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Fomento Economico Mexicano (FEMSA) USD

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

At a glance: strengths & risks
✓Revenue growing (+9% y/y, Q2 2026)✓Profit growing (+104% y/y, Q2 2026)✓Low leverage (0.4x EBITDA)

Sector: Beverages & retail

MX_FEMSA

Price chart

207.07 MXNDay -1.72%

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
207.07 MXN · -1.72%
Market cap
39.1 bn USD

Growth

Δ revenue y/y
22.7%
Δ EBITDA y/y
36.4%

Multiples

P/E (LTM)
22.4x
3y avg: 22.7x
P/B (FY)
2.5x
P/E (ann.)
30.8x
EV/EBITDA (LTM)
8.7x
3y avg: 6.7x
EV/EBITDA (ann.)
9.1x

Cash return

Dividend yield
6.6%
FCF yield (LTM)
-1.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
+5.5%
↓ details

Liquidity

Daily turnover (listing)
132 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 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)OK13.3
y/y 22.7%
1.1
y/y 20.3%
0.0
y/y —
1.1
y/y 36.4%
0.3
y/y 129.2%
——45.9
y/y 4.2%
12.4
y/y -3.2%
10.6%2.0Link
2026-03-31Q1 2026 (3M)PARTIAL11.7
y/y 21.8%
0.8
y/y 21.1%
0.7
y/y 22.8%
1.5
y/y 21.9%
0.8
y/y 193.2%
——44.5
y/y 6.0%
11.7
y/y -39.3%
24.6%2.1Link
2025-12-31Q4 2025 (3M)OK12.1
y/y —
1.2
y/y —
—
y/y 8.9%
1.1
y/y —
0.5
y/y —
——44.3
y/y 7.9%
15.5
y/y 7.9%
7.1%2.2Link
2025-09-30Q3 2025 (3M)OK11.6
y/y —
1.0
y/y —
0.0
y/y —
1.0
y/y —
0.1
y/y —
——44.1
y/y —
13.3
y/y —
1.3%1.3Link
2025-06-30Q2 2025 (3M)OK10.8
y/y —
0.9
y/y —
—
y/y —
0.8
y/y —
0.1
y/y —
——44.1
y/y —
12.8
y/y —
3.5%1.4Link
2025-03-31Q1 2025 (3M)OK9.6
y/y -9.2%
0.7
y/y -24.1%
0.6
y/y -5.7%
1.2
y/y -16.6%
0.3
y/y -18.5%
——42.0
y/y -12.8%
19.2
y/y -8.4%
6.8%7.5Report (PDF)
2024-12-31FY 2024 (12M)OK—
y/y 8.6%
—
y/y 19.9%
—
y/y 7.8%
—
y/y 15.6%
—
y/y -60.3%
——41.1
y/y -13.7%
14.3
y/y -20.0%
8.3%0.1Link
2024-03-31Q1 2024 (3M)OK10.6
y/y —
0.9
y/y —
0.6
y/y —
1.5
y/y —
0.3
y/y —
——48.1
y/y —
21.0
y/y —
7.2%5.3Report (PDF)
2023-12-31Q4 2023 (3M)ERR8.0
y/y —
3.4
y/y —
2.1
y/y —
5.5
y/y —
3.8
y/y —
——47.6
y/y —
17.9
y/y —
18.7%-0.8Report (PDF)
2023-09-30Q3 2023 (3M)OK31.5
y/y —
2.6
y/y —
1.7
y/y —
4.2
y/y —
4.2
y/y —
——46.8
y/y —
21.5
y/y —
—4.3Report (PDF)

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

Short-term debt (incl. ST leases)855
Long-term debt (incl. LT leases)7 143
− Cash & equivalents6 006
Net debt1 992

Net debt / LTM EBITDA: 0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 0002023 9M2023 q42024 q12025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-20%0%20%40%2023 9M2023 q42024 q12025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Net debt / cash ($ mln)

-2 00002 0004 0006 0008 0002023 q32023 q42024 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 2.67x of reported net profit; after capex, 0.91x.
year202320242025
cash flow / profit0.76x2.67x3.66x
accruals, % of assets2.0%-5.3%-6.5%
net debt / EBITDA 0.3x · 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: +5.5%

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)
= (1 127 − 826) × 4.21
316
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (39 121 + 1 992) ÷ 4 746
8.7x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (8.7 + 9) ÷ 2
8.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -627 + 0 + 0 − 0
-627
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (316 × 8.8 + -627) ÷ 39 121
+5.5%

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)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • growth discounted x0.25: EBITDA grew but net profit FELL while net debt rose - debt-funded growth not reaching equity (interest drag)

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).

Peer comparison

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

CompanyMarketCap, $bnEV/EBITDA
AlseaMexico2.04.0x
El Puerto de Liverpool, S.A.B. de C.V.Mexico7.74.5x
Grupo Bimbo, S.A.B. de C.V.Mexico13.15.6x
Arca Continental (AC)Mexico18.16.4x
Walmart de México y Centroamérica, S.A.B. de C.V.Mexico44.67.5x
Coca-Cola FEMSA, S.A.B. de C.V.Mexico22.38.8x
Group median6.0x
Group average6.1x
This companyMexico39.78.7x

Group median 6.0x; this company 8.7x — a 44% premium.

Group average 6.1x; against the average this company is at a 41% premium.

At the adjusted group median the market cap would be -32% 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 22.5x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.3x, Indonesia 4.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-02; the company's own is live.

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.

Frequently asked questions

What is Fomento Economico Mexicano (FEMSA)'s P/E ratio?
Fomento Economico Mexicano (FEMSA) trades at a P/E of 22.4x (price to trailing 12-month earnings).
What is Fomento Economico Mexicano (FEMSA)'s EV/EBITDA?
Fomento Economico Mexicano (FEMSA) trades at 8.7x EV/EBITDA.
What is Fomento Economico Mexicano (FEMSA)'s P/B ratio?
Fomento Economico Mexicano (FEMSA) trades at a P/B of 2.5x.
What is Fomento Economico Mexicano (FEMSA)'s dividend yield?
Fomento Economico Mexicano (FEMSA)'s trailing 12-month dividend yield is 6.6%.
What is Fomento Economico Mexicano (FEMSA)'s return on equity (ROE)?
Fomento Economico Mexicano (FEMSA)'s ROE is 10.6%.
What is Fomento Economico Mexicano (FEMSA)'s market capitalization?
Fomento Economico Mexicano (FEMSA)'s market cap is 39.1 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