Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO) fair value: what the stock is really worth
As of Oct 16, 2026: fair value (intrinsic value) of Grupo Financiero Banorte S.A.B. de C.V stock MXN 191, price MXN 205, upside -7.0%, quality 64 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 19, 2026.
How to read this chart
60‑month range 75.64 MXN – 205.02 MXN · fair‑value band 143.03 MXN – 238.38 MXN · the 205.02 MXN price screens above the 190.71 MXN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 19, 2026.
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Grupo Financiero Banorte, S.A.B. de C.V., through its subsidiaries, engages in the provision of banking and financial products and services in Mexico and internationally.
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It offers retail banking services, including checking and deposit accounts; credit and debit cards; mortgage, car, payroll, and personal loans; SME loans; payroll accounts; and car, home, life, and SME insurance.
The company also provides wholesale banking services, such as structured loans, syndicated loans, leveraged acquisitions, investment planning, and cash management of collections, trust services, payroll, checking accounts, and credit lines; online banking, collections and payments, acquirer services, payroll, cash management and reconciliation services, currency trading, excess cash and liquidity management, and hedging and insurance; and import-export letters of credit, documentary collections, bank guarantees, standby letters of credit, letter of credit financing, import-export foreign trade financing, foreign trade structured financing, discounted import bills of exchange, import bank guarantees, international wire transfers, and remittances.
In addition, it offers checking solutions, including current investment and debit accounts; financial solutions comprising SME loans and commercial credit cards; technological solutions, such as online banking, PST, and payroll; and commercial insurance solutions that consist of auto, home, and employee insurance.
The company was founded in 1899 and is based in Mexico City, Mexico.
Stock analysis
Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO) currently trades at 205.02 MXN, while our model-based Fair Value estimate is 190.71 MXN, so the stock looks roughly fairly valued today (gap 7.5%).
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Valuation
Bull case: the Dividend Discount group reads highest at a median of 244.61 MXN per share, and 3 of the 6 models we run sit above the 205.02 MXN price.
Bear case: the Asset-Based group reads lowest at 50.71 MXN, and 3 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 143.03 MXN (bear) to 238.38 MXN (bull), the price of 205.02 MXN sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Grupo Financiero Banorte S.A.B. de C.V reported revenue of 247B MXN in FY2025 versus 161B MXN in FY2021, a compound +11.4%/yr. Reported net income was 58.8B MXN in FY2025, compounding +13.8%/yr from FY2021.
Key figures
Market cap 569B MXN (≈ $30.8B) Large · P/E ratio 9.6 · P/S ratio 3.94 · EPS (TTM) 21.70 MXN · Dividend yield 8.9% · Net margin 41.5% · Return on equity 23.5% · Return on assets (EBIT) 2.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 76 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 32% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −32% fair-value upside, at −7%, GFNORTEO screens cheaper than that median.
Fair Value models
Bear143.03 MXNFair Value 190.71 MXNBull238.38 MXN
Price 205.02 MXN · Upside -7.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (17.42 MXN per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
Start year 2020 (pandemic). Over 10 years: +17.0% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
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What shareholders gained per year (last 5 years), in MXN ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in MXN: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+20.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.7%
Dividend (yield on the price)8.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.11.7% vs −19.0%, picking up
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−5.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Mexico: IMF forecast 3.3% a year to 2030, 4.8% from 2016 to 2025) that is about −8.3% a year for the price and −5.0% for the forecasts.
Compare Grupo Financiero Banorte S.A.B. de C.V with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1050 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside−7.0% · Above median
Profitability
Return on equity (12 months)23.5% · Top 25%
Return on assets2.3% · Top 25%
Net margin (12 months)41.5% · Top 25%
Operating margin (12 months)57.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)9.2% · Below median
Dividend yield (12 months)8.9% · Top 25%
Balance sheet
Debt / equity0.32× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Grupo Financiero Banorte S.A.B. de C.V Fair Value". https://www.fairvalue-calculator.com/stock/GFNORTEO
Frequently asked questions
Is Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO) overvalued or undervalued?
As of Oct 19, 2026, our model estimates a fair value of 190.71 MXN versus a price of 205.02 MXN, about −7% upside (fairly valued).
What is the fair value of GFNORTEO?
Our model-based fair value for Grupo Financiero Banorte S.A.B. de C.V is 190.71 MXN (as of Oct 19, 2026), built from audited fundamentals. The current price: 205.02 MXN.
What is the quality score of GFNORTEO?
Grupo Financiero Banorte S.A.B. de C.V has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
Our model-based price target is the fair value of 190.71 MXN (as of Oct 19, 2026) from 6 valuation models. Cautious scenario 143.03 MXN, optimistic scenario 238.38 MXN. It is a calculation from audited fundamentals, not an analyst target.
What is the Grupo Financiero Banorte S.A.B. de C.V stock forecast for 2026?
Our models put fair value at 190.71 MXN, about −7% upside versus a price of 205.02 MXN (fairly valued). Cautious scenario 143.03 MXN, optimistic scenario 238.38 MXN. The calculation is refreshed regularly with new filings.
What is the revenue of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
Grupo Financiero Banorte S.A.B. de C.V reported trailing-twelve-month revenue of about 144B MXN (latest available figure, as of Oct 19, 2026).
Does Grupo Financiero Banorte S.A.B. de C.V pay a dividend?
Grupo Financiero Banorte S.A.B. de C.V currently shows a dividend yield of 8.87% relative to its recent price (as of Oct 19, 2026).
What growth is priced into Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
For today's price to be fair in a discounted-cash-flow model, Grupo Financiero Banorte S.A.B. de C.V would have to grow free cash flow by -5.3 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.5 % per year. As of Oct 19, 2026.
What discount rate (WACC) does the fair value of GFNORTEO use?
Our models discount Grupo Financiero Banorte S.A.B. de C.V at 10.0 %: a base by market capitalisation (large), damped by beta 0.13, country premium for Mexico. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Grupo Financiero Banorte S.A.B. de C.V that is -5.3 % per year a year over ten years, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO) delivered so far?
Over the past 5 years revenue at Grupo Financiero Banorte S.A.B. de C.V grew +11.5 % a year. The price currently implies -5.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into Grupo Financiero Banorte S.A.B. de C.V (-5.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
The free-cash-flow yield on the price is 12.35 %: that much free cash flow Grupo Financiero Banorte S.A.B. de C.V produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Grupo Financiero Banorte S.A.B. de C.V it is 190.71 MXN per share (as of Oct 19, 2026), against a price of 205.02 MXN. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Grupo Financiero Banorte S.A.B. de C.V stock overvalued or undervalued in 2026?
As of Oct 19, 2026, GFNORTEO trades above its calculated fair value: price 205.02 MXN, fair value 190.71 MXN, a gap of about −7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GFNORTEO?
No. The price is what the market pays today (205.02 MXN); the fair value is what the company's own numbers justify (190.71 MXN). For Grupo Financiero Banorte S.A.B. de C.V the two are 14.31 MXN per share apart. That gap is exactly why we show both numbers side by side.
How much is Grupo Financiero Banorte S.A.B. de C.V worth?
The market values Grupo Financiero Banorte S.A.B. de C.V at about 569B MXN (market capitalisation, as of Oct 19, 2026). Per share that is 205.02 MXN; our models calculate a fair value of 190.71 MXN per share.
What do the bullish and bearish scenarios say about GFNORTEO?
Our models span a range for Grupo Financiero Banorte S.A.B. de C.V: cautious scenario 143.03 MXN, base 190.71 MXN, optimistic 238.38 MXN per share (as of Oct 19, 2026, price 205.02 MXN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GFNORTEO?
Grupo Financiero Banorte S.A.B. de C.V trades at a price-to-earnings ratio of 9.6 (as of Oct 19, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 190.71 MXN is built from several models across several years. Other multiples: PEG 0.5, P/B 2.3, P/S 3.9.
What is the PEG ratio of GFNORTEO?
The PEG ratio of Grupo Financiero Banorte S.A.B. de C.V is 0.52 (P/E divided by earnings growth, as of Oct 19, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
Balance-sheet figures for Grupo Financiero Banorte S.A.B. de C.V (as of Oct 19, 2026): return on equity 23.5%, debt of 0.32 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is GFNORTEO from its 52-week high?
Grupo Financiero Banorte S.A.B. de C.V trades at 205.02 MXN, at its 52-week high of 205.02 MXN and 32% above the low of 155.76 MXN (as of Oct 16, 2026). Distance from the high says nothing about value: that is what the fair value of 190.71 MXN is for.
Which stocks are comparable to Grupo Financiero Banorte S.A.B. de C.V?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Grupo Financiero Banorte S.A.B. de C.V stock attractive at the current price?
The data as of Oct 19, 2026: price 205.02 MXN, calculated fair value 190.71 MXN (−7%), Quality Score 64/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GFNORTEO calculated?
We run Grupo Financiero Banorte S.A.B. de C.V through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 190.71 MXN, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9 % above its aggregate fair value. Grupo Financiero Banorte S.A.B. de C.V itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
The closing price on Oct 16, 2026 was 205.02 MXN. Our model-based fair value is 190.71 MXN, about −7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Grupo Financiero Banorte S.A.B. de C.V right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Grupo Financiero Banorte S.A.B. de C.V
How large is the market capitalisation of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
The market capitalisation of Grupo Financiero Banorte S.A.B. de C.V is 569B MXN (≈ $30.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
The price-to-sales ratio of Grupo Financiero Banorte S.A.B. de C.V is 3.94 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
Earnings per share at Grupo Financiero Banorte S.A.B. de C.V are 21.70 MXN (price ÷ EPS = P/E 9.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
The dividend yield of Grupo Financiero Banorte S.A.B. de C.V is 8.9% (payout 83.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
The net margin of Grupo Financiero Banorte S.A.B. de C.V is 41.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
The return on equity (ROE) of Grupo Financiero Banorte S.A.B. de C.V is 23.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
On an EBIT basis the return on assets of Grupo Financiero Banorte S.A.B. de C.V is 2.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
The operating margin of Grupo Financiero Banorte S.A.B. de C.V is 57.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
Revenue at Grupo Financiero Banorte S.A.B. de C.V is growing +9.2% versus a year earlier (3y avg +11.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO)?
Earnings per share at Grupo Financiero Banorte S.A.B. de C.V are growing −10.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Grupo Financiero Banorte S.A.B. de C.V (GFNORTEO) carry?
The net debt of Grupo Financiero Banorte S.A.B. de C.V is 53.2B MXN (fiscal year 2025, ≈ 0.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Oct 19, 2026