# Grupo Televisa SAB (TV.US)

Canonical: https://gigainvestors.com/s/TV

Analysis as of: 2026-10-15T06:38:21.575Z. Financial observations: FY2013–FY2025.

Listing currency: USD. 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: $2.44 per share; close as of 2026-10-15.

Estimated value: low $6.05 per share, central $6.31 per share, high $6.65 per share. Buy at or below the central value $6.31 per share. Valuation as of 2026-10-15T06:38:21.575Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 4

- Operating margin variation: 0.57×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.15×

- FY2018: 0.20×

- FY2019: 0.17×

- FY2020: 0.09×

- FY2021: 0.08×

- FY2022: 0.06×

- FY2023: 0.04×

- FY2024: 0.00×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.9%

- ROIC, second-lowest year: 1.2%

- Typical minus recent gross margin: 2.9 pp

- Typical gross margin (annual median): 37.5%

- Recent gross margin (lower of latest and 3-year median): 34.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 25.5%

- ROIC including acquisitions, ten-year median: 1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.6%

- FY2017: 5.5%

- FY2018: 7.1%

- FY2019: 6.1%

- FY2020: 2.9%

- FY2021: 2.1%

- FY2022: 1.8%

- FY2023: 1.2%

- FY2024: 0.1%

- FY2025: 2.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 45B

- Net income, five-year total: MXN 25B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.5 pp

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

- Working capital / revenue, final three-year average: 5.1%

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

- FY2021: 0.94×

- FY2022: 1.05×

- FY2023: 0.42×

- FY2024: -0.22×

- FY2025: 0.60×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.6% vs 1.2%

- Per-share earnings: 7.73 to -15.21 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.1%

- Ordinary dilution, 5-year annual growth: -3.5%

- Market cap gain: MXN -200B

- Cumulative retained earnings: MXN 31B

- Diluted shares, 10-year annual growth: -2.1%

- Diluted shares, 5-year annual growth: -3.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: MXN -22.94

- Per-share value, starting three-year median: MXN 7.73

- Per-share value, ending three-year median: MXN -15.21

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 2.1%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: MXN 7.4B

- Cumulative net income, 10 years: MXN 43B

- ROIC, first three-year median: 6.6%

- ROIC, last three-year median: 1.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 6.38

- FY2017: MXN 7.73

- FY2018: MXN 10.39

- FY2019: MXN 8.02

- FY2020: MXN -2.24

- FY2021: MXN 10.76

- FY2022: MXN 79.43

- FY2023: MXN -15.21

- FY2024: MXN -15.21

- FY2025: MXN -19.63

### accounting: pass

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

- Sloan accruals: -14.1%

- Receivables to sales index (DSRI): 2.78×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.7%

- FY2017: -6.9%

- FY2018: -9.3%

- FY2019: -8.0%

- FY2020: -12.7%

- FY2021: -8.0%

- FY2022: 12.7%

- FY2023: -9.0%

- FY2024: -16.2%

- FY2025: -14.1%

## Holders

## Price story

Down 79% since Mar 2022 · sales -5.4%

Story as of 2026-10-16T09:59:44.356Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -5.4%; source https://www.sec.gov/Archives/edgar/data/912892/000110465926052976/tv-20251231x20f.htm; observed 2026-04-30.

- FY2016: MXN 96B 

- FY2017: MXN 94B 

- FY2018: MXN 101B 

- FY2019: MXN 102B 

- FY2020: MXN 71B 

- FY2021: MXN 74B 

- FY2022: MXN 69B 

- FY2023: MXN 66B 

- FY2024: MXN 62B 

- FY2025: MXN 59B 

### Gross margin · FY2025

gross margin 38.2%; source https://www.sec.gov/Archives/edgar/data/912892/000110465926052976/tv-20251231x20f.htm; observed 2026-04-30.

- FY2016: 45.6% 

- FY2017: 43.2% 

- FY2018: 42.9% 

- FY2019: 42.0% 

- FY2020: 36.0% 

- FY2021: 36.9% 

- FY2022: 36.8% 

- FY2023: 34.6% 

- FY2024: 34.0% 

- FY2025: 38.2% 

## Owner memo

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

### How it makes money

Operates in telecom services; annual sales are MXN 58.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/912892/000110465926052976/tv-20251231x20f.htm (filed 2026-04-30); FY2025: revenue 58878150000; grossProfit 22483415000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); TV.US: Grupo Televisa, S.A.B., together with its subsidiaries, engages in the cable networks and direct-to-home system businesses with Residential, Satellite, and Enterprise categories in Mexico and internationally. It operates through Cable and Sky segments. The company offers basic and premium television subscription, pay-per-view, installation, internet subscription, and telephone and mobile services subscription, as well as local and national advertising services; and data and long-distance services solutions to carriers and other telecommunications service providers through its fiber-optic network. It also provides direct-to-home broadcast satellite pay television services comprising program, installation, and equipment rental services to subscribers; and national advertising sales. Grupo Televisa, S.A.B. was founded in 1969 and is headquartered in Mexico City, Mexico.

### Why customers stay

Margins ranged from 34% to 38.2% during 2023–25; it earns 2.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2023: grossProfit / revenue = 34.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2024: grossProfit / revenue = 34%.

- Source: https://www.sec.gov/Archives/edgar/data/912892/000110465926052976/tv-20251231x20f.htm (filed 2026-04-30); FY2025: grossProfit / revenue = 38.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); 10-year return on capital observations [[2016,0.06574452246033703],[2017,0.054739993640094006],[2018,0.07063115615968234],[2019,0.0608183688053737],[2020,0.028651010515656463],[2021,0.02095940632895266],[2022,0.01825451909257758],[2023,0.012319127395181227],[2024,0.001484055407876993],[2025,0.02944367907783355]]; median 0.029047344796745006. 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 594.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2017: growth capex 0; upkeep 18537156000; owner earnings 4523614000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2018: growth capex 6028504424.73584; upkeep 20245438575.26416; owner earnings 5598177424.73584. Growth capex / owner earnings = 1.0768691249581654.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2019: growth capex 193331000; upkeep 21008796000; owner earnings 4626139000. Growth capex / owner earnings = 0.04179100541509886.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2021: growth capex 3388852054.72546; upkeep 21778394945.27454; owner earnings 5695800054.72546. Growth capex / owner earnings = 0.5949738442651151.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2022: growth capex 0; upkeep 19182387000; owner earnings 46769099000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2024: growth capex 0; upkeep 10476251000; owner earnings 1800590000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Dividend observations: [[2016,1084192000],[2017,1084192000],[2018,1068868000],[2019,1066187000],[2020,111979000],[2021,1053392000],[2022,1053392000],[2023,1027354000],[2024,1018954000],[2025,1018954000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/912892/000110465926052976/tv-20251231x20f.htm (filed 2026-04-30); FY2025: cash repurchases 594200000 MXN.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); TV.US SharesStats.PercentInsiders = 0.049 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Closing price 2.44 USD; reporting-to-trading FX 0.05409; FY2025 annual sales per share 126.09333941547219; price multiple 0.35775086977540527. FY2025 cash earnings/share -11.738859941620033. Closing-price date 2026-10-15.

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

- 2016-10: $24.53 per share

- 2016-11: $20.77 per share

- 2016-12: $20.89 per share

- 2017-01: $22.40 per share

- 2017-02: $25.51 per share

- 2017-03: $25.94 per share

- 2017-04: $24.30 per share

- 2017-05: $24.28 per share

- 2017-06: $24.37 per share

- 2017-07: $26.62 per share

- 2017-08: $25.83 per share

- 2017-09: $24.67 per share

- 2017-10: $21.89 per share

- 2017-11: $18.66 per share

- 2017-12: $18.67 per share

- 2018-01: $20.70 per share

- 2018-02: $17.01 per share

- 2018-03: $15.96 per share

- 2018-04: $17.92 per share

- 2018-05: $16.76 per share

- 2018-06: $18.95 per share

- 2018-07: $19.88 per share

- 2018-08: $18.01 per share

- 2018-09: $17.74 per share

- 2018-10: $14.38 per share

- 2018-11: $13.65 per share

- 2018-12: $12.58 per share

- 2019-01: $12.51 per share

- 2019-02: $11.68 per share

- 2019-03: $11.06 per share

- 2019-04: $10.14 per share

- 2019-05: $9.29 per share

- 2019-06: $8.44 per share

- 2019-07: $9.51 per share

- 2019-08: $8.84 per share

- 2019-09: $9.78 per share

- 2019-10: $11.05 per share

- 2019-11: $10.97 per share

- 2019-12: $11.73 per share

- 2020-01: $11.12 per share

- 2020-02: $9.40 per share

- 2020-03: $5.80 per share

- 2020-04: $5.35 per share

- 2020-05: $5.90 per share

- 2020-06: $5.24 per share

- 2020-07: $5.59 per share

- 2020-08: $6.22 per share

- 2020-09: $6.18 per share

- 2020-10: $6.36 per share

- 2020-11: $8.02 per share

- 2020-12: $8.24 per share

- 2021-01: $7.51 per share

- 2021-02: $7.41 per share

- 2021-03: $8.86 per share

- 2021-04: $12.38 per share

- 2021-05: $12.97 per share

- 2021-06: $14.28 per share

- 2021-07: $13.55 per share

- 2021-08: $13.13 per share

- 2021-09: $10.98 per share

- 2021-10: $10.12 per share

- 2021-11: $9.19 per share

- 2021-12: $9.37 per share

- 2022-01: $10.23 per share

- 2022-02: $10.67 per share

- 2022-03: $11.70 per share

- 2022-04: $9.23 per share

- 2022-05: $10.21 per share

- 2022-06: $8.18 per share

- 2022-07: $7.82 per share

- 2022-08: $6.33 per share

- 2022-09: $5.38 per share

- 2022-10: $5.25 per share

- 2022-11: $5.46 per share

- 2022-12: $4.56 per share

- 2023-01: $6.15 per share

- 2023-02: $4.96 per share

- 2023-03: $5.29 per share

- 2023-04: $5.06 per share

- 2023-05: $4.81 per share

- 2023-06: $5.13 per share

- 2023-07: $5.31 per share

- 2023-08: $4.48 per share

- 2023-09: $3.05 per share

- 2023-10: $2.31 per share

- 2023-11: $3.22 per share

- 2023-12: $3.34 per share

- 2024-01: $3.01 per share

- 2024-02: $2.99 per share

- 2024-03: $3.20 per share

- 2024-04: $2.92 per share

- 2024-05: $3.33 per share

- 2024-06: $2.77 per share

- 2024-07: $2.18 per share

- 2024-08: $1.99 per share

- 2024-09: $2.56 per share

- 2024-10: $2.50 per share

- 2024-11: $2.01 per share

- 2024-12: $1.68 per share

- 2025-01: $1.92 per share

- 2025-02: $1.95 per share

- 2025-03: $1.75 per share

- 2025-04: $1.82 per share

- 2025-05: $1.91 per share

- 2025-06: $2.19 per share

- 2025-07: $2.80 per share

- 2025-08: $2.79 per share

- 2025-09: $2.69 per share

- 2025-10: $2.64 per share

- 2025-11: $2.71 per share

- 2025-12: $2.91 per share

- 2026-01: $3.27 per share

- 2026-02: $2.95 per share

- 2026-03: $2.91 per share

- 2026-04: $2.85 per share

- 2026-05: $2.66 per share

- 2026-06: $2.71 per share

- 2026-07: $2.80 per share

- 2026-08: $2.75 per share

- 2026-09: $2.28 per share

- 2026-10: $2.21 per share

## Annual estimated value (USD per share)

- FY2017: low $8.67 per share, central $9.30 per share, high $10.14 per share

- FY2018: low $7.81 per share, central $8.50 per share, high $9.42 per share

- FY2019: low $7.39 per share, central $8.08 per share, high $9.00 per share

- FY2020: low $6.09 per share, central $6.56 per share, high $7.19 per share

- FY2021: low $6.06 per share, central $6.57 per share, high $7.26 per share

- FY2022: low $8.29 per share, central $8.84 per share, high $9.57 per share

- FY2023: low $5.95 per share, central $6.39 per share, high $6.98 per share

- FY2024: low $6.56 per share, central $6.83 per share, high $7.19 per share

- FY2025: low $6.24 per share, central $6.54 per share, high $6.93 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

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/912892/000110465926052976/tv-20251231x20f.htm); period 2025-12-31, filed 2026-04-30.

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.