Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Mexican (IPC) Market Analysis & Valuation

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies121
  • 7D3.8%
  • 3M9.2%
  • 1Y29.8%
  • YTD8.8%

The market has climbed 3.8% in the last 7 days, lead by the Materials sector with a gain of 8.2%. Meanwhile, the Energy sector has underperformed, shrinking 6.4% in that time. As for the past 12 months, the market is up 30%. As for the next few years, earnings are expected to grow by 9.9% per annum.

Market Valuation and Performance

Has the Mexican Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026Mex$10.8tMex$7.7tMex$682.5b13.8x15.8x1.4x
Tue, 03 Mar 2026Mex$10.9tMex$7.8tMex$669.0b13.2x16.4x1.4x
Thu, 29 Jan 2026Mex$10.5tMex$7.6tMex$649.9b13.2x16.1x1.4x
Sat, 27 Dec 2025Mex$10.3tMex$7.8tMex$657.5b13.6x15.7x1.3x
Mon, 24 Nov 2025Mex$10.0tMex$8.0tMex$661.1b12.4x15.1x1.2x
Wed, 22 Oct 2025Mex$9.9tMex$7.9tMex$640.6b11.9x15.4x1.2x
Fri, 19 Sep 2025Mex$9.7tMex$7.9tMex$614.2b12.1x15.8x1.2x
Sun, 17 Aug 2025Mex$9.4tMex$7.8tMex$618.4b12x15.1x1.2x
Tue, 15 Jul 2025Mex$9.2tMex$7.6tMex$602.4b12.1x15.2x1.2x
Thu, 12 Jun 2025Mex$9.2tMex$7.5tMex$588.0b12.6x15.6x1.2x
Sat, 10 May 2025Mex$9.2tMex$7.6tMex$604.0b12.3x15.2x1.2x
Mon, 07 Apr 2025Mex$8.4tMex$7.6tMex$610.1b10.5x13.8x1.1x
Wed, 05 Mar 2025Mex$8.6tMex$7.6tMex$599.6b10.8x14.3x1.1x
Fri, 31 Jan 2025Mex$8.7tMex$7.6tMex$615.0b11.6x14.1x1.1x
Sun, 29 Dec 2024Mex$8.5tMex$7.5tMex$611.0b11.6x13.9x1.1x
Tue, 26 Nov 2024Mex$8.5tMex$7.4tMex$602.0b11.8x14.1x1.1x
Thu, 24 Oct 2024Mex$8.9tMex$7.3tMex$594.7b11.8x15x1.2x
Sat, 21 Sep 2024Mex$9.1tMex$7.4tMex$588.6b11.8x15.5x1.2x
Mon, 19 Aug 2024Mex$9.2tMex$7.3tMex$585.1b11.7x15.8x1.3x
Wed, 17 Jul 2024Mex$9.3tMex$7.1tMex$582.8b13.7x16x1.3x
Fri, 14 Jun 2024Mex$8.9tMex$7.1tMex$576.8b12.7x15.4x1.2x
Sun, 12 May 2024Mex$9.7tMex$7.0tMex$568.8b14.4x17x1.4x
Tue, 09 Apr 2024Mex$9.6tMex$7.1tMex$579.5b13.6x16.6x1.4x
Thu, 07 Mar 2024Mex$9.5tMex$7.1tMex$584.9b13.5x16.2x1.3x
Sat, 03 Feb 2024Mex$9.9tMex$7.4tMex$657.0b13x15x1.3x
Mon, 01 Jan 2024Mex$9.9tMex$7.4tMex$656.4b13.5x15.1x1.3x
Wed, 29 Nov 2023Mex$9.1tMex$7.4tMex$657.2b11.9x13.8x1.2x
Fri, 27 Oct 2023Mex$8.7tMex$7.5tMex$660.0b12x13.1x1.2x
Sun, 24 Sep 2023Mex$9.1tMex$7.5tMex$659.5b12.9x13.7x1.2x
Tue, 22 Aug 2023Mex$9.2tMex$7.4tMex$654.3b12.9x14.1x1.2x
Thu, 20 Jul 2023Mex$9.3tMex$7.3tMex$645.8b13.1x14.4x1.3x
Sat, 17 Jun 2023Mex$9.4tMex$7.3tMex$638.0b13.4x14.8x1.3x
Mon, 15 May 2023Mex$9.6tMex$7.4tMex$667.3b13.2x14.3x1.3x
Wed, 12 Apr 2023Mex$9.6tMex$7.3tMex$662.2b12.1x14.5x1.3x
Price to Earnings Ratio

14.5x


Total Market Cap: Mex$9.6tTotal Earnings: Mex$662.2bTotal Revenue: Mex$7.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Mexican Market Price to Earnings3Y Average 15x202420252026
Current Market PE
  • Investors are relatively neutral on the Mexican market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 15.0x.
Past Earnings Growth
  • Both revenue and earnings for Mexican listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Mexican Market?

MX Market3.84%
Materials8.19%
Healthcare6.14%
Financials4.19%
Real Estate4.05%
Industrials2.71%
Consumer Staples2.70%
Consumer Discretionary1.87%
Telecom1.48%
Utilities-0.95%
Energy-6.36%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading close to its 3-year average PE ratio of 19.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 10.9%, which is higher than its past year's earnings growth of 8.4% per year.
  • The Utilities sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Discretionary sector, expecting annual earnings growth of 18% over the next 5 years.
  • However this is lower than its past earnings growth rate of 24% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 26% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
GMEXICO B Grupo México. deMex$196.468.5%
+Mex$120.4b		109.6%PE17xMaterials
PE&OLES * Industrias Peñoles. deMex$867.8615.9%
+Mex$47.4b		152.8%PE14.1xMaterials
GFNORTE O Grupo Financiero Banorte. deMex$201.626.2%
+Mex$32.5b		40.1%PB2.2xFinancials
FEMSA UBD Fomento Económico Mexicano. deMex$202.013.8%
+Mex$25.1b		1.6%PE38.6xConsumer Staples
AMX B América Móvil. deMex$22.801.5%
+Mex$20.4b		57.2%PE16.6xTelecom
See more

Market Insights

Header cover image
What’s happening with Renewables & EVs?
Richard Bowman avatar
Richard Bowman
Part 1 of 3 in our “What’s happening with…” series, where we look back on the investment themes that were all the rage just a few years ago and see how they're doing now.
Continue reading
How to spot the winners in 2026's IPOs

Latest News

GMEXICO B
Mex$196.46
Grupo México. de
7D
8.5%
1Y
109.6%

GMEXICO B: Future Returns Will Rely On Execution After JPMorgan Downgrade

Analysts now see fair value for Grupo México at MX$196.22, compared with the prior MX$163.93. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples following recent research that included a downgrade at JPMorgan.
PE&OLES *
Mex$867.86
Industrias Peñoles. de
7D
15.9%
1Y
152.8%
CEMEX CPO
Mex$20.77
CEMEX. de
7D
6.8%
1Y
97.4%
GFNORTE O
Mex$201.62
Grupo Financiero Banorte. de
7D
6.2%
1Y
40.1%

GFNORTE O: Data Center Relocation Will Support Stronger Digital Earnings Outlook

Analysts have nudged their average price target for Grupo Financiero Banorte higher to around MX$221.67 from roughly MX$220.67, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margins, and future P/E that remain broadly in line with prior views. What's in the News Banorte relocated its mainframe data center from Mexico City to Querétaro to reduce business risks tied to natural disasters and to support its digital infrastructure (Key Developments).
VISTA A
Mex$1,230.86
Vista Energy. de
7D
-8.2%
1Y
53.9%
FEMSA UBD
Mex$202.01
Fomento Económico Mexicano. de
7D
3.8%
1Y
1.6%
WALMEX *
Mex$59.17
Wal-Mart de México. de
7D
1.7%
1Y
4.2%

Analysts Have Made A Financial Statement On Wal-Mart de México, S.A.B. de C.V.'s (BMV:WALMEX) Annual Report

Mar 29
Analysts Have Made A Financial Statement On Wal-Mart de México, S.A.B. de C.V.'s (BMV:WALMEX) Annual Report
GCARSO A1
Mex$136.36
Grupo Carso. de
7D
6.9%
1Y
10.8%

GCARSO A1: Stable Assumptions Will Sustain Downside Risk At Current Pricing

Analysts have maintained their MX$115.00 price target on Grupo Carso, with small adjustments to the discount rate, revenue growth, profit margin and forward P/E assumptions keeping their overall valuation view broadly unchanged. Valuation Changes Fair Value: MX$115.00 remains unchanged, so the headline valuation anchor is stable.
AMX B
Mex$22.80
América Móvil. de
7D
1.5%
1Y
57.2%

AMX B: Future Returns Will Depend On Margins P/E And Dividend Certainty

Analysts now set their price target for América Móvil at about MX$22.91, up from roughly MX$22.18, citing updated assumptions for fair value, revenue growth and profit margins, along with a slightly adjusted forward P/E outlook. What's in the News Shareholders are scheduled to vote at the April 2026 meeting on paying a MX$0.54 dividend per share, in two equal installments, on series B shares of América Móvil, S.A.B. de C.V. (Key Developments) The proposed dividend is subject to potential adjustments if corporate actions, such as share repurchases or new share placements, change the number of outstanding shares before the payment dates (Key Developments) Investors watching América Móvil may want to track the April 2026 shareholders' meeting outcome to understand the confirmed dividend level and timing for the series B shares (Key Developments) Valuation Changes Fair Value: Updated estimate moves from MX$22.18 to MX$22.91, representing a modest upward adjustment in the modelled share value.
SITES1 A-1
Mex$16.96
Operadora de Sites Mexicanos. de
7D
-0.8%
1Y
0.9%
OMA B
Mex$257.01
Grupo Aeroportuario del Centro Norte. de
7D
-0.5%
1Y
30.0%

OMA B: Fair Value View Will Reflect Traffic Trends And Refined P/E Expectations

Analysts trimmed their price target on Grupo Aeroportuario del Centro Norte by roughly MX$3 to reflect a slightly higher discount rate, along with modest adjustments to long term profit margin and P/E expectations, even as revenue growth assumptions were updated higher in recent research. Analyst Commentary Street research on Grupo Aeroportuario del Centro Norte has recently focused on how to balance valuation, execution risk and growth expectations, with price targets being adjusted both higher and lower over a relatively short period.
CHDRAUI B
Mex$107.09
Grupo Comercial Chedraui. de
7D
-0.2%
1Y
-10.8%

CHDRAUI B: Dividend Plan In Three Installments Will Support Bullish Outlook

Analysts have trimmed their price target for Grupo Comercial Chedraui from MX$190.00 to MX$180.09, citing updated assumptions for growth, profitability, discount rate and future P/E, in line with recent Street research including Barclays' lower MX$140 target. Analyst Commentary Recent revisions to price targets suggest that, even with some trims, bullish analysts still see room for value in Grupo Comercial Chedraui based on their updated growth, profitability and P/E assumptions.
KUO B
Mex$58.00
Kuo. de
7D
-3.3%
1Y
48.7%
ICH B
Mex$176.49
Industrias CH S. A. B. de C. V
7D
-2.0%
1Y
1.7%
FCFE 18
Mex$23.80
Fideicomiso Irrevocable Numero Cib/2919 (Cfe Fibra E)
7D
-0.8%
1Y
-2.2%
VALUEGF O
Mex$61.20
Value Grupo Financiero. de
7D
-2.8%
1Y
n/a