Top 5 Giants of the Mexican Stock Market in 2025: Revealing the Corporate Titans Driving BMV

In 2025, the Mexican stock market has ushered in a remarkable growth period. Against the backdrop of increasing global economic uncertainty, the Mexican stock market has defied the trend and risen—Bolsa Mexicana de Valores (BMV) main index S&P/BMV IPC has increased approximately 21.7% over the past 12 months, significantly outperforming major U.S. stock indices. Behind this performance is a market revival driven by a group of heavyweight companies.

Who is Leading Mexico’s New Era in the Stock Market?

Among the 145 companies traded on the BMV, five giant corporations control the lifeblood of the entire market. These companies not only represent an important component of the national GDP but also directly influence the country’s economic direction.

Walmart de México, América Móvil, Grupo México, Fomento Económico Mexicano (FEMSA), and Grupo Financiero Banorte—these five leading enterprises—jointly hold 44.2% of the total market capitalization of the BMV, with a combined weight of 55.8% in the S&P/BMV IPC index. In other words, to truly understand the pulse of the Mexican stock market, one must closely monitor the actions of these five companies.

Walmart de México: Steady Growth of the Retail Empire

As Latin America’s largest retail operator, Walmart de México has established a vast business network across Mexico and Central America since its founding in 1958. The company’s market value on the BMV reaches 1.10 trillion Mexican pesos (MXN), ranking first among the five major companies.

The latest financial report shows that in Q2 2025, sales reached 246.254 billion MXN, an 8.1% increase compared to 227.415 billion in the same period last year. Although net profit declined from 12.51 billion to 11.227 billion, the company’s fundamentals remain solid. The current stock price fluctuates between $61.43 and $63.97, with an annual PER of 21.86 and a dividend yield of 3.83%.

International investment firm Barron’s maintains a “Overweight” rating on the company, believing its long-term investment potential is worth attention.

América Móvil: Telecom Leader with Global Reach

América Móvil is a multinational telecom giant, dominating 23 countries across the Americas and Europe, with over 323 million users. As the largest telecom operator in the Americas and the seventh-largest globally, this company has steadily grown through a strong international expansion strategy.

Data from Q3 2025 financials is noteworthy: revenue reached 2,329.2 billion MXN, a 4.2% year-over-year increase, with net profit surpassing 22.7 billion MXN. Its current market value is $70.75 billion, with stock prices between 32,800 and 35,160 MXN.

Analysts are generally optimistic about its prospects, with a consensus target price of 21,323 MXN, and a “Buy” recommendation.

Grupo México: Mining Giant’s History and Challenges

Founded in 1978, Grupo México is a true industrial conglomerate. Its subsidiary, Minería México, is the third-largest copper producer globally, and its transportation division controls the largest railway network in the country.

In Q3 2025, the group’s revenue grew by 11%, reaching $4.59 billion, with net profit more than doubling by over 50%, surpassing $1.29 billion. The current total market value is 1.27 trillion MXN, with stock trading between $158.68 and $162.51.

Despite impressive operational results, analysts are relatively conservative in their outlook. Barron’s and Investing.com have lowered their target prices to $8.33 and 149.42 MXN respectively, indicating a potential downside risk of 6.9%.

FEMSA: Balancing the Beverage and Retail Empire

FEMSA, the world’s largest Coca-Cola bottler, holds leading positions in beverages, retail, and pharmaceuticals. This Mexican diversified leader maintains a strong presence across 17 countries.

Q3 2025 data shows total revenue increased by 9.1% to 21.464 billion MXN, but net profit declined by 36.8% to 5.838 billion MXN, mainly due to exchange losses and rising financial expenses. Its current market value is 58.328 billion MXN, with stock prices between 174.48 and 180 USD.

Although short-term profits are under pressure, the market maintains a “Buy” stance, attracted by the company’s high dividend yield of 7.4%.

Banorte: A Steady Pillar in Financial Services

Grupo Financiero Banorte is Mexico’s second-largest banking group, serving 22 million clients with over 1,000 branches. As the country’s oldest pension fund manager, Banorte plays a vital role in the financial system.

In Q3 2025, the group achieved a net profit of 13.008 billion MXN, down 9% quarter-over-quarter, but overall performance remains robust. Its current market value is 53.47 billion MXN, with stock prices between 178.03 and 186.44 USD, a PE ratio of only 9.02, and a dividend yield of 7.30%.

Barron’s rates it as “Overweight,” believing the stock is undervalued with strong rebound potential.

Macroeconomic Opportunities and Challenges in the Mexican Stock Market

In 2025, Mexico’s economy has demonstrated resilience amid complex global trade dynamics. Regional volatility triggered by Trump’s tariff policies has been offset by the nearshoring trend, with foreign investment continuing to flow into related industries.

Inflation indicators are performing well, with the annual rate dropping to around 3.5%, prompting the Bank of Mexico to initiate a mild rate-cutting cycle. The exchange rate has remained more stable than expected, with the peso holding within a reasonable range amid business tensions, reducing exchange rate pressures on domestic companies.

Against this backdrop, the S&P/BMV IPC remains steady in the 63,000-64,000 point range, with key sectors such as consumer, telecommunications, and mining performing especially well.

How Should Investors Respond?

For long-term investors focused on the U.S. market, 2025 offers an opportunity to rebalance their portfolios. The excess returns of the Mexican stock market over U.S. stocks have become a reality and cannot be ignored.

Building a balanced portfolio that includes positions in Mexican stocks, moderate U.S. assets, and a mix of bonds from both countries can effectively capture regional return differentials while managing exchange rate, business, and geopolitical risks.

For investors seeking steady returns and dividend income, these five companies represent ideal entry points into the Mexican market.