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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. In the quarter to June 2026, revenue grew 22.5%, EPS grew 132.5%, free cash flow grew 401.8% and total debt was flat, each against the same quarter a year earlier. Insiders bought in the last twelve months.

119.24 0.51 +0.43%
Market cap
$23.9B
P/E
23.8×
Fwd P/E
—
Dividend yield
5.48%
F-score
5/9
Altman Z
2.79
Beneish M
−2.45
Dividend safety
16/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.25
Total sells 4.58
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — 1 — —
Sell — — — — 2 — — 1 — — — —
Insider Ownership 49.19%

Capital & Financial Ratios $m

Market Cap 23,930.00
Revenue 51,372.38
Net Income 2,939.00
Free Cash Flow 2,023.06
Net Debt 1,335.49
Current Ratio 1.14
Debt/Equity 0.46 (at or below 0.5: strong)
P/E ratio 23.85
Fwd P/E —
P/S ratio 0.79
P/B ratio 2.23
Past 5Y EPS Growth 19.46% (at or above 15%: strong)
This Y EPS Growth 75.34% (at or above 15%: strong)
Next Y EPS Growth (4.77%) (below 0%: weak)
Next Y revenue growth —
Next 5Y EPS Growth 23.76% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, 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 49.45%
10-year low 10-year high
P/S against its own 10 years 17.84%
10-year low 10-year high
P/B against its own 10 years 68.54%
10-year low 10-year high
EV/Sales against its own 10 years 18.09%
10-year low 10-year high
EV/FCF against its own 10 years 72.96%
10-year low 10-year high

Dividends

Payout Ratio 1.31
Annual Dividend Rate 6.53
Annual Dividend Yield 5.48%
total individual payouts
2026 4.54
2.08
0.68
1.15
1.78
2025 4.85
0.90
1.29
1.96
1.99
2024 3.07
1.08
1.04
0.95
2023 2.07
1.03
1.04
2022 1.71
0.84
0.87
2021 1.14
0.58
0.56
2020 1.46
0.70
0.76
2019 1.51
0.76
0.75
2018 1.40
0.71
0.69
2017 1.35
0.67
0.67
2016 1.35
0.70
0.65
special payouts not included in total or ratios

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%

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.

EPS $

Mar Jun Sep Dec Year
’26 2.41 0.93 — — —
’25 0.79 0.40 0.38 1.28 2.92
’24 — 1.93 0.84 — 3.78
’23 7.44 1.00 1.56 0.64 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.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 74.29 73.45 80.86 84.85 52.91 67.74 58.73 77.21 84.49 81.08

Analyst estimates 2026–2028

Powerpack
High 100.57 103.82 101.12 100.35 98.05 89.59 84.33 133.62 143.43 108.74
People
People Employees 266,144 295,097 297,073 238,404 320,618 320,752 354,309 369,367 388,999 368,776
Revenue/emp, $m 0.07 0.08 0.08 0.11 0.08 0.08 0.10 0.11 0.10 0.13
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
Gross margin, % 37.10 36.98 37.29 37.79 38.47 38.42 37.38 39.78 41.14 40.62
EBT 1,385 2,031 1,713 1,713 970 2,007 2,139 3,420 3,191 2,935
EBT margin, % 7.15 8.66 7.16 6.38 3.91 7.40 6.19 8.23 8.51 6.28
Net income 1,701 2,434 2,098 2,043 934 2,533 2,520 5,305 3,149 2,939
Depreciation 665 899 878 1,369 1,410 1,364 1,566 2,013 1,885 2,452
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
Earnings 2.87 6.03 3.45 3.07 1.20 3.93 3.55 10.98 3.78 2.92
Cash flow 6.80 5.83 7.03 9.14 17.06 9.97 10.42 8.23 9.72 11.19
Capex (2.83) (3.37) (3.26) (3.63) (6.32) (2.64) (4.59) (6.17) (6.31) (6.51)
Free cash flow 3.98 2.46 3.77 5.51 10.74 7.33 5.83 2.06 3.41 4.68
Book value 38.84 47.99 47.79 48.30 98.57 45.70 48.49 62.70 51.82 51.87
Shares, m 357 357 358 358 157 357 357 357 353 353
Valuation, ×
Valuation, × P/E 23.31 13.05 23.77 33.51 136.35 19.43 19.69 12.05 17.20 35.46
P/S 1.41 1.47 1.29 1.26 0.48 1.02 0.81 1.10 0.72 0.76
P/B 1.97 2.01 1.80 1.96 0.77 1.70 1.60 2.05 1.36 1.95
EV/Sales 1.64 1.54 1.36 1.33 0.64 1.14 0.95 1.00 0.67 0.80
EV/FCF 6.30 7.02 6.85 6.38 (22.72) 8.97 26.36 (144.21) (99.76) 18.37
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
Capex (1,010) (1,206) (1,166) (1,298) (990) (942) (1,639) (2,205) (2,226) (2,296)
Free cash flow 1,421 878 1,348 1,970 1,683 2,622 2,084 736 1,203 1,650
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
Total debt 6,754 6,688 6,552 6,255 9,485 9,291 9,835 8,096 7,106 8,701
Net debt 4,500 1,604 1,772 2,062 4,008 3,232 4,969 (4,254) (1,756) 1,529
Shareholders’ equity 13,881 17,155 17,089 17,272 15,442 16,336 17,328 22,392 18,275 18,291
Returns, %
Returns, % ROA 4.08 7.66 4.12 3.48 0.55 3.94 3.19 8.77 2.90 2.54
ROIC 6.26 7.18 7.31 8.51 6.99 8.16 8.61 14.59 12.78 12.77
ROE 7.34 13.92 7.13 6.39 1.15 8.74 7.30 19.57 6.31 5.90
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $135.4B 16.4× — (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. $48.4B 17.7× — +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. $23.9B 23.8× — +22.50% (above 0%: growing) +132.50% (above 0%: growing) +401.84% (above 0%: growing) 40.09% 8.27%
STZ Constellation Brands Inc $21.1B 10.9× 12.2× +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 $7.1B — (loss-making) 7.9× −3.26% (below 0%: shrinking) −42.06% (below 0%: shrinking) +29.37% (above 0%: growing) 34.34% 10.72% Compare
CCU Compania Cervecerias Unidas, S.A. $2.1B 17.6× 16.2× +4.81% (above 0%: growing) n/m +19.70% (above 0%: growing) 41.60% (3.35%) Compare
SAM The Boston Beer Company, Inc. $1.8B — (loss-making) 49.8× −3.34% (below 0%: shrinking) −8.99% (below 0%: shrinking) +13.63% (above 0%: growing) 50.39% 12.45% Compare
Median of peers $14.1B 17.0× 14.2× +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) key facts

  • Strength: 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.
  • Fomento Economico Mexicano S.A.B. de C.V. (FMX) is a Beverages Brewers company in the Consumer Defensive sector, traded in the US as an ADR.
  • As of October 9, 2026, FMX traded at $119.24, a market capitalization of $23.9 billion.
  • Fomento Economico Mexicano S.A.B. de C.V. pays an annual dividend of $6.53 per share, a yield of 5.48%, with a payout ratio of 130.7%.
  • Return on equity was 5.90% and debt-to-equity 0.46.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.79 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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

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stockrow.com/FMX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com