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Betterware de México, S.A.P.I. de C.V. (BWMX)

NYSE / Consumer Cyclical / Specialty Retail

Share price

16.31 USD Market dataClose of Oct 15, 2026

Market capitalisation

644.0M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2024, filed Apr 29, 2025
Ratios computed
Oct 15, 2026
Filed years
8, FY2017 to FY2024
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

61.1% Computed

From the FY2024 filing

Read quality

Valuation

Price to earnings

16.67x Computed

FY2024 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2024 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 1.45B MXNFY2017 Net income: 207.7M MXNFY2018 Revenue: 2.32B MXNFY2018 Net income: 299.3M MXNFY2019 Revenue: 3.08B MXNFY2019 Net income: 472.1M MXNFY2020 Revenue: 7.24B MXNFY2020 Net income: 298.4M MXNFY2021 Revenue: 10.07B MXNFY2021 Net income: 1.75B MXNFY2022 Revenue: 11.51B MXNFY2022 Net income: 872.6M MXNFY2023 Revenue: 13.01B MXNFY2023 Net income: 1.04B MXNFY2024 Revenue: 14.10B MXNFY2024 Net income: 711.7M MXN
Revenue Net income8 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 16.67x at the close of 2026-10-15 on FY2024 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Specialty Retail industry (44 companies), 16.67x sits at the 28th percentile; the middle half of that group runs from 15.54x to 47.91x.

Is it good

Return on equity was 61.1% in FY2024, in the band labelled "Exceptional, check the leverage" (25.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Specialty Retail industry (70 companies), 61.1% sits at the 97th percentile; the middle half of that group runs from -13.0% to 18.0%.

Is it safe

Debt to equity was 4.44 in FY2024, in the band labelled "Heavily leveraged" (2.00 and above), on lines anchored on Graham's defensive-investor criteria, suggesting heavy reliance on borrowing.

Today, against the Specialty Retail industry (46 companies), 4.44 sits at the 94th percentile; the middle half of that group runs from 0.39 to 1.73.

Year by year against peers
Whether Betterware de México, S.A.P.I. de C.V.'s return on equity stayed above the median of the Specialty Retail industry, year by year. (FY2018 to FY2024, 7 fiscal years of Betterware de México, S.A.P.I. de C.V. with a comparable figure)
The direction
Which way Betterware de México, S.A.P.I. de C.V.'s gross margin has moved, and how steadily. (FY2017 to FY2024, 8 filed years of Betterware de México, S.A.P.I. de C.V.)
What could explain it
What in Betterware de México, S.A.P.I. de C.V.'s filed statements could explain the movements. (2 readings drawn from the statement lines Betterware de México, S.A.P.I. de C.V. filed)
What to check next
What to check next on Betterware de México, S.A.P.I. de C.V., and where in its filings. (4 questions for Betterware de México, S.A.P.I. de C.V.)
In one paragraph
One paragraph on Betterware de México, S.A.P.I. de C.V.'s returns, cash, balance sheet and price. (6 of sixteen figures read for Betterware de México, S.A.P.I. de C.V.)

These are BWMX’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research BWMXPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2024 annual report: 20-F, filed Apr 29, 2025, accession 0001213900-25-036710.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Betterware de México, S.A.P.I. de C.V: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Return on equity61.1% ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Return on capital employed, pre-tax
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Return on assets6.8% ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Gross margin67.9% ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Operating margin
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Net margin5.0% ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
BWMX 5.0%
LQDT 5.9%EYE 1.5%SVV 1.4%WOOF 0.1%HZO -1.4%
-1.4%5.9%
Net margin: BWMX against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Betterware de México, S.A.P.I. de C.V: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity4.44 ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Current ratio0.95 ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Quick ratio0.43 ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Net debt4.87B ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Total assets 10.45BTotal liabilities 9.29BShareholders' equity 1.16BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Betterware de México, S.A.P.I. de C.V owned and owed at the end of fiscal 2024, from the balance sheet it filed (20-F, filed Apr 29, 2025, 0001213900-25-036710).

Betterware de México, S.A.P.I. de C.V: balance sheet position
Total assets10.45B FiledFY2024 20-F, filed Apr 29, 2025
Total liabilities9.29B FiledFY2024 20-F, filed Apr 29, 2025
Shareholders' equity1.16B FiledFY2024 20-F, filed Apr 29, 2025
Cash296.6M FiledFY2024 20-F, filed Apr 29, 2025
Total debt5.17B FiledFY2024 20-F, filed Apr 29, 2025
Net debt4.87B
Current ratio0.95
Debt to equity4.44
  • Interest cover: FY2024: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Betterware de México, S.A.P.I. de C.V: what the market charges, each with its source
FigureValue, source and document
Price to earnings16.67x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book10.19x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Price to sales0.84x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Price to earnings over growth4.06 ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Diluted earnings per share
Why n/a

The FY2024 filing carries no diluted earnings per share we could read.

n/a FiledFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710

We publish no fair value or price target of our own. Value BWMX on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Betterware de México, S.A.P.I. de C.V today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Betterware de México, S.A.P.I. de C.V: valuation
Share price16.31 USD
Market capitalisation644.0M USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Betterware de México, S.A.P.I. de C.V

  1. Liquidity Services, Inc. (LQDT)Market cap 1.38B USD
  2. National Vision Holdings, Inc. (EYE)Market cap 1.40B USD
  3. Savers Value Village, Inc. (SVV)Market cap 1.56B USD
  4. Petco Health and Wellness Company, Inc. (WOOF)Market cap 683.1M USD
  5. MarineMax, Inc. (HZO)Market cap 1.16B USD

Same industry (Specialty Retail) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Betterware de México, S.A.P.I. de C.V: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Free cash flow
Why n/a

The FY2024 filing carries no free cash flow we could read.

n/a ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Dividend yield
Why n/a

The newest cash flow statement on file ended more than fifteen months ago, so it says nothing about today's yield.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Payout ratio140.2% ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
FY2017 Free cash flow: 339.0M MXNFY2017 Net income: 207.7M MXNFY2018 Free cash flow: 316.9M MXNFY2018 Net income: 299.3M MXNFY2019 Free cash flow: 422.8M MXNFY2019 Net income: 472.1M MXNFY2020 Free cash flow: 1.20B MXNFY2020 Net income: 298.4M MXNFY2021 Free cash flow: 1.06B MXNFY2021 Net income: 1.75B MXNFY2022 Free cash flow: -3.29B MXNFY2022 Net income: 872.6M MXNFY2023 Free cash flow: 2.24B MXNFY2023 Net income: 1.04B MXNFY2024 Net income: 711.7M MXN
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Betterware de México, S.A.P.I. de C.V.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
16.67xFY2024Oct 15, 2026
10.19xFY2024Oct 15, 2026
n/aFY2024Oct 15, 2026
n/a The filed income statement reports no operating income.
n/aFY2024Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2024Apr 29, 2025
n/a No operating income line is filed for this year.
n/aFY2024Oct 15, 2026
n/a The newest cash flow statement on file ended more than fifteen months ago, so it says nothing about today's yield.
4.44FY2024Apr 29, 2025
0.95FY2024Apr 29, 2025
0.84xFY2024Oct 15, 2026
4.06FY2024Oct 15, 2026
n/aFY2024Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-3.51FY2024Apr 29, 2025
6/9FY2024Apr 29, 2025

The figures are computed from the accounts for fiscal 2024, the newest full year on file. 8 filed fiscal years on record, FY2017 to FY2024, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

8 filed fiscal years, FY2017 to FY2024, read from the annual reports Betterware de México, S.A.P.I. de C.V filed with the SEC. Each year names its filing. Amounts in MXN, as filed.

Betterware de México, S.A.P.I. de C.V: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202414.10Bn/a711.7Mn/an/an/a61.1%20-F, Apr 29, 20250001213900-25-036710
FY202313.01Bn/a1.04Bn/a2.24Bn/a71.0%20-F, Apr 30, 20240001213900-24-037698
FY202211.51Bn/a872.6Mn/a-3.29Bn/a79.6%20-F, May 15, 20230001213900-23-040005
FY202110.07Bn/a1.75Bn/a1.06Bn/a147.8%20-F, May 15, 20230001213900-23-040005
FY20207.24Bn/a298.4Mn/a1.20Bn/a33.8%20-F, May 15, 20230001213900-23-040005
FY20193.08Bn/a472.1Mn/a422.8Mn/a172.0%20-F, May 4, 20200001213900-20-010896
FY20182.32Bn/a299.3Mn/a316.9Mn/a372.9%20-F, May 4, 20200001213900-20-010896
FY20171.45Bn/a207.7Mn/a339.0Mn/an/a20-F, May 4, 20200001213900-20-010896
  • Revenue, compound annual growth FY2017 to FY2024: 38.4%
  • Earnings, compound annual growth FY2017 to FY2024: 19.2%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2017 to FY2023: 36.9%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Betterware de México, S.A.P.I. de C.V: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-3.51 ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Piotroski F-score6/9 ComputedFY2024 20-F, filed Apr 29, 2025, 0001213900-25-036710
Named tests met2 of 30 Computed
Beta0.18 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 21 not met, 7 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Gross margin, turnover (Robert Novy-Marx); Owner earnings yield
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Earnings yield and ROIC (Joel Greenblatt); EV/EBITDA and coverage; Dividends and buybacks; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(15)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: No operating income line is filed for this year.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No operating income line is filed for this year.
  • Dividend Yield: The newest cash flow statement on file ended more than fifteen months ago, so it says nothing about today's yield.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 15 figures could not be read on this company, among them Positive Earnings Streak, EV/EBIT, Return on Invested Capital. Each blank in the table above names the rest, with its reason. 7 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 8 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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