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BWMX

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

BWMX

Betterware de México, S.A.P.I. de C.V. • NASDAQ
$14.39 ▲ 1.12% (+0.16)
Market Cap $536.99 M
52w High $15.00
52w Low $7.00
Dividend Yield 0.58%
P/E 31.98
Volume 6.31K
Outstanding Shares 37.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.377B ▼ $1.686B ▼ $314.205M ▼ 9.303% ▲ $8.42 ▼ $728.66M ▼
Q2-2025 $3.563B ▲ $1.81B ▼ $327.306M ▲ 9.187% ▲ $8.77 ▲ $775.589M ▲
Q1-2025 $3.499B ▼ $1.882B ▲ $151.394M ▼ 4.327% ▼ $4.06 ▼ $527.107M ▼
Q4-2024 $3.778B ▲ $1.701B ▼ $232.428M ▲ 6.151% ▲ $6.04 ▲ $559.067M ▲
Q3-2024 $3.33B $2.312B $-115.614M -3.471% $-3.1 $122.722M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $333.522M ▼ $10.1B ▼ $8.808B ▼ $1.295B ▲
Q2-2025 $391.784M ▲ $10.38B ▼ $9.206B ▼ $1.177B ▲
Q1-2025 $344.073M ▲ $10.654B ▲ $9.604B ▲ $1.053B ▼
Q4-2024 $296.558M ▼ $10.454B ▼ $9.291B ▼ $1.164B ▼
Q3-2024 $316.378M $10.863B $9.68B $1.184B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $313.625M ▼ $570.622M ▼ $-11.576M ▲ $-617.308M ▼ $-58.262M ▼ $551.763M ▲
Q2-2025 $477.397M ▲ $574.804M ▲ $-14.515M ▼ $-465.063M ▼ $95.226M ▲ $531.896M ▲
Q1-2025 $150.728M ▼ $-42.898M ▼ $3.128M ▲ $87.285M ▲ $47.515M ▲ $-56.472M ▼
Q4-2024 $232.174M ▲ $540.121M ▲ $2.698M ▼ $-562.639M ▼ $-19.82M ▲ $492.79M ▲
Q3-2024 $-409.835M $-18.153M $71.959M $-36.121M $-106.868M $-59.237M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, which shows the core business still attracts customers and successfully sells more products over time. Profitability, however, has been more uneven. Gross profit has improved strongly with scale, but operating profit and especially net profit have been under pressure recently. After a very strong profit year earlier in the period, earnings have slipped, suggesting higher costs, integration expenses, interest costs, or more aggressive promotions. In short, the top line looks healthy, but margins and bottom-line stability are the key areas to watch.

Balance Sheet

Balance Sheet The balance sheet reflects a business that expanded quickly and took on meaningful debt to do so. Total assets are much larger than they were a few years ago, but debt has also climbed and now sits high relative to the company’s equity base. Cash balances are modest, so the company does not carry a big liquidity cushion. This structure can work in good times but leaves less room for error if profits weaken or if credit conditions tighten. The main balance sheet question is how comfortably the company can service and gradually reduce its leverage over time.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive, which is a clear strength. The company has also kept capital spending relatively lean, so a good portion of operating cash turns into free cash flow that can be used for debt service, dividends, or reinvestment. Free cash flow has held up better than accounting earnings in some periods, which suggests the underlying cash economics of the business are solid. The key is whether this healthy cash flow can be sustained as the company integrates acquisitions and expands geographically.

Competitive Edge

Competitive Edge Betterware has built a strong position in Mexico through a large, entrenched direct‑selling network and an asset‑light model that focuses on product design, branding, and distribution rather than owning factories. Its two‑tier distributor and associate structure is hard for new entrants to replicate quickly, and years of brand building have created customer familiarity and trust. The acquisition of Jafra broadens its reach into beauty and personal care, making the overall group more diversified. On the risk side, the company operates in a consumer‑sensitive segment, faces competition from both traditional retailers and online platforms, and must prove that its model travels well outside its home market. Execution quality in new countries and in cross‑selling between brands will be crucial to defending and extending its moat.

Innovation and R&D

Innovation and R&D Innovation is a central part of the strategy. The company refreshes its catalog aggressively each year, relying on consumer research, data analysis, and university partnerships to spot everyday household needs and translate them into new products. A dedicated business intelligence team tracks performance in near real time, helping fine‑tune product mix, pricing, and inventory. Technology investments, especially the Betterware+ app and e‑commerce platform, are designed to make life easier for distributors and customers and to modernize what has traditionally been a paper‑based direct‑selling model. The move into smart‑home and more sustainable products, plus the integration of technology from acquisitions like GurúComm, suggest an effort to stay ahead of shifting consumer tastes rather than just react to them.

Summary

Betterware de México combines a growing revenue base, strong product innovation, and a powerful direct‑selling network with a more challenging profit and leverage profile. The business model is scalable and cash‑generative, but recent margin compression and higher debt introduce meaningful financial risk that needs ongoing monitoring. Strategic moves—such as acquiring Jafra, expanding into beauty, entering the United States and other Latin American markets, and pushing into digital and smart‑home offerings—create attractive growth avenues but also raise execution complexity. Overall, this is a company with clear competitive strengths and a compelling growth story, balanced by exposure to consumer cycles, integration risk, and the need to carefully manage debt and profitability as it grows.

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