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Grupo Mexico (GMEXICOB) USD

At a glance: strengths & risks
✓Revenue growing (+12%)✓Profit growing (+26%)✓Margins improving (52%→55%)✓Net cash balance sheet

Sector: Metals & mining

MX_GMEXICO

Price chart

217.81 MXNDay -0.72%
219.38218.99218.6218.2217.81Two-point segment from the displayed day change; full history unavailable.min 217.81 · max 219.38

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
217.81 MXN · -0.72%
Market cap
99.8 bn USD

Growth

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

Multiples

P/E (LTM)
18.9x
P/B (FY)
4.8x
P/E (ann.)
15.2x
EV/EBITDA (LTM)
9.0x
EV/EBITDA (ann.)
7.5x

Cash return

Dividend yield
—
FCF yield (LTM)
1.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+9.9%
↓ details

Liquidity

Daily turnover
—

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%
30.9%-1.0Report (PDF)
2025-12-31Q4 2025 (3M)OK5.2
y/y 34.0%
2.4
y/y 59.5%
0.4
y/y 6.0%
2.9
y/y 47.9%
1.3
y/y 77.5%
2.1-0.738.5
y/y 13.3%
20.9
y/y 14.2%
22.5%-0.4Link
2025-09-30Q3 2025 (3M)OK4.6
y/y 5.7%
2.1
y/y 11.0%
0.4
y/y 0.7%
2.5
y/y 9.1%
1.2
y/y 12.9%
2.0-0.637.2
y/y 10.3%
20.4
y/y 13.9%
22.0%-0.2Report (PDF)
2025-06-30Q2 2025 (3M)OK4.2
y/y 2.9%
1.9
y/y 7.2%
0.4
y/y 3.3%
2.3
y/y 6.5%
1.1
y/y 9.1%
1.6-0.636.0
y/y 8.7%
19.7
y/y 11.5%
21.7%-9.0Report (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%
21.6%0.6Report (PDF)
2024-12-31Q4 2024 (3M)OK3.8
y/y 12.4%
1.5
y/y 34.8%
0.4
y/y 2.3%
1.9
y/y 26.1%
0.8
y/y 22.2%
1.7-0.434.0
y/y 5.5%
18.3
y/y 9.2%
20.4%0.3Link
2024-09-30Q3 2024 (3M)OK4.1
y/y 12.4%
1.8
y/y 21.3%
0.4
y/y 4.6%
2.2
y/y 17.8%
1.0
y/y 27.8%
2.0-0.733.7
y/y 5.7%
17.9
y/y 8.1%
22.0%1.0Report (PDF)
2024-06-30Q2 2024 (3M)OK4.4
y/y —
2.0
y/y —
0.4
y/y —
2.4
y/y —
1.1
y/y —
1.3-0.533.1
y/y —
17.7
y/y —
22.2%-6.9Report (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%
20.4%2.2Report (PDF)
2023-12-31Q4 2023 (3M)OK3.4
y/y —
1.1
y/y —
0.4
y/y —
1.5
y/y —
0.6
y/y —
1.0-0.632.2
y/y —
16.8
y/y —
17.5%2.2Report (PDF)
2023-09-30Q3 2023 (3M)OK7.5
y/y —
3.1
y/y —
0.4
y/y —
3.5
y/y —
1.6
y/y —
——31.9
y/y —
16.6
y/y —
18.7%1.9Report (PDF)
2023-06-30Q2 2023 (3M)OK-0.4
y/y —
-0.5
y/y —
0.4
y/y —
-0.1
y/y —
-0.3
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 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-50%-25%0%25%50%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

05001 0001 5002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-10 000-7 500-5 000-2 50002 5002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.64x of reported net profit.
year202320242025
cash flow / profit1.75x1.64x1.41x
accruals, % of assets-6.8%-7.0%-5.0%
Last twelve months (to 2025-Q2): 1.39x of profit came back as operating cash flow.
net debt / EBITDA -0.0x
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.

Key-commodity price — Copper

Current 14 642spot vs LTM +18%

Commodity-player potential

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

Upside: +9.9%

Main driver: Copper +28% vs LTM; revenue ×1.18 vs costs ×1.04; EBITDA 10 978→12 081; at 9.0× EV/EBITDA → +10%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+58%14 642.2311 428.3610 867.23+28%-5%
Zinc (rev)+4%3 769.352 949.362 999.21+28%+2%
Silver (rev)+3%64.7652.2842.33+24%-19%

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

1 · Reported baseline (LTM)
LTM revenue19 548
LTM EBITDA10 978
LTM cash costs (revenue − EBITDA)8 569
2 · Revenue projection
Revenue multiplier — spot×1.181 (+18%)
= Spot revenue23 093
Revenue multiplier — 3y price×0.966 (-3%)
= 3-year-price revenue18 893
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs8 912
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs8 912
4 · EBITDA projection (revenue − costs)
= Spot EBITDA14 181
= 3-year-price EBITDA9 980
Conservative EBITDA = min(spot, avg)12 081
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)9.0x
Target EV = EV/EBITDA × conservative EBITDA109 272
Net debt-955
Target market cap = EV − net debt110 227
Current market cap100 254

Upside = target market cap ÷ current − 1 = +9.9%

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 Q24 3974 038+8.9%2 3602 239+5.4%
2024 Q34 1273 989+3.4%2 1522 121+1.5%
2024 Q43 8474 089-5.9%1 9412 102-7.7%
2025 Q14 1964 261-1.5%2 2402 268-1.2%
2025 Q24 2344 330-2.2%2 3402 312+1.2%
2025 Q34 5944 344+5.8%2 4602 362+4.1%
2025 Q45 1544 613+11.7%2 8702 590+10.8%
2026 Q15 5655 221+6.6%3 3093 103+6.6%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +12% vs +12% the year before — a +0.0 pp move. 3-year CAGR —.
revenue growth by year: 2024 +12% · 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 6.2x · target 75th pct (3y) 9.5x · LTM avg 6.8x

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

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (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.

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

Frequently asked questions

What is Grupo Mexico (GMEXICOB)'s P/E ratio?
Grupo Mexico (GMEXICOB) trades at a P/E of 18.9x (price to trailing 12-month earnings).
What is Grupo Mexico (GMEXICOB)'s EV/EBITDA?
Grupo Mexico (GMEXICOB) trades at 9.0x EV/EBITDA.
What is Grupo Mexico (GMEXICOB)'s P/B ratio?
Grupo Mexico (GMEXICOB) trades at a P/B of 4.8x.
What is Grupo Mexico (GMEXICOB)'s return on equity (ROE)?
Grupo Mexico (GMEXICOB)'s ROE is 30.9%.
What is Grupo Mexico (GMEXICOB)'s market capitalization?
Grupo Mexico (GMEXICOB)'s market cap is 99.8 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