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Grupo Mexico (GMEXICOB) USD

Grupo México is a mining and transport group (copper, rail and infrastructure) with operations in Mexico and the Americas.

At a glance: strengths & risks
Revenue growing (+33% y/y, Q1 2026)Profit growing (+62% y/y, Q1 2026)Margins improving (53%→59%, Q1 2026)Low leverage (0.0x EBITDA)Pricier than own history (EV/EBITDA 10.0 vs avg 6.6)

Sector: Metals & mining

MX_GMEXICO

Price chart

218.89 MXNDay 0.25%

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
218.89 MXN · 0.25%
Market cap
100.4 bn USD

Growth

Δ revenue y/y
32.6%
Δ EBITDA y/y
47.7%

Multiples

P/E (LTM)
19.9x
3y avg: 13.6x
P/B (FY)
4.3x
P/E (ann.)
15.3x
EV/EBITDA (LTM)
10.0x
3y avg: 6.6x
EV/EBITDA (ann.)
7.5x

Cash return

Dividend yield
2.5%
FCF yield (LTM)
1.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)

Liquidity

Daily turnover (listing)
819.4 mln MXN

Shares: yahoo_fundamentals_timeseries/GMEXICOB.MX

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)OK5.6
y/y 32.6%
2.9
y/y 56.4%
0.4
y/y 8.1%
3.3
y/y 47.7%
1.6
y/y 62.3%
1.7-0.439.1
y/y 10.2%
21.5
y/y 12.9%
29.3%-1.0Report (PDF)
2025-12-31Q4 2025 (3M)OK4.9
y/y
2.4
y/y
y/y -7.9%
2.4
y/y
1.4
y/y
1.6-0.342.0
y/y 13.8%
23.3
y/y 13.5%
0.5Link
2025-09-30Q3 2025 (3M)ERR
y/y
y/y
y/y
y/y
y/y
2.0-0.6
y/y
y/y
Report (PDF)
2025-03-31Q1 2025 (3M)OK4.2
y/y 10.4%
1.8
y/y 18.9%
0.4
y/y 1.9%
2.2
y/y 15.5%
1.0
y/y 16.7%
0.9-0.635.4
y/y 8.3%
19.0
y/y 10.8%
20.4%0.6Report (PDF)
2024-12-31FY 2024 (12M)ERR
y/y 12.5%
y/y 17.2%
y/y 15.1%
y/y 16.8%
y/y 7.1%
36.9
y/y 5.0%
20.5
y/y 8.5%
19.2%0.4Report (PDF)
2024-03-31Q1 2024 (3M)OK3.8
y/y -1.6%
1.5
y/y -10.7%
0.4
y/y 8.3%
1.9
y/y -7.4%
0.9
y/y -7.4%
1.1-0.432.7
y/y 5.7%
17.2
y/y 7.3%
19.2%2.2Report (PDF)
2023-12-31FY 2023 (12M)OK
y/y
y/y
y/y
y/y
y/y
35.1
y/y
18.9
y/y
19.2%3.7Link
2023-06-30Q2 2023 (3M)OK3.5
y/y
1.2
y/y
0.4
y/y
2.0
y/y
0.7
y/y
31.5
y/y
16.2
y/y
16.6%0.0Report (PDF)
2023-03-31Q1 2023 (3M)OK3.9
y/y
1.7
y/y
0.4
y/y
2.1
y/y
0.9
y/y
31.0
y/y
16.0
y/y
0.0Report (PDF)

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

Short-term debt (incl. ST leases)443
Long-term debt (incl. LT leases)9 495
− Cash & equivalents10 893
Net debt-955

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0002023 q12023 q22024 q12025 q12025 q32025 q42026 q1

Year-over-year change

-20%0%20%40%2023 q12023 q22024 q12025 q12025 q32025 q42026 q1

Cash flow

FCF ($ mln)

05001 0001 5002023 q12023 q22024 q12025 q12025 q32025 q42026 q1

Net debt / cash ($ mln)

-1 00001 0002 0003 0004 0002023 q12023 q22023 q42024 q12024 q42025 q12025 q32025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.72x of reported net profit.
year202320242025
cash flow / profit1.72x1.77x1.20x
accruals, % of assets-7.0%-7.6%-2.4%
Last twelve months (to 2025-12-31): 1.20x of profit came back as operating cash flow.
net debt / EBITDA 0.1x
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 →

Key-commodity price — Copper

Current 14 397spot vs LTM +17%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +9.8%

Main driver: Copper +26% vs LTM; revenue ×1.17 vs costs ×1.04; EBITDA 11 038→12 129; at 9.0× EV/EBITDA → +10%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+58%14 397.4511 428.3611 040.94+26%-3%
Zinc (rev)+4%3 865.552 949.363 039.02+31%+3%
Silver (rev)+3%64.2752.2843.51+23%-17%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue19 548
LTM EBITDA11 038
LTM cash costs (revenue − EBITDA)8 510
2 · Revenue projection
Revenue multiplier — spot×1.170 (+17%)
= Spot revenue22 871
Revenue multiplier — 3y price×0.977 (-2%)
= 3-year-price revenue19 089
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs8 850
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs8 850
4 · EBITDA projection (revenue − costs)
= Spot EBITDA14 020
= 3-year-price EBITDA10 238
Conservative EBITDA = min(spot, avg)12 129
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)9.0x
Target EV = EV/EBITDA × conservative EBITDA109 025
Net debt-955
Target market cap = EV − net debt109 980
Current market cap100 168

Upside = target market cap ÷ current − 1 = +9.8%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 FY16 16915 320+5.5%8 3177 781+6.9%
2025 FY18 17817 788+2.2%9 9699 621+3.6%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +12% vs +13% the year before — a -0.1 pp move. 3-year CAGR —.
revenue growth by year: 2024 +13% · 2025 +12%
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).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.2x · target 75th pct (3y) 9.5x · LTM avg 6.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-270.8 MXNEx-dividend: 0.8 MXN per sharePaidYahoo Finance (ex-div)
2026-05-291.6415 MXNEx-dividend: 1.6415 MXN per sharePaidYahoo Finance (ex-div)
2026-02-271.4923 MXNEx-dividend: 1.4923 MXN per sharePaidYahoo Finance (ex-div)
2025-11-281.4923 MXNEx-dividend: 1.4923 MXN per sharePaidYahoo Finance (ex-div)
2025-09-041.2933 MXNEx-dividend: 1.2933 MXN per sharePaidYahoo Finance (ex-div)
2025-05-261.1938 MXNEx-dividend: 1.1938 MXN per sharePaidYahoo Finance (ex-div)
2025-02-271.0944 MXNEx-dividend: 1.0944 MXN per sharePaidYahoo Finance (ex-div)
2024-11-251.2933 MXNEx-dividend: 1.2933 MXN per sharePaidYahoo Finance (ex-div)
2024-08-271.1938 MXNEx-dividend: 1.1938 MXN per sharePaidYahoo Finance (ex-div)
2024-05-220.9949 MXNEx-dividend: 0.9949 MXN per sharePaidYahoo Finance (ex-div)
2024-02-290.7959 MXNEx-dividend: 0.7959 MXN per sharePaidYahoo Finance (ex-div)
2023-11-230.9949 MXNEx-dividend: 0.9949 MXN per sharePaidYahoo Finance (ex-div)
2023-08-240.7959 MXNEx-dividend: 0.7959 MXN per sharePaidYahoo Finance (ex-div)
2023-05-250.9949 MXNEx-dividend: 0.9949 MXN per sharePaidYahoo Finance (ex-div)
2023-02-280.9949 MXNEx-dividend: 0.9949 MXN per sharePaidYahoo Finance (ex-div)
2022-11-230.7462 MXNEx-dividend: 0.7462 MXN per sharePaidYahoo Finance (ex-div)
2022-08-250.9949 MXNEx-dividend: 0.9949 MXN per sharePaidYahoo Finance (ex-div)
2022-05-311.4923 MXNEx-dividend: 1.4923 MXN per sharePaidYahoo Finance (ex-div)
2022-03-021.741 MXNEx-dividend: 1.741 MXN per sharePaidYahoo Finance (ex-div)
2021-11-291.741 MXNEx-dividend: 1.741 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.gmexico.com/site/en/investors/financial-information.html

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 Mexico (GMEXICOB) — from primary filings.

Frequently asked questions

What is Grupo Mexico (GMEXICOB)'s P/E ratio?
Grupo Mexico (GMEXICOB) trades at a P/E of 19.9x (price to trailing 12-month earnings).
What is Grupo Mexico (GMEXICOB)'s EV/EBITDA?
Grupo Mexico (GMEXICOB) trades at 10.0x EV/EBITDA.
What is Grupo Mexico (GMEXICOB)'s P/B ratio?
Grupo Mexico (GMEXICOB) trades at a P/B of 4.3x.
What is Grupo Mexico (GMEXICOB)'s dividend yield?
Grupo Mexico (GMEXICOB)'s trailing 12-month dividend yield is 2.5%.
What is Grupo Mexico (GMEXICOB)'s return on equity (ROE)?
Grupo Mexico (GMEXICOB)'s ROE is 29.3%.
What is Grupo Mexico (GMEXICOB)'s market capitalization?
Grupo Mexico (GMEXICOB)'s market cap is 100.4 bn USD.

See also: Mexican Stocks (2026): Quality Value and the Nearshoring Trade · The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map