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

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

At a glance: strengths & risks
✓Low leverage (0.5x EBITDA)✓Cheaper than own history (EV/EBITDA 8.0 vs avg 10.7)

Sector: Retail

MX_WALMEX

Price chart

49.3 MXNDay 2.18%

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
49.3 MXN · 2.18%
Market cap
856.1 bn MXN

Growth

Δ revenue y/y
1.9%
Δ EBITDA y/y
0.6%

Multiples

P/E (LTM)
17.1x
3y avg: 20.4x
P/B (FY)
3.6x
P/E (ann.)
19.2x
EV/EBITDA (LTM)
8.0x
3y avg: 10.7x
EV/EBITDA (ann.)
8.7x

Cash return

Dividend yield
3.4%
FCF yield (LTM)
8.9%

Value creation

fundamental value/yr, % of market cap
Value created / year
+0.6%
↓ details

Liquidity

Daily turnover
—

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
2026-06-30Q2 2026 (3M)OK250.9
y/y 1.9%
17.0
y/y -1.4%
6.6
y/y 6.3%
23.6
y/y 0.6%
11.2
y/y -0.7%
18.3-9.3505.9
y/y 5.2%
238.6
y/y 9.7%
18.2%-30.1Link
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 -55.5%
29.6
y/y -16.9%
14.6
y/y -3.9%
43.3-39.0495.3
y/y 13.5%
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%-35.2Report (PDF)
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 1729.0%
14.1
y/y 33.5%
35.6
y/y 203.0%
15.2
y/y 660.7%
38.9-34.8436.5
y/y 0.0%
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)PARTIAL—
y/y —
1.2
y/y —
10.6
y/y —
11.7
y/y —
2.0
y/y —
57.0-29.0436.5
y/y —
199.1
y/y —
28.1%33.4Link
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) 2026-06-30

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)0
− Cash & equivalents30 118
Net debt-30 118

Net debt / LTM EBITDA: -0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0100 000200 000300 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-75%-50%-25%0%25%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

020 00040 00060 00080 000100 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-50 000-25 000025 00050 0002024 q12024 q22024 q32024 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 1.65x of reported net profit; after capex, 0.58x.
year202320242025
cash flow / profit1.65x1.35x1.83x
accruals, % of assets-7.7%-4.3%-8.4%
Last twelve months (to 2026-06-30): 1.77x of profit came back as operating cash flow.
net debt / EBITDA 0.5x · capex 1.9x 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: +0.6%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (23 640 − 23 495) × 4.38
637
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (856 113 + -30 118) ÷ 103 480
8.0x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (8.0 + 9) ÷ 2
8.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 76 455 + 0 + 0 − 0
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (637 × 8.5 + 0) ÷ 856 113
+0.6%

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

Caveats:

  • net-cash rise stripped: net debt fell while EBITDA declined and no share dilution measured (likely equity raise / recapitalisation)

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).

Peer comparison

Group: Retail. Each peer is shown as it trades and re-priced onto this company's market (Mexico) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Fix PriceRussia0.61.2x2.2x
MagnitRussia1.82.0x3.8x
Magazine LuizaBrazil1.73.9x4.3x
LentaRussia2.82.7x5.1x
VseInstrumentiRussia0.62.8x5.3x
X5 Retail GroupRussia7.42.8x5.4x
Woolworths HoldingsSouth Africa2.23.7x5.6x
BelugaRussia0.33.0x5.8x
The Foschini GroupSouth Africa1.05.1x7.6x
Abrau DursoRussia0.25.0x9.4x
Shoprite HoldingsSouth Africa10.86.8x10.1x
OKEYRussia0.25.4x10.3x
Group median3.4x5.5x
Group average3.7x6.2x
This companyMexico46.58.0x8.0x

Group median 3.4x as traded, 5.5x adjusted; this company 8.0x — a 46% premium.

Group average 3.7x as traded, 6.2x adjusted; against the average this company is at a 28% premium.

At the adjusted group median the market cap would be -33% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.3x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.4x, India 18.7x, Indonesia 4.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-18; the company's own is live.

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.

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 17.1x (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 8.0x 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 3.6x.
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 3.4%.
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 18.2%.
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 856.1 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