What it is: A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.
What moves the needle: Gross margin has run about 59% and operating margin about 17% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. Inventory runs near 13% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on cyclicality & demand, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 46%, above 15% in 6 of 6 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 17% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 2 segments, the largest JAFRA at 58%.

Revenue by reportable segment, FY2024

JAFRA58%MX$8.1B
BWM42%MX$6.0B

By geographyMexico93%United States7%Guatemala0%

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2024

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	TTMTTMDec 2024
									Income statement
MX$1.4B	MX$2.3B	MX$3.1B	MX$7.2B	MX$10.1B	MX$11.5B	MX$13.0B	MX$14.1B	MX$14.1B	RevenueRevenue
62%	59%	58%	55%	55%	65%	67%	68%	68%	Gross marginGross mgn
MX$423M	MX$536M	MX$790M	MX$904M	MX$2.6B	MX$1.9B	MX$2.2B	MX$1.8B	MX$1.8B	Operating incomeOp. inc.
29.2%	23.1%	25.6%	12.5%	26.2%	16.8%	17.3%	12.9%	12.9%	Operating marginOp. mgn
MX$208M	MX$299M	MX$472M	MX$298M	MX$1.8B	MX$873M	MX$1.0B	MX$712M	MX$712M	Net incomeNet inc.
32%	33%	33%	—	32%	37%	27%	40%	40%	Effective tax rateTax rate
									Cash flow & returns
MX$373M	MX$338M	MX$605M	MX$1.8B	MX$1.5B	MX$1.4B	MX$2.4B	MX$1.8B	MX$1.8B	Operating cash flowOp. cash
MX$24M	MX$26M	MX$38M	MX$44M	MX$82M	MX$288M	MX$382M	MX$392M	MX$392M	DepreciationDeprec.
MX$141M	MX$13M	MX$95M	MX$1.5B	(MX$368M)	MX$249M	MX$945M	MX$693M	MX$693M	Working capital & otherWC & other
MX$34M	MX$21M	MX$183M	MX$618M	MX$402M	MX$4.7B	MX$131M	—	MX$131M	CapexCapex
2.3%	0.9%	5.9%	8.5%	4.0%	40.8%	1.0%	—	0.9%	Capex / revenueCapex/rev
MX$348M	MX$317M	MX$567M	MX$1.8B	MX$1.4B	MX$1.1B	MX$2.2B	—	MX$1.7B	Owner earningsOwner earn.
24.0%	13.7%	18.4%	24.6%	13.7%	9.8%	17.2%	—	11.8%	Owner earnings marginOE mgn
MX$339M	MX$317M	MX$423M	MX$1.2B	MX$1.1B	(MX$3.3B)	MX$2.2B	—	MX$1.7B	Free cash flowFCF
23.4%	13.7%	13.7%	16.6%	10.6%	−28.6%	17.2%	—	11.8%	Free cash flow marginFCF mgn
—	MX$235M	MX$343M	MX$830M	MX$1.4B	MX$950M	MX$649M	MX$998M	MX$998M	Dividends paidDiv. paid
—	64%	72%	—	119%	19%	27%	19%	19%	ROICROIC
116%	373%	172%	35%	148%	80%	71%	61%	61%	Return on equityROE
—	80%	47%	−63%	30%	−7%	27%	−25%	−25%	Retained to equityRetained/eq
									Balance sheet
MX$231M	MX$177M	MX$795M	MX$650M	MX$2.2B	MX$816M	MX$550M	MX$297M	MX$1.4B	Cash & investmentsCash+inv
—	MX$199M	MX$247M	—	MX$24K	MX$61K	MX$1.1B	MX$121M	MX$121M	ReceivablesReceiv.
—	MX$302M	MX$346M	—	MX$1.3B	MX$2.1B	MX$2.0B	MX$2.5B	MX$2.5B	InventoryInvent.
—	MX$501M	MX$593M	—	MX$1.3B	MX$2.1B	MX$3.1B	MX$2.6B	MX$2.6B	Operating working capitalOper. WC
—	MX$730M	MX$881M	—	MX$3.4B	MX$4.4B	MX$4.0B	MX$4.5B	MX$4.5B	Current assetsCur. assets
—	MX$734M	MX$878M	—	MX$2.4B	MX$3.1B	MX$3.8B	MX$4.8B	MX$4.8B	Current liabilitiesCur. liab.
—	1.0×	1.0×	—	1.4×	1.4×	1.0×	1.0×	1.0×	Current ratioCurr. ratio
MX$348M	MX$348M	MX$348M	—	MX$371M	MX$1.6B	MX$1.6B	MX$1.6B	MX$1.6B	GoodwillGoodwill
—	MX$1.5B	MX$1.8B	—	MX$5.2B	MX$11.3B	MX$11.1B	MX$10.5B	MX$10.5B	Total assetsAssets
—	MX$653M	MX$678M	—	MX$1.5B	MX$6.1B	MX$5.1B	MX$4.8B	MX$4.8B	Total debtDebt
—	MX$476M	(MX$117M)	—	(MX$736M)	MX$5.3B	MX$4.6B	MX$4.5B	MX$3.5B	Net debt / (cash)Net debt
3.6×	6.2×	9.3×	11.3×	34.8×	3.6×	2.7×	2.8×	2.8×	Interest coverageInt. cov.
MX$179M	MX$80M	MX$274M	MX$846M	MX$1.2B	MX$1.1B	MX$1.5B	MX$1.2B	MX$1.2B	Shareholders’ equityEquity
									Per share
30.2M	30.2M	30.2M	34.1M	37.0M	37.3M	37.2M	37.2M	37.3M	Shares out (diluted)Shares
MX$48.00	MX$76.71	MX$102.14	MX$212.35	MX$272.29	MX$308.88	MX$349.30	MX$378.60	MX$377.87	Revenue / shareRev/sh
MX$6.88	MX$9.91	MX$15.63	MX$8.76	MX$47.38	MX$23.42	MX$27.90	MX$19.11	MX$19.07	EPS (diluted)EPS
MX$11.54	MX$10.49	MX$18.78	MX$52.18	MX$37.42	MX$30.12	MX$60.03	—	MX$44.65	Owner earnings / shareOE/sh
MX$11.23	MX$10.49	MX$14.00	MX$35.34	MX$28.77	MX$-88.27	MX$60.03	—	MX$44.65	Free cash flow / shareFCF/sh
—	MX$7.79	MX$11.36	MX$24.35	MX$37.86	MX$25.49	MX$17.42	MX$26.80	MX$26.75	Dividends / shareDiv/sh
MX$1.11	MX$0.70	MX$6.05	MX$18.12	MX$10.87	MX$126.11	MX$3.52	—	MX$3.51	Cap. spending / shareCapex/sh
MX$5.92	MX$2.66	MX$9.09	MX$24.81	MX$32.06	MX$29.42	MX$39.32	MX$31.26	MX$31.20	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	7-yr	5-yr
Revenue / share	+34.3%/yr	+30.0%/yr
Owner earnings / share	+31.6%/yr (6-yr)	+41.7%/yr
EPS	+15.7%/yr	+4.1%/yr
Dividends / share	+22.9%/yr (6-yr)	+18.7%/yr
Capital spending / share	+21.1%/yr (6-yr)	+38.0%/yr
Book value / share	+26.8%/yr	+28.0%/yr

The record, charted

FY2017–2024

Each measure over its full record; the current point and the worst year marked.

Share count

37Mpeak FY2022

ROIC

19%low FY2022

Gross margin

68%low FY2020

Net debt ÷ owner earnings

2.0×peak FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

MX$2.2Bowner earningsvs.MX$1.0Bnet incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2024

Owner-earnings bridge

FY2019–FY2023cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2023 the business turned MX$1.0B of profit into MX$2.2B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net incomeMX$1.0B

Owner earningsMX$2.2B · 17% of revenue

	FY2023	FY2022	FY2021	FY2020	FY2019
Reported net income	MX$1.0B	MX$873M	MX$1.8B	MX$298M	MX$472M
Depreciation & amortizationnon-cash charge added back	+MX$382M	+MX$288M	+MX$82M	+MX$44M	+MX$38M
Working capital & othertiming of cash in and out, other non-cash items	+MX$945M	+MX$249M	−MX$368M	+MX$1.5B	+MX$95M
Cash from operations	MX$2.4B	MX$1.4B	MX$1.5B	MX$1.8B	MX$605M
Maintenance capital expenditurethe spending needed just to hold position and volume	−MX$131M	−MX$288M	−MX$82M	−MX$44M	−MX$38M
Owner earnings	MX$2.2B	MX$1.1B	MX$1.4B	MX$1.8B	MX$567M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−MX$4.4B	−MX$320M	−MX$574M	−MX$144M
Free cash flow	MX$2.2B	(MX$3.3B)	MX$1.1B	MX$1.2B	MX$423M
Owner-earnings marginowner earnings ÷ revenue	17%	10%	14%	25%	18%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2024 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 2.8×

Adequate

Operating income MX$1.8B ÷ interest expense MX$640M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? MX$3.5B · 1.9× operating profit

Modest net debt

Cash MX$297M + ST investments MX$1.1B − debt MX$4.8B

What this means
Netting MX$1.4B of cash and short-term investments against MX$4.8B of debt leaves MX$3.5B owed, about 1.9× a year's operating profit (2.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 27%

Very high (≥25%) through the cycle

6-yr median, range 19%–119%; 19% latest = NOPAT MX$1.1B ÷ invested capital MX$5.7B

Industry peers: median 23%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 6 years (it ran 19% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 17%

High through the cycle

7-yr median margin, range 10%–25%; latest MX$1.7B = operating cash MX$1.8B − maintenance capex MX$131M

Industry peers: median 2%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 12% of revenue this year, a 17% median across 7 years.
Are earnings backed by cash? 2.53×

Cash-backed

Cash from ops MX$1.8B ÷ net income MX$712M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 60%

Returns about half

Dividends + buybacks MX$998M ÷ Owner Earnings MX$1.7B

What this means
Of MX$1.7B Owner Earnings, MX$998M (60%) went back to shareholders, MX$998M dividends, MX$0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.33×

Harvesting

Capex MX$131M ÷ depreciation MX$392M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · MX$14.1B

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Miss

Current ratio ≥ 2× · 0.95×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · MX$4.8B vs (MX$226M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (8-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 7 of 8 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +168%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are MX$23480.94/share (latest year MX$19109.87), the averaged base the calculator's gate runs on, and book value is MX$31263.29/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2024

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 8

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 6 of 6 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 26% → 16% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 26% early to 16% lately, median 17% — competition or costs are biting in.
Reinvestment, incremental ROIC 18%

What this means
Every extra dollar the business reinvested came back at a high incremental return — the lens GBM read for a moat that reinvests rather than merely harvests. The record and the 10-K are where you check whether the rate holds.
Owner earnings growth +31%/yr

What this means
Owner earnings grew about 31% a year over the record.
Worst year 2020 · 12.5% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +3.0%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Our limited proprietary intellectual property and failure to keep pace with technological developments, including emerging technologies such as artificial intelligence, could adversely affect our competitive position.”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2024

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assetsMX$4.5B

Cash & short-term investmentsMX$1.4B
ReceivablesMX$121M
InventoryMX$2.5B
Other current assetsMX$545M

Current liabilitiesMX$4.8B

Debt due within a yearMX$1.2B
Other current liabilitiesMX$3.6B

Current ratio0.95×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.43×stricter: inventory excluded

Cash ratio0.29×strictest: cash alone against what's due

Working capital(MX$226M)the cushion left after near-term bills

Debt due this year vs. cashMX$1.2B due · MX$1.4B cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2024 balance sheet

Deeper floors

Tangible book value(MX$2.0B)equity stripped of goodwill & intangibles

Net current asset value(MX$4.8B)Graham's net-net: current assets less all liabilities

Debt incl. operating leasesMX$5.2BMX$345M of it operating leases

From the company's latest filing.

How the cash was used, 2017–2023

Over the record, the business generated MX$8.4B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

ReinvestedMX$6.1B · 73%
DividendsMX$4.4B · 53%

Returned to ownersMX$4.4B
57% of the owner earnings the business produced over the span, MX$4.4B as dividends and MX$0 as buybacks.
Source of funding−MX$2.1B
Reinvestment and shareholder returns ran MX$2.1B beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Net change in share count23.6%
The diluted count rose from 30M to 37M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend recordMX$17.42/sh
Paid in 6 of the years on record, the per-share dividend growing about 17% a year. It was cut at least once along the way.
Return on what it retained219%
Of the earnings it kept rather than paid out (MX$535M over the span), annual owner earnings (first three years vs last three) grew MX$1.2B, so each retained MX$1 added about 2.19 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 8-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangiblesMX$3.2B30% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth

Cash spent acquiringMX$0over 8 years buying other businesses, against MX$6.1B of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 8-year record, from the company's own filings.

Inverting the record

Invert: instead of why Betterware de Mexico S.A.P.I. de C.V. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2024.

1 of the 3 tests turned up something to look into; the other 2 came back clean.

Look hereDid the share count rise anyway?23.6%
Diluted shares grew 23.6% over 2017–2023. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, E-Commerce & Marketplaces

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CPNGCoupang Inc.	$34.5B	23%	-0.5%	—	2%
CDWCDW Corp.	$22.4B	17%	6.6%	17%	5%
DKSDick's Sporting Goods	$17.2B	32%	7.1%	28%	6%
BWMXBetterware de Mexico S.A.P.I. de C.V.	MX$14.1B	60%	20.2%	46%	17%
CHWYChewy Inc.	$12.6B	27%	-0.8%	—	2%
WWayfair	$12.5B	28%	-5.4%	—	1%
ULTAUlta Beauty Inc.	$12.4B	38%	13.4%	48%	10%
NSITInsight Enterprises	$8.2B	15%	3.4%	13%	2%
Group median	—	27%	5.0%	28%	4%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the home-market price, not the US ADR quote. Betterware de Mexico S.A.P.I. de C.V. reports in MXN, and every figure here (owner earnings, book value, the share count) is on that MXN, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in MXN. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Betterware de Mexico S.A.P.I. de C.V. has delivered.

Today’s price MX$

Through the cycle, Betterware de Mexico S.A.P.I. de C.V. earns about MX$2.2B on its 15.5% median owner-earnings margin. This year’s 11.8% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle (MX$2.2B) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’19→’23+9%/yr

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’22–’24)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings MX$1.7B on 0M shares outstanding (a weighted average, the only count this filer tags); net debt MX$3.5B. The if-converted diluted count is 37M, 100095% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh BWMX against another business →

Cite: Owner Scorecard, "Betterware de Mexico S.A.P.I. de C.V. (BWMX), the owner's record," https://ownerscorecard.com/c/BWMX, data as of 2026-07-09.

Manual order: ← BWLP its page in the Manual BZ →

Industry order: ← BBBY the E-Commerce & Marketplaces chapter BZUN →