# América Móvil (AMX)

Sector: Telecommunications

| Field | Value |
|---|---|
| Price | $26.05 |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-10 |
| Next earnings | 2027-02-10 (estimate) |

Analysts: Leaning bullish

Picks: Research only

Discount category: Close to intrinsic value

## In short

América Móvil trades close to its intrinsic value because investors pay for its postpaid and broadband growth, and steady growth with a stable peso and no new rules in Mexico can keep it there.

## Themes and gap

- Themes: Regulation and courts (regulation-legal), Interest rates (interest-rates)
- Gap type: Can close (closable)
- Why: The Q4 2026 report, expected in early February 2027, shows whether service revenue growth and lower debt continue.

## About

América Móvil gives mobile and fixed-line telecommunications services in 16 countries in Latin America and seven countries in Europe. Its brands include Telcel and Telmex in Mexico, Claro in most of Latin America, and A1 in Austria and Eastern Europe, where it owns 61.0% of Telekom Austria. Services include mobile voice and data, fixed-line voice, broadband and pay TV. At September 30, 2026, it had 413 million access lines: 332 million wireless subscribers, including 153 million postpaid, and 80 million fixed-line accesses. Brazil and Mexico have the most wireless subscribers. Revenue was Mex$943.6 billion in 2025. The company reports in Mexican pesos, and each ADS on the New York Stock Exchange represents 20 Series B shares. The Slim family may be deemed to control the company. The head office is in Mexico City, and Daniel Hajj Aboumrad is its chief executive officer.

## Thesis

América Móvil trades close to its intrinsic value because investors pay for steady growth in postpaid and broadband customers and for lower debt, but they also price in regulation in Mexico and changes in the peso. In Q3 2026, service revenue rose 7.2% to Mex$211.4 billion, or 5.3% at constant exchange rates, and EBITDA rose 8.9% to Mex$102.2 billion. Net debt without leases fell to Mex$400.1 billion, or 1.21 times EBITDAaL, from 1.52 times at the end of 2025. Net income moves with foreign exchange gains and losses on debt in other currencies. For the ADS to hold its value, three things must be true. Postpaid and broadband growth must continue in Brazil, Mexico and Colombia. The new telecommunications law and regulator in Mexico must not add costs to the asymmetric regulation that applies to the company. The peso must not lose much value against the U.S. dollar, because the ADS trades in dollars. The Q4 2026 report, expected in early February 2027, is the next test. A weak peso or new rules in Mexico can push the ADS below its intrinsic value.

## Checkpoints

- Oct 21, 2026: Q3 2026 results and debt. Status: Passed. Watch: Service revenue growth and lower net debt pass; lower growth or higher debt fail. Outcome: Service revenue rose 7.2%, EBITDA rose 8.9% and net debt fell to 1.21 times EBITDAaL.
- Feb 10, 2027 (estimate): Q4 2026 results. Status: Pending. Watch: Service revenue growth near 5% at constant exchange rates and net debt near 1.2 times EBITDAaL pass; lower growth fails.
- Apr 2027 (estimate): 2027 dividend and buyback fund. Status: Pending. Watch: A dividend at or above Mex$0.54 per share and a new buyback fund pass; a lower dividend fails.

## Balance sheet

- Cash: MX$83.8B
- Debt: MX$483.9B
- Net debt: MX$400.1B
- Net debt / EBITDA: 1.2× (low)
- Interest cover: 4.5×
- Debt due within 12 months: MX$85.3B

América Móvil funds itself with bonds in several currencies, bank loans and cash flow. At September 30, 2026, total debt was Mex$483.9 billion, without lease-related debt of Mex$219.0 billion. Short-term debt was Mex$85.3 billion. Cash, marketable securities and short-term investments were Mex$83.8 billion, so net debt was Mex$400.1 billion, against Mex$447.5 billion at December 31, 2025. The company states net debt of 1.21 times EBITDAaL. Interest cover is EBIT divided by net interest expenses for the first nine months of 2026 (Mex$159.4 billion against Mex$35.5 billion). In the first nine months of 2026, capital expenditures were Mex$75.9 billion, and the company paid Mex$27.5 billion in share buybacks and dividends. The dividend for 2026 is Mex$0.54 per share, paid in two installments of Mex$0.27 on July 15 and November 11, 2026. There were 59.7 billion shares outstanding at September 30, 2026.

As of 2026-09-30.

Sources:

- https://www.sec.gov/Archives/edgar/data/1129137/000114036126040507/ef20084200_6k.htm
- https://www.sec.gov/Archives/edgar/data/1129137/000129281426002487/amx20260423_6k.htm

## Dividends

- Dividend yield: 1.2% (last 12 months, at the current price)
- Paid per share, last 12 months: $0.308 (1 payment)
- Current annual rate: $0.616 ($0.308 x 2 a year)
- Latest ex-dividend date: 2026-07-14, $0.308 per share

Dividends per share by year: 2016: $0.302, 2017: $0.327, 2018: $0.319, 2019: $0.366, 2020: $0.352, 2021: $0.397, 2022: $0.802, 2023: $0.525, 2024: $0.506, 2025: $0.277.

Source: company filings and market data, read on 2026-11-10.

## Recent events

- 2026-10-21: América Móvil reported Q3 2026 results. Revenue rose 7.6% to Mex$250.6 billion, and EBITDA rose 8.9% to Mex$102.2 billion. Net income rose 7.0% to Mex$24.3 billion, or Mex$0.41 per share, after foreign exchange losses of Mex$3.6 billion. The company added 3.1 million postpaid subscribers and 390,000 broadband accesses. Net debt without leases was Mex$400.1 billion, or 1.21 times EBITDAaL.
- 2026-10-01: A Brazilian subsidiary of América Móvil closed the purchase of 72.83% of Desktop, a fiber broadband company in the state of São Paulo.
- 2026-07-22: América Móvil reported Q2 2026 results. Revenue rose 3.1% to Mex$241 billion, and service revenue rose 5.1% at constant exchange rates. Net income was Mex$24.3 billion, or Mex$0.40 per share. The company added 3.5 million postpaid subscribers.
- 2026-07-20: América Móvil agreed to buy 100% of WOW Tel, a fiber broadband company in Peru, from Liberty Latin America and Narvik Capital Partners. The deal needs approval from INDECOPI, the competition authority of Peru.
- 2026-04-23: Shareholders approved a dividend of Mex$0.54 per share, paid in two installments of Mex$0.27 on July 15 and November 11, 2026. They also approved a share buyback fund of Mex$21,042.6 million for April 2026 to April 2027.
- 2026-02-11: América Móvil reported 2025 results. Revenue rose 8.6% to Mex$943.6 billion, EBITDA rose 8.1% to Mex$372.2 billion and net income was Mex$82.8 billion, against Mex$22.9 billion in 2024. Capital expenditures were Mex$130.8 billion, and net debt without leases was Mex$448 billion, or 1.52 times EBITDAaL.

## Latest news and filings

- Next earnings: 2027-02-10 (expected; the company has not confirmed it)

| Filed | Form | Headline | Period end | XBRL document | Link |
| --- | --- | --- | --- | --- | --- |
| 2026-04-28 | 20-F | Annual report for the period ended Dec 31, 2025 | 2025-12-31 |  | https://www.sec.gov/Archives/edgar/data/1129137/000114036126017486/ef20060642_20f.htm |
| 2025-11-14 | 6-K | Interim report for the period ended Sep 30, 2025 | 2025-09-30 |  | https://www.sec.gov/Archives/edgar/data/1129137/000114036125042360/ef20058536_6k.htm |
| 2025-05-14 | 20-F | Annual report for the period ended Dec 31, 2024 | 2024-12-31 |  | https://www.sec.gov/Archives/edgar/data/1129137/000114036125018954/ef20044005_20f.htm |

Every filing on SEC EDGAR (CIK 1129137): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001129137&type=&dateb=&owner=include&count=40

## Risks

- Medium: In Mexico, the company is part of the economic interest group that the regulator declared the preponderant economic agent, so asymmetric rules apply to it. Mexico enacted a new telecommunications law in 2025 and created a new regulator, and new rules can lower revenue or raise costs.
- Medium: The company reports in pesos and has debt in other currencies. Foreign exchange losses lowered net income by Mex$3.6 billion in Q3 2026, and a weaker peso lowers the value of the ADS in U.S. dollars.
- Medium: The company needs large investments in networks and spectrum. It budgeted capital expenditures of about US$7.0 billion for 2026, and concession and spectrum renewals can cost more than planned.
- Low: Argentina's economy is hyperinflationary, so its results are adjusted for inflation, and economic problems in other countries can lower results in pesos.
- Low: The Slim family may be deemed to control the company and can elect most of the board. The company also has significant transactions with affiliates.

## Links

- Page: https://picks.utilarium.app/company/AMX/
- History of changes: https://picks.utilarium.app/company/AMX/history/
- JSON with full history: https://picks.utilarium.app/data/company/AMX.json

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