# America Movil Sab De CV (AMXB.MX)

Canonical: https://gigainvestors.com/s/AMXB.MX

Analysis as of: 2026-10-16T07:33:48.278Z. Financial observations: FY1998–FY2026.

Listing currency: MXN. Reporting currency: MXN.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: MXN 20.72 per share; close as of 2026-10-15.

Estimated value: low MXN 9.62 per share, central MXN 10.43 per share, high MXN 11.42 per share. Buy at or below the central value MXN 10.43 per share. Valuation as of 2026-10-16T07:33:48.278Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 13.3%). required return 13.3% a year (MX 10-year bond 9.3% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.13×

- FY2019: 0.15×

- FY2020: 0.16×

- FY2021: 0.19×

- FY2022: 0.20×

- FY2023: 0.21×

- FY2024: 0.21×

- FY2025: 0.20×

- LTM to Jun 2026: 0.22×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 13.6%

- ROIC, second-lowest year: 10.7%

- Typical minus recent gross margin: -8.4 pp

- Typical gross margin (annual median): 53.5%

- Recent gross margin (lower of latest and 3-year median): 61.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 15.1%

- ROIC including acquisitions, ten-year median: 6.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.5%

- FY2017: 10.7%

- FY2018: 13.8%

- FY2019: 13.4%

- FY2020: 16.9%

- FY2021: 14.6%

- FY2022: 46.4%

- FY2023: 15.8%

- FY2024: 12.0%

- FY2025: 13.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 386B

- Net income, five-year total: MXN 463B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 6.1 pp

- Working capital / revenue, final three-year average: 18.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.89×

- FY2022: 0.70×

- FY2023: 0.63×

- FY2024: 0.67×

- FY2025: 1.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 10.7% vs 13.3%

- Per-share earnings: 0.44 to 1.21 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: -1.9%

- Market cap gain: MXN 310B

- Cumulative retained earnings: MXN 400B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -1.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.3%

- Per-share value change: MXN 0.76

- Per-share value, starting three-year median: MXN 0.44

- Per-share value, ending three-year median: MXN 1.21

- Buybacks concentrated in cheaper years (correlation): 0.42

- Average buyback yield: 1.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: MXN 114B

- Cumulative net income, 10 years: MXN 661B

- ROIC, first three-year median: 10.7%

- ROIC, last three-year median: 13.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 0.13

- FY2017: MXN 0.44

- FY2018: MXN 0.69

- FY2019: MXN 1.03

- FY2020: MXN 0.70

- FY2021: MXN 2.96

- FY2022: MXN 1.29

- FY2023: MXN 1.21

- FY2024: MXN 0.46

- FY2025: MXN 1.37

### accounting: pass

- Sloan accruals: -10.5%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.69×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -15.0%

- FY2017: -12.1%

- FY2018: -14.7%

- FY2019: -10.5%

- FY2020: -14.9%

- FY2021: -3.9%

- FY2022: -9.0%

- FY2023: -11.0%

- FY2024: -11.7%

- FY2025: -10.5%

## Holders

## Price story

Price needs cash profits to grow 10.8% a year for ten years · "Telecoms giant America Movil swings to profit on foreign exchange gains" (finance.yahoo.com, Jul 2025) · sales +1.3%

Story as of 2026-10-16T09:59:57.833Z; price observation 2026-10-15.

Price needs cash profits to grow 10.8% a year for ten years

- 2025-07-22: Telecoms giant America Movil swings to profit on foreign exchange gains ([finance.yahoo.com](https://finance.yahoo.com/news/mexican-telecoms-giant-america-movil-215001882.html))

- 2025-10-16: America Movil Q3 Earnings Surpass Estimates, Revenues Up Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/america-movil-q3-earnings-surpass-145700345.html))

### Sales · FY2025–2026

sales +1.3%; source https://www.sec.gov/Archives/edgar/data/1129137/000114036126017486/ef20060642_20f.htm; observed 2026-04-28.

- FY2017: MXN 1.02T 

- FY2018: MXN 1.02T 

- FY2019: MXN 1.01T 

- FY2020: MXN 1.02T 

- FY2021: MXN 856B 

- FY2022: MXN 845B 

- FY2023: MXN 816B 

- FY2024: MXN 869B 

- FY2025: MXN 944B 

- FY2026: MXN 956B 

### Gross margin · FY2025

gross margin 62.1%; source https://www.sec.gov/Archives/edgar/data/1129137/000114036126017486/ef20060642_20f.htm; observed 2026-04-28.

- FY2016: 50.1% 

- FY2017: 51.4% 

- FY2018: 50.9% 

- FY2019: 53.2% 

- FY2020: 53.7% 

- FY2021: 60.1% 

- FY2022: 42.1% 

- FY2023: 61.2% 

- FY2024: 61.9% 

- FY2025: 62.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom services; annual sales are MXN 943.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1129137/000114036126017486/ef20060642_20f.htm (filed 2026-04-28); FY2025: revenue 943638406000; grossProfit 586001250000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMXB.MX: América Móvil, S.A.B. de C.V. provides telecommunications services in Latin America and internationally. It offers wireless and fixed-line voice services, including airtime, local, domestic, and international long-distance services; and network interconnection services. The company provides data services, such as data centers, data administration, and hosting services to residential and corporate clients; value-added services, including internet access, messaging and other wireless entertainment, and corporate services; data transmission, email services, instant messaging, content streaming, and interactive applications; and wireless security services, mobile payment solutions, machine-to-machine services, mobile banking, virtual private network services, and video calls and personal communications services. In addition, it offers residential broadband services; IT solutions to small businesses and large corporations; and cable and satellite television subscriptions. Further, the company sells equipment, accessories, and computers; and offers software development, call center, entertainment content and news, telephone directories, advertising, cybersecurity services, and corporate IT solutions. Additionally, it provides video, audio, and other media content through the internet directly from the content provider to the end user. It sells its products and services under the Telcel, Telmex Infinitum, and A1 brand names through a network of retailers and service centers to retail customers; and through sales force to corporate customers. The company was incorporated in 2000 and is based in Mexico City, Mexico.

### Why customers stay

Margins ranged from 61.2% to 62.1% during 2023–25; it earns 13.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2023: grossProfit / revenue = 61.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2024: grossProfit / revenue = 61.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1129137/000114036126017486/ef20060642_20f.htm (filed 2026-04-28); FY2025: grossProfit / revenue = 62.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); 10-year return on capital observations [[2016,0.09523456255447016],[2017,0.10660802995861345],[2018,0.13764650132257314],[2019,0.13394657130613233],[2020,0.16896401229663238],[2021,0.1457546983440311],[2022,0.46375315169787373],[2023,0.1575203162358267],[2024,0.12026921235557729],[2025,0.13290803727534312]]; median 0.13579653631435273. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back MXN 11.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2016: growth capex 8512895000; upkeep 146511000000; owner earnings 8649000000. Growth capex / owner earnings = 0.9842634986703666.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2017: growth capex 0; upkeep 136723678000; owner earnings 51214322000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2018: growth capex 0; upkeep 151821680000; owner earnings 45834320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2019: growth capex 0; upkeep 151847191000; owner earnings 74798809000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2020: growth capex 0; upkeep 129554989000; owner earnings 71513036000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2021: growth capex 0; upkeep 158070939000; owner earnings 170921705000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2022: growth capex 0; upkeep 157853956000; owner earnings 58407260361.29939. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2023: growth capex 0; upkeep 156338806000; owner earnings 48237584202.45815. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2024: growth capex 0; upkeep 130835027000; owner earnings 18978790200. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1129137/000114036126017486/ef20060642_20f.htm (filed 2026-04-28); FY2025: growth capex 0; upkeep 130817440000; owner earnings 89553802618.71893. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Dividend observations: [[2016,13809957000],[2017,16091390000],[2018,22369793000],[2019,24248145000],[2020,9592253000],[2021,27829345000],[2022,29534053000],[2023,30466636000],[2024,31007121000],[2025,33159586000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1129137/000114036126017486/ef20060642_20f.htm (filed 2026-04-28); FY2025: cash repurchases 11944156000 MXN.

### Are managers owners

Insiders own 63.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMXB.MX SharesStats.PercentInsiders = 63.125 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.8% yearly over ten years; actual growth was 10.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Ten-year compound average after fade. Initial solved rate 0.14286597976461246. Price 20.72; FX 1; discount 0.13252; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5303328290468986 → FY2025 1.4791523952616104. Closing-price date 2026-10-15.

## Monthly share-price history (MXN per share)

- 2016-11: MXN 11.68 per share

- 2016-12: MXN 12.41 per share

- 2017-01: MXN 12.55 per share

- 2017-02: MXN 12.29 per share

- 2017-03: MXN 12.68 per share

- 2017-04: MXN 13.67 per share

- 2017-05: MXN 15.26 per share

- 2017-06: MXN 13.83 per share

- 2017-07: MXN 14.73 per share

- 2017-08: MXN 15.76 per share

- 2017-09: MXN 15.60 per share

- 2017-10: MXN 15.65 per share

- 2017-11: MXN 15.43 per share

- 2017-12: MXN 16.09 per share

- 2018-01: MXN 16.59 per share

- 2018-02: MXN 16.47 per share

- 2018-03: MXN 16.97 per share

- 2018-04: MXN 17.07 per share

- 2018-05: MXN 14.68 per share

- 2018-06: MXN 15.49 per share

- 2018-07: MXN 15.28 per share

- 2018-08: MXN 15.35 per share

- 2018-09: MXN 14.78 per share

- 2018-10: MXN 13.16 per share

- 2018-11: MXN 13.02 per share

- 2018-12: MXN 13.73 per share

- 2019-01: MXN 15.26 per share

- 2019-02: MXN 13.35 per share

- 2019-03: MXN 13.44 per share

- 2019-04: MXN 14.02 per share

- 2019-05: MXN 13.07 per share

- 2019-06: MXN 13.54 per share

- 2019-07: MXN 12.87 per share

- 2019-08: MXN 12.67 per share

- 2019-09: MXN 13.73 per share

- 2019-10: MXN 14.87 per share

- 2019-11: MXN 14.40 per share

- 2019-12: MXN 14.59 per share

- 2020-01: MXN 15.42 per share

- 2020-02: MXN 15.54 per share

- 2020-03: MXN 13.73 per share

- 2020-04: MXN 13.73 per share

- 2020-05: MXN 14.11 per share

- 2020-06: MXN 14.30 per share

- 2020-07: MXN 13.60 per share

- 2020-08: MXN 12.82 per share

- 2020-09: MXN 13.00 per share

- 2020-10: MXN 12.68 per share

- 2020-11: MXN 13.83 per share

- 2020-12: MXN 14.30 per share

- 2021-01: MXN 13.64 per share

- 2021-02: MXN 13.16 per share

- 2021-03: MXN 13.53 per share

- 2021-04: MXN 13.90 per share

- 2021-05: MXN 14.41 per share

- 2021-06: MXN 14.58 per share

- 2021-07: MXN 15.47 per share

- 2021-08: MXN 18.59 per share

- 2021-09: MXN 16.92 per share

- 2021-10: MXN 17.16 per share

- 2021-11: MXN 17.26 per share

- 2021-12: MXN 20.08 per share

- 2022-01: MXN 18.12 per share

- 2022-02: MXN 17.64 per share

- 2022-03: MXN 19.70 per share

- 2022-04: MXN 19.74 per share

- 2022-05: MXN 20.66 per share

- 2022-06: MXN 19.55 per share

- 2022-07: MXN 18.34 per share

- 2022-08: MXN 17.16 per share

- 2022-09: MXN 17.27 per share

- 2022-10: MXN 18.31 per share

- 2022-11: MXN 19.60 per share

- 2022-12: MXN 18.20 per share

- 2023-01: MXN 19.10 per share

- 2023-02: MXN 18.61 per share

- 2023-03: MXN 19.50 per share

- 2023-04: MXN 19.50 per share

- 2023-05: MXN 19.50 per share

- 2023-06: MXN 19.50 per share

- 2023-07: MXN 19.50 per share

- 2023-08: MXN 19.50 per share

- 2023-09: MXN 15.05 per share

- 2023-10: MXN 14.91 per share

- 2023-11: MXN 15.77 per share

- 2023-12: MXN 15.74 per share

- 2024-01: MXN 15.53 per share

- 2024-02: MXN 15.99 per share

- 2024-03: MXN 15.60 per share

- 2024-04: MXN 16.32 per share

- 2024-05: MXN 15.74 per share

- 2024-06: MXN 15.59 per share

- 2024-07: MXN 15.57 per share

- 2024-08: MXN 16.28 per share

- 2024-09: MXN 16.17 per share

- 2024-10: MXN 15.83 per share

- 2024-11: MXN 15.09 per share

- 2024-12: MXN 14.95 per share

- 2025-01: MXN 14.55 per share

- 2025-02: MXN 14.61 per share

- 2025-03: MXN 14.58 per share

- 2025-04: MXN 16.97 per share

- 2025-05: MXN 16.35 per share

- 2025-06: MXN 16.80 per share

- 2025-07: MXN 17.06 per share

- 2025-08: MXN 18.64 per share

- 2025-09: MXN 19.22 per share

- 2025-10: MXN 21.14 per share

- 2025-11: MXN 20.94 per share

- 2025-12: MXN 18.59 per share

- 2026-01: MXN 18.07 per share

- 2026-02: MXN 22.45 per share

- 2026-03: MXN 22.79 per share

- 2026-04: MXN 23.24 per share

- 2026-05: MXN 22.08 per share

- 2026-06: MXN 22.73 per share

- 2026-07: MXN 22.00 per share

- 2026-08: MXN 19.61 per share

- 2026-09: MXN 19.17 per share

- 2026-10: MXN 19.90 per share

## Annual estimated value (MXN per share)

- FY2016: low MXN 7.22 per share, central MXN 7.81 per share, high MXN 8.53 per share

- FY2017: low MXN 7.05 per share, central MXN 7.62 per share, high MXN 8.32 per share

- FY2018: low MXN 6.22 per share, central MXN 6.73 per share, high MXN 7.35 per share

- FY2019: low MXN 6.10 per share, central MXN 6.60 per share, high MXN 7.21 per share

- FY2020: low MXN 7.06 per share, central MXN 7.63 per share, high MXN 8.31 per share

- FY2021: low MXN 9.42 per share, central MXN 10.10 per share, high MXN 10.93 per share

- FY2022: low MXN 8.89 per share, central MXN 9.57 per share, high MXN 10.40 per share

- FY2023: low MXN 8.42 per share, central MXN 9.09 per share, high MXN 9.90 per share

- FY2024: low MXN 8.60 per share, central MXN 9.32 per share, high MXN 10.19 per share

- FY2025: low MXN 9.39 per share, central MXN 10.19 per share, high MXN 11.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:34.610Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1129137/000114036126017486/ef20060642_20f.htm); period 2025-12-31, filed 2026-04-28.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.