I recently reviewed how the Mexican financial market is performing in 2026, and honestly, there are interesting things happening that many foreign investors are overlooking. The Mexican stock exchange has only 145 listed companies, but those main companies listed on the stock market are moving quite solid numbers.

What caught my attention the most is that over the past 12 months, the S&P/BMV IPC index has gained around 22%, clearly outperforming the S&P 500, which is just about 5%. That’s a huge difference considering everything that has happened with tariffs and political uncertainty.

The top five companies listed on the Mexican stock exchange remain Walmart Mexico, América Móvil, Grupo México, FEMSA, and Fresnillo. Together, they account for nearly 50% of the total market capitalization. In the first quarter, Walmart Mexico reported sales close to 246 billion pesos, although its margins were pressured by operating costs. América Móvil showed a stronger performance with revenues of 237 billion pesos and a 25% year-over-year net profit growth, quite impressive.

Grupo México also had a solid fourth quarter with revenue growth of 11% and net profit over 50%, although some analysts maintain a neutral stance for now. FEMSA continues to be the world’s largest Coca-Cola bottler, and its shares are traded both in Mexico and New York. Fresnillo, the silver and gold mining company, inherited an exceptional 2025 with revenues of $4,561 million.

The macroeconomic context isn’t easy. Inflation is hovering around 4.5% to 4.6% annually, above Banxico’s target, so the central bank has been cautious with rate cuts. But what’s saving the game is that the Mexican peso remains within a narrow range between 17.30 and 17.80 per dollar, something that hasn’t happened in previous years. This reduces pressure on import costs and dollar-denominated debt for companies.

Nearshoring continues to be the engine. Despite initial tariffs of 25% to 50% on Mexican products, the stock market showed enormous resilience. The leading sectors are mining, basic consumption, and telecommunications, precisely where the main listed companies operate.

For those who have been focused only on the United States for years, 2026 is proving to be a year to rethink that strategy. A balanced portfolio of Mexican stocks, selectively U.S. stocks, and local bonds from both economies could be interesting. You take advantage of yield differentials, benefit from the superpeso, and reduce geopolitical risk. The Mexican stock market is showing that it still has a lot to offer.