# Wal-Mart de México (WALMEX.MX)

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

Analysis as of: 2026-10-16T07:33:59.490Z. 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 48.21 per share; close as of 2026-10-15.

Estimated value: low MXN 19.63 per share, central MXN 21.42 per share, high MXN 23.58 per share. Buy at or below the central value MXN 21.42 per share. Valuation as of 2026-10-16T07:33:59.490Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% 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: 9 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.03×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.09×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.08×

- FY2025: 0.08×

### moat: pass

- ROIC, median of available years: 26.2%

- ROIC, second-lowest year: 24.5%

- Typical minus recent gross margin: -0.7 pp

- Typical gross margin (annual median): 23.3%

- Recent gross margin (lower of latest and 3-year median): 24.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 14.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 24.4%

- FY2018: 34.7%

- FY2019: 26.1%

- FY2020: 24.5%

- FY2021: 28.2%

- FY2022: 27.3%

- FY2023: 29.0%

- FY2024: 26.2%

- FY2025: 24.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.70×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 173B

- Net income, five-year total: MXN 248B

- Return on incremental invested capital: 75.2%

- Working capital / revenue, annual change: 0.1 pp

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

- FY2021: 0.71×

- FY2022: 0.70×

- FY2023: 0.71×

- FY2024: 0.70×

- FY2025: 0.67×

### 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: 26.1% vs 26.2%

- Per-share earnings: 2.17 to 2.96 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: MXN 133B

- Cumulative retained earnings: MXN 84B

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.3%

- Per-share value change: MXN 0.79

- Per-share value, starting three-year median: MXN 2.17

- Per-share value, ending three-year median: MXN 2.96

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.5%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 26.1%

- ROIC, last three-year median: 26.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: MXN 2.30

- FY2018: MXN 2.10

- FY2019: MXN 2.17

- FY2020: MXN 1.91

- FY2021: MXN 2.53

- FY2022: MXN 2.80

- FY2023: MXN 2.96

- FY2024: MXN 3.09

- FY2025: MXN 2.88

### accounting: pass

- Sloan accruals: -6.6%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.65×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.1%

- FY2018: -3.5%

- FY2019: -5.6%

- FY2020: -7.7%

- FY2021: -5.3%

- FY2022: -3.7%

- FY2023: -6.5%

- FY2024: -3.8%

- FY2025: -6.6%

## Holders

## Price story

Down 41% since Mar 2022 · "Walmex (BMV:WALMEX *) Stock Sees Modest Fair Value Cut On Softer Mexico Consumer Trends" (finance.yahoo.com, Aug 2026) · sales +5.6%

Story as of 2026-10-16T09:59:58.603Z; price observation 2026-10-15.

Price needs cash profits to grow 12.1% a year for ten years

- 2025-07-17: Walmart's Mexico unit wipes $3.3 billion off market value after weak Q2 margins ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/walmarts-mexico-unit-wipes-3-155931296.html))

- 2026-08-01: Walmex (BMV:WALMEX *) Stock Sees Modest Fair Value Cut On Softer Mexico Consumer Trends ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/walmex-bmv-walmex-stock-sees-111540865.html))

### Sales · FY2024–2025

sales +5.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: MXN 573B 

- FY2018: MXN 617B 

- FY2019: MXN 647B 

- FY2020: MXN 702B 

- FY2021: MXN 736B 

- FY2022: MXN 819B 

- FY2023: MXN 886B 

- FY2024: MXN 958B 

- FY2025: MXN 1.01T 

### Gross margin · FY2025

gross margin 24.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 22.3% 

- FY2018: 23.0% 

- FY2019: 22.9% 

- FY2020: 23.1% 

- FY2021: 23.3% 

- FY2022: 23.4% 

- FY2023: 23.7% 

- FY2024: 24.1% 

- FY2025: 24.2% 

## Owner memo

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

### How it makes money

Operates in discount stores; annual sales are MXN 1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2025: revenue 1010803706000; grossProfit 244403717000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WALMEX.MX: Wal-Mart de México, S.A.B. de C.V. owns and operates self-service stores in Mexico and Central America. The company operates discount stores under the Bodega Aurrerá, Despensa Familiar, and Palí names; hypermarkets under the Walmart name; supermarkets under the Walmart Express, Paiz, La Despensa de Don Juan, La Unión, and Más x Menos names; and membership self-service wholesale stores under the Sam's Club name. It also offers mobile internet connectivity services, advertising services, and financial services through digital wallet, as well as sells airtime recharges and imports goods for resale. In addition, the company develops and manages real estate properties. The company was founded in 1958 and is headquartered in Mexico City, Mexico. Wal-Mart de México, S.A.B. de C.V. operates as a subsidiary of Intersalt, S. de R.L. de C.V.

### Why customers stay

Margins ranged from 23.7% to 24.2% during 2023–25; it earns 26.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2023: grossProfit / revenue = 23.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2024: grossProfit / revenue = 24.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2025: grossProfit / revenue = 24.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); 9-year return on capital observations [[2017,0.24369502407948024],[2018,0.3473181567595374],[2019,0.2610235641916946],[2020,0.245472175739281],[2021,0.28176889005343475],[2022,0.27266762766214603],[2023,0.29034887110200813],[2024,0.2618463553573905],[2025,0.24810415170531322]]; median 0.2618463553573905. 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 2026-10-16T07:33:59.490Z); Gross margin observations: [[2021,0.2334639201329402],[2022,0.23364926207238187],[2023,0.23683586875789792]]; range within 2 percentage points.

### Where the cash goes

Spends 40.7% of cash earnings on expansion; earns 75.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2017: growth capex 0; upkeep 17425635000; owner earnings 34084196000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2018: growth capex 0; upkeep 17932578000; owner earnings 29602192000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2019: growth capex 3572323000; upkeep 17002507000; owner earnings 26455248200. Growth capex / owner earnings = 0.13503267756149798.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2020: growth capex 0; upkeep 16728102000; owner earnings 22698740800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2021: growth capex 2160483000; upkeep 18305881000; owner earnings 31199796400. Growth capex / owner earnings = 0.06924670187911867.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2022: growth capex 1944534000; upkeep 19359205000; owner earnings 34304158400. Growth capex / owner earnings = 0.05668508107168722.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2023: growth capex 5138398000; upkeep 20577439000; owner earnings 36539229800. Growth capex / owner earnings = 0.14062688316435176.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2024: growth capex 12124315000; upkeep 22639474000; owner earnings 37881403200. Growth capex / owner earnings = 0.3200598176363224.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2025: growth capex 13527637099.210999; upkeep 25454317900.789; owner earnings 33219924699.211. Growth capex / owner earnings = 0.40721456239581094.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); Incremental return on capital 0.7516901928738152, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); Dividend observations: [[2017,10688901000],[2018,12618136811],[2019,20228067000],[2020,15033906000],[2021,15564332000],[2022,29558038000],[2023,46348607000],[2024,37399452000],[2025,28922976000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); FY2025: cash repurchases 8799988000 MXN.

### Are managers owners

Insiders own 71.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WALMEX.MX SharesStats.PercentInsiders = 71.843 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.490Z); Ten-year compound average after fade. Initial solved rate 0.16140744563291765. Price 48.21; 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 39.99 per share

- 2016-11: MXN 37.75 per share

- 2016-12: MXN 37.05 per share

- 2017-01: MXN 36.90 per share

- 2017-02: MXN 38.95 per share

- 2017-03: MXN 43.16 per share

- 2017-04: MXN 42.50 per share

- 2017-05: MXN 42.73 per share

- 2017-06: MXN 42.13 per share

- 2017-07: MXN 41.08 per share

- 2017-08: MXN 43.49 per share

- 2017-09: MXN 41.70 per share

- 2017-10: MXN 42.84 per share

- 2017-11: MXN 43.92 per share

- 2017-12: MXN 48.19 per share

- 2018-01: MXN 46.64 per share

- 2018-02: MXN 44.00 per share

- 2018-03: MXN 46.26 per share

- 2018-04: MXN 51.97 per share

- 2018-05: MXN 50.06 per share

- 2018-06: MXN 52.36 per share

- 2018-07: MXN 54.43 per share

- 2018-08: MXN 52.89 per share

- 2018-09: MXN 57.03 per share

- 2018-10: MXN 51.88 per share

- 2018-11: MXN 50.34 per share

- 2018-12: MXN 49.97 per share

- 2019-01: MXN 50.20 per share

- 2019-02: MXN 49.85 per share

- 2019-03: MXN 51.92 per share

- 2019-04: MXN 55.71 per share

- 2019-05: MXN 55.31 per share

- 2019-06: MXN 52.40 per share

- 2019-07: MXN 56.54 per share

- 2019-08: MXN 56.73 per share

- 2019-09: MXN 58.48 per share

- 2019-10: MXN 57.73 per share

- 2019-11: MXN 54.48 per share

- 2019-12: MXN 54.15 per share

- 2020-01: MXN 54.85 per share

- 2020-02: MXN 55.20 per share

- 2020-03: MXN 55.75 per share

- 2020-04: MXN 57.97 per share

- 2020-05: MXN 55.35 per share

- 2020-06: MXN 55.15 per share

- 2020-07: MXN 52.23 per share

- 2020-08: MXN 52.53 per share

- 2020-09: MXN 53.05 per share

- 2020-10: MXN 51.25 per share

- 2020-11: MXN 53.25 per share

- 2020-12: MXN 55.98 per share

- 2021-01: MXN 58.35 per share

- 2021-02: MXN 59.68 per share

- 2021-03: MXN 64.47 per share

- 2021-04: MXN 66.31 per share

- 2021-05: MXN 65.40 per share

- 2021-06: MXN 65.07 per share

- 2021-07: MXN 65.62 per share

- 2021-08: MXN 71.46 per share

- 2021-09: MXN 70.13 per share

- 2021-10: MXN 71.81 per share

- 2021-11: MXN 67.38 per share

- 2021-12: MXN 76.09 per share

- 2022-01: MXN 70.14 per share

- 2022-02: MXN 77.90 per share

- 2022-03: MXN 81.92 per share

- 2022-04: MXN 72.16 per share

- 2022-05: MXN 72.77 per share

- 2022-06: MXN 69.33 per share

- 2022-07: MXN 73.84 per share

- 2022-08: MXN 65.84 per share

- 2022-09: MXN 70.83 per share

- 2022-10: MXN 76.53 per share

- 2022-11: MXN 76.72 per share

- 2022-12: MXN 68.59 per share

- 2023-01: MXN 73.76 per share

- 2023-02: MXN 72.01 per share

- 2023-03: MXN 72.03 per share

- 2023-04: MXN 72.49 per share

- 2023-05: MXN 67.22 per share

- 2023-06: MXN 67.72 per share

- 2023-07: MXN 69.71 per share

- 2023-08: MXN 67.17 per share

- 2023-09: MXN 65.60 per share

- 2023-10: MXN 64.53 per share

- 2023-11: MXN 68.09 per share

- 2023-12: MXN 71.57 per share

- 2024-01: MXN 71.11 per share

- 2024-02: MXN 68.25 per share

- 2024-03: MXN 67.00 per share

- 2024-04: MXN 63.92 per share

- 2024-05: MXN 63.79 per share

- 2024-06: MXN 62.26 per share

- 2024-07: MXN 61.96 per share

- 2024-08: MXN 62.77 per share

- 2024-09: MXN 59.17 per share

- 2024-10: MXN 55.02 per share

- 2024-11: MXN 53.90 per share

- 2024-12: MXN 54.89 per share

- 2025-01: MXN 53.72 per share

- 2025-02: MXN 54.38 per share

- 2025-03: MXN 56.36 per share

- 2025-04: MXN 62.15 per share

- 2025-05: MXN 63.70 per share

- 2025-06: MXN 62.15 per share

- 2025-07: MXN 55.61 per share

- 2025-08: MXN 55.72 per share

- 2025-09: MXN 56.57 per share

- 2025-10: MXN 61.42 per share

- 2025-11: MXN 61.99 per share

- 2025-12: MXN 56.01 per share

- 2026-01: MXN 55.46 per share

- 2026-02: MXN 55.90 per share

- 2026-03: MXN 58.44 per share

- 2026-04: MXN 55.23 per share

- 2026-05: MXN 52.48 per share

- 2026-06: MXN 51.26 per share

- 2026-07: MXN 50.36 per share

- 2026-08: MXN 47.27 per share

- 2026-09: MXN 46.11 per share

- 2026-10: MXN 47.04 per share

## Annual estimated value (MXN per share)

- FY2021: low MXN 15.67 per share, central MXN 16.99 per share, high MXN 18.58 per share

- FY2022: low MXN 17.24 per share, central MXN 18.69 per share, high MXN 20.44 per share

- FY2023: low MXN 17.80 per share, central MXN 19.34 per share, high MXN 21.21 per share

- FY2024: low MXN 18.82 per share, central MXN 20.48 per share, high MXN 22.50 per share

- FY2025: low MXN 19.45 per share, central MXN 21.22 per share, high MXN 23.37 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 2026-10-15T06:39:46.353Z 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.