FM
Fomento Economico Mexicano SAB de CV
FMX—
Fomento Economico Mexicano SAB de CV AI Insights
Informational only. Not investment advice.Snapshot
- P/E of 1.9x and P/B of 0.35x on 829.6B MXN revenue TTM - trading at extreme discount to book value despite 9% revenue growth[P/E Ratio]
- Net margin of 2.0% TTM despite 41% gross margin - 269B operating expenses consuming 32% of revenue, signaling operational inefficiency[Net Profit Margin]
- Goodwill of 145.8B is 60% of equity (243.8B) - impairment risk material given compressed margins[Goodwill and Other Intangible Assets]
Watch Triggers
- Operating Margin TTM: Sustained above 10% — Would signal cost rationalization working - current 8.7% leaves no margin of safety
- Interest Expense TTM: Decline below 15B — Interest exceeds net income; reduction directly flows to bottom line
- EPS Growth 1Y: Return to positive growth — Current -0.7% despite 9% revenue growth indicates operating leverage broken
Bull Case
Extreme valuation discount: P/E 1.9x, P/B 0.35x, P/S 0.04x on business generating 829.6B revenue with 9% growth TTM. Even modest margin improvement creates significant upside.
P/E RatioP/B RatioTotal Revenue TTM
Strong balance sheet optionality: 123.6B cash, 75.4B working capital, net debt only 24.5B. Can fund restructuring or M&A without dilution.
Cash and EquivalentsWorking CapitalNet Debt
Bear Case
Structural margin compression: Operating margin 8.7% TTM with EPS declining 0.7% YoY despite 9% revenue growth. Cost structure appears broken.
Operating Margin TTMEPS Growth 1YOperating Expense TTM
Interest burden consuming profits: 18.7B interest expense TTM exceeds net income of 16.3B. ROE of 6.0% barely exceeds cost of debt.
Interest Expense TTMNet Income TTMROE TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
Margin recovery from 2% to 4% net margin would double EPS on stable revenue base
1-3ymed
- Operating expense rationalization
- Interest expense reduction from deleveraging
- Revenue scale leverage on fixed costs
41% gross margin TTM shows pricing power intactInterest expense 18.7B vs 16.3B net income TTMRevenue 5Y CAGR 11.2% provides scale runway
Valuation gap to book value closes as debt/equity normalizes from 1.06x
1-3ylow
- Cash of 123.6B covers 48% of total debt
- Positive working capital of 75.4B provides flexibility
P/B 0.35x implies 65% discount to equityNet debt only 24.5B vs 243.8B equity
Valuation Context
Caveats
Public Strategies Rankings
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FMX Fundamentals
Unknown Industry
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$35.13B | — | ||
$169.02B | — | ||
1.9 | — | ||
$829.57B | +9.8% | — | |
$53.63 | -16.4% | — | |
8.66% | +0.3% | — | |
1.96% | +0.6% | — | |
$0 | — | ||
0.06 | +2.5% | — | |
Beta 5Y (Monthly) | unknown | — |
FMX Dividend History
46 dividends
2026
$2.053101/16/26$2.0531
2025
$6.724610/16/25$1.9919
07/17/25$1.9635
04/24/25$1.8715
01/17/25$0.8977
2024
$3.071110/16/24$0.9456
07/17/24$1.0409
04/16/24$1.0846
2023
$2.072211/03/23$1.0442
05/04/23$1.0281
2022
$1.708611/03/22$0.8696
05/03/22$0.8391
2021
$1.139011/03/21$0.5632
05/04/21$0.5758
2020
$1.462911/03/20$0.7615
08/18/20$0.7014
2019
$1.525011/01/19$0.7536
05/03/19$0.7715
2018
$1.450511/02/18$0.6941
05/02/18$0.7564
2017
$1.347311/03/17$0.6743
05/02/17$0.6730
2016
$1.346510/28/16$0.6498
05/02/16$0.6967
2015
$1.371811/02/15$0.6526
05/04/15$0.7193
2013
$3.117212/13/13$1.5379
11/04/13$0.7519
05/02/13$0.8275
2012
$1.403311/01/12$0.6992
04/30/12$0.7041
2011
$1.095510/28/11$0.5091
04/29/11$0.5865
2010
$0.625110/29/10$0.3195
04/29/10$0.3056
2009
$0.363710/28/09$0.1815
04/28/09$0.1822
2008
$0.458005/05/08$0.4580
2007
$0.404205/10/07$0.4042
2006
$0.258106/12/06$0.2581
2005
$0.200905/05/05$0.2009
2004
$0.155905/26/04$0.1559
2003
$0.123605/27/03$0.1236
2002
$0.235305/28/02$0.2353
2001
$0.150605/14/01$0.1506
2000
$0.168507/26/00$0.1685
FMX Stock Splits
1 stock split
05/31/070.333333:1 split
FMX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/28/25 | 09/25/25 | 6-K | |
07/28/25 | 06/30/25 | 6-K | |
04/28/25 | 03/31/25 | 6-K | |
04/24/25 | 12/31/24 | Unknown | |
10/28/24 | 09/30/24 | 6-K | |
07/24/24 | 06/30/24 | 6-K | |
04/26/24 | 03/31/24 | 6-K | |
04/23/24 | 12/31/23 | 20-F | |
10/27/23 | 09/30/23 | 6-K | |
07/27/23 | 06/30/23 | 6-K | |
04/28/23 | 03/31/23 | 6-K | |
04/24/23 | 12/31/22 | 20-F | |
10/28/22 | 09/30/22 | 6-K | |
09/30/22 | 06/30/22 | 6-K | |
05/02/22 | 03/31/22 | 6-K | |
04/14/22 | 12/31/21 | 20-F | |
10/28/21 | 09/30/21 | 6-K | |
07/28/22 | 06/30/21 | 6-K | |
07/28/21 | 06/30/21 | 6-K | |
04/29/21 | 03/31/21 | 6-K | |
04/14/21 | 12/31/20 | 20-F | |
10/28/20 | 09/30/20 | 6-K | |
07/24/20 | 06/30/20 | 6-K | |
06/22/20 | 03/31/20 | 6-K | |
04/28/20 | 12/31/19 | 20-F | |
01/13/20 | 09/30/19 | 6-K | |
09/26/19 | 06/30/19 | 6-K | |
04/29/19 | 03/31/19 | 6-K | |
04/24/19 | 12/31/18 | 20-F | |
10/26/18 | 09/30/18 | 6-K | |
10/28/19 | 09/30/18 | 6-K | |
07/27/18 | 06/30/18 | 6-K | |
07/26/19 | 06/30/18 | 6-K | |
04/26/18 | 03/31/18 | 6-K | |
04/24/18 | 12/31/17 | 20-F | |
10/26/17 | 09/30/17 | 6-K | |
07/25/17 | 06/30/17 | 6-K | |
04/28/17 | 03/31/17 | 6-K | |
04/21/17 | 12/31/16 | 20-F | |
10/28/16 | 09/30/16 | 6-K | |
07/27/16 | 06/30/16 | 6-K | |
04/29/16 | 03/31/16 | 6-K | |
04/21/16 | 12/31/15 | 20-F | |
10/28/15 | 09/30/15 | 6-K | |
07/23/15 | 06/30/15 | 6-K | |
04/30/15 | 03/31/15 | 6-K | |
04/21/15 | 12/31/14 | 20-F | |
10/28/14 | 09/30/14 | 6-K | |
07/25/14 | 06/30/14 | 6-K | |
05/01/14 | 03/31/14 | 6-K | |
04/16/14 | 12/31/13 | 20-F | |
10/25/13 | 09/30/13 | 6-K | |
07/25/13 | 06/30/13 | 6-K | |
04/24/13 | 03/31/13 | 6-K | |
04/08/13 | 12/31/12 | 20-F | |
10/25/12 | 09/30/12 | 6-K | |
07/27/12 | 06/30/12 | 6-K | |
05/02/12 | 03/31/12 | 6-K | |
04/27/12 | 12/31/11 | 20-F | |
10/28/11 | 09/30/11 | 6-K | |
07/22/11 | 06/30/11 | 6-K | |
04/28/11 | 03/31/11 | 6-K | |
06/29/11 | 12/31/10 | 20-F | |
10/22/10 | 09/30/10 | 6-K | |
07/26/10 | 06/30/10 | 6-K | |
04/26/10 | 03/31/10 | 6-K | |
06/25/10 | 12/31/09 | 20-F | |
10/28/09 | 09/30/09 | 6-K | |
07/28/09 | 06/30/09 | 6-K | |
04/30/09 | 03/31/09 | 6-K | |
06/30/09 | 12/31/08 | 20-F | |
10/28/08 | 09/30/08 | 6-K | |
06/30/08 | 06/30/08 | 6-K | |
04/30/09 | 03/31/08 | 6-K | |
06/30/08 | 12/31/07 | 20-F | |
09/30/07 | 09/30/07 | Quarterly | -- |
06/30/07 | 06/30/07 | Quarterly | -- |
03/31/07 | 03/31/07 | Quarterly | -- |
06/28/07 | 12/31/06 | 20-F | |
09/30/06 | 09/30/06 | Quarterly | -- |
06/30/06 | 06/30/06 | 6-K | |
03/31/06 | 03/31/06 | Quarterly | -- |
06/29/06 | 12/31/05 | 20-F | |
09/30/05 | 09/30/05 | Quarterly | -- |
06/30/05 | 06/30/05 | Quarterly | -- |
03/31/05 | 03/31/05 | Quarterly | -- |
04/08/05 | 12/31/04 | 20-F | |
09/30/04 | 09/30/04 | 6-K | |
06/30/04 | 06/30/04 | Quarterly | -- |
03/31/04 | 03/31/04 | Quarterly | -- |
04/08/04 | 12/31/03 | 20-F | |
09/30/03 | 09/30/03 | Quarterly | -- |
06/30/03 | 06/30/03 | Quarterly | -- |
03/31/03 | 03/30/03 | Unknown | -- |
06/27/03 | 12/31/02 | 20-F | |
09/30/02 | 09/30/02 | Unknown | -- |
06/30/02 | 06/30/02 | Unknown | -- |
03/31/02 | 03/30/02 | Unknown | -- |
07/01/02 | 12/31/01 | 20-F | |
09/30/01 | 09/30/01 | Unknown | -- |
06/30/01 | 06/30/01 | Unknown | -- |
03/31/01 | 03/30/01 | Unknown | -- |
12/31/00 | 12/31/00 | Annual | -- |
09/30/00 | 09/30/00 | Unknown | -- |
06/30/00 | 06/30/00 | Unknown | -- |
03/31/00 | 03/30/00 | Unknown | -- |