# La Comer (LACOMERUBC.MX)

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

Analysis as of: 2026-10-16T07:40:03.123Z. 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 32.49 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.01×

- FY2018: 0.02×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.06×

- FY2022: 0.07×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.4%

- ROIC, second-lowest year: 2.4%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 26.6%

- Recent gross margin (lower of latest and 3-year median): 26.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.0%

- ROIC including acquisitions, ten-year median: 5.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 1.2%

- FY2018: 2.4%

- FY2019: 3.2%

- FY2020: 5.5%

- FY2021: 6.4%

- FY2022: 7.4%

- FY2023: 7.2%

- FY2024: 7.7%

- FY2025: 7.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 10B

- Net income, five-year total: MXN 11B

- Return on incremental invested capital: 17.2%

- Working capital / revenue, annual change: -0.1 pp

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

- FY2021: 0.77×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.94×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.4% vs 7.7%

- Per-share earnings: 0.95 to 2.15 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: MXN 19B

- Cumulative retained earnings: MXN 12B

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.5%

- Per-share value change: MXN 1.19

- Per-share value, starting three-year median: MXN 0.95

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

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.4%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 2.4%

- ROIC, last three-year median: 7.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: MXN 0.72

- FY2018: MXN 1.00

- FY2019: MXN 0.95

- FY2020: MXN 1.35

- FY2021: MXN 1.42

- FY2022: MXN 1.80

- FY2023: MXN 1.95

- FY2024: MXN 2.15

- FY2025: MXN 2.49

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 8.19×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.74×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.9%

- FY2018: -1.0%

- FY2019: -2.9%

- FY2020: -5.3%

- FY2021: -2.6%

- FY2022: -2.5%

- FY2023: -4.7%

- FY2024: -4.3%

- FY2025: -4.5%

## Holders

## Price story

Down 26% since Dec 2023 · sales +9.9%

Story as of 2026-10-16T10:00:11.152Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +9.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: MXN 16B 

- FY2018: MXN 19B 

- FY2019: MXN 21B 

- FY2020: MXN 27B 

- FY2021: MXN 29B 

- FY2022: MXN 33B 

- FY2023: MXN 38B 

- FY2024: MXN 43B 

- FY2025: MXN 48B 

### Gross margin · FY2025

gross margin 26.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 23.7% 

- FY2018: 25.1% 

- FY2019: 26.2% 

- FY2020: 26.6% 

- FY2021: 27.8% 

- FY2022: 28.1% 

- FY2023: 28.7% 

- FY2024: 29.3% 

- FY2025: 26.5% 

## Owner memo

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

### How it makes money

Operates in department stores; annual sales are MXN 47.6 billion.

- Source: https://eodhd.com/api/fundamentals/LCMRF.US.json#2025-12-31 (filed 2026-10-16T07:40:03.123Z); FY2025: revenue 47575334000; grossProfit 12584415000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LACOMERUBC.MX: La Comer, S.A.B. de C.V., together with its subsidiaries, operates a chain of self-service stores in Mexico. It offers perishable products and groceries. The company engages in leasing real estate business. In addition, it operates stores and distribution centers. La Comer, S.A.B. de C.V. sells its products online through La Comer en tu Casa, a digital platform. The company was founded in 1930 and is based in Mexico City, Mexico.

### Why customers stay

Margins ranged from 26.5% to 29.3% during 2023–25; it earns 6.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/LCMRF.US.json#2023-12-31 (filed 2026-10-16T07:40:03.123Z); FY2023: grossProfit / revenue = 28.7%.

- Source: https://eodhd.com/api/fundamentals/LCMRF.US.json#2024-12-31 (filed 2026-10-16T07:40:03.123Z); FY2024: grossProfit / revenue = 29.3%.

- Source: https://eodhd.com/api/fundamentals/LCMRF.US.json#2025-12-31 (filed 2026-10-16T07:40:03.123Z); FY2025: grossProfit / revenue = 26.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.123Z); 9-year return on capital observations [[2017,0.012317497386163306],[2018,0.024116872216259872],[2019,0.031715100055276085],[2020,0.054789746273722864],[2021,0.06376344586536785],[2022,0.07397518237649697],[2023,0.07218340051616987],[2024,0.07744617780352167],[2025,0.07852565153469736]]; median 0.06376344586536785. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 28% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.123Z); Gross margin observations: [[2021,0.27847690247774326],[2022,0.28074544605207274],[2023,0.28704345889613764]]; range within 2 percentage points.

### Where the cash goes

Spends 99.1% of cash earnings on expansion; earns 17.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.123Z); FY2019: growth capex 1125864000; upkeep 860729000; owner earnings 767814200. Growth capex / owner earnings = 1.4663234933659732.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.123Z); FY2020: growth capex 1032515000; upkeep 1013940000; owner earnings 1195311600. Growth capex / owner earnings = 0.8638040490864474.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.123Z); FY2021: growth capex 1375849865.3439155; upkeep 1147991134.6560845; owner earnings 1181825465.3439155. Growth capex / owner earnings = 1.1641734805092714.

- Source: https://eodhd.com/api/fundamentals/LCMRF.US.json#2022-12-31 (filed 2026-10-16T07:40:03.123Z); FY2022: growth capex 1750963000; upkeep 1243143000; owner earnings 1959538000. Growth capex / owner earnings = 0.8935590940313483.

- Source: https://eodhd.com/api/fundamentals/LCMRF.US.json#2023-12-31 (filed 2026-10-16T07:40:03.123Z); FY2023: growth capex 2158957000; upkeep 1206046000; owner earnings 2107500000. Growth capex / owner earnings = 1.0244161328588375.

- Source: https://eodhd.com/api/fundamentals/LCMRF.US.json#2024-12-31 (filed 2026-10-16T07:40:03.123Z); FY2024: growth capex 1319583000; upkeep 1495491000; owner earnings 2357545000. Growth capex / owner earnings = 0.5597275979885856.

- Source: https://eodhd.com/api/fundamentals/LCMRF.US.json#2025-12-31 (filed 2026-10-16T07:40:03.123Z); FY2025: growth capex 2506650817.996961; upkeep 1769177863.003039; owner earnings 2528193136.996961. Growth capex / owner earnings = 0.9914791640382394.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.123Z); Incremental return on capital 0.17172951913916445, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.123Z); Dividend observations: [[2017,432584000],[2018,432584000],[2019,432584000],[2020,432584000],[2021,205955000],[2022,205799000],[2023,249125000],[2024,298532000],[2025,294185219]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/LCMRF.US.json#2025-12-31 (filed 2026-10-16T07:40:03.123Z); FY2025: cash repurchases 129603516 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); LACOMERUBC.MX SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.123Z); Closing price 32.49 MXN; reporting-to-trading FX 1; FY2025 annual sales per share 44.12477647931738; price multiple 0.7363210103790339. FY2025 cash earnings/share 2.3448276173223532. Closing-price date 2026-10-15.

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

- 2016-10: MXN 17.23 per share

- 2016-11: MXN 15.90 per share

- 2016-12: MXN 15.65 per share

- 2017-01: MXN 14.76 per share

- 2017-02: MXN 13.45 per share

- 2017-03: MXN 15.21 per share

- 2017-04: MXN 14.70 per share

- 2017-05: MXN 14.11 per share

- 2017-06: MXN 16.36 per share

- 2017-07: MXN 18.04 per share

- 2017-08: MXN 17.79 per share

- 2017-09: MXN 18.30 per share

- 2017-10: MXN 18.60 per share

- 2017-11: MXN 18.45 per share

- 2017-12: MXN 20.25 per share

- 2018-01: MXN 18.98 per share

- 2018-02: MXN 18.75 per share

- 2018-03: MXN 18.42 per share

- 2018-04: MXN 19.71 per share

- 2018-05: MXN 19.46 per share

- 2018-06: MXN 20.77 per share

- 2018-07: MXN 20.88 per share

- 2018-08: MXN 21.20 per share

- 2018-09: MXN 21.19 per share

- 2018-10: MXN 21.20 per share

- 2018-11: MXN 20.79 per share

- 2018-12: MXN 20.04 per share

- 2019-01: MXN 19.70 per share

- 2019-02: MXN 20.20 per share

- 2019-03: MXN 21.00 per share

- 2019-04: MXN 21.70 per share

- 2019-05: MXN 21.45 per share

- 2019-06: MXN 21.95 per share

- 2019-07: MXN 23.00 per share

- 2019-08: MXN 24.24 per share

- 2019-09: MXN 25.90 per share

- 2019-10: MXN 26.24 per share

- 2019-11: MXN 25.91 per share

- 2019-12: MXN 23.54 per share

- 2020-01: MXN 23.76 per share

- 2020-02: MXN 23.34 per share

- 2020-03: MXN 22.90 per share

- 2020-04: MXN 25.20 per share

- 2020-05: MXN 27.22 per share

- 2020-06: MXN 32.01 per share

- 2020-07: MXN 35.44 per share

- 2020-08: MXN 33.12 per share

- 2020-09: MXN 34.97 per share

- 2020-10: MXN 38.75 per share

- 2020-11: MXN 41.77 per share

- 2020-12: MXN 45.38 per share

- 2021-01: MXN 42.65 per share

- 2021-02: MXN 42.61 per share

- 2021-03: MXN 41.02 per share

- 2021-04: MXN 37.76 per share

- 2021-05: MXN 38.16 per share

- 2021-06: MXN 42.24 per share

- 2021-07: MXN 39.60 per share

- 2021-08: MXN 36.45 per share

- 2021-09: MXN 34.86 per share

- 2021-10: MXN 37.14 per share

- 2021-11: MXN 34.36 per share

- 2021-12: MXN 36.81 per share

- 2022-01: MXN 34.30 per share

- 2022-02: MXN 37.11 per share

- 2022-03: MXN 38.97 per share

- 2022-04: MXN 37.83 per share

- 2022-05: MXN 38.08 per share

- 2022-06: MXN 37.47 per share

- 2022-07: MXN 36.12 per share

- 2022-08: MXN 33.56 per share

- 2022-09: MXN 35.69 per share

- 2022-10: MXN 36.40 per share

- 2022-11: MXN 36.02 per share

- 2022-12: MXN 37.86 per share

- 2023-01: MXN 41.36 per share

- 2023-02: MXN 40.40 per share

- 2023-03: MXN 42.03 per share

- 2023-04: MXN 39.30 per share

- 2023-05: MXN 38.49 per share

- 2023-06: MXN 37.10 per share

- 2023-07: MXN 41.79 per share

- 2023-08: MXN 36.84 per share

- 2023-09: MXN 36.52 per share

- 2023-10: MXN 35.96 per share

- 2023-11: MXN 37.15 per share

- 2023-12: MXN 43.80 per share

- 2024-01: MXN 40.24 per share

- 2024-02: MXN 39.04 per share

- 2024-03: MXN 39.08 per share

- 2024-04: MXN 36.65 per share

- 2024-05: MXN 37.42 per share

- 2024-06: MXN 35.61 per share

- 2024-07: MXN 34.80 per share

- 2024-08: MXN 33.50 per share

- 2024-09: MXN 39.52 per share

- 2024-10: MXN 36.38 per share

- 2024-11: MXN 32.72 per share

- 2024-12: MXN 32.94 per share

- 2025-01: MXN 34.02 per share

- 2025-02: MXN 33.79 per share

- 2025-03: MXN 33.56 per share

- 2025-04: MXN 36.71 per share

- 2025-05: MXN 42.00 per share

- 2025-06: MXN 40.84 per share

- 2025-07: MXN 40.53 per share

- 2025-08: MXN 42.27 per share

- 2025-09: MXN 42.29 per share

- 2025-10: MXN 40.24 per share

- 2025-11: MXN 40.80 per share

- 2025-12: MXN 38.12 per share

- 2026-01: MXN 37.45 per share

- 2026-02: MXN 38.96 per share

- 2026-03: MXN 42.44 per share

- 2026-04: MXN 39.46 per share

- 2026-05: MXN 38.45 per share

- 2026-06: MXN 35.32 per share

- 2026-07: MXN 34.22 per share

- 2026-08: MXN 32.00 per share

- 2026-09: MXN 31.31 per share

- 2026-10: MXN 32.71 per share

## Annual estimated value (MXN 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.

## Reported holder observations