Fomento Economico Mexicano SAB de CV ADR

FMX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Sharper Focus on Beverage, Retail, and Digital Platform Should Help Femsa Ride Consumption Tailwinds

Dan Su

Mar 13, 2026

Business Strategy and Outlook

We award a narrow economic moat rating to Femsa based on the intangible assets and cost advantages at major subsidiaries Coca-Cola Femsa and the Oxxo small-format retail chain, which jointly make up over 70% of total sales and over 90% of operating profits.

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Fomento Economico Mexicano SAB de CV ADR

Sharper Focus on Beverage, Retail, and Digital Platform Should Help Femsa Ride Consumption Tailwinds

Business Strategy and Outlook

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