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America Movil (AMX) MXN

América Móvil is a leading Latin American telecom group (mobile, fixed broadband and pay-TV) under brands such as Telcel and Claro.

At a glance: strengths & risks
✓Revenue growing (+8% y/y, Q3 2026)✗Margins compressing (40%→36%, Q3 2026)

Sector: Telecom

MX_AMX

Price chart

22.73 MXNDay 1.88%

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
22.73 MXN · 1.88%
Market cap
1376.2 bn MXN

Growth

Δ revenue y/y
7.6%
Δ EBITDA y/y
10.9%

Multiples

P/E (LTM)
15.1x
3y avg: 26.6x
P/B (FY)
3.8x
P/E (ann.)
14.2x
EV/EBITDA (LTM)
4.7x
3y avg: 4.2x
EV/EBITDA (ann.)
4.5x

Cash return

Dividend yield
2.3%
FCF yield (LTM)
10.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+21.7%
↓ details

Liquidity

Daily turnover (listing)
294.7 mln MXN

Shares: yahoo_fundamentals_timeseries/AMXB.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
2026-09-30Q3 2026 (3M)OK250.6
y/y 7.6%
59.0
y/y 17.8%
45.0
y/y 3.1%
104.1
y/y 10.9%
24.3
y/y 7.0%
——1854.7
y/y 3.4%
467.4
y/y 19.9%
21.5%483.9Link
2026-06-30Q2 2026 (3M)OK241.1
y/y 3.1%
55.1
y/y 12.9%
44.1
y/y -2.2%
99.2
y/y 5.7%
24.3
y/y 9.2%
——1810.8
y/y -0.2%
438.1
y/y -1.5%
22.3%476.9Link
2026-03-31Q1 2026 (3M)OK236.8
y/y 2.1%
50.5
y/y 12.7%
44.0
y/y -4.9%
94.5
y/y 3.8%
23.4
y/y 25.1%
24.9-21.61844.3
y/y -1.2%
436.3
y/y -1.9%
23.5%437.0Report (PDF)
2025-12-31Q4 2025 (3M)OK244.9
y/y —
48.3
y/y —
45.8
y/y —
94.1
y/y —
19.1
y/y —
85.7-45.91799.6
y/y 0.3%
362.1
y/y -1.9%
22.0%489.9Link
2025-09-30Q3 2025 (3M)OK232.9
y/y —
50.1
y/y —
43.7
y/y —
93.8
y/y —
22.7
y/y —
——1792.9
y/y —
389.8
y/y —
21.8%500.4Link
2025-06-30Q2 2025 (3M)OK233.8
y/y —
48.8
y/y —
45.1
y/y —
93.8
y/y —
22.3
y/y —
——1815.0
y/y —
444.9
y/y —
20.0%564.7Link
2025-03-31Q1 2025 (3M)OK232.0
y/y 14.1%
44.8
y/y 10.0%
46.2
y/y 16.1%
91.0
y/y 13.0%
18.7
y/y 38.6%
——1866.0
y/y 16.6%
444.8
y/y 12.9%
18.4%721.2Report (PDF)
2024-12-31FY 2024 (12M)OK—
y/y 1699.5%
—
y/y 1700.2%
—
y/y —
—
y/y 3147.1%
—
y/y 378.9%
——1793.9
y/y 14.7%
369.1
y/y —
6.0%426.7Link
2024-03-31Q1 2024 (3M)OK203.3
y/y -2.7%
40.8
y/y -7.6%
39.8
y/y 1.0%
80.6
y/y -3.6%
13.5
y/y -55.2%
——1600.9
y/y 0.5%
393.9
y/y 13.9%
—602.2Report (PDF)
2023-12-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——1564.2
y/y —
—
y/y —
—-6.5Report (PDF)
2023-03-31Q1 2023 (3M)OK208.9
y/y —
44.1
y/y —
39.4
y/y —
83.6
y/y —
30.1
y/y —
23.323.31593.3
y/y —
346.0
y/y —
—625.2Report (PDF)

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

Short-term debt (incl. ST leases)85 275
Long-term debt (incl. LT leases)398 634
Net debt483 909

Net debt / LTM EBITDA: 1.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-200 000-100 0000100 000200 000300 0002023 q12023 q42024 q12025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-5%0%5%10%15%2023 q12023 q42024 q12025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

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

010 00020 00030 00040 00050 0002023 q12024 q12025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-200 0000200 000400 000600 000800 0002023 q42024 q12024 q42025 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 6.87x of reported net profit; after capex, 3.22x.
year20242025
cash flow / profit10.45x3.29x
accruals, % of assets-12.1%-10.5%
Last twelve months (to 2026-09-30): 1.21x of profit came back as operating cash flow.
net debt / EBITDA 1.3x · capex 0.8x 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: +21.7%

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)
= (104 092 − 93 823) × 3.76
38 656
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 376 165 + 483 909) ÷ 391 823
4.7x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (4.7 + 9) ÷ 2
6.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 16 511 + 15 395 + 1 130 − 0
33 036
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (38 656 × 6.9 + 33 036) ÷ 1 376 165
+21.7%

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

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-09-30)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +9%. 3-year CAGR —.
revenue growth by year: 2024 +1700% · 2025 +9%
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: Telecom. Each peer is shown as it trades and re-priced onto this company's market (Mexico) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KT CorporationKorea8.13.3x3.7x
e& (Etisalat Group)UAE49.65.1x4.0x
Telkom IndonesiaIndonesia10.72.5x4.4x
MTN GroupSouth Africa21.63.6x5.2x
Telefonica Brasil (Vivo)Brazil18.64.2x5.3x
MTSRussia4.13.2x6.6x
PLDTPhilippines3.85.3x7.3x
Globe TelecomPhilippines3.55.7x7.7x
Vodacom GroupSouth Africa18.65.5x7.8x
du (EITC)UAE15.410.5x8.3x
Kcell JSCKazakhstan2.813.6x16.9x
TIM S.A.Brazil42.416.0x20.1x
Group median5.2x6.9x
Group average6.5x8.1x
This companyMexico72.44.7x4.7x

Group median 5.2x as traded, 6.9x adjusted; this company 4.7x — a 32% discount.

Group average 6.5x as traded, 8.1x adjusted; against the average this company is at a 41% discount.

At the adjusted group median the market cap would be +63% 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
2026-07-140.27 MXNEx-dividend: 0.27 MXN per sharePaidYahoo Finance (ex-div)
2025-11-070.26 MXNEx-dividend: 0.26 MXN per sharePaidYahoo Finance (ex-div)
2025-07-110.26 MXNEx-dividend: 0.26 MXN per sharePaidYahoo Finance (ex-div)
2024-07-120.48 MXNEx-dividend: 0.48 MXN per sharePaidYahoo Finance (ex-div)
2023-07-130.46 MXNEx-dividend: 0.46 MXN per sharePaidYahoo Finance (ex-div)
2022-08-250.44 MXNEx-dividend: 0.44 MXN per sharePaidYahoo Finance (ex-div)
2021-11-040.2 MXNEx-dividend: 0.2 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.americamovil.com/investors/reports-and-filings/quarterly-results/default.aspx

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 America Movil (AMX) — from primary filings.

Frequently asked questions

What is America Movil (AMX)'s P/E ratio?
America Movil (AMX) trades at a P/E of 15.1x (price to trailing 12-month earnings).
What is America Movil (AMX)'s EV/EBITDA?
America Movil (AMX) trades at 4.7x EV/EBITDA.
What is America Movil (AMX)'s P/B ratio?
America Movil (AMX) trades at a P/B of 3.8x.
What is America Movil (AMX)'s dividend yield?
America Movil (AMX)'s trailing 12-month dividend yield is 2.3%.
What is America Movil (AMX)'s return on equity (ROE)?
America Movil (AMX)'s ROE is 21.5%.
What is America Movil (AMX)'s market capitalization?
America Movil (AMX)'s market cap is 1376.2 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