ABEV vs FMX: Ambev SA ADR and Fomento Economico Mexicano compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ambev SA ADR is the larger company, worth $49.4B, about 1.2 times Fomento Economico Mexicano.
- Fomento Economico Mexicano grew revenue faster over the last year (+11.2% vs -1.4%).
- On earnings, Ambev SA ADR is the cheaper stock (15.9x vs 25.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ABEV | FMX |
|---|---|---|
| Market cap | $49.4B | $40.3B |
| Share price | $3.19 | $119.24 |
| Revenue (last fiscal year) | $88.2B | $781.6B |
| Free cash flow (last fiscal year) | $19.9B | — |
| Revenue growth, last year | -1.4% | +11.2% |
| Revenue growth per year, last 5 fiscal years | +4.9% | +12.2% |
| Operating margin | 26.4% | — |
| Net margin | 17.6% | 5.2% |
| Return on equity | 17.6% | 13.5% |
| P/E (trailing) | 15.9x | 25.7x |
| Price / free cash flow | 2.49x | 24.8x |
| EV / EBITDA | 7.86x | 10.5x |
| FCF growth the price implies | — | — |
| Dividend yield | 5.0% | 5.7% |
| Debt / equity | 0.64x | 1.58x |
| Fundamental grade | C | D |
| Superinvestors holding it | 5 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Ambev SA ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $72.9B | $15.2B | 23.4% |
| 2022 | $79.7B | $14.1B | 22.2% |
| 2023 | $79.7B | $18.7B | 23.6% |
| 2024 | $89.5B | $21.3B | 24.4% |
| 2025 | $88.2B | $19.9B | 26.4% |
Fomento Economico Mexicano
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $493.0B | — | — |
| 2021 | $505.5B | — | — |
| 2022 | $597.0B | — | — |
| 2023 | $702.7B | — | — |
| 2024 | $781.6B | — | — |
Where the revenue comes from
Ambev SA ADR · by segments, 2025
Brazil$49.0B56%
Latin America - South$18.0B20%
CAC$11.0B12%
Canada$10.3B12%
Fomento Economico Mexicano · by segments, 2025
Proximity Americas Division$325.4B39%
Coca-Cola FEMSA$281.3B33%
Health Division$88.1B10%
Fuel Division$67.1B8%
Proximity Europe Division$57.0B7%
Other$21.9B3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ABEV in InvestinglyQuestions
Which is bigger, Ambev SA ADR or Fomento Economico Mexicano?
Ambev SA ADR (ABEV), at $49.4B against $40.3B.
Is ABEV or FMX cheaper?
By trailing P/E, Ambev SA ADR (15.9x) is cheaper than Fomento Economico Mexicano (25.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, ABEV or FMX?
Fomento Economico Mexicano: revenue grew +11.2% over the last year, against -1.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.