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Grupo Carso, S.A.B. de C.V. USD

At a glance: strengths & risks
✓Cheaper than own history (EV/EBITDA 21.1 vs avg 30.7)✗Revenue declining (-6%)✗Profit falling (-46%)✗Margins compressing (12%→9%)

Sector: Industrial conglomerate

MX_CARSO

Price chart

139.61 MXNDay 3.31%

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
139.61 MXN · 3.31%
Market cap
18.6 bn USD

Growth

Δ revenue y/y
9.9%
Δ EBITDA y/y
3.0%

Multiples

P/E (LTM)
42.1x
3y avg: 29.7x
P/B (FY)
2.0x
P/E (ann.)
54.2x
EV/EBITDA (LTM)
21.1x
3y avg: 30.7x
EV/EBITDA (ann.)
29.4x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
-34.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
-35.0%
↓ details

Liquidity

Daily turnover (listing)
15 mln MXN

Shares: yahoo_fundamentals_timeseries/GCARSOA1.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 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-03-31Q1 2026 (3M)OK2.5
y/y 9.9%
0.2
y/y 3.0%
0.0
y/y —
0.2
y/y 3.0%
0.1
y/y 7.2%
0.0-0.114.0
y/y 2.9%
7.5
y/y -6.7%
4.1%1.0Report (PDF)
2025-12-31Q4 2025 (3M)OK3.0
y/y 2.4%
0.2
y/y -35.6%
0.0
y/y —
0.2
y/y -35.6%
0.2
y/y -21.3%
1.4-0.214.8
y/y 9.4%
9.3
y/y 35.8%
4.6%13.5Link
2025-09-30Q3 2025 (3M)OK2.8
y/y -3.9%
0.2
y/y -21.5%
0.0
y/y —
0.2
y/y -21.5%
0.0
y/y -53.0%
0.1—14.8
y/y 6.4%
9.0
y/y 13.1%
4.1%14.3Report (PDF)
2025-06-30Q2 2025 (3M)OK2.3
y/y -16.1%
0.3
y/y -25.1%
0.0
y/y —
0.3
y/y -25.1%
0.1
y/y -51.2%
0.3—14.3
y/y -3.7%
8.5
y/y 3.3%
5.2%14.2Report (PDF)
2025-03-31Q1 2025 (3M)OK2.3
y/y -17.4%
0.2
y/y -50.8%
0.0
y/y —
0.2
y/y -50.8%
0.1
y/y -55.4%
0.0-0.113.6
y/y -8.5%
8.1
y/y 2.8%
4.3%14.4Report (PDF)
2024-12-31Q4 2024 (3M)OK2.9
y/y 4.6%
0.3
y/y 8.2%
0.0
y/y —
0.3
y/y 8.2%
0.2
y/y 22.3%
0.60.213.6
y/y -8.3%
6.8
y/y -20.0%
11.2%20.9Link
2024-09-30Q3 2024 (3M)OK2.2
y/y -8.3%
0.2
y/y -15.6%
0.0
y/y —
0.2
y/y -15.6%
0.1
y/y -4.0%
0.70.013.9
y/y -1.8%
7.9
y/y -4.7%
9.3%21.1Report (PDF)
2024-06-30Q2 2024 (3M)OK2.7
y/y 2.6%
0.3
y/y -3.6%
0.0
y/y —
0.3
y/y -3.6%
0.3
y/y 10.6%
-0.1-0.714.8
y/y 6.7%
8.3
y/y 2.8%
11.1%21.8Report (PDF)
2024-03-31Q1 2024 (3M)OK2.7
y/y —
0.3
y/y —
0.0
y/y —
0.3
y/y —
0.2
y/y —
0.4-0.114.9
y/y —
7.8
y/y —
8.8%19097965.8Report (PDF)
2023-12-31Q4 2023 (3M)OK2.8
y/y —
0.3
y/y —
0.0
y/y —
0.3
y/y —
0.2
y/y —
0.3—14.8
y/y —
8.5
y/y —
9.1%17.7Report (PDF)
2023-09-30Q3 2023 (3M)OK3.0
y/y —
0.4
y/y —
0.0
y/y —
0.4
y/y —
0.2
y/y —
0.1—14.2
y/y —
8.3
y/y —
9.6%17.7Report (PDF)
2023-06-30Q2 2023 (3M)OK5.3
y/y —
0.7
y/y —
0.0
y/y —
0.7
y/y —
0.4
y/y —
0.3—13.9
y/y —
8.0
y/y —
—17.7Report (PDF)

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

Short-term debt (incl. ST leases)1 055
Long-term debt (incl. LT leases)1 167
− Cash & equivalents1 248
Net debt974

Net debt / LTM EBITDA: 1.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-75%-50%-25%0%25%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-1 000-50005001 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

05 000 000 00010 000 000 00015 000 000 00020 000 000 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 1.57x of reported net profit; after capex, 2.85x.
year202320242025
cash flow / profit0.98x1.57x3.87x
accruals, % of assets0.1%-3.1%-8.6%
Last twelve months (to 2025-12-31): 3.87x of profit came back as operating cash flow.
net debt / EBITDA 1.9x
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: -35.1%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
5
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (18 596 + 974) ÷ 894
21.9x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (21.9 + 9) ÷ 2
15.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 13 400 + 0 + 0 − 0
-6 605
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (5 × 15.4 + -6 605) ÷ 18 596
-35.1%

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

Caveats:

  • LTM EBITDA = FY2025 + Q12026 - Q12025 (cumulative-YTD reporter); ΔEBITDA vs prior full year

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -6% vs +2% the year before — a -7.9 pp move. 3-year CAGR —.
revenue growth by year: 2024 +2% · 2025 -6%
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
2026-06-290.75 MXNEx-dividend: 0.75 MXN per sharePaidYahoo Finance (ex-div)
2025-12-180.75 MXNEx-dividend: 0.75 MXN per sharePaidYahoo Finance (ex-div)
2025-06-270.75 MXNEx-dividend: 0.75 MXN per sharePaidYahoo Finance (ex-div)
2024-06-271.5 MXNEx-dividend: 1.5 MXN per sharePaidYahoo Finance (ex-div)
2023-12-180.6 MXNEx-dividend: 0.6 MXN per sharePaidYahoo Finance (ex-div)
2023-06-280.6 MXNEx-dividend: 0.6 MXN per sharePaidYahoo Finance (ex-div)
2022-12-230.5 MXNEx-dividend: 0.5 MXN per sharePaidYahoo Finance (ex-div)
2022-05-301 MXNEx-dividend: 1 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.eng.carso.com.mx/quarter_reports/

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 Grupo Carso, S.A.B. de C.V. — from primary filings.

Grupo Carso is a diversified industrial and services holding (retail, manufacturing, construction and infrastructure, telecom-related assets).

Frequently asked questions

What is Grupo Carso, S.A.B. de C.V.'s P/E ratio?
Grupo Carso, S.A.B. de C.V. trades at a P/E of 42.1x (price to trailing 12-month earnings).
What is Grupo Carso, S.A.B. de C.V.'s EV/EBITDA?
Grupo Carso, S.A.B. de C.V. trades at 21.1x EV/EBITDA.
What is Grupo Carso, S.A.B. de C.V.'s P/B ratio?
Grupo Carso, S.A.B. de C.V. trades at a P/B of 2.0x.
What is Grupo Carso, S.A.B. de C.V.'s dividend yield?
Grupo Carso, S.A.B. de C.V.'s trailing 12-month dividend yield is 1.1%.
What is Grupo Carso, S.A.B. de C.V.'s return on equity (ROE)?
Grupo Carso, S.A.B. de C.V.'s ROE is 4.1%.
What is Grupo Carso, S.A.B. de C.V.'s market capitalization?
Grupo Carso, S.A.B. de C.V.'s market cap is 18.6 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