FMX
FEMSA
Hybrid Industrial
★ Quality 32/100Price today
$120.41
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What this business is made of
The business
Mexico's corner store owner: 23 thousand stores that never close.
FEMSA runs OXXO, the largest convenience store chain in Latin America, plus Coca-Cola distribution (via Coca-Cola FEMSA) and a pharmacy and fuel division. It earns pennies per transaction, but multiplied by billions of visits a year.
OXXO is a density network impossible to copy: every new store strengthens the logistics of the ones nearby. Coca-Cola FEMSA has exclusive bottling territories. It's a real moat, though not a monopoly: the pharmacy business is still fighting for its place.
Revenue history
From $35.0B to $43.5B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $46.7B · FY2025
Of every $100 in sales, $96 goes to costs and operations; $4 is left as net profit (4% margin).
Catalysts and risks
OXXO expansion in Brazil, taking 100% control of the operation.
Heineken stake (~13% of value) still not reflected in the price.
OXXO passes 23 thousand stores with estimated growth of 8% per year.
The Health division (pharmacies) faces pressure in Colombia and Mexico.
Trump tariffs could hit the Mexican peso against the dollar.
It's a diversified holding: Health and the bottler dilute the multiple OXXO alone would deserve.
Charlie's note
“Paying less than 14x for a toll collector of 23 thousand corners, growing at 8% with 41% gross margin, is buying quality without paying for the party. The holding discount is your friend here.”
Analysis · June 2026
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