Context: How Bolsa Mexicana de Valores works, and what it makes issuers disclose · Mexico on the LatAm Power Map
Mexico’s housing shortage runs to millions of units. Corpovael — better known by its brand CADU Inmobiliaria — has spent two decades quietly filling that gap from a Cancún office block, turning budget homes into a listed business that earned more in 2025 than in the previous two years combined.
| Full name | Corpovael, S.A.B. de C.V. |
|---|---|
| Brand / ticker / exchange | CADU Inmobiliaria · CADUA · Bolsa Mexicana de Valores (BMV) |
| Headquarters | Corporativo Malecón Américas, Cancún, Quintana Roo, Mexico |
| Sector | Real Estate — Residential Development |
| Employees | 162 |
| Market value (market cap) | MXN 2.30bn (~US$132.6m) (our calculation) |
| Yearly sales (revenue, TTM) | MXN 5.22bn (~US$301.2m) (our calculation) |
| Net profit (FY 2025) | MXN 412.2m (~US$23.8m) (our calculation) |
| Net margin | 8.1% (our calculation) / 8.3% TTM (EODHD) |
| Return on equity | 7.6% (EODHD TTM) |
| Price-to-earnings (P/E) | 5.5× (EODHD TTM) |
| Dividend yield | 0% (EODHD); MXN 0.19 (US$0.01)/share cash dividend announced, ex-date 29 Jun 2026 |
| Website | caduinmobiliaria.com |
What it is
Founded in 2001 and incorporated on the stock exchange in 2007, CADU Inmobiliaria specialises in designing, building, and selling residential housing in Mexico, with a strong focus on affordable and middle-income homes. The group is vertically integrated — it handles everything from land development to final sale — and operates in Cancún, Playa del Carmen, Tulum, Guadalajara, and Mexico City.
The product range runs from social-interest homes (the most affordable category) up through middle-class, middle-residential, and residential tiers. Building across that entire ladder lets CADU follow its customers as they earn more, and insulates it when one segment softens.
Who owns it
The company is listed on the Mexican Stock Exchange and key shareholders are members of the Vaca Elguero family, who hold the controlling stake. Insiders collectively hold 75.4% of shares, leaving a free float of roughly 23% — meaning public investors own only about one peso in four (our calculation from EODHD data).
Institutions hold just 1.5% of the stock, so the market for CADU shares is thin; large trades move the price more than they would at a bigger company. The company announced a cash dividend of MXN 0.19 (US$0.01)per share with an ex-date of 29 June 2026 — the first payout in recent years, a signal the founders feel confident in the cash position.
Who runs it
Pedro Vaca Elguero serves as President and Chief Executive Officer of CADU. Before CADU, he held executive roles including COO and partner of a textile company (1995–2001), then moved into construction and sales at CADU from its very beginning.
The CEO’s biography is the company’s biography: he helped start it and has run it ever since.
The board has ten members who meet at least four times a year; half are independent directors, exceeding Mexico’s legal minimum of 25%. CFO-level details are not disclosed in available public sources.
The money, in plain words
In FY 2025, CADU brought in MXN 5.07bn (~US$292.5m) in sales — up 12.9% from 2024 — and kept MXN 412m (~US$23.8m) as profit, an 8.1% net margin (the share of each peso of sales it turns into earnings for owners; our calculation). Net profit nearly doubled year-on-year after a weak 2024, driven by higher volumes rather than price increases.
For every peso of owners’ capital in the business, CADU earns back about 7.6 cents a year — a return on equity of 7.6%, modest for a developer but improving. The shares trade at just 5.5 times annual earnings (a price-to-earnings ratio of 5.5×), deeply cheap by any regional comparison, reflecting the thin trading liquidity and the small-company risk premium rather than a business in trouble.
The company held MXN 463.9m (~US$26.8m) in cash at year-end 2025 with no short-term debt disclosed — a clean balance sheet (our calculations from EODHD data).
What it is doing now
The most recent material move: IDB Invest approved a revolving credit facility for Corpovael and its subsidiaries to finance working capital needs, specifically for the construction and development of green low- and middle-income housing in Mexico. The facility totals US$36.6m — roughly a quarter of CADU’s entire market value — and signals that a multilateral development bank has done its own credit due diligence and found the group creditworthy.
Full-year 2025 results showed earnings per share of MXN 1.36 (US$0.08)(up from MXN 0.74 (US$0.04)in 2024), revenue of MXN 5.09bn (US$294 mn) (up 13%), and net income of MXN 412.6m (US$24 mn) (up 78%). The momentum is real, not cosmetic.
What to watch
- Founder concentration. With the Vaca Elguero family holding roughly three-quarters of the stock, minority investors have limited power to challenge strategy or governance decisions.
- Liquidity. A 23% free float on a MXN 2.3bn (US$133 mn) market cap is small; any sudden exit by a large holder would hit the share price hard.
- Earnings trajectory. Analyst consensus forecasts earnings declining by an average of 4.5% per year for the near term — worth watching closely against CADU’s own strong 2025 momentum.
- Green housing push. The IDB Invest facility is tied to environmentally certified construction; whether CADU can meet those standards at scale, and at margin, is the key operational question for 2026.
Sources
This is news, not investment advice.
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