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

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

At a glance: strengths & risks
✓Profit growing (+11% y/y, Q2 2026)✓Low leverage (1.0x EBITDA)✗Pricier than own history (EV/EBITDA 19.7 vs avg 12.5)

Sector: Industrial conglomerate

MX_CARSO

Price chart

162.37 MXNDay 2.90%

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
162.37 MXN · 2.90%
Market cap
19.9 bn USD

Growth

Δ revenue y/y
16.6%
Δ EBITDA y/y
8.7%

Multiples

P/E (LTM)
43.3x
3y avg: 27.7x
P/B (FY)
2.5x
P/E (ann.)
29.2x
EV/EBITDA (LTM)
19.7x
3y avg: 12.5x
EV/EBITDA (ann.)
14.6x

Cash return

Dividend yield
0.9%
FCF yield (LTM)
-27.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+6.9%
↓ details

Liquidity

Daily turnover
—

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
2026-06-30Q2 2026 (3M)OK2.8
y/y 16.6%
0.3
y/y 12.5%
0.1
y/y -0.1%
0.4
y/y 8.7%
0.2
y/y 24.2%
0.2-2.214.8
y/y 3.9%
7.7
y/y 2.7%
9.0%1.0Link
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%
0.0-3.214.0
y/y 2.9%
7.5
y/y -6.7%
4.4%1.3Report (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%
1.4-3.614.8
y/y 9.9%
8.1
y/y 17.5%
5.3%1.1Link
2025-09-30Q3 2025 (3M)OK2.5
y/y —
0.2
y/y —
0.1
y/y —
0.3
y/y —
0.0
y/y —
1.10.014.8
y/y —
7.8
y/y —
0.6%1.9Report (PDF)
2025-06-30Q2 2025 (3M)OK2.4
y/y —
0.2
y/y —
0.1
y/y —
0.3
y/y —
0.1
y/y —
0.3-1.614.3
y/y —
7.5
y/y —
7.1%1.9Link
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%
0.0-1.713.6
y/y -8.5%
8.1
y/y 2.8%
4.3%2.0Report (PDF)
2024-12-31Q4 2024 (3M)ERR2.9
y/y —
0.3
y/y —
0.0
y/y —
0.3
y/y —
0.2
y/y —
0.6—13.5
y/y -8.6%
6.9
y/y -9.5%
10.8%1.8Report (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 —
9.3%2.1Report (PDF)
2023-12-31FY 2023 (12M)OK11.2
y/y —
1.6
y/y —
0.3
y/y —
2.0
y/y —
0.8
y/y —
0.7-5.614.8
y/y —
7.6
y/y —
—2.1Link

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

Short-term debt (incl. ST leases)1 012
Long-term debt (incl. LT leases)1 419
− Cash & equivalents1 464
Net debt967

Net debt / LTM EBITDA: 0.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 5005 0007 50010 0002023 FY2024 q12024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-60%-40%-20%0%20%2023 FY2024 q12024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-50005001 0002023 FY2024 q12024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002 0002023 FY2024 q12024 q42025 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 1.73x of reported net profit; after capex, 1.25x.
year202320242025
cash flow / profit0.93x1.73x6.56x
accruals, % of assets0.4%-3.8%-16.7%
Last twelve months (to 2026-06-30): 5.97x of profit came back as operating cash flow.
net debt / EBITDA 1.0x · capex 1.2x 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: +6.9%

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)
= (357 − 328) × 2.97
85
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (19 915 + 967) ÷ 1 060
19.7x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (19.7 + 9) ÷ 2
14.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 884 + 115 + 47 − 0
162
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (85 × 14.3 + 162) ÷ 19 915
+6.9%

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 2026-06-30)
  • 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 -1% vs -0% the year before — a -1.0 pp move. 3-year CAGR —.
revenue growth by year: 2024 -0% · 2025 -1%
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.

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 43.3x (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 19.7x 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 2.5x.
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 0.9%.
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 9.0%.
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 19.9 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