# Grupo Bimbo (BIMBOA.MX)

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

Analysis as of: 2026-10-16T07:35:23.286Z. Financial observations: FY2000–FY2025.

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 57.97 per share; close as of 2026-10-15.

Estimated value: low MXN 15.88 per share, central MXN 20.68 per share, high MXN 22.80 per share. Buy at or below the central value MXN 20.68 per share. Valuation as of 2026-10-16T07:35:23.286Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.08×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.11×

- FY2022: 0.14×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.09×

### moat: pass

- ROIC, median of available years: 16.4%

- ROIC, second-lowest year: 14.1%

- Typical minus recent gross margin: 0.5 pp

- Typical gross margin (annual median): 52.8%

- Recent gross margin (lower of latest and 3-year median): 52.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 3.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.0%

- FY2017: 14.5%

- FY2018: 17.0%

- FY2019: 14.1%

- FY2020: 15.9%

- FY2021: 17.7%

- FY2022: 25.2%

- FY2023: 17.8%

- FY2024: 14.1%

- FY2025: 13.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.52×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 53B

- Net income, five-year total: MXN 102B

- Return on incremental invested capital: 52.6%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -5.0 pp

- Working capital / revenue, final three-year average: -0.1%

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

- FY2021: 0.61×

- FY2022: 0.88×

- FY2023: -0.29×

- FY2024: 0.07×

- FY2025: 0.55×

### 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: 17.0% vs 14.1%

- Per-share earnings: 0.98 to 2.90 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: MXN -194B

- Cumulative retained earnings: MXN 70B

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.8%

- Per-share value change: MXN 1.92

- Per-share value, starting three-year median: MXN 0.98

- Per-share value, ending three-year median: MXN 2.90

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 1.0%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: MXN 69B

- Cumulative net income, 10 years: MXN 134B

- ROIC, first three-year median: 17.0%

- ROIC, last three-year median: 14.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 0.62

- FY2017: MXN 0.98

- FY2018: MXN 1.24

- FY2019: MXN 1.39

- FY2020: MXN 2.01

- FY2021: MXN 3.56

- FY2022: MXN 10.58

- FY2023: MXN 3.52

- FY2024: MXN 2.90

- FY2025: MXN 2.59

### accounting: pass

- Sloan accruals: -8.9%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.0%

- FY2017: -6.4%

- FY2018: -5.8%

- FY2019: -8.0%

- FY2020: -11.3%

- FY2021: -8.8%

- FY2022: 1.7%

- FY2023: -3.2%

- FY2024: -6.6%

- FY2025: -8.9%

## Holders

## Price story

Down 40% since Apr 2023 · "North America Sales Decrease: 4.9% excluding FX effect." (finance.yahoo.com, Apr 2025) · sales +4.6%

Story as of 2026-10-16T10:00:04.701Z; price observation 2026-10-15.

Price needs cash profits to grow 21.5% a year for ten years

### Sales · FY2024–2025

sales +4.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: MXN 252B 

- FY2017: MXN 268B 

- FY2018: MXN 288B 

- FY2019: MXN 292B 

- FY2020: MXN 331B 

- FY2021: MXN 349B 

- FY2022: MXN 399B 

- FY2023: MXN 400B 

- FY2024: MXN 408B 

- FY2025: MXN 427B 

### Gross margin · FY2025

gross margin 52.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 54.0% 

- FY2017: 53.4% 

- FY2018: 52.9% 

- FY2019: 52.7% 

- FY2020: 53.9% 

- FY2021: 53.1% 

- FY2022: 51.5% 

- FY2023: 51.4% 

- FY2024: 52.6% 

- FY2025: 52.3% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are MXN 427 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2025: revenue 426952000000; grossProfit 223487000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BIMBOA.MX: Grupo Bimbo, S.A.B. de C.V., together with its subsidiaries, produces, distributes, and markets bakery products. It offers sliced and artisan bread, buns and rolls, pastries, cakes, cookies, toast, English muffins, bagels, tortillas and flatbreads, and salty snacks. The company operates Mexico, North America, Central America, Latin America, Europe and Africa, and Asia. Grupo Bimbo, S.A.B. de C.V. was founded in 1945 and is based in Mexico City, Mexico.

### Why customers stay

Margins ranged from 51.4% to 52.6% during 2023–25; it earns 16.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2023: grossProfit / revenue = 51.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2024: grossProfit / revenue = 52.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2025: grossProfit / revenue = 52.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); 10-year return on capital observations [[2016,0.17023698884758365],[2017,0.14489977913041674],[2018,0.16968653760408134],[2019,0.14058075435978556],[2020,0.15886352259578693],[2021,0.17697422909489213],[2022,0.2517148093455158],[2023,0.17830533219404818],[2024,0.1414646990805785],[2025,0.13760128944657282]]; median 0.16427503009993413. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 52% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); Gross margin observations: [[2021,0.5311519202492497],[2022,0.5151189096727915],[2023,0.5139304639653495]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back MXN 1.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2016: growth capex 0; upkeep 13198000000; owner earnings 9929000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2017: growth capex 0; upkeep 13446000000; owner earnings 7724000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2018: growth capex 0; upkeep 15067000000; owner earnings 5915000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2019: growth capex 0; upkeep 13117000000; owner earnings 2507000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2020: growth capex 0; upkeep 13218000000; owner earnings 6326200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2021: growth capex 4296000000; upkeep 16375000000; owner earnings 9686200000. Growth capex / owner earnings = 0.4435175817141913.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2022: growth capex 10387344000; upkeep 18282000000; owner earnings 41073000000. Growth capex / owner earnings = 0.2528995690599664.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2024: growth capex 3310862109.005459; upkeep 27568137890.99454; owner earnings 866747709.0054588. Growth capex / owner earnings = 3.819868313011724.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2025: growth capex 0; upkeep 22893000000; owner earnings 6120033000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); Dividend observations: [[2016,1129000000],[2017,1364000000],[2018,1646000000],[2019,2103000000],[2020,2433000000],[2021,4636000000],[2022,6533802000],[2023,7079723000],[2024,4234000000],[2025,4451000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); FY2025: cash repurchases 1253000000 MXN.

### Are managers owners

Insiders own 72.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BIMBOA.MX SharesStats.PercentInsiders = 72.371 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 21.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:23.286Z); Ten-year compound average after fade. Initial solved rate 0.30066792142263665. Price 57.97; FX 1; discount 0.13252; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: MXN 50.91 per share

- 2016-11: MXN 47.35 per share

- 2016-12: MXN 47.01 per share

- 2017-01: MXN 46.23 per share

- 2017-02: MXN 47.42 per share

- 2017-03: MXN 46.59 per share

- 2017-04: MXN 46.08 per share

- 2017-05: MXN 43.03 per share

- 2017-06: MXN 45.60 per share

- 2017-07: MXN 45.01 per share

- 2017-08: MXN 43.34 per share

- 2017-09: MXN 43.97 per share

- 2017-10: MXN 44.32 per share

- 2017-11: MXN 43.45 per share

- 2017-12: MXN 43.51 per share

- 2018-01: MXN 45.40 per share

- 2018-02: MXN 44.11 per share

- 2018-03: MXN 39.78 per share

- 2018-04: MXN 43.53 per share

- 2018-05: MXN 38.06 per share

- 2018-06: MXN 38.69 per share

- 2018-07: MXN 39.66 per share

- 2018-08: MXN 39.75 per share

- 2018-09: MXN 39.91 per share

- 2018-10: MXN 38.05 per share

- 2018-11: MXN 39.00 per share

- 2018-12: MXN 39.15 per share

- 2019-01: MXN 37.81 per share

- 2019-02: MXN 38.23 per share

- 2019-03: MXN 40.58 per share

- 2019-04: MXN 42.22 per share

- 2019-05: MXN 39.55 per share

- 2019-06: MXN 40.03 per share

- 2019-07: MXN 36.50 per share

- 2019-08: MXN 35.07 per share

- 2019-09: MXN 35.99 per share

- 2019-10: MXN 35.74 per share

- 2019-11: MXN 33.80 per share

- 2019-12: MXN 34.43 per share

- 2020-01: MXN 33.81 per share

- 2020-02: MXN 29.69 per share

- 2020-03: MXN 34.48 per share

- 2020-04: MXN 35.59 per share

- 2020-05: MXN 34.67 per share

- 2020-06: MXN 38.47 per share

- 2020-07: MXN 40.09 per share

- 2020-08: MXN 40.42 per share

- 2020-09: MXN 41.37 per share

- 2020-10: MXN 40.99 per share

- 2020-11: MXN 42.76 per share

- 2020-12: MXN 43.24 per share

- 2021-01: MXN 38.52 per share

- 2021-02: MXN 39.30 per share

- 2021-03: MXN 42.90 per share

- 2021-04: MXN 40.54 per share

- 2021-05: MXN 43.85 per share

- 2021-06: MXN 43.89 per share

- 2021-07: MXN 45.88 per share

- 2021-08: MXN 50.82 per share

- 2021-09: MXN 58.04 per share

- 2021-10: MXN 60.94 per share

- 2021-11: MXN 56.22 per share

- 2021-12: MXN 62.97 per share

- 2022-01: MXN 64.59 per share

- 2022-02: MXN 63.07 per share

- 2022-03: MXN 60.06 per share

- 2022-04: MXN 62.90 per share

- 2022-05: MXN 64.72 per share

- 2022-06: MXN 65.37 per share

- 2022-07: MXN 72.04 per share

- 2022-08: MXN 66.22 per share

- 2022-09: MXN 70.97 per share

- 2022-10: MXN 76.71 per share

- 2022-11: MXN 81.94 per share

- 2022-12: MXN 82.36 per share

- 2023-01: MXN 94.02 per share

- 2023-02: MXN 86.85 per share

- 2023-03: MXN 90.68 per share

- 2023-04: MXN 96.30 per share

- 2023-05: MXN 94.56 per share

- 2023-06: MXN 91.65 per share

- 2023-07: MXN 86.81 per share

- 2023-08: MXN 83.88 per share

- 2023-09: MXN 84.02 per share

- 2023-10: MXN 73.38 per share

- 2023-11: MXN 87.64 per share

- 2023-12: MXN 85.95 per share

- 2024-01: MXN 78.52 per share

- 2024-02: MXN 71.30 per share

- 2024-03: MXN 78.47 per share

- 2024-04: MXN 71.78 per share

- 2024-05: MXN 63.89 per share

- 2024-06: MXN 64.61 per share

- 2024-07: MXN 65.17 per share

- 2024-08: MXN 70.47 per share

- 2024-09: MXN 67.76 per share

- 2024-10: MXN 62.16 per share

- 2024-11: MXN 59.77 per share

- 2024-12: MXN 55.24 per share

- 2025-01: MXN 54.41 per share

- 2025-02: MXN 55.13 per share

- 2025-03: MXN 55.64 per share

- 2025-04: MXN 59.63 per share

- 2025-05: MXN 54.21 per share

- 2025-06: MXN 52.35 per share

- 2025-07: MXN 54.74 per share

- 2025-08: MXN 58.05 per share

- 2025-09: MXN 65.04 per share

- 2025-10: MXN 64.20 per share

- 2025-11: MXN 58.15 per share

- 2025-12: MXN 59.12 per share

- 2026-01: MXN 60.70 per share

- 2026-02: MXN 62.48 per share

- 2026-03: MXN 60.10 per share

- 2026-04: MXN 59.48 per share

- 2026-05: MXN 59.69 per share

- 2026-06: MXN 57.10 per share

- 2026-07: MXN 62.08 per share

- 2026-08: MXN 59.25 per share

- 2026-09: MXN 54.90 per share

- 2026-10: MXN 57.45 per share

## Annual estimated value (MXN per share)

- FY2016: low MXN 8.41 per share, central MXN 9.18 per share, high MXN 10.11 per share

- FY2017: low MXN 17.62 per share, central MXN 19.23 per share, high MXN 21.19 per share

- FY2018: low MXN 19.24 per share, central MXN 21.01 per share, high MXN 23.15 per share

- FY2019: low MXN 14.75 per share, central MXN 16.11 per share, high MXN 17.76 per share

- FY2020: low MXN 12.37 per share, central MXN 13.47 per share, high MXN 14.81 per share

- FY2021: low MXN 12.99 per share, central MXN 14.16 per share, high MXN 15.59 per share

- FY2022: low MXN 18.74 per share, central MXN 24.96 per share, high MXN 27.71 per share

- FY2023: low MXN 16.75 per share, central MXN 22.61 per share, high MXN 25.20 per share

- FY2024: low MXN 17.79 per share, central MXN 23.87 per share, high MXN 26.55 per share

- FY2025: low MXN 13.81 per share, central MXN 18.59 per share, high MXN 20.71 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 2026-10-15T06:41:05.108Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.

## Reported holder observations