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Fomento Economico Mexicano S.A.B. de C.V.

FMX Consumer Defensive Beverages Brewers

Fomento Economico Mexicano S.A.B. de C.V.’s revenue for fiscal 2025 (year ended December 2025) was $46.7 billion, up 24.6% from fiscal 2024.

Revenue
+22.5%
EPS
+132.5%
Free cash flow
+401.8%
Total debt
+0.71%

Quarter to June 2026, against a year earlier

126.10 1.82 +1.46%
Market cap
$25.0B
P/E
24.2×
Fwd P/E
—
Dividend yield
3.61%
F-score
5/9
Altman Z
2.79
Beneish M
−2.45
Dividend safety
16/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.25
Sold, $m 4.58
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell — — — 2 — — 1 — — — — —
Insider Ownership 49.19%

Capital & Financial Ratios $m

Size
Market Cap 25,040.00
Revenue ttm 51,372.38
Net income ttm 2,939.00
Free cash flow ttm 2,023.06
Net debt Q 1,335.49
Valuation
P/E 24.17
Forward P/E —
Price / sales 0.84
Forward P/S Powerpack
Price / FCF 21.28
Price / book 2.35
Financial health
Current ratio Q 1.14
Debt / equity Q 0.46 (at or below 0.5: strong)
Interest coverage Q 3.46
Growth
Revenue growth Q +22.50% (above 0%: growing)
Operating income growth Q +20.13% (above 0%: growing)
EPS, this year +78.19% (at or above 15%: strong)
EPS, next year A −4.97% (below 0%: weak)
Revenue, next year A —
EPS, past 5 yrs +19.46% (at or above 15%: strong)
EPS, next 5 yrs A +24.34% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 1.1×; over the ten years it ranged from 0.6× in 2021 to 3.0× in 2020.
P/E against its own 10 years 53.91%
10-year low 10-year high
P/S against its own 10 years 25.71%
10-year low 10-year high
P/B against its own 10 years 76.90%
10-year low 10-year high
EV/Sales against its own 10 years 26.63%
10-year low 10-year high
EV/FCF against its own 10 years 76.16%
10-year low 10-year high

Dividends

Yield
3.61%
Annual rate
4.54
Payout ratio
87.2%
Growth, 2017–26
+14.5%/yr
  1. 1.35 ’17
  2. 1.40 ’18 +4%
  3. 1.51 ’19 +8%
  4. 1.46 ’20 −3%
  5. 1.14 ’21 −22%
  6. 1.71 ’22 +50%
  7. 2.07 ’23 +21%
  8. 3.07 ’24 +48%
  9. 4.85 ’25 +58%
  10. 4.54 ’26 −6%
paid

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 12,350 8,862 7,172 6,702
Receivables 3,527 3,327 4,362 2,604
Inventory 3,445 3,235 3,857 3,884
Other 226 299 333 2,456
21,076 16,413 15,724 15,646
2023 2024 2025 Q'26
Payables 6,408 6,199 6,864 —
ST’ Debt 500 322 1,149 859
Other 2,489 2,115 2,450 —
10,792 9,729 11,664 13,770

Compound Annual Growth %

10y 5y 3y
Sales 9.93% 13.51% 10.59%
Cash Flow 6.32% 8.10% 1.96%
Earnings 0.48% 41.83% (4.22%)
Book Value 2.66% 3.44% 1.82%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 1.18 Actual 1.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 1.50 0.92 Miss by 0.58
Mar 2026 0.65 0.92 Beat by 0.27
Jun 2026 0.82 0.93 Beat by 0.11
Sep 2026 1.18 1.10 Miss by 0.08
Dec 2026 1.93 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.41 0.93 — — —
’25 0.79 0.40 0.38 1.49 2.92
’24 — 1.93 0.84 — 3.78
’23 7.44 1.00 1.56 1.09 10.98
’22 0.67 1.10 1.49 0.69 3.55
’21 0.74 0.43 1.92 0.91 3.93
’20 0.72 (0.40) 0.41 (0.17) 1.20
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 11,823 13,283 — — —
’25 9,595 10,843 11,526 14,741 46,705
’24 — 11,527 10,409 — 37,476
’23 9,649 11,219 11,022 9,690 41,580
’22 7,205 2,860 8,480 15,986 34,531
’21 6,124 6,853 7,122 7,017 27,116
’20 6,175 4,913 5,730 7,964 24,782
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — — 3,946
’24 — — — — 3,429
’23 — — — — 2,941
’22 — — — — 3,723
’21 — — — — 3,564
’20 — — — — 2,673
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — 1,650 1,650
’24 — — — — 1,203
’23 329 1,050 1,168 736 736
’22 437 1,142 810 2,084 2,084
’21 548 1,068 — 2,622 2,622
’20 418 305 565 1,683 1,683
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 19,377 23,445 23,924 26,867 24,782 27,116 34,531 41,580 37,476 46,705 51,372 +10.3% — — — —
Gross margin, % 37.10 36.98 37.29 37.79 38.47 38.42 37.38 39.78 41.14 40.62 40.50 +3.5 pt
EBT 1,385 2,031 1,713 1,713 970 2,007 2,139 3,420 3,191 2,935 3,852 +8.7%
EBT margin, % 7.15 8.66 7.16 6.38 3.91 7.40 6.19 8.23 8.51 6.28 7.50 (0.9) pt
Net income 1,701 2,434 2,098 2,043 934 2,533 2,520 5,305 3,149 2,939 2,939 +6.3%
Per share, $
Per share, $ Revenue 54.21 65.58 66.91 75.13 158.18 75.86 96.63 116.42 106.27 132.44 150.33 +10.4%
Earnings 2.87 6.03 3.45 3.07 1.20 3.93 3.55 10.98 3.78 2.92 5.21 +0.2%
Cash flow 6.80 5.83 7.03 9.14 17.06 9.97 10.42 8.23 9.72 11.19 0.00 +5.7%
Capex (2.83) (3.37) (3.26) (3.63) (6.32) (2.64) (4.59) (6.17) (6.31) (6.51) 0.00 +9.7%
Free cash flow 3.98 2.46 3.77 5.51 10.74 7.33 5.83 2.06 3.41 4.68 0.00 +1.8%
Book value 38.84 47.99 47.79 48.30 98.57 45.70 48.49 62.70 51.82 51.87 50.64 +3.3%
Shares, m 357 357 358 358 157 357 357 357 353 353 345 (0.1%)
Valuation, ×
Valuation, × P/E 23.31 13.05 23.77 33.51 136.35 19.43 19.69 11.56 15.75 33.02 24.17 32.9
P/S 1.41 1.47 1.29 1.26 0.48 1.02 0.81 1.10 0.72 0.76 0.84 1.0
P/B 1.97 2.01 1.80 1.96 0.77 1.70 1.60 2.05 1.36 1.95 2.35 1.7
EV/Sales 1.64 1.54 1.36 1.33 0.64 1.14 0.95 1.00 0.67 0.80 0.86 1.1
EV/FCF 6.30 7.02 6.85 6.38 (22.72) 8.97 26.36 (144.21) (99.76) 18.37 21.94 (18.6)
Cash, $m
Cash, $m Operating cash flow 2,431 2,084 2,514 3,268 2,673 3,564 3,723 2,941 3,429 3,946 9,105 +5.5%
Capex (1,010) (1,206) (1,166) (1,298) (990) (942) (1,639) (2,205) (2,226) (2,296) (7,082) +9.6%
Free cash flow 1,421 878 1,348 1,970 1,683 2,622 2,084 736 1,203 1,650 2,023 +1.7%
Balance, $m
Balance, $m Working capital 1,536 3,878 3,878 1,911 4,165 4,582 2,543 10,284 6,684 4,060 1,876 +11.4%
Net debt 4,500 1,604 1,772 2,062 4,008 3,232 4,969 (4,254) (1,756) 1,529 1,335 (11.3%)
Shareholders’ equity 13,881 17,155 17,089 17,272 15,442 16,336 17,328 22,392 18,275 18,291 17,304 +3.1%
Returns, %
Returns, % ROA 4.08 7.66 4.12 3.48 0.55 3.94 3.19 8.77 2.90 2.54 4.09 (1.5) pt
ROIC 6.26 7.18 7.31 8.51 6.99 8.16 8.61 14.59 12.78 12.77 14.70 +6.5 pt
ROE 7.34 13.92 7.13 6.39 1.15 8.74 7.30 19.57 6.31 5.90 0.00 (1.4) pt
People
People Employees 266,144 295,097 297,073 238,404 320,618 320,752 354,309 369,367 388,999 368,776 — +3.7%
Revenue/emp, $m 0.07 0.08 0.08 0.11 0.08 0.08 0.10 0.11 0.10 0.13 — +6.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Fomento Economico Mexicano S.A.B. de C.V. vs peers in Beverages Brewers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BUD Anheuser-Busch InBev SA/NV $139.1B 17.0× — (loss-making) +11.04% (above 0%: growing) +126.19% (above 0%: growing) +338.53% (above 0%: growing) 57.49% 27.63% Compare
ABEV Ambev S.A. $40.5B 14.8× — +3.83% (above 0%: growing) 0.00% +1,032.99% (above 0%: growing) 51.86% 23.89% Compare
FMX Fomento Economico Mexicano S.A.B. de C.V. $25.0B 24.2× — +22.50% (above 0%: growing) +132.50% (above 0%: growing) +401.84% (above 0%: growing) 40.09% 8.27%
STZ Constellation Brands Inc $22.1B 11.9× 11.3× +6.13% (above 0%: growing) +28.91% (above 0%: growing) −3.25% (below 0%: shrinking) 52.91% 30.57% Compare
TAP Molson Coors Beverage Company $7.3B — (loss-making) 8.8× −3.26% (below 0%: shrinking) −42.06% (below 0%: shrinking) +29.37% (above 0%: growing) 34.34% 10.72% Compare
SAM The Boston Beer Company, Inc. $2.0B — (loss-making) — (loss-making) −3.34% (below 0%: shrinking) −8.99% (below 0%: shrinking) +13.63% (above 0%: growing) 50.39% 12.45% Compare
CCU Compania Cervecerias Unidas, S.A. $1.9B 16.6× 16.2× +4.81% (above 0%: growing) n/m +19.70% (above 0%: growing) 41.60% (3.35%) Compare
Median of peers $14.7B 15.7× 11.3× +4.32% 0.00% +24.54% 51.13% 18.17%

All 7 Beverages Brewers stocks →

Fomento Economico Mexicano S.A.B. de C.V. (FMX) Latest News

29 Oct

Impact 4 · · Zacks

28 Oct

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 3 · · Associated Press earnings
Impact 3 · · GlobeNewswire

26 Oct

Impact 3 · · Zacks

23 Sep

Impact 3 · · GlobeNewswire

14 Sep

Impact 3 ·

21 Aug

Impact 3 ·

5 Aug

Impact 3 ·

29 Jul

Impact 3 ·
Impact 3 ·

28 Jul

Impact 3 · transcript
Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·

22 Jul

Impact 3 ·

8 Jul

Impact 3 ·

22 Jun

Impact 3 · · Zacks

8 Jun

Impact 3 · · GlobeNewswire

1 May

Impact 4 · · Zacks
Impact 3 · · MarketBeat

30 Apr

Impact 4 · · GlobeNewswire

24 Apr

Impact 4 · · Zacks

24 Mar

Impact 4 · · Zacks

23 Mar

Impact 4 · · GlobeNewswire

4 Mar

Impact 3 · · Insider Monkey

26 Feb

Impact 4 · · cstoredive.com
Impact 3 · · Zacks

25 Feb

Impact 4 · · Associated Press Finance
stockrow.com/FMX · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com