America Movil Sab De Cv (AMX)

Price$23.00Cached quoteAs of 2026-09-05 05:57 UTC

AI: Undervalued

Price checkThe shares look undervalued because recurring cash flow and falling debt are priced at modest multiples.

The U.S.-listed shares trade at roughly 14 times trailing earnings and about 11 times expected earnings, while recent free cash flow also supports the valuation. América Móvil generated 43.0 billion pesos of first-half 2026 free cash flow, meaning cash left after operating needs and capital investment, versus 20.1 billion pesos a year earlier. Net debt fell to about 402 billion pesos. These figures suggest investors are paying a moderate price for a large recurring-service business whose cash generation is improving, although low growth limits the upside.

Big pictureTelecom cash flows have stayed durable, while profits remain sensitive to currencies and financing costs.

The supplied history shows operating cash flow staying above 225 billion pesos every year from 2019 through 2024, despite recessions, inflation and changing exchange rates. Operating profit also rose from 144 billion pesos in 2019 to 180 billion pesos in 2024. Net income was less stable, falling to 23 billion pesos in 2024 from 76 billion pesos in 2023 because financing and currency effects can move reported profit sharply. That makes network cash generation more dependable than headline earnings and explains why valuation should not rely on one year's net income alone.

Business strengthScale, subscriber growth, debt reduction, and steady buybacks give the business meaningful financial resilience.

América Móvil ended June with 414.5 million access lines, including 334.3 million wireless subscribers, while its postpaid mobile base grew 9.1% from a year earlier. Net debt excluding leases was only 1.31 times trailing operating cash earnings, down from 1.41 times in March. Capital allocation has also reduced dilution: shares outstanding declined from about 66.9 billion in 2020 to roughly 60.1 billion recently, and first-half 2026 buybacks totaled 4.6 billion pesos. The company also pays regular dividends, balancing shareholder returns with network spending.

What could change the storyFaster service growth or successful acquisitions could unlock value, while costly competition could preserve the discount.

The bull case is that steady postpaid and broadband growth combines with disciplined acquisitions while annual capital spending remains near management's roughly $7 billion target. Second-quarter service revenue rose 3.4%, postpaid subscribers increased strongly, and debt continued falling. The bear case is visible in Brazil and other competitive markets, where promotional spending can weaken returns, while acquisitions such as Desktop and WOW Peru consume capital. The current valuation requires only modest growth, but sustained service growth below roughly inflation or renewed debt expansion would weaken the undervaluation case.

AI: News

Cash flow surgedSecond-quarter results showed improving cash generation and subscriber growth despite only modest revenue expansion.

On July 21, América Móvil reported second-quarter revenue of 241.1 billion pesos, up 3.1%, while operating profit rose 9.5% and net income increased 9.2% to 24.3 billion pesos. First-half free cash flow more than doubled to 43.0 billion pesos, and net debt fell by 30.9 billion pesos in cash-flow terms. The U.S.-listed shares were nearly unchanged the next trading day, so there is no reliable evidence that investors treated the quarter as a major surprise.

WOW Peru acquisitionAmérica Móvil agreed to expand its Peruvian broadband position through another targeted regional acquisition.

América Móvil disclosed on July 20 that it had reached an agreement to acquire WOW Peru. The transaction continues a broader strategy of adding fixed-broadband assets where the company can combine local networks with its existing Claro operations. The announcement came beside otherwise stable trading, so a direct stock-price impact cannot be established. For long-term value, the important question is whether acquired subscribers improve network utilization and cash generation without reversing the recent decline in leverage.

Long-term spending targetManagement outlined steady growth goals while keeping annual network investment near current levels.

At its May 27 investor day, América Móvil outlined plans for continued revenue and operating earnings growth through 2028 while keeping annual capital expenditures near $7 billion. That matters because telecom growth requires constant network investment; holding spending roughly stable while revenue expands would allow more cash to reach debt reduction, dividends or buybacks. Reuters reported the targets from analyst materials. The shares moved only modestly around the event, so the longer-term financial implications matter more than the immediate trading reaction.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$943.64B	$869.22B	$816.01B	$844.50B	$830.69B	$815.40B	$851.48B	$1.04T	$1.02T	$975.41B	$893.74B
Gross profit	$586.00B	$538.04B	$499.54B	$513.97B	$502.18B	$491.93B	$502.71B	$529.39B	$525.30B	$490.35B	$473.47B
Gross margin	62.10%	61.90%	61.22%	60.86%	60.45%	60.33%	59.04%	50.99%	51.42%	50.27%	52.98%
Operating expenses	$395.46B	$357.94B	$331.75B	$343.10B	$334.62B	$343.12B	$358.91B	$389.83B	$425.15B	$380.74B	$332.06B
Operating income	$190.54B	$180.10B	$167.78B	$170.87B	$167.56B	$148.81B	$143.80B	$139.56B	$100.14B	$109.61B	$141.41B
Operating margin	20.19%	20.72%	20.56%	20.23%	20.17%	18.25%	16.89%	13.44%	9.80%	11.24%	15.82%
EBITDA	$401.16B	$344.23B	$319.57B	$329.50B	$323.86B	$303.03B	$301.32B	$295.27B	$260.32B	$258.14B	$267.13B
EBITDA margin	42.51%	39.60%	39.16%	39.02%	38.99%	37.16%	35.39%	28.44%	25.48%	26.46%	29.89%
Net income	$82.82B	$27.59B	$80.79B	$81.51B	$196.33B	$51.03B	$70.31B	$54.52B	$32.16B	$12.08B	$36.96B
Net profit margin	8.78%	3.17%	9.90%	9.65%	23.63%	6.26%	8.26%	5.25%	3.15%	1.24%	4.14%
Basic EPSper basic share	MX$27.49	MX$0.37	MX$1.21	MX$1.30	MX$1.03	MX$0.71	MX$1.03	MX$0.79	MX$0.44	MX$0.13	MX$0.52
Diluted EPSper diluted share	MX$27.49	MX$0.37	MX$1.21	MX$1.30	—	MX$0.71	MX$1.03	MX$0.79	MX$0.44	MX$0.13	MX$0.52

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of AMX
Holder	Shares held
FMR LLC	24.47M
LAZARD ASSET MANAGEMENT LLC	20.86M
Capital World Investors	13.89M
Westwood Global Investments, LLC	13.19M
Robeco Institutional Asset Management B.V.	7.22M
Boston Partners	6.64M
BANK OF AMERICA CORP /DE/	6.31M
Capital International Investors	5.82M
MORGAN STANLEY	5.17M
DIMENSIONAL FUND ADVISORS LP	4.19M
DISCOVERY CAPITAL MANAGEMENT, LLC / CT	3.99M
AMERICAN CENTURY COMPANIES INC	3.38M
BRANDES INVESTMENT PARTNERS, LP	3.09M
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	2.7M
Amundi	2.48M
Allspring Global Investments Holdings, LLC	2.24M
TEACHER RETIREMENT SYSTEM OF TEXAS	2.2M
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	2.01M
FIRST TRUST ADVISORS LP	2.01M
Itau Unibanco Holding S.A.	1.99M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

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Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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