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Alsea USD

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

Sector: Restaurants

MX_ALSEA

Price chart

52.8 MXNDay 1.77%

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
52.8 MXN · 1.77%
Market cap
2.3 bn USD

Growth

Δ revenue y/y
8.7%
Δ EBITDA y/y
49.5%

Multiples

P/E (LTM)
22.0x
3y avg: 26.1x
P/B (FY)
4.6x
P/E (ann.)
18.0x
EV/EBITDA (LTM)
3.9x
3y avg: 4.1x
EV/EBITDA (ann.)
3.8x

Cash return

Dividend yield
1.9%
FCF yield (LTM)
54.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
+110.0%
↓ details

Liquidity

Daily turnover (listing)
56.4 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 M USD, 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-09-30Q3 2026 (3M)OK1231.1
y/y 8.7%
122.9
y/y 28.4%
130.1
y/y 77.1%
252.9
y/y 49.5%
31.3
y/y 13.7%
778.4-67.64483.9
y/y —
523.6
y/y —
25.1%1621.9Link
2026-06-30Q2 2026 (3M)OK1211.6
y/y 10.2%
120.7
y/y 10.2%
127.8
y/y 88.0%
248.5
y/y 40.0%
30.5
y/y -46.2%
26.0-56.04483.2
y/y 2.7%
476.7
y/y 7.4%
25.1%1686.2Link
2026-03-31Q1 2026 (3M)OK1132.0
y/y 15.2%
92.2
y/y 18.8%
126.0
y/y 97.5%
218.2
y/y 54.3%
5.0
y/y -54.9%
128.8-48.34419.6
y/y 10.4%
497.5
y/y 14.7%
4.1%1649.4Link
2025-12-31Q4 2025 (3M)OK1209.6
y/y —
147.7
y/y —
138.2
y/y —
285.8
y/y —
35.7
y/y —
547.3-93.94467.7
y/y 12.6%
486.8
y/y 8.8%
—1574.2Link
2025-09-30Q3 2025 (3M)PARTIAL1132.0
y/y —
95.7
y/y —
73.4
y/y —
169.1
y/y —
27.6
y/y —
199.6-65.0—
y/y —
—
y/y —
—≈ 1590.0Report (PDF)
2025-06-30Q2 2025 (3M)OK1099.2
y/y —
109.5
y/y —
68.0
y/y —
177.4
y/y —
56.7
y/y —
191.4-64.04365.4
y/y —
444.0
y/y —
51.7%1590.0Report (PDF)
2025-03-31Q1 2025 (3M)OK982.7
y/y —
77.6
y/y —
63.8
y/y —
141.4
y/y —
11.2
y/y —
49.9-50.94001.8
y/y —
433.8
y/y —
10.1%2380.3Report (PDF)
2024-12-31FY 2024 (12M)ERR4338.2
y/y 3.2%
454.8
y/y 1.4%
479.0
y/y 3.2%
933.8
y/y 2.4%
42.2
y/y -74.9%
785.2-353.73968.7
y/y -13.2%
447.3
y/y -12.4%
8.8%1135.1Link
2023-12-31FY 2023 (12M)OK4204.9
y/y —
448.4
y/y —
463.9
y/y —
912.3
y/y —
167.7
y/y —
869.0-279.64570.0
y/y —
510.9
y/y —
—1060.7Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)149
Long-term debt (incl. LT leases)1 823
− Cash & equivalents350
Net debt1 622

Net debt / LTM EBITDA: 1.6x

Conversion to USD. Balance sheet: rate effective on 2026-09-30, fixing date unspecified. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-07-01 — 2026-09-30. Source: Frankfurter historical request.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0005 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

0%20%40%60%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-20002004006008002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

05001 0001 5002 0002 5002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

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 2026-09-30): 14.45x of profit came back as operating cash flow.
net debt / EBITDA 1.9x · 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: +110.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (253 − 169) × 3.98
333
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (2 256 + 1 622) ÷ 1 005
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
= -32 + 0 + 374 − 0
342
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (333 × 6.4 + 342) ÷ 2 256
+110.0%

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

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).

Peer comparison

Group: consumer (Mexico). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
El Puerto de Liverpool, S.A.B. de C.V.Mexico7.24.3x
Grupo Bimbo, S.A.B. de C.V.Mexico14.36.1x
Walmart de México y Centroamérica, S.A.B. de C.V.Mexico45.17.9x
Arca Continental (AC)Mexico19.88.2x
Coca-Cola FEMSA, S.A.B. de C.V.Mexico24.29.4x
Fomento Economico Mexicano (FEMSA)Mexico42.59.7x
Group median8.0x
Group average7.6x
This companyMexico2.23.9x

Group median 8.0x; this company 3.9x — a 52% discount.

Group average 7.6x; against the average this company is at a 49% discount.

At the adjusted group median the market cap would be +183% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.6x, Russia 3.8x, South Africa 5.5x, Kazakhstan 6.3x, India 17.8x, Indonesia 4.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-29; the company's own is live.

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 22.0x (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 4.6x.
What is Alsea's dividend yield?
Alsea's trailing 12-month dividend yield is 1.9%.
What is Alsea's return on equity (ROE)?
Alsea's ROE is 25.1%.
What is Alsea's market capitalization?
Alsea's market cap is 2.3 bn USD.

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