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Fomento Economico Mexicano (FEMSA) MXN

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)✗Pricier than own history (P/E 42.5 vs avg 22.2)

Sector: Beverages & retail

MX_FEMSA

Price chart

240.51 MXNDay -0.29%

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
240.51 MXN · -0.29%
Market cap
825.5 bn MXN

Growth

Δ revenue y/y
9.3%
Δ EBITDA y/y
21.5%

Multiples

P/E (LTM)
42.5x
3y avg: 22.2x
P/B (FY)
3.0x
P/E (ann.)
37.3x
EV/EBITDA (LTM)
—
3y avg: 6.7x
EV/EBITDA (ann.)
11.0x

Cash return

Dividend yield
5.5%
FCF yield (LTM)
—

Value creation

fundamental value/yr, % of market cap
Value created / year

Liquidity

Daily turnover (listing)
362 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
2026-06-30Q2 2026 (3M)OK—
y/y 9.3%
—
y/y 7.2%
—
y/y —
—
y/y 21.5%
—
y/y 104.2%
——802.6
y/y -3.4%
216.6
y/y -10.3%
10.4%34.8Link
2026-03-31Q1 2026 (3M)PARTIAL—
y/y 6.1%
—
y/y 5.5%
—
y/y 7.0%
—
y/y 6.2%
—
y/y 155.4%
——801.3
y/y -6.4%
209.9
y/y -46.4%
24.3%37.1Link
2025-12-31Q4 2025 (3M)OK—
y/y —
—
y/y —
—
y/y 14.5%
—
y/y —
—
y/y —
——795.9
y/y -6.5%
278.1
y/y -6.5%
7.4%39.7Link
2025-09-30Q3 2025 (3M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——808.0
y/y —
243.8
y/y —
1.3%24.5Link
2025-06-30Q2 2025 (3M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——831.0
y/y —
241.4
y/y —
3.4%25.7Link
2025-03-31Q1 2025 (3M)OK—
y/y 9.9%
—
y/y -8.1%
—
y/y 14.1%
—
y/y 1.0%
—
y/y -1.3%
——855.9
y/y 7.3%
391.8
y/y 12.8%
6.7%152.3Report (PDF)
2024-12-31FY 2024 (12M)OK—
y/y 11.2%
—
y/y 22.8%
—
y/y 10.4%
—
y/y 18.3%
—
y/y -59.3%
——851.5
y/y 5.7%
297.5
y/y -2.1%
8.3%1.6Link
2024-03-31Q1 2024 (3M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——797.6
y/y —
347.4
y/y —
7.2%87.9Report (PDF)
2023-12-31Q4 2023 (3M)ERR—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——805.9
y/y —
303.9
y/y —
19.3%-13.1Report (PDF)
2023-09-30Q3 2023 (3M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——818.2
y/y —
375.9
y/y —
—150.4Report (PDF)

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

Short-term debt (incl. ST leases)14 947
Long-term debt (incl. LT leases)124 830
− Cash & equivalents104 960
Net debt34 817

Net debt / LTM EBITDA: 0.4x

Cash flow

Net debt / cash ($ mln)

-50 000050 000100 000150 000200 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: +5.1%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
1 569
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (825 486 + 34 817) ÷ 114 015
7.5x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (7.5 + 9) ÷ 2
8.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 115 170 + 0 + 0 − 0
29 033
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (1 569 × 8.3 + 29 033) ÷ 825 486
+5.1%

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

Caveats:

  • FCF (LTM) unavailable - no operating cash flow for Q12026; the direct-FCF figure shown is FY2025 (period ended 2025-12-31), 3 months before the latest reported period 2026-03-31
  • LTM EBITDA = FY2025 + Q12026 - Q12025 (cumulative-YTD reporter); ΔEBITDA vs prior full year
  • stale direct FCF: cash term = the lower of it (29033) and the trailing-year balance measure (net-debt change only; dividends/buybacks not in data) (115170)

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
2026-10-143.2029 MXNEx-dividend: 3.2029 MXN per sharePaidYahoo Finance (ex-div)
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 42.5x (price to trailing 12-month earnings).
What is Fomento Economico Mexicano (FEMSA)'s P/B ratio?
Fomento Economico Mexicano (FEMSA) trades at a P/B of 3.0x.
What is Fomento Economico Mexicano (FEMSA)'s dividend yield?
Fomento Economico Mexicano (FEMSA)'s trailing 12-month dividend yield is 5.5%.
What is Fomento Economico Mexicano (FEMSA)'s return on equity (ROE)?
Fomento Economico Mexicano (FEMSA)'s ROE is 10.4%.
What is Fomento Economico Mexicano (FEMSA)'s market capitalization?
Fomento Economico Mexicano (FEMSA)'s market cap is 825.5 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