Alsea's P/B ratio?
Alsea trades at a P/B of 3.9x.
What is Alsea's dividend yield?
Alsea's trailing 12-month dividend yield is 3.6%.
What is Alsea's return on equity (ROE)?
Alsea's ROE is 24.6%.
What is Alsea's market capitalization?
Alsea's market cap is 34.5 bn MXN.

See also: Mexican Stocks (2026): Quality Value and the Nearshoring Trade · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map