Mexican Stock Exchange 2025: Which companies are listed on the stock exchange and why do they dominate the market?

The Mexican Market Takes Off: 2025 Surprise

While global investors keep their focus on the United States, a secondary market has captured all the attention: the Mexican Stock Exchange. With a cumulative gain of 21.7% over the past 12 months, the S&P/BMV IPC has clearly outperformed the major U.S. indices. This performance is particularly notable considering the environment of 25% tariffs imposed on Mexican products and Donald Trump’s re-election, events that in theory should have penalized the market.

However, companies listed on the Mexican stock exchange have demonstrated surprising resilience. The nearshoring phenomenon, the strength of domestic consumption, and the solid structure of leading players have shielded the market from external volatility. Currently, the index hovers around 63,000-64,000 points, reflecting genuine confidence from local and foreign investors.

Market Structure: How Many Companies Operate on the BMV?

The Mexican Stock Exchange is the largest of the two stock exchanges in Mexico (along with BIVA) and the second largest in Latin America. Despite its regional relevance, only 145 companies are listed on this exchange, of which 140 are Mexican, highlighting a relatively concentrated market compared to its total economy.

The main index measuring overall performance is the (S&P/BMV IPC), composed of 35 components that represent only 25% of the total listed companies but account for approximately 80% of the market value. This index is reviewed twice a year (in March and September) and operates in real time.

Key data for the S&P/BMV IPC:

• 1-year performance: 29%
• 5-year performance: 15%
• Largest individual market cap: 1.279 billion MXN
• Composition: 35 companies
• Top 10 concentration: 71.6% of the index

The three sectors with the highest weight in the index are consumer staples (30.9%), materials (26.2%), and industrials (12.3%), reflecting the Mexican economy’s orientation toward commodities and consumption.

The Five Powerhouses Driving the Mexican Stock Market

Five companies dominate the stock market landscape: Walmart de México, América Móvil, Grupo México, FEMSA, and Banorte. Together, these corporations account for 44.2% of the entire BMV market capitalization and concentrate 55.8% of the S&P/BMV IPC index.

Walmart de México: The Retail Giant

With a market cap of 1.10 trillion MXN, Walmart de México leads the retail sector. In Q2 2025, the company reported sales of 246.254 billion pesos, an increase from 227.415 billion the previous year. Its PER ratio of 21.86 and dividend yield of 3.83% position it as a stable investment.

Barron’s maintains a “Overweight” recommendation, suggesting that the market still sees potential in WALMEX shares. The annual price range (50.79$ to 67.34$) shows moderate volatility in line with market resistance.

América Móvil: Borderless Telecommunications

América Móvil operates in 23 countries with over 323 million users, positioning itself as the leading telecommunications company in the Americas. Its market capitalization reaches 70.75 billion USD, reflecting its global scale.

In Q3 2025, it recorded revenues of 232.920 billion Mexican pesos, a 4.2% year-over-year growth, with net income of 22.700 billion. The analyst consensus maintains a “Buy” recommendation, with an average target price of 21,323 MXN. The strength of this group lies in its geographic diversification and resilient business model against local fluctuations.

Grupo México: Mining and Transportation

Operating in three main divisions —Mining, Transportation, and Infrastructure— Grupo México is the largest mining company in the country and the third-largest copper producer worldwide. Its market cap of 1.27 trillion MXN reflects its strategic importance.

In Q3 2025, revenues grew 11% to 4.590 billion dollars, while net profit surged over 50%, reaching 1.290 billion. Although Barron’s suggests a potential decline of –6.9% with a “Under/Sell” rating, recent operational performance contradicts this pessimistic stance.

FEMSA: Beverages, Retail, and Integrated Pharmaceuticals

FEMSA is the world’s largest Coca-Cola bottler and a Mexican leader in beverages, retail, and pharmacies. Present in 17 countries with a market cap of 583.28 billion MXN, FEMSA diversifies income across multiple channels.

During Q3 2025, consolidated revenues increased 9.1% to 214.638 billion pesos. However, net income fell 36.8% to 5.838 billion due to exchange losses and financial expenses. Despite this, the consensus maintains a “Buy” recommendation, valuing its diversified business model. The dividend yield of 7.4% is attractive for conservative investors.

Banorte: Consolidated Financial Services

Banorte is the second of Mexico’s four largest banks, with 22 million clients, over 1,000 branches, and 7,000 ATMs. Its market cap of 534.70 billion MXN and PER ratio of 9.02 suggest a conservative valuation.

In Q3 2025, it posted a net result of 13.008 billion pesos, though with a 9% year-over-year decline. Barron’s maintains an “Overweight” recommendation, indicating that the market values its institutional strength and role as a pension fund manager. The dividend yield of 7.30% positions it as a defensive asset in portfolios.

Macroeconomic Context: Why Companies Listed on the Stock Market Thrive in 2025

Mexican inflation continues its decline and is near 3.5% annually, allowing the Bank of Mexico to begin gradual rate cuts. Although the monetary authority remains cautious because core inflation exceeds the target range, financial conditions are more stable than in previous years.

The Mexican peso has shown remarkable resilience, staying within narrow ranges and avoiding sharp depreciations even amid trade tensions. This behavior has reduced operational cost pressures for listed corporations. The constant influx of nearshoring-related investment and the strength of domestic consumption act as buffers against global uncertainties.

Replicating Profitability: Strategy for 2025 and Beyond

For investors who have historically concentrated their assets in U.S. markets, 2025 presents a genuine opportunity to diversify. The contrast is clear: while U.S. indices remain flat or in negative territory, the S&P/BMV IPC advances dynamically.

A balanced portfolio can combine selective exposure to Mexican stocks, strategic presence in U.S. assets, and fixed-income instruments from both economies. This structure allows capturing performance differentials, reducing geopolitical and monetary risks, and offering resilience amid global volatility cycles.

Companies listed on the Mexican stock exchange have proven their ability to generate value even in adverse scenarios. With moderate capital costs, access to expanding consumers, and strategic positioning in the global supply chain, the Mexican market presents an attractive combination that sophisticated investors are discovering in 2025.