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Alsea MXN

At a glance: strengths & risks
✓Revenue growing (+7%)✓Profit growing (+225%)✗Margins compressing (22%→19%)

Sector: Restaurants

MX_ALSEA

Price chart

40.4 MXNDay -0.27%

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
40.4 MXN · -0.27%
Market cap
32.4 bn MXN

Growth

Δ revenue y/y
0.3%
Δ EBITDA y/y
34.4%

Multiples

P/E (LTM)
13.7x
3y avg: 26.8x
P/B (FY)
3.7x
P/E (ann.)
90.8x
EV/EBITDA (LTM)
4.0x
3y avg: 4.2x
EV/EBITDA (ann.)
4.0x

Cash return

Dividend yield
3.8%
FCF yield (LTM)
58.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+99.3%
↓ details

Liquidity

Daily turnover (listing)
10.8 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
2026-03-31Q1 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%
2.3-0.879.6
y/y -2.5%
9.0
y/y 0.7%
4.0%29.7Link
2025-12-31Q4 2025 (3M)OK22.0
y/y 6.0%
2.7
y/y 1.4%
2.5
y/y 1.9%
5.2
y/y 1.6%
0.7
y/y 201.2%
10.0-2.080.3
y/y -2.5%
8.7
y/y -5.7%
28.7%28.3Link
2025-09-30Q3 2025 (3M)OK21.0
y/y 1.4%
1.8
y/y -6.6%
1.4
y/y -39.3%
3.1
y/y -24.3%
0.5
y/y 6729.4%
3.7-1.281.5
y/y -4.0%
8.7
y/y 13.8%
8.0%-4.7Report (PDF)
2025-06-30Q2 2025 (3M)OK21.5
y/y 11.5%
2.1
y/y 10.1%
1.3
y/y -35.2%
3.5
y/y -13.2%
1.1
y/y 691.1%
3.7-1.382.3
y/y 5.0%
8.4
y/y 18.4%
51.3%30.0Report (PDF)
2025-03-31Q1 2025 (3M)OK20.0
y/y 10.1%
1.6
y/y -11.2%
1.3
y/y -33.4%
2.9
y/y -22.8%
0.2
y/y -43.7%
1.0-1.081.6
y/y 10.2%
8.9
y/y 34.9%
10.0%48.6Report (PDF)
2024-12-31Q4 2024 (3M)ERR20.8
y/y —
2.7
y/y —
2.5
y/y —
5.1
y/y —
0.2
y/y —
6.8-2.582.3
y/y 6.3%
9.3
y/y 7.2%
9.1%23.5Link
2024-09-30Q3 2024 (3M)OK20.7
y/y 6.5%
1.9
y/y -1.4%
2.2
y/y 12.4%
4.2
y/y 5.6%
0.0
y/y -98.5%
3.2-1.784.9
y/y 16.0%
7.6
y/y -13.5%
0.1%25.0Link
2024-06-30Q2 2024 (3M)OK19.3
y/y 1.6%
1.9
y/y 11.3%
2.1
y/y -2.1%
4.0
y/y 4.0%
0.1
y/y -64.3%
2.7-1.478.4
y/y 8.3%
7.1
y/y -15.2%
8.2%22.3Link
2024-03-31Q1 2024 (3M)OK18.2
y/y —
1.8
y/y —
2.0
y/y —
3.7
y/y —
0.4
y/y —
1.6-0.974.1
y/y —
6.6
y/y —
21.2%19.5Link
2023-12-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——77.4
y/y —
8.7
y/y —
34.1%18.0Link
2023-09-30Q3 2023 (3M)OK19.5
y/y —
1.9
y/y —
2.0
y/y —
3.9
y/y —
0.5
y/y —
3.0-1.373.2
y/y —
8.8
y/y —
7.7%19.4Link
2023-06-30Q2 2023 (3M)OK18.9
y/y —
1.7
y/y —
2.1
y/y —
3.8
y/y —
0.4
y/y —
2.7-0.972.4
y/y —
8.4
y/y —
—17.9Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)4 140
Long-term debt (incl. LT leases)30 817
− Cash & equivalents5 248
Net debt29 709

Net debt / LTM EBITDA: 1.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05 00010 00015 00020 0002023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-40%-20%0%20%40%2023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-2 00002 0004 0006 0008 0002023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-20 000020 00040 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

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, 5.18x.
year202320242025
cash flow / profit5.18x18.62x7.38x
accruals, % of assets-16.1%-16.4%-19.8%
Last twelve months (to 2026-03-31): 8.35x of profit came back as operating cash flow.
net debt / EBITDA 1.7x · 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.

Fundamental value creation

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

Value created per year: +99.9%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (3 874 − 2 882) × 4.05
4 018
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (32 440 + 29 709) ÷ 15 688
4.0x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (4.0 + 9) ÷ 2
6.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 18 850 + 0 + 6 350 − 0
6 350
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (4 018 × 6.5 + 6 350) ÷ 32 440
+99.9%

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.

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

Frequently asked questions

What is Alsea's P/E ratio?
Alsea trades at a P/E of 13.7x (price to trailing 12-month earnings).
What is Alsea's EV/EBITDA?
Alsea trades at 4.0x EV/EBITDA.
What is Alsea's P/B ratio?
Alsea trades at a P/B of 3.7x.
What is Alsea's dividend yield?
Alsea's trailing 12-month dividend yield is 3.8%.
What is Alsea's return on equity (ROE)?
Alsea's ROE is 4.0%.
What is Alsea's market capitalization?
Alsea's market cap is 32.4 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