Casa de Bolsa Finamex S.A.B. de C.V

What it is

Finamex traces its roots to Valores Finamex, S.A. de C.V., founded in 1974 by Don Antonio López Velasco, and has been a US broker-dealer since 1992.

The firm specialises in brokerage for fixed income, derivatives, equity, and foreign exchange markets, and also manages investment portfolios, arranges corporate financing, and provides financial advisory services.

It has offices in Mexico City, Guadalajara, Monterrey, and since 1990 in New York through its subsidiary Valores Finamex International Inc., a broker-dealer authorised by the SEC.

On the retail side, clients can buy Mexican government treasury bills (Cetes) directly at the central bank auction rate through its app, starting from as little as MXN 100 (US$6)— one of the lowest entry points in the market.

Who owns it

Finamex does not have a single controlling owner; its equity is distributed among several partners and investors. Exact percentage stakes are not disclosed in available public filings.

The company was formally constituted on 29 June 1992 as Grupo Financiero Promex Finamex, and in 2006 took over Grupo Financiero Finamex. The EODHD data shows zero institutional and zero insider ownership reported via standard disclosure channels, consistent with a closely held, lightly traded stock.

Who runs it

Eduardo Arturo Carrillo Madero serves as both chairman of the board and chief executive; Jenny Paola Cristerna Jarero is executive director of administration; and Luis Benavides Simón is director general of Finamex Inversiones.

Since 1982, Banco de México has designated Finamex a specialist in the money market — a long-standing recognition that reflects the trust regulators place in Carrillo Madero’s leadership team.

The money, in plain words

Revenue nearly doubled in 2025: from MXN 978.5m (US$56 mn) ($56.5m) in 2024 to MXN 1.69bn (US$98 mn) ($97.8m) in 2025 — growth of 73.1% (our calculation) — driven by rising trading volumes after Mexico’s interest-rate cycle drew investors back to the bond market.

The firm kept about 27 cents of profit from every peso of operating revenue — a net profit margin of 27.4% (our calculation) for 2025, up sharply from 15.4% in 2023, reflecting operating leverage on a lean cost base.

For every peso owners have invested, the business earned roughly 21 centavos last year — a return on equity of 20.6%, healthy for a mid-size securities house with no balance-sheet lending risk.

The stock trades at only 5.82 times earnings — a price-to-earnings ratio of 5.82× — which is cheap relative to most financial firms, but reflects the stock’s extreme illiquidity: it changes hands barely ten shares a day on average.

A credit-rating review confirmed Finamex’s capitalisation index reached 13.6% at end-Q3 2025 (up from 10.6% a year earlier), driven by stronger profit generation and the decision to pay no dividends through 2025 — the firm is retaining every peso earned to strengthen its capital buffer.

The balance sheet is unusual for a broker: total assets of MXN 212.6bn (US$12.3 bn) ($12.3bn) sit alongside total liabilities of MXN 210.3bn (US$12.1 bn) ($12.1bn), leaving owners’ equity of just MXN 2.28bn (US$132 mn) ($131.4m) — thin sliver of capital supporting a large flow of client securities. That is normal for the industry; brokers act as pass-throughs, not balance-sheet lenders.

Cash on hand is MXN 468m (US$27 mn) ($27.0m) against no reported debt — net cash of MXN 468m (US$27 mn) ($27.0m) (our calculation).

What it is doing now

Finamex recently absorbed roughly 30,000 clients — along with approximately MXN 90bn (US$5.2 bn) ($5.2bn) in financial instruments — transferred from Vector Casa de Bolsa after US authorities accused Vector of money laundering and links to organised crime.

Finamex has not been named in any allegation related to Vector’s irregularities; its role was limited to receiving the transferred client portfolios to protect those investors’ funds.

The firm is also pushing its mobile app to convert savers into investors, capitalising marketing investment as an asset on its books — an aggressive but legal accounting treatment that signals management’s commitment to digital growth.

What to watch

• Client retention: Keeping the 30,000 Vector refugees is the single biggest near-term test; if they stay, annual revenue could rise another 20–30%.
• Interest rates: Finamex’s fixed-income trading revenues move with Mexican rate cycles; Banxico’s rate path will set the tempo.
• Capital ratio: The capitalisation index of 13.6% at end-Q3 2025 compares with 10.6% a year earlier — still modest; any large trading loss could erode this buffer quickly.
• Liquidity: Fewer than ten shares trade daily; any investor wanting a meaningful position — or an exit — could move the price significantly.
• Ownership disclosure: Exact shareholder percentages remain undisclosed; any change in the founding-family stake would be material news.

This is news, not investment advice.