# Grupo Comercial Chedraui (CHDRAUIB.MX)

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

Analysis as of: 2026-10-16T07:37:47.310Z. Financial observations: FY2007–FY2025.

Listing currency: MXN. Reporting currency: MXN.

## Verdict

Not a wonderful business

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

Share price: MXN 88.72 per share; close as of 2026-10-15.

## 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: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.4%

- ROIC, second-lowest year: 6.5%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 22.2%

- Recent gross margin (lower of latest and 3-year median): 23.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: -0.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.3%

- FY2017: 9.4%

- FY2018: 5.8%

- FY2019: 6.5%

- FY2020: 9.2%

- FY2021: 7.5%

- FY2022: 12.5%

- FY2023: 17.5%

- FY2024: 11.8%

- FY2025: 13.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.38×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN -11B

- Net income, five-year total: MXN 30B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.1 pp

- Working capital / revenue, final three-year average: -3.5%

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

- FY2021: -1.37×

- FY2022: 0.05×

- FY2023: -0.01×

- FY2024: -0.72×

- FY2025: -0.35×

### 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: 9.3% vs 13.0%

- Per-share earnings: 2.15 to 6.96 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -19.1%

- Market cap gain: MXN 83B

- Cumulative retained earnings: MXN 26B

- Diluted shares, 5-year annual growth: -19.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.3%

- Per-share value change: MXN 4.81

- Per-share value, starting three-year median: MXN 2.15

- Per-share value, ending three-year median: MXN 6.96

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: MXN 18B

- Cumulative net income, 10 years: MXN 41B

- ROIC, first three-year median: 9.3%

- ROIC, last three-year median: 13.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 2.03

- FY2017: MXN 2.15

- FY2018: MXN 2.15

- FY2019: MXN 1.44

- FY2020: MXN 0.93

- FY2021: MXN 3.58

- FY2022: MXN 6.25

- FY2023: MXN 7.95

- FY2024: MXN 6.96

- FY2025: MXN 6.81

### accounting: pass

- Sloan accruals: -7.3%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.79×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: -5.5%

- FY2018: -5.4%

- FY2019: -4.6%

- FY2020: -10.8%

- FY2021: -9.0%

- FY2022: -8.7%

- FY2023: -7.9%

- FY2024: -6.7%

- FY2025: -7.3%

## Holders

## Price story

Down 42% since Jul 2025 · sales +4.8%

Story as of 2026-10-16T10:00:09.458Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +4.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: MXN 89B 

- FY2017: MXN 95B 

- FY2018: MXN 116B 

- FY2019: MXN 129B 

- FY2020: MXN 146B 

- FY2021: MXN 188B 

- FY2022: MXN 259B 

- FY2023: MXN 263B 

- FY2024: MXN 282B 

- FY2025: MXN 295B 

### Gross margin · FY2025

gross margin 23.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 20.6% 

- FY2017: 20.8% 

- FY2018: 21.1% 

- FY2019: 21.6% 

- FY2020: 22.1% 

- FY2021: 22.3% 

- FY2022: 22.9% 

- FY2023: 23.3% 

- FY2024: 23.1% 

- FY2025: 23.8% 

## Owner memo

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

### How it makes money

Operates in grocery stores; annual sales are MXN 295.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); FY2025: revenue 295313649000; grossProfit 70335488000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CHDRAUIB.MX: Grupo Comercial Chedraui, S.A.B. de C.V. operates self"service and real estate stores in Mexico and the United States. The company operates supermarkets for fruits, vegetables, meats, fish, seafood, pantry, sausage shop, diapers, dairy and eggs, bakery and tortilla shop, refrigerated and frozen, beverages, home cleaning, disposables, dairy and eggs, and cheese products; personal care and hygiene, including hair care, body care, oral hygiene, facial care, intimate hygiene, and hair dyes for women and men; pharmacy comprising drugs, incontinence, medical equipment and kit, vitamins and supplements, sexual health; beauty, which includes cosmetics, manicure and pedicure, fragrances, and shaving and waxing; pet products for dogs, cats, and other pets; baby products, including clothes, baby hygiene and care, infant formulas and foods, breastfeeding and feeding, diapers, and baby walk; and technological products comprising television, audio, computation, smart home, telephony, geek world. It also offers appliances, including refrigeration, stoves and grills, washing and drying, ironing, heating, vacuum cleaners and accessories, air conditioners, and water dispensers and purifiers; home and garden, automobiles and motorcycles; stationery and office, comprising arts and crafts, notebooks, writing, backpacks, and lunch boxes; toys which includes baby toys, dolls, teddies, action figures and collectibles, vehicles and tracks, blocks and construction, board games and puzzles, crafts and educational games, outdoor games, and imitations; sports, such as camping, swimming, cycling, team sports, racket sports, boxing, and luggage; home and garden, including bath, kitchen, home organization, bedroom, home decor, party items, seasons, patio and garden, and home maintenance; fashion comprising women's, girls, children's and men's clothing, and shoemaking; and automobiles and motorcycles related products. The company was founded in 1920 and is based in Mexico City, Mexico.

### Why customers stay

Margins ranged from 23.1% to 23.8% during 2023–25; it earns 9.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); FY2023: grossProfit / revenue = 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); FY2024: grossProfit / revenue = 23.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); FY2025: grossProfit / revenue = 23.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); 10-year return on capital observations [[2016,0.09319442703161802],[2017,0.09405111630279538],[2018,0.058379383013438486],[2019,0.06509302522384192],[2020,0.09194835326928287],[2021,0.07471966656531172],[2022,0.12463644411954668],[2023,0.17526865756792803],[2024,0.11783000593640613],[2025,0.12960003851706392]]; median 0.0936227716672067. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 23% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); Gross margin observations: [[2021,0.2225736384933537],[2022,0.22866873097010834],[2023,0.23290382075988766]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back MXN 420.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); FY2016: growth capex 0; upkeep 3280565000; owner earnings 158418000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); FY2017: growth capex 0; upkeep 2994798000; owner earnings 2109032000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); FY2018: growth capex 0; upkeep 4271489000; owner earnings 2511186000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); FY2022: growth capex 0; upkeep 4559239000; owner earnings 328383600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); Dividend observations: [[2016,246088000],[2017,318093000],[2018,376633000],[2019,392218000],[2020,427882000],[2021,457858000],[2022,503643000],[2023,897592000],[2024,2138358000],[2025,2138738000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); FY2025: cash repurchases 420210000 MXN.

### Are managers owners

Insiders own 67.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CHDRAUIB.MX SharesStats.PercentInsiders = 67.855 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:47.310Z); Closing price 88.72 MXN; reporting-to-trading FX 1; FY2025 annual sales per share 307.6998495127619; price multiple 0.28833293269556937. FY2025 cash earnings/share -2.3980519800849147. Closing-price date 2026-10-15.

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

- 2016-10: MXN 42.16 per share

- 2016-11: MXN 37.33 per share

- 2016-12: MXN 37.12 per share

- 2017-01: MXN 38.41 per share

- 2017-02: MXN 37.39 per share

- 2017-03: MXN 40.32 per share

- 2017-04: MXN 39.03 per share

- 2017-05: MXN 38.93 per share

- 2017-06: MXN 37.14 per share

- 2017-07: MXN 37.20 per share

- 2017-08: MXN 38.30 per share

- 2017-09: MXN 36.36 per share

- 2017-10: MXN 37.27 per share

- 2017-11: MXN 36.28 per share

- 2017-12: MXN 36.08 per share

- 2018-01: MXN 41.44 per share

- 2018-02: MXN 39.29 per share

- 2018-03: MXN 38.53 per share

- 2018-04: MXN 39.21 per share

- 2018-05: MXN 39.42 per share

- 2018-06: MXN 46.08 per share

- 2018-07: MXN 45.80 per share

- 2018-08: MXN 45.34 per share

- 2018-09: MXN 41.83 per share

- 2018-10: MXN 35.91 per share

- 2018-11: MXN 37.52 per share

- 2018-12: MXN 39.40 per share

- 2019-01: MXN 37.05 per share

- 2019-02: MXN 37.73 per share

- 2019-03: MXN 37.64 per share

- 2019-04: MXN 37.46 per share

- 2019-05: MXN 33.04 per share

- 2019-06: MXN 32.42 per share

- 2019-07: MXN 28.88 per share

- 2019-08: MXN 28.07 per share

- 2019-09: MXN 30.86 per share

- 2019-10: MXN 26.67 per share

- 2019-11: MXN 27.05 per share

- 2019-12: MXN 27.12 per share

- 2020-01: MXN 24.87 per share

- 2020-02: MXN 25.33 per share

- 2020-03: MXN 25.09 per share

- 2020-04: MXN 28.90 per share

- 2020-05: MXN 27.64 per share

- 2020-06: MXN 26.97 per share

- 2020-07: MXN 26.17 per share

- 2020-08: MXN 25.31 per share

- 2020-09: MXN 24.20 per share

- 2020-10: MXN 26.82 per share

- 2020-11: MXN 28.39 per share

- 2020-12: MXN 28.76 per share

- 2021-01: MXN 27.90 per share

- 2021-02: MXN 32.10 per share

- 2021-03: MXN 32.27 per share

- 2021-04: MXN 31.44 per share

- 2021-05: MXN 31.53 per share

- 2021-06: MXN 31.91 per share

- 2021-07: MXN 31.68 per share

- 2021-08: MXN 31.09 per share

- 2021-09: MXN 35.44 per share

- 2021-10: MXN 40.60 per share

- 2021-11: MXN 38.52 per share

- 2021-12: MXN 42.42 per share

- 2022-01: MXN 41.51 per share

- 2022-02: MXN 46.21 per share

- 2022-03: MXN 51.16 per share

- 2022-04: MXN 51.44 per share

- 2022-05: MXN 54.55 per share

- 2022-06: MXN 54.42 per share

- 2022-07: MXN 61.98 per share

- 2022-08: MXN 57.40 per share

- 2022-09: MXN 59.51 per share

- 2022-10: MXN 79.86 per share

- 2022-11: MXN 83.89 per share

- 2022-12: MXN 83.18 per share

- 2023-01: MXN 92.63 per share

- 2023-02: MXN 93.74 per share

- 2023-03: MXN 103.50 per share

- 2023-04: MXN 106.28 per share

- 2023-05: MXN 91.64 per share

- 2023-06: MXN 97.71 per share

- 2023-07: MXN 98.06 per share

- 2023-08: MXN 95.46 per share

- 2023-09: MXN 102.33 per share

- 2023-10: MXN 104.67 per share

- 2023-11: MXN 102.11 per share

- 2023-12: MXN 102.58 per share

- 2024-01: MXN 116.34 per share

- 2024-02: MXN 130.88 per share

- 2024-03: MXN 133.67 per share

- 2024-04: MXN 126.57 per share

- 2024-05: MXN 125.55 per share

- 2024-06: MXN 127.07 per share

- 2024-07: MXN 138.85 per share

- 2024-08: MXN 149.26 per share

- 2024-09: MXN 147.96 per share

- 2024-10: MXN 126.61 per share

- 2024-11: MXN 132.65 per share

- 2024-12: MXN 125.30 per share

- 2025-01: MXN 119.43 per share

- 2025-02: MXN 117.66 per share

- 2025-03: MXN 115.48 per share

- 2025-04: MXN 126.83 per share

- 2025-05: MXN 140.33 per share

- 2025-06: MXN 149.00 per share

- 2025-07: MXN 152.81 per share

- 2025-08: MXN 150.89 per share

- 2025-09: MXN 145.12 per share

- 2025-10: MXN 134.71 per share

- 2025-11: MXN 133.74 per share

- 2025-12: MXN 123.32 per share

- 2026-01: MXN 119.97 per share

- 2026-02: MXN 110.44 per share

- 2026-03: MXN 105.30 per share

- 2026-04: MXN 102.21 per share

- 2026-05: MXN 98.00 per share

- 2026-06: MXN 89.49 per share

- 2026-07: MXN 90.22 per share

- 2026-08: MXN 89.12 per share

- 2026-09: MXN 86.06 per share

- 2026-10: MXN 87.79 per share

## Annual estimated value (MXN per share)

- FY2016: low MXN 14.37 per share, central MXN 15.71 per share, high MXN 17.34 per share

- FY2017: low MXN 17.17 per share, central MXN 18.78 per share, high MXN 20.72 per share

- FY2018: low MXN 20.57 per share, central MXN 22.49 per share, high MXN 24.82 per share

- FY2019: low MXN 18.52 per share, central MXN 20.25 per share, high MXN 22.35 per share

- FY2020: low MXN 1.65 per share, central MXN 1.72 per share, high MXN 1.81 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

## 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.