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Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX) MXN

At a glance: strengths & risks
✓Revenue growing (+6%)✓Low leverage (0.5x EBITDA)✓Cheaper than own history (EV/EBITDA 8.4 vs avg 10.9)

Sector: Retail

MX_WALMEX

Price chart

47.12 MXNDay -1.87%

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
47.12 MXN · -1.87%
Market cap
818.3 bn MXN

Growth

Δ revenue y/y
1.7%
Δ EBITDA y/y
-0.4%

Multiples

P/E (LTM)
16.3x
3y avg: 20.4x
P/B (FY)
3.5x
P/E (ann.)
16.4x
EV/EBITDA (LTM)
8.4x
3y avg: 10.9x
EV/EBITDA (ann.)
8.7x

Cash return

Dividend yield
3.6%
FCF yield (LTM)
0.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
-0.2%
↓ details

Liquidity

Daily turnover (listing)
667.4 mln MXN

Shares: yahoo_fundamentals_timeseries/WALMEX.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
2026-03-31Q1 2026 (3M)OK245.0
y/y 1.7%
18.5
y/y -2.2%
6.5
y/y 4.9%
25.0
y/y -0.4%
12.5
y/y 1.5%
5.0-2.4496.8
y/y 3.6%
252.6
y/y 3.7%
20.5%53.2Report (PDF)
2025-12-31Q4 2025 (3M)OK282.8
y/y 3.0%
23.3
y/y 8.5%
6.3
y/y -72.3%
29.6
y/y -32.9%
14.6
y/y -3.9%
82.4-39.0495.3
y/y 0.3%
235.6
y/y 1.2%
21.7%52.3Link
2025-09-30Q3 2025 (3M)OK241.5
y/y 4.9%
19.0
y/y 1.6%
6.2
y/y 9.0%
25.3
y/y 3.3%
11.7
y/y -9.2%
22.0-11.7497.3
y/y 2.0%
223.4
y/y 4.9%
7.1%-35.2Link
2025-06-30Q2 2025 (3M)OK246.3
y/y 8.3%
17.3
y/y -4.0%
6.2
y/y 12.1%
23.5
y/y -0.2%
11.2
y/y -10.3%
21.5-8.0481.0
y/y 5.2%
217.5
y/y 12.4%
19.5%46.3Link
2025-03-31Q1 2025 (3M)PARTIAL241.0
y/y 6.5%
18.9
y/y -1.5%
6.2
y/y 13.8%
25.1
y/y 1.9%
12.3
y/y -6.6%
4.4-3.4479.6
y/y 9.4%
243.5
y/y 14.4%
20.7%55.7Report (PDF)
2024-12-31Q4 2024 (3M)OK274.7
y/y —
21.5
y/y -70.7%
22.6
y/y 10.0%
44.1
y/y -53.0%
15.2
y/y -70.5%
72.6-34.8493.9
y/y 13.1%
232.9
y/y 17.0%
24.1%-23.8Link
2024-09-30Q3 2024 (3M)OK230.2
y/y 7.6%
18.7
y/y -6.3%
5.7
y/y —
24.5
y/y 22.4%
12.9
y/y -13.1%
12.1-11.1487.8
y/y 22.8%
213.0
y/y 26.6%
8.5%-48.5Link
2024-06-30Q2 2024 (3M)OK227.4
y/y -45.8%
18.0
y/y -47.4%
5.6
y/y -44.5%
23.5
y/y -46.7%
12.5
y/y -45.5%
13.0-7.7457.4
y/y 10.8%
193.5
y/y 13.2%
24.6%28.1Link
2024-03-31Q1 2024 (3M)PARTIAL226.2
y/y 5.8%
19.2
y/y 6.8%
5.5
y/y —
24.6
y/y 37.2%
13.2
y/y 12.3%
8.7-3.2438.5
y/y 25.8%
212.8
y/y 62.1%
25.6%31.5Report (PDF)
2023-12-31FY 2023 (12M)OK—
y/y —
73.3
y/y —
20.6
y/y —
93.9
y/y —
51.6
y/y —
85.1-29.0436.5
y/y —
199.1
y/y —
28.1%34.6Link
2023-09-30Q3 2023 (3M)OK213.9
y/y —
20.0
y/y —
0.0
y/y —
20.0
y/y —
14.9
y/y —
0.0-8.8397.2
y/y —
168.2
y/y —
11.7%-49.8Report (PDF)
2023-06-30Q2 2023 (3M)PARTIAL419.8
y/y —
34.2
y/y —
10.0
y/y —
44.2
y/y —
23.0
y/y —
28.1—412.6
y/y —
171.0
y/y —
60.8%29.1Report (PDF)
2023-03-31Q1 2023 (3M)OK213.8
y/y —
17.9
y/y —
0.0
y/y —
17.9
y/y —
11.7
y/y —
0.0—348.5
y/y —
131.2
y/y —
—-46.6Report (PDF)

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

Short-term debt (incl. ST leases)5 318
Long-term debt (incl. LT leases)75 953
− Cash & equivalents28 085
Net debt53 185

Net debt / LTM EBITDA: 0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0200 000400 000600 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-75%-50%-25%0%25%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-25 000025 00050 00075 000100 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-50 000-25 000025 00050 0002023 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 1.65x of reported net profit; after capex, 0.41x.
year202320242025
cash flow / profit1.65x1.35x1.65x
accruals, % of assets-7.7%-3.8%-6.6%
Last twelve months (to 2025-12-31): 1.65x of profit came back as operating cash flow.
net debt / EBITDA 0.5x · capex 2.2x 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.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -0.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (24 978 − 25 091) × 4.14
-465
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (818 257 + 53 185) ÷ 103 334
8.4x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (8.4 + 9) ÷ 2
8.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 2 547 + 0 + 0 − 0
2 547
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-465 × 8.7 + 2 547) ÷ 818 257
-0.2%

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

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +6% vs +8% the year before — a -2.7 pp move. 3-year CAGR —.
revenue growth by year: 2024 +8% · 2025 +6%
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
2025-12-160.85 MXNEx-dividend: 0.85 MXN per sharePaidYahoo Finance (ex-div)
2025-11-180.84 MXNEx-dividend: 0.84 MXN per sharePaidYahoo Finance (ex-div)
2024-11-112.17 MXNEx-dividend: 2.17 MXN per sharePaidYahoo Finance (ex-div)
2023-11-271.12 MXNEx-dividend: 1.12 MXN per sharePaidYahoo Finance (ex-div)
2023-04-050.82 MXNEx-dividend: 0.82 MXN per sharePaidYahoo Finance (ex-div)
2022-11-171.71 MXNEx-dividend: 1.71 MXN per sharePaidYahoo Finance (ex-div)
2021-12-240.82 MXNEx-dividend: 0.82 MXN per sharePaidYahoo Finance (ex-div)
2021-11-220.81 MXNEx-dividend: 0.81 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.walmex.mx/en/financial-information/

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 Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX) — from primary filings.

Walmart de México y Centroamérica operates Walmart, Bodega Aurrera and related retail formats in Mexico and Central America.

Frequently asked questions

What is Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX)'s P/E ratio?
Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX) trades at a P/E of 16.3x (price to trailing 12-month earnings).
What is Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX)'s EV/EBITDA?
Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX) trades at 8.4x EV/EBITDA.
What is Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX)'s P/B ratio?
Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX) trades at a P/B of 3.5x.
What is Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX)'s dividend yield?
Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX)'s trailing 12-month dividend yield is 3.6%.
What is Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX)'s return on equity (ROE)?
Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX)'s ROE is 20.5%.
What is Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX)'s market capitalization?
Walmart de México y Centroamérica, S.A.B. de C.V. (WALMEX)'s market cap is 818.3 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