
Grupo México is a mining and transport group (copper, rail and infrastructure) with operations in Mexico and the Americas.
Sector: Metals & mining
MX_GMEXICO
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.
Shares: yahoo_fundamentals_timeseries/GMEXICOB.MX
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.
| Date | Period | Status | RevenueB USD | Operating profitB USD | D&AB USD | EBITDAB USD | Net profitB USD | Operating CFB USD | Capex + M&AB USD | AssetsB USD | EquityB USD | ROE (annualized) | Net debtB USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | OK | 5.6 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 | -0.4 | 39.1 y/y 10.2% | 21.5 y/y 12.9% | 29.3% | -1.0 | Report (PDF) |
| 2025-12-31 | Q4 2025 (3M) | OK | 4.9 y/y — | 2.4 y/y — | — y/y -7.9% | 2.4 y/y — | 1.4 y/y — | 1.6 | -0.3 | 42.0 y/y 13.8% | 23.3 y/y 13.5% | — | 0.5 | Link |
| 2025-09-30 | Q3 2025 (3M) | ERR | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | 2.0 | -0.6 | — y/y — | — y/y — | — | — | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | 4.2 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 | -0.6 | 35.4 y/y 8.3% | 19.0 y/y 10.8% | 20.4% | 0.6 | Report (PDF) |
| 2024-12-31 | FY 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% | 0.4 | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | OK | 3.8 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 | -0.4 | 32.7 y/y 5.7% | 17.2 y/y 7.3% | 19.2% | 2.2 | Report (PDF) |
| 2023-12-31 | FY 2023 (12M) | OK | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | — | — | 35.1 y/y — | 18.9 y/y — | 19.2% | 3.7 | Link |
| 2023-06-30 | Q2 2023 (3M) | OK | 3.5 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% | 0.0 | Report (PDF) |
| 2023-03-31 | Q1 2023 (3M) | OK | 3.9 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 — | — | 0.0 | Report (PDF) |
| Short-term debt (incl. ST leases) | 443 |
| Long-term debt (incl. LT leases) | 9 495 |
| − Cash & equivalents | 10 893 |
| Net debt | -955 |
|---|
Net debt / LTM EBITDA: -0.1x
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
| year | 2023 | 2024 | 2025 |
|---|---|---|---|
| cash flow / profit | 1.72x | 1.77x | 1.20x |
| accruals, % of assets | -7.0% | -7.6% | -2.4% |
Our earnings breakdowns and investment notes on this issuer.
Current 14 397spot vs LTM +17%
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
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| Copper (rev) | +58% | 14 397.45 | 11 428.36 | 11 040.94 | +26% | -3% |
| Zinc (rev) | +4% | 3 865.55 | 2 949.36 | 3 039.02 | +31% | +3% |
| Silver (rev) | +3% | 64.27 | 52.28 | 43.51 | +23% | -17% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 19 548 |
| LTM EBITDA | 11 038 |
| LTM cash costs (revenue − EBITDA) | 8 510 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×1.170 (+17%) |
| = Spot revenue | 22 871 |
| Revenue multiplier — 3y price | ×0.977 (-2%) |
| = 3-year-price revenue | 19 089 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.040 (+4%) |
| = Spot cash costs | 8 850 |
| Cost multiplier — 3y price | ×1.040 (+4%) |
| = 3-year-price cash costs | 8 850 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 14 020 |
| = 3-year-price EBITDA | 10 238 |
| Conservative EBITDA = min(spot, avg) | 12 129 |
| 5 · Valuation → target market cap | |
| Historical EV/EBITDA (75th pct) | 9.0x |
| Target EV = EV/EBITDA × conservative EBITDA | 109 025 |
| Net debt | -955 |
| Target market cap = EV − net debt | 109 980 |
| Current market cap | 100 168 |
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.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2024 FY | 16 169 | 15 320 | +5.5% | 8 317 | 7 781 | +6.9% |
| 2025 FY | 18 178 | 17 788 | +2.2% | 9 969 | 9 621 | +3.6% |
Projected EV/EBITDA 5.2x · target 75th pct (3y) 9.5x · LTM avg 6.4x
| Date | Per share | Details | Status | Source |
|---|---|---|---|---|
| 2026-08-27 | 0.8 MXN | Ex-dividend: 0.8 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2026-05-29 | 1.6415 MXN | Ex-dividend: 1.6415 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2026-02-27 | 1.4923 MXN | Ex-dividend: 1.4923 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2025-11-28 | 1.4923 MXN | Ex-dividend: 1.4923 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2025-09-04 | 1.2933 MXN | Ex-dividend: 1.2933 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2025-05-26 | 1.1938 MXN | Ex-dividend: 1.1938 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2025-02-27 | 1.0944 MXN | Ex-dividend: 1.0944 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2024-11-25 | 1.2933 MXN | Ex-dividend: 1.2933 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2024-08-27 | 1.1938 MXN | Ex-dividend: 1.1938 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2024-05-22 | 0.9949 MXN | Ex-dividend: 0.9949 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2024-02-29 | 0.7959 MXN | Ex-dividend: 0.7959 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2023-11-23 | 0.9949 MXN | Ex-dividend: 0.9949 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2023-08-24 | 0.7959 MXN | Ex-dividend: 0.7959 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2023-05-25 | 0.9949 MXN | Ex-dividend: 0.9949 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2023-02-28 | 0.9949 MXN | Ex-dividend: 0.9949 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2022-11-23 | 0.7462 MXN | Ex-dividend: 0.7462 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2022-08-25 | 0.9949 MXN | Ex-dividend: 0.9949 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2022-05-31 | 1.4923 MXN | Ex-dividend: 1.4923 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2022-03-02 | 1.741 MXN | Ex-dividend: 1.741 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2021-11-29 | 1.741 MXN | Ex-dividend: 1.741 MXN per share | Paid | Yahoo 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.
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