Revenue growth has decelerated to 0.3% as of 2026Q1, while gross margins have contracted from a 73.6% peak in 2024Q1 to 66.3% in the most recent quarter.
| Sales/Revenue | 14.07B | 14.24B | 14.1B | 13.01B | 11.51B | 10.07B | 7.24B | 3.08B | 2.32B | 1.45B |
| Revenue Growth % | -0.72% | 1.01% | 8.39% | 13.05% | 14.3% | 39.1% | 134.63% | 33.15% | 59.81% | - |
| Cost of Goods Sold | 4.76B | 4.76B | 4.52B | 3.7B | 3.98B | 4.5B | 3.28B | 1.28B | 958.47M | 558.11M |
| COGS % of Revenue | - | 33.44% | 32.06% | 28.45% | 34.62% | 44.68% | 45.32% | 41.52% | 41.37% | 38.5% |
| Gross Profit | 9.41B | 9.48B | 9.58B | 9.31B | 7.52B | 5.57B | 3.96B | 1.8B | 1.36B | 891.6M |
| Gross Margin % | 66.9% | 66.56% | 67.94% | 71.55% | 65.38% | 55.32% | 54.68% | 58.48% | 58.63% | 61.5% |
| Gross Profit Growth % | - | -1.05% | 2.93% | 23.71% | 35.09% | 40.74% | 119.38% | 32.81% | 52.34% | - |
| Operating Expenses | 7.15B | 7.22B | 7.89B | 6.96B | 5.5B | 2.97B | 1.89B | 991.59M | 806.5M | 560.74M |
| OpEx % of Revenue | - | 50.71% | 55.99% | 53.52% | 47.76% | 29.48% | 26.17% | 32.15% | 34.81% | 38.68% |
| Selling, General & Admin | 6.81B | 6.89B | 6.85B | 6.96B | 5.47B | 2.97B | 1.89B | 991.59M | 806.5M | 560.74M |
| SG&A % of Revenue | - | 48.36% | 48.55% | 53.52% | 47.57% | 29.48% | 26.17% | 32.15% | 34.81% | 38.68% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 335.35M | 1.05B | 0 | 21.86M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 2.39B | 2.26B | 1.69B | 2.35B | 2.03B | 2.6B | 2.06B | 812.25M | 551.75M | 330.86M |
| Operating Margin % | 16.97% | 15.85% | 11.96% | 18.03% | 17.63% | 25.84% | 28.51% | 26.33% | 23.82% | 22.82% |
| Operating Income Growth % | - | 33.88% | -28.12% | 15.65% | -22.04% | 26.1% | 154.03% | 47.21% | 66.76% | - |
| EBITDA | 2.77B | 2.65B | 2.08B | 2.72B | 2.32B | 2.68B | 2.11B | 850.64M | 577.71M | 355.07M |
| EBITDA Margin % | 19.65% | 18.58% | 14.74% | 20.91% | 20.13% | 26.66% | 29.11% | 27.58% | 24.94% | 24.49% |
| EBITDA Growth % | 46.26% | 27.36% | -23.61% | 17.48% | -13.71% | 27.38% | 147.7% | 47.24% | 62.7% | - |
| D&A (Non-Cash Add-back) | 480.25M | 389.54M | 392.19M | 375.13M | 287.7M | 82.12M | 43.69M | 38.39M | 25.96M | 24.21M |
| EBIT | 2.36B | 2.26B | 1.82B | 2.25B | 1.93B | 2.64B | 904.36M | 790.26M | 535.79M | 422.83M |
| Net Interest Income | -793.65M | -506.95M | -616.89M | -775.21M | -514.63M | -49.95M | -69.32M | -78.4M | -79.64M | -97.45M |
| Interest Income | 29.69M | 34.09M | 22.82M | 45.06M | 28.69M | 25.87M | 10.93M | 7.03M | 6.71M | 20.75M |
| Interest Expense | 494.71M | 540.98M | 639.71M | 820.26M | 543.32M | 75.82M | 80.25M | 85.43M | 86.34M | 118.2M |
| Other Income/Expense | -481.68M | -535.73M | -505.43M | -914.64M | -641.52M | -39.37M | -1.24B | -107.41M | -102.3M | -26.24M |
| Pretax Income | 1.86B | 1.72B | 1.18B | 1.43B | 1.39B | 2.56B | 824.11M | 704.83M | 449.45M | 304.63M |
| Pretax Margin % | 13.23% | 12.09% | 8.37% | 11% | 12.05% | 25.45% | 11.39% | 22.85% | 19.4% | 21.01% |
| Income Tax | 669.69M | 660.98M | 469.26M | 384.38M | 516.92M | 814.56M | 525.66M | 232.69M | 150.18M | 96.95M |
| Effective Tax Rate % | 35.98% | 38.39% | 39.74% | 26.86% | 37.27% | 31.79% | 63.79% | 33.01% | 33.41% | 31.83% |
| Net Income | 1.18B | 1.06B | 711.73M | 1.05B | 872.56M | 1.75B | 298.44M | 472.14M | 299.27M | 207.67M |
| Net Margin % | 8.37% | 7.45% | 5.05% | 8.07% | 7.58% | 17.4% | 4.12% | 15.31% | 12.92% | 14.33% |
| Net Income Growth % | 97.75% | 49.04% | -32.18% | 20.27% | -50.19% | 486.93% | -36.79% | 57.77% | 44.1% | - |
| Net Income (Continuing) | 1.19B | 1.06B | 711.52M | 1.05B | 869.96M | 1.75B | 298.44M | 472.14M | 299.27M | 207.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.79M | -1.82M | -1.72M | -1.63M | 1.18M | 14.65M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 31.56 | 28.48 | 19.07 | 28.16 | 23.41 | 46.91 | 8.68 | 13.70 | 8.69 | 25.11 |
| EPS Growth % | 97.08% | 49.34% | -32.28% | 20.29% | -50.1% | 440.44% | -36.64% | 57.65% | -65.39% | - |
| EPS (Basic) | - | 28.48 | 19.07 | 28.18 | 23.42 | 47.38 | 8.76 | 13.70 | 8.69 | 25.11 |
| Diluted Shares Outstanding | 37.31M | 37.24M | 37.32M | 37.32M | 34.38M | 37.34M | 34.38M | 34.45M | 34.45M | 8.27M |
| Basic Shares Outstanding | 37.31M | 37.24M | 37.32M | 37.24M | 34.38M | 37.32M | 34.08M | 34.45M | 34.45M | 8.27M |
| Dividend Payout Ratio | - | 75.16% | 140.23% | 61.82% | 108.83% | 79.92% | 278.11% | 72.64% | 78.57% | - |
Sales force churn sensitivity
As reported in recent financial statements, BWMX has experienced a deceleration in top-line expansion, with quarterly revenue growth hovering near 1.01% YoY, suggesting that the company's core home solutions segment may be approaching a ceiling within its primary Mexican market footprint.
The lack of meaningful revenue acceleration indicates that the company is struggling to drive volume growth through its existing associate base. Investors should monitor whether the current product innovation cycle is sufficient to stimulate consumer demand or if the business model requires geographic diversification to reignite growth.
Based on the provided income statement data, gross margins have exhibited significant fluctuation, dropping from a peak of 73.6% in 2024Q1 to 66.3% in 2026Q1, which highlights the company's vulnerability to supply chain costs and potential pricing pressure in its competitive retail environment.
The compression in gross margins suggests that the company may be losing some of its historical pricing power or facing increased input costs from its third-party manufacturing partners. This trend warrants further investigation into whether the company can maintain its high-margin profile while integrating the Jafra beauty segment.
According to the latest quarterly figures, operating margins have failed to scale consistently with revenue, fluctuating between 1.8% and 21.2% over the last ten quarters, which implies that the company's decentralized logistics and administrative overhead remain stubbornly high relative to its gross profit generation.
The inability to consistently expand operating margins suggests that the company's asset-light model may still require significant fixed-cost support to manage its massive sales force. Analysts should scrutinize whether management can achieve better SG&A efficiency as the Jafra integration matures and operational synergies are realized.
While the company maintains a strong balance sheet, the historical income statement data reveals a concerning trend of earnings volatility, with net income swinging from a $115.6 million loss in 2024Q3 to a $327.3 million profit in 2025Q2, raising questions about the predictability of cash flows.
Short-sellers may focus on the high sensitivity of net income to catalog performance and the potential for hidden credit risks within the distributor network. The reliance on a multi-level marketing structure introduces regulatory and operational risks that could lead to sudden margin compression if associate retention rates decline.
Quick answers to the most common questions about buying BWMX stock.
For fiscal year 2025, Betterware de México, S.A.P.I. de C.V. (BWMX) reported total revenue of $14.24B. This represents a 882.5% increase compared to $1.45B in 2017.
Betterware de México, S.A.P.I. de C.V. (BWMX) is profitable, generating $1.06B in net income for the fiscal year ending 2025 with a net profit margin of 7.4%.
Betterware de México, S.A.P.I. de C.V. (BWMX) reported an operating income of $2.26B, resulting in an operating profit margin of 15.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Betterware de México, S.A.P.I. de C.V. (BWMX) generated $9.48B in gross profit for the year, representing a gross profit margin of 66.6%. This demonstrates the company's core pricing power and production efficiency.