Grupo Mexico SAB de CV GPMXY

MaterialsMetals & MiningMexico

Last close 23.84 USD on Nov 1, 2026, +389.5% year to date

Quant rating

Quant rating A+ Rank 2 of 220 in Materials

Growth B 45 of 220
Valuation B 47 of 220
Quality A 5 of 220
Revisions A 13 of 220
Momentum A 28 of 220

Wall Street consensus Hold (2.57)Average target 13.37 USD −43.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 92.6B
Enterprise value: 96.3B
52-week range: 4.92 – 29.75
3-year range: 4.92 – 29.75
Dividend yield: 1.90%
Beta (5 years): –
Shares outstanding: 7,785M
Next earnings: Jan 25, 2027

About the company

Grupo Mexico SAB de CV, formerly known as GMexico SA de CV, is a Mexico-based company primarily engaged in the mining industry. The Company’s area of activities is divided into three primary business segments: Mining Division, which focuses on services related to producing copper and other kinds of metals, such as Gold, Silver, and Zinc, through numerous pit mines, refineries and plants, as well as smelters, located in Mexico, Peru, Argentina, and more; Transportation Division, which is associated with railway operations, including general and intermodal freight as well as passenger-related services, across Mexico as well as the United States, and Infrastructure Division, which participates in engineering, procuring, and construction activities for infrastructure operations, as well as drilling services for oil and water exploration, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	18,177	16,169	14,367	13,870	14,777	–
Revenue growth	12.4%	12.5%	3.6%	−6.1%	35.5%	10.8%
EPS (basic, normalized)	0.65	0.47	0.44	0.42	0.50	–
EPS growth	38.3%	6.8%	4.8%	−16.0%	–	–
Gross margin	49.6%	44.6%	43.1%	45.0%	54.8%	47.4%
Net margin	27.1%	22.4%	23.5%	22.7%	26.8%	24.5%
ROE	22.5%	18.3%	18.7%	19.0%	26.2%	20.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	13,805
Current ratio	5.13x
Long-term debt (mil)	13,392
Net debt (mil)	3,698
Total equity (mil)	26,596
Net debt / equity	0.14x
Net debt / EBITDA	0.37x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	18,177	+12.4%	5.3x	9,875	+16.0%	9.8x	0.65	+38.3%	36.9x
2026	22,652	+24.6%	4.3x	13,389	+35.6%	7.2x	0.88	+35.8%	27.1x
2027	22,942	+1.3%	4.2x	13,460	+0.5%	7.2x	0.90	+2.1%	26.6x
2028	23,706	+3.3%	4.1x	14,061	+4.5%	6.8x	0.83	−7.0%	28.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	22,652	+1.6%	+4.2%	+10.2%	0.88	+4.7%	+6.9%	+16.5%
2027	22,942	+3.6%	+5.6%	+11.7%	0.90	+8.0%	+10.6%	+20.9%
2028	23,706	+5.0%	+6.6%	+11.7%	0.83	+8.6%	+7.9%	+15.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,799	4,397	4,127	3,847	4,196	4,239	4,592	5,154	5,565	5,718
Sales mean (mil)	3,709	4,153	4,152	4,038	4,105	4,220	4,456	4,870	5,531	5,646
Surprise	+2.4%	+5.9%	−0.6%	−4.7%	+2.2%	+0.4%	+3.1%	+5.8%	+0.6%	+1.3%
EPS reported	0.12	0.14	0.13	0.09	0.14	0.16	0.15	0.18	0.22	0.28
EPS mean	0.09	0.12	0.12	0.11	0.12	0.13	0.15	0.17	0.20	0.21
Surprise	+32.7%	+17.2%	+4.2%	−19.5%	+16.7%	+26.6%	+2.0%	+6.3%	+8.5%	+30.2%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GPMXY Grupo Mexico SAB de CV	92.6B	0.37x	27.1%	3.52x	27.1x	26.6x	7.2x	7.2x
NEM Newmont Corporation	110.8B	−0.23x	31.3%	3.12x	11.6x	10.7x	6.4x	6.1x
ZIJMY Zijin Mining Group Co Ltd	106.6B	1.42x	14.8%	3.45x	154.3x	139.9x	6.1x	5.4x
FCX Freeport-McMoRan Inc	87.5B	1.93x	8.5%	4.28x	19.4x	14.3x	8.4x	6.0x
AEM Agnico Eagle Mines Limited	83.5B	−0.43x	37.5%	2.82x	14.2x	14.4x	7.3x	7.2x
GLNCY Glencore PLC	81.4B	–	0.1%	1.95x	13.2x	12.2x	5.9x	5.6x
Mean		0.61x	19.9%	3.19x	40.0x	36.4x	6.9x	6.3x
Median		0.37x	21.0%	3.29x	16.8x	14.3x	6.8x	6.1x

Technical analysis

1M−6.5%
3M−1.4%
1Y+389.5%
3Y+389.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Grupo Mexico SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	18,177	16,169	14,367	13,870	14,777	10,909
Cost of revenue	9,161	8,954	8,171	7,624	6,675	6,344
Gross profit	9,016	7,216	6,196	6,247	8,101	4,565
Selling, general & administrative expenses	375	345	333	290	74.0	265
Research & development	–	–	–	–	–	–
Interest expense (income), operating	0	0	0	−15.9	304	0
Unusual expense (income)	53.4	29.2	81.8	31.2	39.4	28.9
Other operating expenses	53.5	11.4	−47.9	−40.7	−22.3	−372
Operating income	8,534	6,831	5,829	5,982	7,706	4,644
Net interest income (expense)	−57.8	−195	−177	−416	−492	−540
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	13.9	2.4	1.1	0.2	−200	0
Net income before taxes	8,490	6,638	5,653	5,567	7,014	4,104
Provision for taxes	2,773	2,406	1,673	1,825	2,482	1,476
Minority interest	−794	−616	−605	−595	−579	−347
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4,923	3,615	3,375	3,147	3,954	2,280
Extraordinary items	–	–	–	–	–	–
Net income	4,923	3,615	3,375	3,147	3,954	2,280
EBIT, normalized	8,587	6,860	5,911	5,998	8,050	4,673
EBITDA, normalized	10,327	8,352	7,256	7,459	9,497	6,087
Basic EPS, normalized	0.65	0.47	0.44	0.42	0.50	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Grupo Mexico SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	10,199	8,137	6,589	6,003	6,567	5,234
Receivables	3,720	2,637	2,544	2,608	2,446	1,899
Total inventory	1,456	1,407	1,357	1,371	1,268	1,264
Prepaid expenses	458	45.4	54.7	55.7	45.6	45.1
Other current assets	0	42.3	56.9	31.9	42.1	0
Total current assets	15,833	12,269	10,601	10,069	10,369	8,442
Property, plant & equipment	19,385	18,439	18,979	17,842	17,411	17,559
Goodwill	319	328	345	353	355	357
Intangibles	3,357	3,249	3,089	2,651	2,445	2,075
Long-term investments	920	807	228	137	145	143
Note receivable	–	–	–	–	–	–
Other long-term assets	2,302	1,868	1,899	1,616	1,720	1,888
Total assets	42,116	36,959	35,141	32,668	32,444	30,464
Liabilities
Accounts payable	1,842	1,305	1,260	1,238	1,097	1,056
Payable/accrued	–	–	–	–	–	–
Accrued expenses	471	332	312	302	377	296
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	240	901	364	231	606	454
Other current liabilities	546	524	235	148	972	445
Total current liabilities	3,099	3,062	2,171	1,918	3,053	2,251
Long-term debt	10,123	8,217	8,850	8,470	8,471	8,855
Minority interest	2,955	2,652	2,638	2,526	2,404	2,334
Other liabilities	2,766	2,505	2,570	2,511	2,547	2,822
Total liabilities	18,943	16,436	16,229	15,425	16,474	16,263
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,003	2,003	2,003	2,003	2,003	2,003
Additional paid-in capital	9.0	9.0	9.0	9.0	9.0	9.0
Retained earnings (accumulated deficit)	23,289	21,081	19,655	17,965	16,759	15,164
Treasury stock	−1,868	−2,461	−2,859	−2,821	−2,791	−2,782
Other equity	−261	−109	105	87.0	−9.1	−193
Total equity	23,173	20,524	18,912	17,243	15,971	14,202
Total liabilities & shareholders' equity	42,116	36,959	35,141	32,668	32,444	30,464

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Grupo Mexico SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	8,490	6,638	5,653	5,567	7,014	4,104
Depreciation, depletion & amortization	1,334	1,446	1,256	1,130	1,115	1,033
Deferred taxes	–	–	–	–	–	–
Non-cash items	578	639	619	512	750	284
Changes in working capital	−4,581	−2,720	−1,713	−2,512	−2,506	−1,056
Cash from operations	5,821	6,002	5,815	4,697	6,374	4,365
Investing activities
Capital expenditures	−2,006	−1,766	−1,661	−1,542	−1,362	−1,115
Other investing cash flows	−115	839	−1,690	393	623	285
Cash from investing	−2,121	−927	−3,351	−1,149	−739	−830
Financing activities
Financing cash flow items	−629	−576	−562	−536	−550	−557
Cash dividends paid	−2,568	−2,224	−2,282	−2,461	−2,872	−1,329
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,540	197	−366	−648	−249	−476
Cash from financing	−1,656	−2,602	−3,210	−3,645	−3,671	−2,362
Foreign exchange effects	−151	−100	−87.1	−104	329	−15.6
Net change in cash	1,893	2,372	−833	−202	2,293	1,158
Free cash flow	3,815	4,236	4,154	3,155	5,012	3,250

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.