Bolsa Mexicana de Valores, S.A.B. de C.V. (BOMXF)
NEUTRALFundamental
55
Price
$37.62
Market Cap
$20.67B
Part 1 · What the company is worth
Overview
Grupo BMV runs Mexico's main stock exchange and the businesses built around it: the central depository that holds securities in custody, a central counterparty that clears trades, a listed-derivatives exchange, an over-the-counter fixed-income broker run as a joint venture with a British firm, and a market-data business. It is the largest exchange group in Mexico and one of the largest in Latin America.
How it makes money
Revenue is mostly fees on activity rather than trading for its own account: a fee on each trade executed and cleared, a fee for keeping securities in custody, listing and annual maintenance fees charged to companies whose shares or bonds are listed, and subscription fees for real-time market data. Custody is the steadiest of these, since it keeps earning as long as securities remain on deposit; trading and derivatives fees swing more with market activity.
Competitive moat
Network effects · NarrowAn exchange group benefits from liquidity attracting more liquidity: brokers and investors gravitate to where trading volume and custody infrastructure are already concentrated. BMV still holds roughly 78-80% of Mexican equity trading, but a rival exchange, BIVA, launched in 2018 and has taken a meaningful share, so the advantage is real but no longer unchallenged.
What drives demand
CyclicalTrading and derivatives fees rise and fall with market activity and investor risk appetite, and listing revenue depends on how many companies choose to go public or issue debt in Mexico in a given year, which itself follows broader market sentiment. Custody fees are the steadiest part of the business since they accrue as long as securities sit on deposit, regardless of how much they trade.
Key risks
- Competition from a rival exchange — BIVA, a competing Mexican stock exchange launched in 2018, has captured a meaningful share of equity trading volume, and continued competitive pressure could erode BMV's pricing power on trading and listing fees over time.
- Volatility in fixed-income brokerage revenue — The OTC fixed-income brokerage business declined in the third quarter of 2025 even as most other segments grew, showing that this line is more sensitive to swings in bond-market and interest-rate trading activity than the group's steadier custody and information-services revenue.
- Dependence on Mexican capital-market activity — Capital-formation revenue depends on how many Mexican companies choose to list shares or issue debt rather than raise capital privately or list abroad, and periods of weak IPO activity in Mexico have historically weighed on this part of the business.
The case for
Buyers argue that BMV's dominant share of Mexican equity trading and its near-essential custody infrastructure give it durable, high-margin fee income, and that growth in Mexican capital markets over time would flow largely through a group that already holds the country's core exchange infrastructure.
The case against
Sellers fear that BIVA's rise shows BMV's dominance is not guaranteed, that Mexico's historically thin IPO pipeline limits how much the exchange business can grow organically, and that fee-based segments like OTC brokerage can swing meaningfully from quarter to quarter with market conditions.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
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No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$4.64B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$1.61B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$1.28B
Total Equity
$7.25B
Total Liabilities
$374M
Current Ratio
3.51
Interest Coverage
-
Debt/EBITDA
0.17
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$37.64
Current Price
$37.62
Margin of Safety
+0.1%
Fair Value Range
$34.49 - $40.79
Estimation Methods
Valuation Metrics
P/E Ratio
12.96
ROE
23.6%
P/B Ratio
2.87
P/FCF
16.14
Gross Margin
50.2%
ROIC
22.7%
Profitability Radar
Value Creation (Economic Moat)
ROIC
22.7%
WACC
9.3%
ROIC − WACC
+13.4 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (11)
- ROIC 22.7%
- Gross Margin 50.2%
- P/FCF 16.14
- P/B Ratio 2.87
- Debt/Equity ratio
- Operating Margin 49.6%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 21.1%
- Earnings Quality (OCF/NI) 1.22
Failed (10)
- Price CAGR 3.22%
- CapEx intensity
- Price below Graham Number
- DCF valuation (Fairly valued)
- Revenue Growth 5Y 2.7%
- Analyst Consensus 42% Buy
- Earnings Surprise avg 0.5%
- PEG Ratio 5.02
- Net Margin Trend 35.8% vs 39.3%
- Piotroski F-Score 2/9
Unavailable (6)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Jorge Pio Alegria Formoso | MD & CEO | 60 |
| Mr. Claudio A. Vivian Gutierrez | Chief Information Officer & DGA of Technology | - |
| Hanna Rivas Karg | Director of Financial Planning & Investor Relations | - |
| Clementina Ramirez de Arellano Moreno | Director of Legal & Regulatory | - |
| Mr. Luis Rene Ramon Arana | Executive Director of Sales, Retail and Marketing & Director of Strategic Planning | - |
| Rene Alfredo Heinze Flamand | Director of Human Resources | - |
| Mr. José Manuel Allende Zubiri | Chief Capital Formation, Broadcasters, Information Services & Markets Officer | - |
| Mr. Roberto González Barrera | Chief Post-Trade Officer | - |
| Alfredo R. Guillén Lara | Executive Director of Capital Markets | - |
| José Miguel De Dios Gómez | Chief Executive Officer of MexDer | - |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for BOMXF, sourced from Markets Gazette.