# Grupo Financiero Banorte (GFNORTEO.MX)

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

Analysis as of: 2026-10-16T07:34:22.014Z. Financial observations: FY2017–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 199.25 per share; close as of 2026-10-15.

Estimated value: low MXN 148.99 per share, central MXN 169.54 per share, high MXN 196.66 per share. Buy at or below the central value MXN 169.54 per share. Valuation as of 2026-10-16T07:34:22.014Z; scenarios are not confidence intervals.

Expected annual return: 12.2% at the stated quote. About 12.2% 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

- Financial history: 9 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.17×

Chart: Net income; fiscal year observations.

- FY2017: MXN 24B

- FY2018: MXN 32B

- FY2019: MXN 37B

- FY2020: MXN 31B

- FY2021: MXN 35B

- FY2022: MXN 45B

- FY2023: MXN 52B

- FY2024: MXN 56B

- FY2025: MXN 59B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 22.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 16.9%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 19.2%

- FY2018: 22.3%

- FY2019: 21.9%

- FY2020: 15.6%

- FY2021: 16.9%

- FY2022: 23.7%

- FY2023: 25.5%

- FY2024: 27.2%

- FY2025: 28.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 21.0%

- Book return interval: 8 years

- Starting book value per share: MXN 44.95

- Ending book value per share: MXN 74.26

Chart: Annual book + dividend return; fiscal year observations.

- FY2018: 17.9%

- FY2019: 27.7%

- FY2020: 27.1%

- FY2021: 14.7%

- FY2022: 11.2%

- FY2023: 26.0%

- FY2024: 18.6%

- FY2025: 25.8%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: -0.4%

- Share growth excluding flagged crisis recapitalisations: 0.3%

- Five-year share growth excluding flagged crisis recapitalisations: -0.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.92×

- Book value created per share: MXN 29.31

- Earnings retained per share after dividends and buybacks: MXN 31.79

Chart: Shares (first year = 100); fiscal year observations.

- FY2017: 100

- FY2018: 104

- FY2019: 104

- FY2020: 104

- FY2021: 104

- FY2022: 102

- FY2023: 103

- FY2024: 103

- FY2025: 102

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.1% a year forever · net income +4.6%

Story as of 2026-10-16T10:00:00.311Z; price observation 2026-10-15.

The price assumes profits grow 7.1% a year forever

### Net income · FY2025

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

- FY2017: MXN 24B 

- FY2018: MXN 32B 

- FY2019: MXN 37B 

- FY2020: MXN 31B 

- FY2021: MXN 35B 

- FY2022: MXN 45B 

- FY2023: MXN 52B 

- FY2024: MXN 56B 

- FY2025: MXN 59B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are MXN 247.5 billion.

- Source: https://eodhd.com/api/fundamentals/GFNORTEO.MX.json#2025-12-31 (filed 2026-10-16T07:34:22.014Z); FY2025: revenue 247467000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GFNORTEO.MX: Grupo Financiero Banorte, S.A.B. de C.V., through its subsidiaries, engages in the provision of banking and financial products and services in Mexico and internationally. It offers retail banking services, including checking and deposit accounts; credit and debit cards; mortgage, car, payroll, and personal loans; SME loans; payroll accounts; and car, home, life, and SME insurance. The company also provides wholesale banking services, such as structured loans, syndicated loans, leveraged acquisitions, investment planning, and cash management of collections, trust services, payroll, checking accounts, and credit lines; online banking, collections and payments, acquirer services, payroll, cash management and reconciliation services, currency trading, excess cash and liquidity management, and hedging and insurance; and import-export letters of credit, documentary collections, bank guarantees, standby letters of credit, letter of credit financing, import-export foreign trade financing, foreign trade structured financing, discounted import bills of exchange, import bank guarantees, international wire transfers, and remittances. In addition, it offers checking solutions, including current investment and debit accounts; financial solutions comprising SME loans and commercial credit cards; technological solutions, such as online banking, PST, and payroll; and commercial insurance solutions that consist of auto, home, and employee insurance. The company was founded in 1899 and is based in Mexico City, Mexico.

### Why customers stay

It earns 22.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.014Z); 9-year return on tangible equity observations [[2017,0.19200282687782588],[2018,0.22299286880555982],[2019,0.218708275205518],[2020,0.1560335921277401],[2021,0.16890439610220626],[2022,0.23747215162069724],[2023,0.25537616073429537],[2024,0.27217066129313516],[2025,0.27991353286798526]]; median 0.22299286880555982. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back MXN 8.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.014Z); Dividend observations: [[2017,14645000000],[2018,9563000000],[2019,15954000000],[2020,16759000000],[2021,16759000000],[2022,34283000000],[2023,39462953291],[2024,35938000000],[2025,47750000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/GFNORTEO.MX.json#2025-12-31 (filed 2026-10-16T07:34:22.014Z); FY2025: cash repurchases 8861000000 MXN.

### Are managers owners

Insiders own 13% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GFNORTEO.MX SharesStats.PercentInsiders = 13 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.014Z); Price 199.25; FX 1; original perpetual distributable cash 12.29493470282244; discount 0.13252; growth 0.07081392871858248. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: MXN 111.31 per share

- 2016-11: MXN 98.62 per share

- 2016-12: MXN 102.30 per share

- 2017-01: MXN 99.95 per share

- 2017-02: MXN 99.85 per share

- 2017-03: MXN 107.66 per share

- 2017-04: MXN 108.95 per share

- 2017-05: MXN 107.43 per share

- 2017-06: MXN 115.39 per share

- 2017-07: MXN 118.02 per share

- 2017-08: MXN 121.92 per share

- 2017-09: MXN 125.58 per share

- 2017-10: MXN 113.78 per share

- 2017-11: MXN 109.30 per share

- 2017-12: MXN 107.83 per share

- 2018-01: MXN 119.58 per share

- 2018-02: MXN 113.16 per share

- 2018-03: MXN 111.13 per share

- 2018-04: MXN 117.02 per share

- 2018-05: MXN 106.20 per share

- 2018-06: MXN 117.07 per share

- 2018-07: MXN 129.96 per share

- 2018-08: MXN 130.86 per share

- 2018-09: MXN 135.30 per share

- 2018-10: MXN 111.76 per share

- 2018-11: MXN 93.15 per share

- 2018-12: MXN 95.78 per share

- 2019-01: MXN 106.16 per share

- 2019-02: MXN 104.85 per share

- 2019-03: MXN 105.54 per share

- 2019-04: MXN 119.83 per share

- 2019-05: MXN 106.59 per share

- 2019-06: MXN 111.36 per share

- 2019-07: MXN 96.48 per share

- 2019-08: MXN 107.82 per share

- 2019-09: MXN 106.07 per share

- 2019-10: MXN 105.00 per share

- 2019-11: MXN 102.94 per share

- 2019-12: MXN 105.65 per share

- 2020-01: MXN 116.09 per share

- 2020-02: MXN 106.64 per share

- 2020-03: MXN 65.00 per share

- 2020-04: MXN 65.91 per share

- 2020-05: MXN 67.25 per share

- 2020-06: MXN 79.72 per share

- 2020-07: MXN 79.90 per share

- 2020-08: MXN 75.67 per share

- 2020-09: MXN 76.62 per share

- 2020-10: MXN 94.50 per share

- 2020-11: MXN 101.19 per share

- 2020-12: MXN 109.93 per share

- 2021-01: MXN 101.57 per share

- 2021-02: MXN 105.06 per share

- 2021-03: MXN 115.13 per share

- 2021-04: MXN 115.25 per share

- 2021-05: MXN 137.48 per share

- 2021-06: MXN 128.76 per share

- 2021-07: MXN 129.05 per share

- 2021-08: MXN 132.58 per share

- 2021-09: MXN 132.57 per share

- 2021-10: MXN 130.35 per share

- 2021-11: MXN 128.13 per share

- 2021-12: MXN 133.02 per share

- 2022-01: MXN 130.74 per share

- 2022-02: MXN 138.54 per share

- 2022-03: MXN 149.55 per share

- 2022-04: MXN 134.71 per share

- 2022-05: MXN 127.59 per share

- 2022-06: MXN 112.17 per share

- 2022-07: MXN 115.99 per share

- 2022-08: MXN 118.98 per share

- 2022-09: MXN 129.32 per share

- 2022-10: MXN 161.05 per share

- 2022-11: MXN 154.30 per share

- 2022-12: MXN 139.91 per share

- 2023-01: MXN 156.19 per share

- 2023-02: MXN 154.44 per share

- 2023-03: MXN 151.90 per share

- 2023-04: MXN 155.48 per share

- 2023-05: MXN 141.79 per share

- 2023-06: MXN 141.21 per share

- 2023-07: MXN 158.71 per share

- 2023-08: MXN 144.42 per share

- 2023-09: MXN 146.11 per share

- 2023-10: MXN 146.32 per share

- 2023-11: MXN 161.51 per share

- 2023-12: MXN 170.76 per share

- 2024-01: MXN 175.06 per share

- 2024-02: MXN 176.22 per share

- 2024-03: MXN 176.37 per share

- 2024-04: MXN 169.55 per share

- 2024-05: MXN 161.37 per share

- 2024-06: MXN 142.56 per share

- 2024-07: MXN 139.61 per share

- 2024-08: MXN 136.21 per share

- 2024-09: MXN 139.50 per share

- 2024-10: MXN 139.33 per share

- 2024-11: MXN 135.33 per share

- 2024-12: MXN 133.97 per share

- 2025-01: MXN 143.20 per share

- 2025-02: MXN 144.84 per share

- 2025-03: MXN 141.93 per share

- 2025-04: MXN 168.52 per share

- 2025-05: MXN 171.46 per share

- 2025-06: MXN 171.52 per share

- 2025-07: MXN 168.12 per share

- 2025-08: MXN 170.70 per share

- 2025-09: MXN 184.48 per share

- 2025-10: MXN 174.85 per share

- 2025-11: MXN 174.99 per share

- 2025-12: MXN 166.94 per share

- 2026-01: MXN 197.57 per share

- 2026-02: MXN 196.39 per share

- 2026-03: MXN 198.78 per share

- 2026-04: MXN 189.68 per share

- 2026-05: MXN 180.63 per share

- 2026-06: MXN 185.20 per share

- 2026-07: MXN 199.64 per share

- 2026-08: MXN 192.71 per share

- 2026-09: MXN 190.75 per share

- 2026-10: MXN 196.56 per share

## Annual estimated value (MXN per share)

- FY2021: low MXN 115.12 per share, central MXN 130.99 per share, high MXN 151.94 per share

- FY2022: low MXN 119.51 per share, central MXN 135.99 per share, high MXN 157.74 per share

- FY2023: low MXN 137.90 per share, central MXN 156.92 per share, high MXN 182.02 per share

- FY2024: low MXN 141.23 per share, central MXN 160.70 per share, high MXN 186.41 per share

- FY2025: low MXN 146.68 per share, central MXN 166.91 per share, high MXN 193.61 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 2026-10-15T06:40:08.557Z 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.

Grupo Financiero Banorte

GFNORTEO · MX

IPC

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: MXN 199.25
Buy up to: MXN 169.54
Expected / yr: 12.2% at today's price (13.3% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 9 years (at least 9 needed).

Net income

9y median: MXN 37B
Worst year: MXN 24B
Latest · 2025: MXN 59B

Earned a median 22.3% on tangible equity (minimum 12%), and the second-worst year 16.9% (minimum 5%).

Return on tangible common equity

9y median: 22.3%
Worst year: 15.6%
Latest · 2025: 28.0%

Book value plus dividends grew 21% a year (minimum 7%).

Annual book + dividend return

8y median: 22.2%
Worst year: 11.2%
Latest · 2025: 25.8%

Book value gained 29.31 per share against 31.79 kept (must cover the amount kept).

Shares (first year = 100)

9y median: 103
Worst year: 104
Latest · 2025: 102

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 9 (at most 2), three-year average earnings per share 19.61 MXN.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price MXN 111.31; 2016-11 · Price MXN 98.62; 2016-12 · Price MXN 102.30; 2017-01 · Price MXN 99.95; 2017-02 · Price MXN 99.85; 2017-03 · Price MXN 107.66; 2017-04 · Price MXN 108.95; 2017-05 · Price MXN 107.43; 2017-06 · Price MXN 115.39; 2017-07 · Price MXN 118.02; 2017-08 · Price MXN 121.92; 2017-09 · Price MXN 125.58; 2017-10 · Price MXN 113.78; 2017-11 · Price MXN 109.30; 2017-12 · Price MXN 107.83; 2018-01 · Price MXN 119.58; 2018-02 · Price MXN 113.16; 2018-03 · Price MXN 111.13; 2018-04 · Price MXN 117.02; 2018-05 · Price MXN 106.20; 2018-06 · Price MXN 117.07; 2018-07 · Price MXN 129.96; 2018-08 · Price MXN 130.86; 2018-09 · Price MXN 135.30; 2018-10 · Price MXN 111.76; 2018-11 · Price MXN 93.15; 2018-12 · Price MXN 95.78; 2019-01 · Price MXN 106.16; 2019-02 · Price MXN 104.85; 2019-03 · Price MXN 105.54; 2019-04 · Price MXN 119.83; 2019-05 · Price MXN 106.59; 2019-06 · Price MXN 111.36; 2019-07 · Price MXN 96.48; 2019-08 · Price MXN 107.82; 2019-09 · Price MXN 106.07; 2019-10 · Price MXN 105.00; 2019-11 · Price MXN 102.94; 2019-12 · Price MXN 105.65; 2020-01 · Price MXN 116.09; 2020-02 · Price MXN 106.64; 2020-03 · Price MXN 65.00; 2020-04 · Price MXN 65.91; 2020-05 · Price MXN 67.25; 2020-06 · Price MXN 79.72; 2020-07 · Price MXN 79.90; 2020-08 · Price MXN 75.67; 2020-09 · Price MXN 76.62; 2020-10 · Price MXN 94.50; 2020-11 · Price MXN 101.19; 2020-12 · Price MXN 109.93; 2021-01 · Price MXN 101.57 · Value 130.99 · Buy at or below 130.99; 2021-02 · Price MXN 105.06 · Value 130.99 · Buy at or below 130.99; 2021-03 · Price MXN 115.13 · Value 130.99 · Buy at or below 130.99; 2021-04 · Price MXN 115.25 · Value 130.99 · Buy at or below 130.99; 2021-05 · Price MXN 137.48 · Value 130.99 · Buy at or below 130.99; 2021-06 · Price MXN 128.76 · Value 130.99 · Buy at or below 130.99; 2021-07 · Price MXN 129.05 · Value 130.99 · Buy at or below 130.99; 2021-08 · Price MXN 132.58 · Value 130.99 · Buy at or below 130.99; 2021-09 · Price MXN 132.57 · Value 130.99 · Buy at or below 130.99; 2021-10 · Price MXN 130.35 · Value 130.99 · Buy at or below 130.99; 2021-11 · Price MXN 128.13 · Value 130.99 · Buy at or below 130.99; 2021-12 · Price MXN 133.02 · Value 130.99 · Buy at or below 130.99; 2022-01 · Price MXN 130.74 · Value 130.99 · Buy at or below 130.99; 2022-02 · Price MXN 138.54 · Value 135.99 · Buy at or below 135.99; 2022-03 · Price MXN 149.55 · Value 135.99 · Buy at or below 135.99; 2022-04 · Price MXN 134.71 · Value 135.99 · Buy at or below 135.99; 2022-05 · Price MXN 127.59 · Value 135.99 · Buy at or below 135.99; 2022-06 · Price MXN 112.17 · Value 135.99 · Buy at or below 135.99; 2022-07 · Price MXN 115.99 · Value 135.99 · Buy at or below 135.99; 2022-08 · Price MXN 118.98 · Value 135.99 · Buy at or below 135.99; 2022-09 · Price MXN 129.32 · Value 135.99 · Buy at or below 135.99; 2022-10 · Price MXN 161.05 · Value 135.99 · Buy at or below 135.99; 2022-11 · Price MXN 154.30 · Value 135.99 · Buy at or below 135.99; 2022-12 · Price MXN 139.91 · Value 135.99 · Buy at or below 135.99; 2023-01 · Price MXN 156.19 · Value 135.99 · Buy at or below 135.99; 2023-02 · Price MXN 154.44 · Value 156.92 · Buy at or below 156.92; 2023-03 · Price MXN 151.90 · Value 156.92 · Buy at or below 156.92; 2023-04 · Price MXN 155.48 · Value 156.92 · Buy at or below 156.92; 2023-05 · Price MXN 141.79 · Value 156.92 · Buy at or below 156.92; 2023-06 · Price MXN 141.21 · Value 156.92 · Buy at or below 156.92; 2023-07 · Price MXN 158.71 · Value 156.92 · Buy at or below 156.92; 2023-08 · Price MXN 144.42 · Value 156.92 · Buy at or below 156.92; 2023-09 · Price MXN 146.11 · Value 156.92 · Buy at or below 156.92; 2023-10 · Price MXN 146.32 · Value 156.92 · Buy at or below 156.92; 2023-11 · Price MXN 161.51 · Value 156.92 · Buy at or below 156.92; 2023-12 · Price MXN 170.76 · Value 156.92 · Buy at or below 156.92; 2024-01 · Price MXN 175.06 · Value 156.92 · Buy at or below 156.92; 2024-02 · Price MXN 176.22 · Value 160.70 · Buy at or below 160.70; 2024-03 · Price MXN 176.37 · Value 160.70 · Buy at or below 160.70; 2024-04 · Price MXN 169.55 · Value 160.70 · Buy at or below 160.70; 2024-05 · Price MXN 161.37 · Value 160.70 · Buy at or below 160.70; 2024-06 · Price MXN 142.56 · Value 160.70 · Buy at or below 160.70; 2024-07 · Price MXN 139.61 · Value 160.70 · Buy at or below 160.70; 2024-08 · Price MXN 136.21 · Value 160.70 · Buy at or below 160.70; 2024-09 · Price MXN 139.50 · Value 160.70 · Buy at or below 160.70; 2024-10 · Price MXN 139.33 · Value 160.70 · Buy at or below 160.70; 2024-11 · Price MXN 135.33 · Value 160.70 · Buy at or below 160.70; 2024-12 · Price MXN 133.97 · Value 160.70 · Buy at or below 160.70; 2025-01 · Price MXN 143.20 · Value 160.70 · Buy at or below 160.70; 2025-02 · Price MXN 144.84 · Value 166.91 · Buy at or below 166.91; 2025-03 · Price MXN 141.93 · Value 166.91 · Buy at or below 166.91; 2025-04 · Price MXN 168.52 · Value 166.91 · Buy at or below 166.91; 2025-05 · Price MXN 171.46 · Value 166.91 · Buy at or below 166.91; 2025-06 · Price MXN 171.52 · Value 166.91 · Buy at or below 166.91; 2025-07 · Price MXN 168.12 · Value 166.91 · Buy at or below 166.91; 2025-08 · Price MXN 170.70 · Value 166.91 · Buy at or below 166.91; 2025-09 · Price MXN 184.48 · Value 166.91 · Buy at or below 166.91; 2025-10 · Price MXN 174.85 · Value 166.91 · Buy at or below 166.91; 2025-11 · Price MXN 174.99 · Value 166.91 · Buy at or below 166.91; 2025-12 · Price MXN 166.94 · Value 166.91 · Buy at or below 166.91; 2026-01 · Price MXN 197.57 · Value 166.91 · Buy at or below 166.91; 2026-02 · Price MXN 196.39 · Value 169.54 · Buy at or below 169.54; 2026-03 · Price MXN 198.78 · Value 169.54 · Buy at or below 169.54; 2026-04 · Price MXN 189.68 · Value 169.54 · Buy at or below 169.54; 2026-05 · Price MXN 180.63 · Value 169.54 · Buy at or below 169.54; 2026-06 · Price MXN 185.20 · Value 169.54 · Buy at or below 169.54; 2026-07 · Price MXN 199.64 · Value 169.54 · Buy at or below 169.54; 2026-08 · Price MXN 192.71 · Value 169.54 · Buy at or below 169.54; 2026-09 · Price MXN 190.75 · Value 169.54 · Buy at or below 169.54; 2026-10 · Price MXN 196.56 · Value 169.54 · Buy at or below 169.54; 2026-10 · Price MXN 199.25 · Value 169.54 · Buy at or below 169.54

MXN per share · annual estimates

Price & return math
Value range	MXN 148.99 – MXN 196.66
Buy at or below	Central value MXN 169.54
Discount to value	1 − 199.25 / 169.54 = -17.5%
Return / year	About 12.2% a year at today's price (required return 13.3%)
Cash-flow inputs	Book MXN 75.43/share; ROE 22.3%; first payout MXN 12.29/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	13.3% / year, earned by construction at the central value

Net incomeMXN 59B

Net income

Book / shareMXN 74.26

Book / share

Dividend / shareMXN 16.88

Dividend / share

Return on tangible equity28.0%

Return on tangible equity

Diluted shares2.8B

Diluted shares

Prices 15 Oct 2026 · FY2025