# Kimberly-Clark de México S. A. B. de C. V (KIMBERA.MX)

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

Analysis as of: 2026-10-16T07:36:53.738Z. Financial observations: FY2000–FY2025.

Listing currency: MXN. Reporting currency: MXN.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: MXN 40.08 per share; close as of 2026-10-15.

Estimated value: low MXN 29.16 per share, central MXN 36.08 per share, high MXN 39.45 per share. Buy at or below the central value MXN 36.08 per share. Valuation as of 2026-10-16T07:36:53.738Z; scenarios are not confidence intervals.

Expected annual return: 12.1% at the stated quote. About 12.1% 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: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.18×

- FY2018: 0.18×

- FY2019: 0.21×

- FY2020: 0.23×

- FY2021: 0.18×

- FY2022: 0.18×

- FY2023: 0.22×

- FY2024: 0.23×

- FY2025: 0.22×

### moat: pass

- ROIC, median of available years: 28.1%

- ROIC, second-lowest year: 22.1%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 38.0%

- Recent gross margin (lower of latest and 3-year median): 38.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: 22.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 25.3%

- FY2017: 22.0%

- FY2018: 22.1%

- FY2019: 27.6%

- FY2020: 37.6%

- FY2021: 25.1%

- FY2022: 28.5%

- FY2023: 50.0%

- FY2024: 58.0%

- FY2025: 52.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 31B

- Net income, five-year total: MXN 32B

- Return on incremental invested capital: 246.8%

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

- Working capital / revenue, change between three-year averages: -5.3 pp

- Working capital / revenue, final three-year average: 6.3%

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

- FY2021: 0.91×

- FY2022: 0.95×

- FY2023: 1.01×

- FY2024: 0.98×

- FY2025: 1.00×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 22.1% vs 52.9%

- Per-share earnings: 1.37 to 2.53 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: MXN -74M

- Cumulative retained earnings: MXN 1.8B

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.1%

- Per-share value change: MXN 1.16

- Per-share value, starting three-year median: MXN 1.37

- Per-share value, ending three-year median: MXN 2.53

- Buybacks concentrated in cheaper years (correlation): 0.21

- Average buyback yield: 1.5%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: MXN 2.0B

- Cumulative net income, 10 years: MXN 56B

- ROIC, first three-year median: 22.1%

- ROIC, last three-year median: 52.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 1.55

- FY2017: MXN 1.32

- FY2018: MXN 1.37

- FY2019: MXN 1.67

- FY2020: MXN 1.97

- FY2021: MXN 1.46

- FY2022: MXN 1.61

- FY2023: MXN 2.28

- FY2024: MXN 2.57

- FY2025: MXN 2.53

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.6%

- FY2017: -3.8%

- FY2018: -6.6%

- FY2019: -11.3%

- FY2020: -8.0%

- FY2021: -4.7%

- FY2022: -6.3%

- FY2023: -10.7%

- FY2024: -5.3%

- FY2025: -4.9%

## Holders

## Price story

Price needs cash profits to grow 7.2% a year for ten years · sales +1.1%

Story as of 2026-10-16T10:00:08.318Z; price observation 2026-10-15.

Price needs cash profits to grow 7.2% a year for ten years

### Sales · FY2024–2025

sales +1.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: MXN 36B 

- FY2017: MXN 38B 

- FY2018: MXN 41B 

- FY2019: MXN 43B 

- FY2020: MXN 47B 

- FY2021: MXN 47B 

- FY2022: MXN 51B 

- FY2023: MXN 53B 

- FY2024: MXN 55B 

- FY2025: MXN 55B 

### Gross margin · FY2025

gross margin 38.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 38.7% 

- FY2017: 35.5% 

- FY2018: 35.0% 

- FY2019: 37.5% 

- FY2020: 38.6% 

- FY2021: 33.7% 

- FY2022: 32.9% 

- FY2023: 38.8% 

- FY2024: 40.9% 

- FY2025: 38.9% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are MXN 55.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2025: revenue 55371444000; grossProfit 21530461000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KIMBERA.MX: Kimberly-Clark de México, S. A. B. de C. V., together with its subsidiaries, manufactures, distributes, and sells disposable products in Mexico. It operates through Consumer Products and Professional segments. The company offers diapers, training pants, swim pants, wet wipes, shampoos, lotion, bar soaps, and feeding products. It also provides toilet paper, napkins, facial tissues, paper towels, feminine pads, panty liners, tampons, intimate wipes, and menstrual cups. In addition, the company offers pet food, shampoos, wet wipes, and training pads. Further, it provides bar soap, liquid hand soap, foaming liquid soap, and liquid body wash; and underwear, protectors, feminine napkins, pre-folded products for adults. Additionally, the company offers anti-bacterial gels; disinfectant sprays; face masks; dispensers; hand towels; and industrial cleaning cloths. The company offers its products primarily under the Huggies, KleenBebé, Kleenex, Evenflo, Pull-Ups, GoodNites, Pétalo, Suavel, Cottonelle, Vogue, Delsey, Depend, Diapro, LYS, Kotex, Fancy, Kimberly-Clark, Escudo, Prime Care, Blumen, and EXPORT SALES brands. It also exports its products. The company serves hotels, restaurants, offices, factories, and homes. The company was founded in 1925 and is based in Mexico City, Mexico.

### Why customers stay

Margins ranged from 38.8% to 40.9% during 2023–25; it earns 28.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2023: grossProfit / revenue = 38.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2024: grossProfit / revenue = 40.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2025: grossProfit / revenue = 38.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); 10-year return on capital observations [[2016,0.2528675099465677],[2017,0.2198074146931772],[2018,0.22103880578906446],[2019,0.2758323214304552],[2020,0.37644323388016615],[2021,0.25112965415390637],[2022,0.2854459511426676],[2023,0.500029044042351],[2024,0.5804180889694727],[2025,0.52909326911903]]; median 0.2806391362865614. 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 1.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2016: growth capex 0; upkeep 3410769000; owner earnings 3248615000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2017: growth capex 0; upkeep 2577711000; owner earnings 2948386000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2018: growth capex 0; upkeep 1792043000; owner earnings 5161751000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2019: growth capex 0; upkeep 771988000; owner earnings 6069018200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2020: growth capex 0; upkeep 813250000; owner earnings 6953172400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2021: growth capex 75977381.4736538; upkeep 2074496618.5263462; owner earnings 4069910781.473654. Growth capex / owner earnings = 0.01866807051877032.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2022: growth capex 178710000; upkeep 1962726000; owner earnings 4687118000. Growth capex / owner earnings = 0.038127907170248325.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2023: growth capex 0; upkeep 1675935000; owner earnings 7104705600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2024: growth capex 455666000; upkeep 2047673000; owner earnings 7642451600. Growth capex / owner earnings = 0.0596230141647217.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2025: growth capex 0; upkeep 1824734000; owner earnings 7591957200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); Dividend observations: [[2016,4703899000],[2017,4874193000],[2018,4935732000],[2019,4935732000],[2020,4935732000],[2021,5296108000],[2022,5043217000],[2023,4981715000],[2024,5719747000],[2025,6208898000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); FY2025: cash repurchases 1444138000 MXN.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KIMBERA.MX SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.738Z); Ten-year compound average after fade. Initial solved rate 0.0905221831628987. Price 40.08; 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 40.76 per share

- 2016-11: MXN 36.09 per share

- 2016-12: MXN 37.34 per share

- 2017-01: MXN 37.46 per share

- 2017-02: MXN 37.88 per share

- 2017-03: MXN 40.63 per share

- 2017-04: MXN 40.18 per share

- 2017-05: MXN 36.86 per share

- 2017-06: MXN 38.40 per share

- 2017-07: MXN 35.84 per share

- 2017-08: MXN 35.10 per share

- 2017-09: MXN 37.05 per share

- 2017-10: MXN 33.01 per share

- 2017-11: MXN 33.32 per share

- 2017-12: MXN 34.65 per share

- 2018-01: MXN 34.95 per share

- 2018-02: MXN 34.35 per share

- 2018-03: MXN 34.04 per share

- 2018-04: MXN 33.94 per share

- 2018-05: MXN 33.19 per share

- 2018-06: MXN 33.55 per share

- 2018-07: MXN 34.30 per share

- 2018-08: MXN 33.56 per share

- 2018-09: MXN 33.30 per share

- 2018-10: MXN 29.28 per share

- 2018-11: MXN 30.09 per share

- 2018-12: MXN 31.17 per share

- 2019-01: MXN 31.92 per share

- 2019-02: MXN 31.15 per share

- 2019-03: MXN 32.94 per share

- 2019-04: MXN 32.77 per share

- 2019-05: MXN 35.35 per share

- 2019-06: MXN 35.69 per share

- 2019-07: MXN 39.83 per share

- 2019-08: MXN 40.98 per share

- 2019-09: MXN 39.63 per share

- 2019-10: MXN 38.79 per share

- 2019-11: MXN 37.45 per share

- 2019-12: MXN 37.50 per share

- 2020-01: MXN 38.97 per share

- 2020-02: MXN 37.27 per share

- 2020-03: MXN 35.92 per share

- 2020-04: MXN 34.04 per share

- 2020-05: MXN 34.42 per share

- 2020-06: MXN 35.88 per share

- 2020-07: MXN 36.42 per share

- 2020-08: MXN 35.16 per share

- 2020-09: MXN 35.10 per share

- 2020-10: MXN 31.53 per share

- 2020-11: MXN 32.06 per share

- 2020-12: MXN 33.99 per share

- 2021-01: MXN 35.81 per share

- 2021-02: MXN 33.45 per share

- 2021-03: MXN 34.93 per share

- 2021-04: MXN 35.00 per share

- 2021-05: MXN 36.07 per share

- 2021-06: MXN 35.37 per share

- 2021-07: MXN 32.23 per share

- 2021-08: MXN 35.47 per share

- 2021-09: MXN 33.99 per share

- 2021-10: MXN 32.57 per share

- 2021-11: MXN 33.67 per share

- 2021-12: MXN 31.01 per share

- 2022-01: MXN 29.80 per share

- 2022-02: MXN 28.74 per share

- 2022-03: MXN 27.98 per share

- 2022-04: MXN 28.49 per share

- 2022-05: MXN 30.47 per share

- 2022-06: MXN 27.23 per share

- 2022-07: MXN 30.02 per share

- 2022-08: MXN 27.29 per share

- 2022-09: MXN 26.91 per share

- 2022-10: MXN 31.26 per share

- 2022-11: MXN 32.80 per share

- 2022-12: MXN 33.07 per share

- 2023-01: MXN 35.94 per share

- 2023-02: MXN 36.71 per share

- 2023-03: MXN 37.96 per share

- 2023-04: MXN 40.78 per share

- 2023-05: MXN 35.98 per share

- 2023-06: MXN 38.07 per share

- 2023-07: MXN 39.32 per share

- 2023-08: MXN 38.36 per share

- 2023-09: MXN 34.70 per share

- 2023-10: MXN 33.05 per share

- 2023-11: MXN 35.14 per share

- 2023-12: MXN 38.17 per share

- 2024-01: MXN 39.24 per share

- 2024-02: MXN 37.88 per share

- 2024-03: MXN 38.60 per share

- 2024-04: MXN 35.66 per share

- 2024-05: MXN 35.59 per share

- 2024-06: MXN 31.65 per share

- 2024-07: MXN 33.14 per share

- 2024-08: MXN 32.19 per share

- 2024-09: MXN 31.84 per share

- 2024-10: MXN 28.73 per share

- 2024-11: MXN 27.34 per share

- 2024-12: MXN 29.40 per share

- 2025-01: MXN 30.98 per share

- 2025-02: MXN 30.74 per share

- 2025-03: MXN 33.55 per share

- 2025-04: MXN 34.57 per share

- 2025-05: MXN 34.45 per share

- 2025-06: MXN 34.33 per share

- 2025-07: MXN 35.16 per share

- 2025-08: MXN 35.05 per share

- 2025-09: MXN 38.74 per share

- 2025-10: MXN 35.96 per share

- 2025-11: MXN 38.98 per share

- 2025-12: MXN 38.40 per share

- 2026-01: MXN 38.71 per share

- 2026-02: MXN 43.23 per share

- 2026-03: MXN 42.43 per share

- 2026-04: MXN 39.50 per share

- 2026-05: MXN 38.40 per share

- 2026-06: MXN 38.73 per share

- 2026-07: MXN 40.20 per share

- 2026-08: MXN 39.92 per share

- 2026-09: MXN 37.73 per share

- 2026-10: MXN 39.21 per share

## Annual estimated value (MXN per share)

- FY2016: low MXN 19.08 per share, central MXN 20.66 per share, high MXN 22.57 per share

- FY2017: low MXN 12.97 per share, central MXN 14.06 per share, high MXN 15.39 per share

- FY2018: low MXN 14.00 per share, central MXN 15.18 per share, high MXN 16.61 per share

- FY2019: low MXN 15.90 per share, central MXN 17.21 per share, high MXN 18.79 per share

- FY2020: low MXN 20.84 per share, central MXN 22.25 per share, high MXN 23.95 per share

- FY2021: low MXN 18.79 per share, central MXN 20.20 per share, high MXN 21.91 per share

- FY2022: low MXN 21.61 per share, central MXN 23.15 per share, high MXN 25.02 per share

- FY2023: low MXN 27.04 per share, central MXN 34.25 per share, high MXN 37.56 per share

- FY2024: low MXN 28.35 per share, central MXN 36.43 per share, high MXN 40.00 per share

- FY2025: low MXN 25.71 per share, central MXN 32.60 per share, high MXN 35.95 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 2026-10-15T06:42:39.126Z 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