olivLaw · US equity research
Fomento Económico Mexicano, S.A.B. de C.V. FMX
Bottled & Canned Soft Drinks & Carbonated Waters · SIC 2086 · Vertical: Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086)
FEMSA is a Mexican group with operations in beverages, through Coca-Cola FEMSA, and proximity retail, through the OXXO chain, plus fuel and health divisions. In 2025 and early 2026 the company completed a strategy of divesting non-core assets, focusing on retail, beverages and digital, which makes its profile more coherent. Coca-Cola FEMSA's weight in consolidated revenue is significant, and consolidated revenue reached 840954 million MXN in 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Fomento Económico Mexicano, S.A.B. de C.V. (FMX) stock was 130.18 USD (+2.48% on the day), with beta 0.32, 52-week range 93.33–133.17 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.7
- strong (55–70)
- Bollinger (20, 2)
- 118.09 – 131.74
- in the upper half of the band · %B 0.89 · band width 10.9%
- SMA 50 / 200
- 121.56 / 118.85
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.90 / 1.66
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.3% | −1.1% | +12.4 pp | — |
| 3 months | +4.7% | −0.5% | +5.1 pp | — |
| 6 months | +6.6% | +4.4% | +2.2 pp | — |
| Year to date | +28.8% | +12.3% | +16.5 pp | — |
| 1 year | +41.0% | +13.5% | +27.4 pp | +18.3% |
| 3 years | +7.6% | +76.4% | −68.8 pp | +37.5% |
| 5 years | +60.0% | +63.7% | −3.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23.4 bn | 23.9 bn | 26.9 bn | 24.8 bn | 27.1 bn | 34.5 bn | 41.6 bn | 37.5 bn |
| Revenue YoY | unavailable | +2.0% | +12.3% | −7.8% | +9.4% | +27.3% | +20.4% | −9.9% |
| Net income | 2.2 bn | 1.7 bn | 1.5 bn | 188.0 m | 1.8 bn | 1.8 bn | 4.5 bn | 1.9 bn |
| Net income YoY | unavailable | −22.0% | −11.6% | −87.4% | +876.6% | −2.8% | +154.3% | −57.5% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 9.2% | 7.0% | 5.5% | 0.8% | 6.8% | 5.2% | 10.9% | 5.1% |
| Free cash flow | 1.0 bn | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 6.7 bn USD
- Financial debt
- 7.0 bn USD
- Net debt
- 260.0 m USD
- Equity
- 18.3 bn USD
- Total assets
- 40.8 bn USD
- Debt / equity
- 0.38x
- Current ratio
- 1.69x
- ROE
- 9.5%
- ROA
- 4.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 26.9 bn | 24.8 bn | 27.1 bn | 34.5 bn | 41.6 bn | 37.5 bn | SEC (XBRL)· 24 Apr 2025verified |
| Cost of revenue | 16.7 bn | 15.2 bn | 16.7 bn | 21.6 bn | 25.0 bn | 22.1 bn | SEC (XBRL)· 24 Apr 2025verified |
| Gross profit | 10.2 bn | 9.5 bn | 10.4 bn | 12.9 bn | 16.5 bn | 15.4 bn | SEC (XBRL)· 24 Apr 2025verified |
| Depreciation & amortisation | 25.8 bn | 28.0 bn | 25.4 bn | 27.3 bn | 34.0 bn | 39.3 bn | SEC (XBRL)· 24 Apr 2025verified |
| Pre-tax income | — | — | — | — | 5.3 bn | 3.1 bn | SEC (XBRL)· 24 Apr 2025verified |
| Income tax | 555.0 m | 745.0 m | 696.0 m | 738.0 m | — | — | SEC (XBRL)· 24 Apr 2023verified |
| Net income | 1.5 bn | 188.0 m | 1.8 bn | 1.8 bn | 4.5 bn | 1.9 bn | SEC (XBRL)· 24 Apr 2025verified |
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.3 bn | 5.2 bn | 5.0 bn | 4.9 bn | 7.9 bn | 6.7 bn | SEC (XBRL)· 24 Apr 2025verified |
| Receivables | — | 1.4 bn | 1.7 bn | 2.3 bn | 2.3 bn | 2.1 bn | SEC (XBRL)· 24 Apr 2025verified |
| Inventories | 2.2 bn | 2.2 bn | 2.5 bn | 3.2 bn | 3.4 bn | 3.2 bn | SEC (XBRL)· 24 Apr 2025verified |
| Current assets | 9.2 bn | 10.1 bn | 11.2 bn | 11.6 bn | 21.1 bn | 16.4 bn | SEC (XBRL)· 24 Apr 2025verified |
| Property, plant & equipment, net | 6.1 bn | 5.7 bn | 5.6 bn | 6.9 bn | 8.4 bn | 8.5 bn | SEC (XBRL)· 24 Apr 2025verified |
| Goodwill | 0 | — | — | — | — | — | SEC (XBRL)· 28 Apr 2020verified |
| Total assets | 33.8 bn | 34.4 bn | 36.0 bn | 41.0 bn | 47.7 bn | 40.8 bn | SEC (XBRL)· 24 Apr 2025verified |
| Accounts payable | 3.0 bn | 2.7 bn | 3.2 bn | 4.0 bn | 4.8 bn | 4.6 bn | SEC (XBRL)· 24 Apr 2025verified |
| Short-term debt | 651.0 m | 225.0 m | 98.0 m | 96.0 m | 145.0 m | 181.0 m | SEC (XBRL)· 24 Apr 2025verified |
| Long-term debt | — | 9.0 bn | 9.1 bn | 8.9 bn | 7.6 bn | 6.8 bn | SEC (XBRL)· 24 Apr 2025verified |
| Current liabilities | 7.2 bn | 6.0 bn | 6.7 bn | 9.1 bn | 10.8 bn | 9.7 bn | SEC (XBRL)· 24 Apr 2025verified |
| Total liabilities | 16.5 bn | 19.0 bn | 19.6 bn | 23.6 bn | 25.3 bn | 22.6 bn | SEC (XBRL)· 24 Apr 2025verified |
| Equity | 17.3 bn | 15.4 bn | 16.3 bn | 17.3 bn | 22.4 bn | 18.3 bn | SEC (XBRL)· 24 Apr 2025verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Capex | 1.2 bn | 938.0 m | 892.0 m | 1.5 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 24 Apr 2025verified |
| Dividends paid | — | 798.0 m | 653.0 m | 898.0 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 24 Apr 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.1% | 38 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 11.4% | 95 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 74 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial74/100 · 1/3 factors with a value
- Growth· partial95/100 · 1/2 factors with a value
- Quality· partial38/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Mexican Economic Development, Inc. (FMX). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 37.5 bn USD in 2024; YoY growth -9.9%; net margin 5.1%; ROE 12.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 11.4%
- Current ratio: 1.7x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MNSTMonster Beverage Corp | 47.8 bn | 22.4 | 25.7% | 23.1% | +10.7% | +30% / +77% |
| CELHCelsius Holdings, Inc. | 7.8 bn | 104.3 | 10.5% | 4.2% | +85.5% | −25% / −38% |
| FIZZNational Beverage Corp. | 3.5 bn | 20.2 | 40.1% | 14.8% | −1.7% | +11% / −21% |
| COKECoca-Cola Consolidated, Inc. | 1.5 bn | 2.5 | 90.0% | 7.5% | +4.8% | +25% / +178% |
| REEDReed's, Inc. | 12.0 m | — | -14,800.0% | -63.5% | −10.2% | −80% / −92% |
| CCEPCOCA-COLA EUROPACIFIC PARTNERS plc | — | — | 23.8% | 9.3% | +2.3% | +26% / +91% |
| KOFCoca Cola Femsa Sab De Cv | — | 82.6 | — | — | +18.2% | +33% / +38% |
| ZVIAZevia PBC | — | — | -18.0% | -4.8% | +4.0% | −55% / −44% |
| FMXMexican Economic Development, Inc. | — | — | 12.0% | 5.1% | −9.9% | +41% / +8% |
| AKO-AAndina Bottling Co Inc | — | — | 25.2% | 8.0% | +3.7% | +18% / +105% |
1- and 3-year price returns: for FMX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (28 Oct 2026), 6-K (23 Sept 2026), 6-K (14 Sept 2026), 6-K (28 Jul 2026), 6-K (08 Jun 2026), 6-K (28 May 2026).
In brief
FEMSA is a Mexican group with operations in beverages, through Coca-Cola FEMSA, and proximity retail, through the OXXO chain, plus fuel and health divisions. In 2025 and early 2026 the company completed a strategy of divesting non-core assets, focusing on retail, beverages and digital, which makes its profile more coherent. Coca-Cola FEMSA's weight in consolidated revenue is significant, and consolidated revenue reached 840954 million MXN in 2025 1.
SWOT
Strengths
- Leading position in beverages, with a large bottling and distribution network, and an integrated retail offer linking different divisions.
- The OXXO chain is the main retail platform in Mexico and supports the entry into financial services through Spin.
- The portfolio was simplified through divestments, concentrating resources on three core verticals.
Weaknesses
- Heavy dependence on the Mexican economy makes the group sensitive to domestic consumption and the exchange rate.
- Labour costs have risen and put pressure on operating expenses in retail.
- The Health division faces strong competition and high fixed costs in Mexico.
Opportunities
- Expansion in the US through acquisitions could complement the existing network of stations and stores.
- Digital integration between Spin and the OXXO network could create new revenue streams from financial services.
- High-margin service categories could continue to grow and improve profitability.
Threats
- A prolonged economic downturn in Mexico or the US could reduce demand for beverages and store products.
- Fluctuations in the peso-dollar rate could raise the cost of raw materials and dollar-denominated investments.
- Caps on unleaded gasoline prices could compress the margins of the Fuel division.
Risks
- Dependence on Mexicohigh
Consolidated performance depends heavily on the Mexican economy, and a recession could affect beverages and retail at the same time.
- Exchange ratemedium
Dollar-denominated debt and purchases expose the group to depreciation of the peso against the dollar, affecting costs and liabilities.
- Inflation and interest ratesmedium
Higher interest rates could raise the cost of variable-rate funding and could reduce consumer demand.
- Transaction executionmedium
The separation from Grupo Nós and the BradyPLUS merger with Imperial Dade involve complex integrations that could delay expected benefits.
- Leadership changelow
The appointment of a new CEO on 1 November 2025 could change strategic priorities in the short term.
Investment thesis
What would need to be true (bull case)
- The leading beverage position and the scale of the OXXO network provide a solid base, and the recovery in retail gross margin suggests management has stabilised operations in Mexico.
- A more focused portfolio after the divestments from 2023 to 2026 could lead to more efficient allocation of capital across the three core verticals.
- Digital integration through Spin with the physical network could create new revenues from financial services and loyalty programmes.
What would break the thesis
- Dependence on consumption in Mexico and on the US economy leaves the group vulnerable to a simultaneous slowdown in both markets.
- Labour costs and caps on fuel prices could compress the margins that management is trying to protect.
- Exposure to the exchange rate and dollar-denominated debt could amplify losses if the peso depreciates sharply.
What to watch
- Trend in traffic and same-store sales at OXXO stores in MexicoQ1 2027
- Integration of the stake in the combined BradyPLUS and Imperial Dade2027
- How Spin integrates with the OXXO network after the redefinition of its ecosystemnext 10-K
- Evolution of labour costs and operating margin in retailnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (28 Oct 2026), 6-K (23 Sept 2026), 6-K (14 Sept 2026), 6-K (28 Jul 2026), 6-K (08 Jun 2026), 6-K (28 May 2026).
The business
FEMSA (Fomento Económico Mexicano, S.A.B. de C.V.) is a holding company incorporated in Mexico, headquartered in Monterrey. According to the 20-F for fiscal 2025, the group operates through beverage and retail divisions, and in 2025 consolidated revenues were 840954 million MXN 1. The company describes itself as a leader in beverages in most countries where it operates, being the largest franchise bottler of Coca-Cola trademark products in the world by sales volume 1.
The FEMSA Forward strategy, announced in February 2023, led to the divestment of several stakes, including Heineken, Jetro Restaurant Depot, Imbera and Torrey, plastics and Solistica. Three core verticals remain: retail, Coca-Cola FEMSA and digital solutions through Spin, with a focus on an ecosystem centred on OXXO Mexico 1.
In February 2026 the group completed the separation of Grupo Nós from Raízen, keeping the OXXO stores in Brazil, and in March 2026 its stake in the combined BradyPLUS and Imperial Dade was set at approximately 18.75% 1. These transactions change the structure of the portfolio, not only its size.
Segments
Coca-Cola FEMSA
The beverage division, the largest Coca-Cola franchise bottler in the world by sales volume. In 2025 it had revenues of 291746 million MXN, with 55 bottling plants, about 4.2 billion unit cases a year and a share of 12.3% of Coca-Cola system volume 1. It operates in Mexico, Central America, Colombia, Brazil, Argentina and Uruguay 1.
Proximity Americas Division
The proximity retail division, which runs the OXXO chain in Mexico, Latin America and the US. Revenues in 2025 were 328839 million MXN, the largest contribution in the group after Coca-Cola FEMSA 1. The report mentions a difficult first half in Mexico, followed by a recovery and gross margin growth 1.
Health and Fuel
The Health division, with revenues of 88129 million MXN, includes pharmacies in Mexico, Colombia, Chile and Ecuador. The Fuel division, with revenues of 67195 million MXN, operates the OXXO Gas stations in the US and Mexico 1.
Market context
Mexico accounted for 64.4% of the group's total sales in 2025, and the economies of Mexico and Brazil contribute most of Coca-Cola FEMSA's revenue 1. The soft drinks and proximity retail market in Latin America depends on domestic consumption and on the evolution of the US economy, which many of these economies remain influenced by 1.
Interest rates, inflation and exchange rates influence demand and margins. The report notes that slower growth or higher inflation could reduce consumer demand or purchasing power 1.
Trends
- Weak consumption in Mexicoheadwind
The report mentions lower traffic in OXXO stores in the first half of 2025, due to weather and a soft consumer environment 1. If this trend continues, pressure on volumes could persist.
- Retail margin recoverytailwind
The Proximity Americas division reported a significant improvement in gross margin, supported by higher commercial income and high-margin service categories 1.
- Labour costsheadwind
Higher labour costs and minimum wage increases in Mexico raised operating expenses, although management kept operating margin relatively stable 1.
- Transformation through divestmentsmixed
A series of divestments and restructurings, from Heineken to Solistica, changed the group's profile. Longer-term effects depend on how the new stakes and integrations perform 1.
Competitive position
In beverages, Coca-Cola FEMSA competes in its markets with other bottlers and beverage producers, but the report does not give a named list of main competitors, and competition is described only through its leading position against its main competitors 1. In retail, OXXO leads in Mexico, but competition from pharmacies and other proximity formats remains intense 1.
The Health and Fuel divisions operate in a difficult competitive environment, especially in Mexico, where the report mentions strong competition and strategic store closures 1. For market positions, the group relies on its integrated scale and operating efficiency.
- Main Coca-Cola bottlers and beverage producers in the region
The report identifies competitors only in general terms, without ticker symbols we can confirm from the source.
- Pharmacy chains in Mexico
Competition for the Health division, described in the report as difficult, without named identification in the source.
- Other proximity retail formats in Latin America
Competition for OXXO, mentioned generally in the annual report.
- Fuel station operators in the US and Mexico
Competition for the Fuel division, without explicit naming in the sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)23 Sept 2026
- Current report (foreign issuer)14 Sept 2026
- Current report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)08 Jun 2026
- Current report (foreign issuer)28 May 2026
- Current report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)24 Apr 2026
- Annual report (foreign issuer)24 Apr 2026
- Current report (foreign issuer)27 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Fomento Económico Mexicano, S.A.B. de C.V. · 24 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.