BETTERWARE DE MEXICO, S.A.P.I. DE C.V

BWMX
About the company

Betterware de México, S.A.P.I. de C.V. operates as a direct-to-consumer selling company in the United States and Mexico. It operates through Home Organization Products; and Beauty and Personal Care Products segments. The Home Organization Products segment provides a portfolio of products comprising kitchen and food preservation; home solutions; bedroom; bathroom; laundry and cleaning; wellness; and technology and mobility. The Beauty and Personal Care Products segment offers fragrances, color, skin care products, and toiletries.

Country: MexicoPrice: $17.14Market Cap: $638.4M

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

2 / 11

NEUTRAL / FAIL

Median fair value

$18.57

+8.4% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

6 of 10 pass — Pabrai, Ackman, Neff +1 more object

Key risk

11 of 12 flag BWMX's debt & leverage — Graham, Buffett, Lynch +8 more

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILBUY · Rank #136 (Top 4.4%)NEUTRALPASSPASSFAILFAILFAILFAILFAILPASSFAILFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/A+24.1%N/A+19.8%N/A-323.2%-5.2%-12.2%N/A+17.8%N/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Where It Passes

  • Cash Flow60% pass✓ 7✗ 5▾

    6 of 10 pass — Pabrai, Ackman, Neff +1 more object

    Free Cash Flow Proxy$76.1M
    ✓BuffettPositive and growing
    FCF Positive and Growing$131.9M
    ✓LynchPositive and growing
    Operating Cash Flow$87.1M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=17.19%, ROA=6.81%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)7.3x
    ✓Dreman< 8x
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive6/7 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency8/8 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Debt & Leverage8% pass✓ 1✗ 14▾

    11 of 12 flag BWMX's debt & leverage — Graham, Buffett, Lynch +8 more

    LT Debt vs Net Current AssetsLT Debt $177.8M vs NCA $-11.0M
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 4.14, IC: 2.8x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity4.14
    ✗Lynch< 0.33
    Cash - Long-term Debt$-163.4M
    ✗LynchPositive preferred
    LT Debt / Total Assets Change41.67% -> 35.10%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities0.95
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity4.14
    ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
    Debt Levels4.14
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=2.8x, D/EBITDA=2.2x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity4.14
    ✗Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-4.1438; #4042/4210 (top 96.0%)
    ✗AsnessTop 30% of eligible cross-section
  • Efficiency13% pass✓ 2✗ 9▾

    7 of 8 flag BWMX's efficiency — Graham, Buffett, Piotroski +4 more

    Current Ratio0.95
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)74.8%
    ✓Greenblatt> 25%
    Current Ratio Change YoY1.04 -> 0.95
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY1.17x -> 1.35x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities0.95
    ✗Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2022: ROIC=unavailable; FY2023: ROIC=unavailable; FY2024: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years
  • Valuation15% pass✓ 8✗ 20▾

    11 of 13 flag BWMX's valuation — Graham, Lynch, Dreman +8 more

    Net income / market capitalization+5.40%; #1561/6340 (top 24.6%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Price / 3-yr avg EPS12.0x
    ✓Graham<= 15x
    Price-to-Book Ratio11.3x
    ✗Graham<= 1.5x
    P/E x P/B135.60
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value10.3%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=10.3%, ROC=74.8%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)7.3x
    ✓Dreman< 8x
    Price / Book Value per Share11.3x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=8.4%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=11.3x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value20.2% (IV=$21.48 vs Price=$17.14)
    ✓Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low216% of trailing low ($7.92)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Positive book equity / market capitalization+0.0884; #4812/6449 (top 74.6%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+265.5%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+1.0706; #1691/5247 (top 32.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-6.29%; #3200/6202 (top 51.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts27% pass✓ 4✗ 11▾

    Split decision: 11 FAIL · 3 PASS · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (3/9)✗BuffettFAIL (2/9)✗LynchFAIL (3/7)✓GreenblattRank #136•PiotroskiNEUTRAL (F-Score 7)✓DremanPASS (6/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (3/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #926/2370 (Top 39.1%))✗NeffFAIL (2/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Profitability31% pass✓ 21✗ 14▾

    11 of 16 flag BWMX's profitability — Graham, Buffett, Lynch +8 more

    Net income / market capitalization+5.40%; #1561/6340 (top 24.6%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)7/9 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)235.2%
    ✓Graham>= 33% growth
    Net Income Positive (10+ years)8/9 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)78.7%
    ✓Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$76.1M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)0.67
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR26.9%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE61.1%
    ✓Lynch> 15%
    EBIT / Enterprise Value10.3%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=10.3%, ROC=74.8%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets6.81%
    ✓PiotroskiROA > 0
    ROA Change YoY9.37% -> 6.81% (delta: -2.56%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=17.19%, ROA=6.81%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY67.2% -> 67.9%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue8.4%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity61.1%
    ✓Dreman> 12%
    Margin of SafetyP/B=11.3x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity70.6% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value20.2% (IV=$21.48 vs Price=$17.14)
    ✓Marks>= 20% below intrinsic value
    Positive Net Income Frequency8/8 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity61.1%
    ✓Ackman>= 15%
    5-Year EPS CAGR23.6% CAGR over 4 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets+91.65%; #171/3702 (top 4.6%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity+61.13%; #172/5226 (top 3.3%)
    ✓AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.1048; #3532/5884 (top 60.0%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR26.9% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years7/7 years positive
    ✓Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth50% pass✓ 8✗ 5▾

    4 of 8 pass — Lynch, Ackman, Sleep +1 more object

    EPS Growth (3-yr avg, 10-yr window)235.2%
    ✓Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR26.9%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 1.4% vs Rev: -10.9%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction$0.35 (2017) -> $1.66 (2023)
    ✓DremanPositive over recent years
    EPS CAGR29.6% CAGR over 6 years
    ✓Dreman> 5% annualized
    Positive Net Income Frequency8/8 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth20.2%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency2/4 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR23.6% CAGR over 4 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR37.2%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR26.9% over 5 years
    ✗Neff7%-20% annualized
  • Valuation models50% pass✓ 3✗ 3▾

    Models split on BWMX at $17.14 — fair values range $4.05–$22.57

    Greenblatt fair value$22.57
    ✓Greenblatt+24.1% margin vs $17.14
    Dreman fair value$21.36
    ✓Dreman+19.8% margin vs $17.14
    Pabrai fair value$4.05
    ✗Pabrai-323.2% margin vs $17.14
    Akre fair value$16.29
    ✗Akre-5.2% margin vs $17.14
    Marks fair value$15.27
    ✗Marks-12.2% margin vs $17.14
    Templeton fair value$20.86
    ✓Templeton+17.8% margin vs $17.14

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Retail
SIC Sector: Miscellaneous Retail
Size: Small Cap($638.4M)
Revenue: $683.4M-10.9% YoY
Net Income: $34.5M-43.7% YoY

Financial Snapshot

Operating Margin--
Return on Equity61.1%
Debt / Equity4.14
Current Ratio0.95
Shares Retired0.0% / 0.0% 2y

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$490.2B
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TJXTJX COMPANIES INC /DE/
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Shareholder Return

Fiscal 2024

Retired 0.0% of shares last year, 0.0% over two.

Buybacks
—
Dividends
$48.4M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY21
395.1% = 491.6% + −16.3%
FY22
−49.1% = −47.6% + −2.8%
FY23
38.1% = 36.7% + 1.0%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2024
Sources
  • 20-F · 2025-04-29
FY 2023
Sources
  • 20-F · 2025-04-29
FY 2022
Sources
  • 20-F · 2023-05-15
FY 2021
Sources
  • 20-F · 2022-04-29
FY 2020
Sources
  • 20-F · 2024-04-30
Market Cap$638.4Mcurrent$436.0Mest.$240.8Mest.$582.4Mest.$872.5Mest.
Revenue$683.4M↓11%$767.5M↑30%$591.4M↑20%$492.1M↑40%$351.0M
Operating Income----------
Net Income$34.5M↓44%$61.3M↑37%$44.8M↓48%$85.6M↑492%$14.5M
EPS (Diluted)--$1.66↑38%$1.20↓49%$2.36↑395%$0.48
Gross Margin67.9%↑1%67.2%↑3%65.4%↑18%55.3%↑1%54.7%
Operating Margin—————
ROE61.1%↓14%71.0%↓11%79.6%↓46%147.7%↑337%33.8%
Total Debt$233.9M↓23%$302.7M↓4%$316.0M↑328%$73.8M↑142%$30.5M
Shareholders' Equity$56.4M↓35%$86.4M↑53%$56.3M↓3%$57.9M↑35%$42.8M
Current Ratio0.95↓9%1.04↓25%1.39↑2%1.37↑38%0.99
Debt / Equity4.14↑18%3.50↓38%5.61↑340%1.27↑78%0.71
Operating Cash Flow$87.1M↓38%$139.6M↑93%$72.4M↑1%$71.6M↓19%$88.4M
Free Cash Flow--$131.9M↑178%-$169.0M↓425%$52.0M↓11%$58.4M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Retail

BWMX vs Peers — Financial Grading

Revenue$683.4MBottom 25%
Net Income$34.5MBottom 25%
ROE61.1%Top 25%
D/E4.14Bottom 25%
Op. Margin—
Curr. Ratio0.95Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
COSTCO WHOLESALE CORP /NEWCOST$490.2B$1106.21$275.2B$8.1B27.8%0.203.8%1.032/95/96/71/3F-Score 63/11
HOME DEPOT, INC.HD$347.9B$348.69$164.7B$14.2B110.5%4.0012.7%1.063/95/93/71/3F-Score 43/11
TJX COMPANIES INC /DE/TJX$148.4B$134.37$60.4B$5.5B53.9%0.28—1.143/96/97/71/3F-Score 74/11
FASTENAL COFAST$63.3B$55.19$8.2B$1.3B31.9%0.0320.2%4.854/97/95/71/3F-Score 75/11
AUTOZONE INCAZO$52.5B$3259.70$18.9B$2.5B-73.2%-2.6119.1%0.883/96/92/71/3F-Score 64/11
KROGER COKR$41.8B$70.80$147.6B$1.0B17.1%2.681.3%0.803/94/93/70/3F-Score 73/11
WILLIAMS SONOMA INCWSM$29.9B$254.05$7.8B$1.1B52.3%—18.1%1.393/96/93/71/3F-Score 53/11
CASEYS GENERAL STORES INCCASY$26.3B$712.08$17.6B$714.4M18.1%0.62—1.013/93/92/70/3F-Score 93/11