I just reviewed how the companies listed on the Mexican stock exchange are doing in 2026, and some interesting things are happening. The BMV has performed quite solidly considering everything happening globally.

First, the context: we’re talking about a total of 145 companies in the Mexican market, but the concentration is brutal. Only 35 companies (those in the S&P/BMV IPC index) represent about 80% of the market value. That gives you an idea of the market size.

What catches my attention most is how the main companies listed on the stock exchange have resisted despite the volatility. Grupo México leads the table with a market capitalization of 1.56 trillion MXN. This company operates in mining, transportation, and infrastructure. Its latest Q4 2025 results showed revenue growth of +11% and net profit surged over 50%. Quite strong for a mining company in this environment.

America Movil comes right behind with 1.38 trillion MXN. The interesting part here is that in Q1 2026, it recorded revenues of 237 billion pesos (growth of +2.1%) but net profit grew much more: +25.1% year-over-year. EBITDA increased 3.8% with a margin close to 40%. A telecommunications company still generating solid cash flow.

Walmart Mexico is third with 957 billion MXN. In Q1, it reported sales of 246 billion pesos, confirming previous projections. Net profit had a mixed performance due to high operating costs, but it remains the most important retail company in the country.

Next is FEMSA with 615 billion MXN. It’s the largest Coca-Cola bottler worldwide and operates in 18 countries. Its latest available data (Q4 2025) shows revenue growth but pressure on profits due to exchange rate effects.

And Fresnillo plc closing the top 5 with 23 billion GBP. It’s the world’s largest primary silver producer. 2025 was a spectacular year: revenues of USD 4.561 billion (+30.5% year-over-year) and EBITDA of USD 2.796 billion (+80.7%). That’s the kind of performance that attracts investors.

Now, what’s happening in the macro environment: the Mexican economy is at an interesting point. Trump 2.0 caused initial volatility with tariffs, but nearshoring has cushioned the blow. Inflation has been around 4.5-4.6% in March-April, above Banxico’s target of 3%, so the central bank has been cautious. The Mexican peso has been the best news of the year, trading between 17.30-17.80 MXN per dollar, which reduces pressure on imports and dollar-denominated debt for companies.

The S&P/BMV IPC index has gained +22% over the last 12 months until the end of April. That clearly outperforms the S&P 500, which is up +5% in the same period. It’s quite remarkable that the Mexican market is beating the U.S. one in such a complex year.

The sectors leading the rally are mining (especially copper), consumer staples, and telecommunications. Companies listed on the stock exchange in these sectors are the pillars of this rally.

Regarding valuations: Walmart Mexico is at a P/E of 18.66x with a dividend yield of 2.40%. America Movil at 16.33x P/E. Grupo México at 17.49x P/E with a 2.52% dividend yield. FEMSA at 15.42x P/E with a 4.07% yield. Fresnillo at 22.64x P/E with a 3.02% yield. Nothing is cheap, but not overly expensive considering the fundamentals.

For those thinking about diversifying outside the U.S., 2026 is a good moment to reconsider. A mixed portfolio combining exposure to Mexican stocks (especially in mining, consumer, and telecom), selectively U.S. assets, and local bonds from both economies could be interesting. It allows you to take advantage of performance differences, benefit from the super peso, and reduce geopolitical risks that are worsening.

What’s clear is that companies listed on the Mexican stock exchange remain a valid alternative in a global portfolio, not just for Mexico but for anyone seeking exposure to Latin America. The market has shown resilience, and there are real opportunities if you know where to look.