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Fomento Economico Mexicano (FEMSA) MXN

At a glance: strengths & risks
✓Revenue growing (+8%)✓Profit growing (+17%)✗High leverage (4.2x EBITDA)

Sector: Beverages & retail

MX_FEMSA

Price chart

200.87 MXNDay 1.31%

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
200.87 MXN · 1.31%
Market cap
689.4 bn MXN

Growth

Δ revenue y/y
6.1%
Δ EBITDA y/y
11.2%

Multiples

P/E (LTM)
16.4x
3y avg: 16.6x
P/B (FY)
1.7x
P/E (ann.)
11.6x
EV/EBITDA (LTM)
6.6x
3y avg: 7.3x
EV/EBITDA (ann.)
7.5x

Cash return

Dividend yield
6.8%
FCF yield (LTM)
4.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+20.6%
↓ details

Liquidity

Daily turnover (listing)
254.7 mln MXN

Shares: yahoo_fundamentals_timeseries/FEMSAUBD.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)OK207.8
y/y 6.1%
14.3
y/y 5.5%
13.8
y/y 17.7%
28.1
y/y 11.2%
14.8
y/y 155.4%
——801.3
y/y -6.4%
294.3
y/y -24.9%
19.0%150.9Report (PDF)
2025-12-31Q4 2025 (3M)PARTIAL434.1
y/y 108.0%
42.6
y/y 87.9%
27.9
y/y 132.5%
70.5
y/y 103.3%
18.5
y/y 837.6%
——795.9
y/y -6.6%
329.4
y/y -13.9%
10.1%233.2Report (PDF)
2025-06-30Q2 2025 (3M)OK211.0
y/y —
17.8
y/y —
11.7
y/y —
29.5
y/y —
8.7
y/y —
——831.0
y/y —
325.1
y/y —
8.1%135.7Report (PDF)
2025-03-31Q1 2025 (3M)OK195.8
y/y 9.9%
13.6
y/y -8.1%
11.7
y/y 14.1%
25.3
y/y 1.0%
5.8
y/y -1.3%
——855.9
y/y 7.3%
391.8
y/y 12.8%
6.0%152.3Report (PDF)
2024-12-31Q4 2024 (3M)OK208.7
y/y 27.6%
22.7
y/y -62.1%
12.0
y/y -67.2%
34.7
y/y -64.0%
-2.5
y/y -103.8%
——852.2
y/y 5.8%
382.6
y/y 25.9%
7.4%116.5Report (PDF)
2024-09-30Q3 2024 (3M)OK394.7
y/y —
33.2
y/y —
22.7
y/y —
55.9
y/y —
24.8
y/y —
——849.9
y/y —
377.3
y/y —
11.3%123.3Report (PDF)
2024-03-31Q1 2024 (3M)OK178.2
y/y —
14.8
y/y —
10.3
y/y —
25.1
y/y —
5.9
y/y —
——797.6
y/y —
347.4
y/y —
7.2%87.9Report (PDF)
2023-12-31Q4 2023 (3M)ERR163.6
y/y —
59.8
y/y —
36.6
y/y —
96.4
y/y —
66.4
y/y —
——805.9
y/y —
303.9
y/y —
19.3%-13.1Report (PDF)
2023-09-30Q3 2023 (3M)OK539.1
y/y —
44.0
y/y —
28.4
y/y —
72.4
y/y —
72.0
y/y —
——818.2
y/y —
375.9
y/y —
—150.4Report (PDF)

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

Short-term debt (incl. ST leases)22 613
Long-term debt (incl. LT leases)235 144
− Cash & equivalents106 905
Net debt150 852

Net debt / LTM EBITDA: 0.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0200 000400 000600 0002023 9M2023 q42024 q12024 q32024 q42025 q12025 q22025 H22026 q1

Year-over-year change

0%50%100%2023 9M2023 q42024 q12024 q32024 q42025 q12025 q22025 H22026 q1

Cash flow

Net debt / cash ($ mln)

-50 000050 000100 000150 000200 000250 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q22025 q42026 q1

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 1.45x of reported net profit; after capex, 0.55x.
year20232025
cash flow / profit0.76x2.15x
accruals, % of assets2.0%-4.8%
Last twelve months (to 2025-12-31): 2.15x of profit came back as operating cash flow.
net debt / EBITDA 4.2x · capex 0.9x of depreciation
● Net debt / EBITDA 4.2x at the last full year.
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: +17.8%

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)
= (28 127 − 25 303) × 6.22
17 557
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (689 433 + 150 852) ÷ 174 866
4.8x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (4.8 + 9) ÷ 2
6.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 436 + 0 + 0 − 0
1 436
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (17 557 × 6.9 + 1 436) ÷ 689 433
+17.8%

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
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +8% vs +11% the year before — a -3.6 pp move. 3-year CAGR —.
revenue growth by year: 2024 +11% · 2025 +8%
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
2026-07-153.2029 MXNEx-dividend: 3.2029 MXN per sharePaidYahoo Finance (ex-div)
2026-04-223.2029 MXNEx-dividend: 3.2029 MXN per sharePaidYahoo Finance (ex-div)
2026-01-153.6728 MXNEx-dividend: 3.6728 MXN per sharePaidYahoo Finance (ex-div)
2025-10-163.6728 MXNEx-dividend: 3.6728 MXN per sharePaidYahoo Finance (ex-div)
2025-07-173.6728 MXNEx-dividend: 3.6728 MXN per sharePaidYahoo Finance (ex-div)
2025-04-243.6728 MXNEx-dividend: 3.6728 MXN per sharePaidYahoo Finance (ex-div)
2024-04-1611.8746 MXNEx-dividend: 11.8746 MXN per sharePaidYahoo Finance (ex-div)
2023-05-043.6644 MXNEx-dividend: 3.6644 MXN per sharePaidYahoo Finance (ex-div)
2022-05-031.9319 MXNEx-dividend: 1.9319 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://femsa.gcs-web.com/financial-reports/quarterly-results

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 Fomento Economico Mexicano (FEMSA) — from primary filings.

FEMSA operates proximity retail (notably Oxxo), Coca-Cola FEMSA as an associate, and logistics/health businesses across Mexico and LatAm.

Frequently asked questions

What is Fomento Economico Mexicano (FEMSA)'s P/E ratio?
Fomento Economico Mexicano (FEMSA) trades at a P/E of 16.4x (price to trailing 12-month earnings).
What is Fomento Economico Mexicano (FEMSA)'s EV/EBITDA?
Fomento Economico Mexicano (FEMSA) trades at 6.6x EV/EBITDA.
What is Fomento Economico Mexicano (FEMSA)'s P/B ratio?
Fomento Economico Mexicano (FEMSA) trades at a P/B of 1.7x.
What is Fomento Economico Mexicano (FEMSA)'s dividend yield?
Fomento Economico Mexicano (FEMSA)'s trailing 12-month dividend yield is 6.8%.
What is Fomento Economico Mexicano (FEMSA)'s return on equity (ROE)?
Fomento Economico Mexicano (FEMSA)'s ROE is 19.0%.
What is Fomento Economico Mexicano (FEMSA)'s market capitalization?
Fomento Economico Mexicano (FEMSA)'s market cap is 689.4 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