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RAZONES FINANCIERAS SECTORIALES EN MEXICO

Num. de
empresas
promedio Razn del cido = (activo circulante - inventario) / pasivo circulante
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

1.0

0.8

0.9

1.0

1.0

1.1

0.8

0.9

0.9

0.9

1.0

1.0

0.9

1.0

0.9

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

0.9
1.0
1.0

0.8
1.0
1.3

1.0
0.8
0.8

1.9
1.0
0.7

1.5
1.0
0.5

1.3
1.1
0.9

1.2
1.4
0.5

1.0
1.6
0.4

1.1
2.0
0.4

1.4
1.2
0.4

1.5
1.1
0.3

1.6
1.2
0.5

1.3
1.2
0.6

1.2
1.0
0.9

1.3
1.4
0.4

Bienes de consumo
Cemento
Constructoras

5
7
8

0.5
1.5
1.2

1.3
1.2
0.9

2.1
1.3
0.9

1.0
1.5
1.2

1.1
1.2
0.9

1.3
0.8
0.8

1.1
0.4
0.6

0.9
0.9
1.0

0.6
0.6
1.1

1.0
0.7
1.2

1.0
0.7
1.3

1.0
0.9
1.9

1.1
1.0
1.1

1.2
1.2
0.9

1.0
0.7
1.2

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

0.4
1.4
0.7

0.5
0.9
0.7

0.7
0.9
1.0

0.7
1.0
0.8

0.6
1.1
0.7

0.6
1.4
0.8

0.6
1.4
0.6

0.6
1.5
0.8

0.5
1.8
0.7

0.6
2.2
0.8

0.6
1.8
0.9

0.6
2.0
1.0

0.6
1.5
0.8

0.6
1.1
0.8

0.6
1.8
0.8

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

1.7
0.8
0.6

1.3
0.6
0.2

1.5
0.6
0.1

1.4
0.7
0.2

1.5
0.7
0.4

1.6
0.8
1.0

0.7
0.7
0.6

0.9
0.7
0.6

1.0
0.8
0.7

0.9
1.0
0.8

1.0
1.1
0.8

0.9
1.5
1.0

1.2
0.8
0.6

1.5
0.7
0.4

0.9
1.0
0.8

Mineras
Papel y celulosa
Qumicas

3
3
4

1.1
1.1
1.1

2.7
1.0
1.3

3.9
1.9
1.4

1.7
2.3
1.2

3.1
1.4
0.9

1.4
1.7
0.6

0.7
1.1
0.5

0.6
1.3
0.7

0.6
0.6
0.3

1.1
0.6
0.4

1.4
1.4
1.2

1.5
1.4
1.3

1.7
1.3
0.9

2.3
1.6
1.1

1.0
1.1
0.7

Siderrgicas
Textiles

4
4

0.6
0.4

0.4
0.6

0.5
0.5

0.9
0.6

0.7
0.8

1.0
0.6

1.0
0.8

0.7
0.4

1.0
1.1

1.4
1.3

1.5
1.1

1.6
0.7

0.9
0.7

0.7
0.6

1.2
0.9

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

-1(55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Clientes / proveedores
94 - 05
1994
1995
1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

1.7

1.5

1.5

1.4

1.3

1.4

1.3

1.4

1.4

1.5

1.6

1.7

1.5

1.5

1.5

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

1.9
1.2
1.3

2.1
1.1
1.6

2.1
1.0
1.2

2.0
1.0
1.2

1.8
0.9
1.4

1.8
0.9
1.4

1.7
0.8
1.4

1.9
0.7
1.2

1.7
0.6
1.0

1.5
0.6
0.9

1.3
0.6
0.7

1.4
0.6
0.9

1.8
0.8
1.2

2.0
1.0
1.4

1.6
0.7
1.0

Bienes de consumo
Cemento
Constructoras

5
7
8

2.6
2.8
5.3

2.1
2.3
3.5

2.6
1.8
3.1

2.4
1.7
3.5

1.4
1.9
1.9

3.0
1.5
2.9

2.1
1.3
2.9

1.8
1.8
2.6

2.1
1.3
2.8

2.1
1.2
2.3

2.2
1.0
2.2

2.3
1.2
2.2

2.2
1.6
2.9

2.3
2.0
3.4

2.1
1.3
2.5

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

0.1
3.6
0.8

0.1
2.6
1.0

0.1
1.7
1.1

0.0
1.8
0.9

0.0
2.0
0.7

0.1
2.6
0.9

0.1
3.3
0.7

0.1
3.2
0.7

0.1
3.6
0.6

0.1
3.4
0.8

0.1
3.2
1.0

0.1
3.0
1.3

0.1
2.8
0.9

0.1
2.4
0.9

0.1
3.3
0.8

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

2.2
1.8
5.0

1.7
1.8
5.6

4.0
1.5
0.7

4.2
1.4
0.5

4.0
1.5
1.0

5.5
1.6
1.0

5.6
1.2
1.2

6.5
1.3
1.1

6.8
1.4
1.0

6.6
1.5
1.1

10.6
1.4
1.3

12.3
1.5
1.5

5.8
1.5
1.8

3.6
1.6
2.3

8.1
1.4
1.2

Mineras
Papel y celulosa
Qumicas

3
3
4

2.1
1.6
2.8

2.2
2.3
2.4

1.3
2.3
2.7

1.6
2.2
2.1

1.0
2.5
1.9

0.8
2.0
1.2

0.8
2.5
1.2

0.7
2.2
1.5

0.7
2.2
1.1

1.3
2.2
1.0

1.7
2.2
1.1

2.1
1.8
1.6

1.4
2.2
1.7

1.5
2.2
2.2

1.2
2.2
1.3

Siderrgicas
Textiles

4
4

2.8
1.9

1.5
1.3

1.5
1.4

1.6
2.2

1.4
2.9

1.9
1.8

1.7
2.2

1.6
1.6

1.6
1.9

1.6
1.8

1.7
1.2

1.9
1.7

1.7
1.8

1.8
1.9

1.7
1.8

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

-2(55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Apalancamiento = pasivo total / capital contable
94 - 05
1994
1995
1996
1997
1998
1999

2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

0.8

0.9

0.8

0.9

0.8

0.8

1.3

1.2

1.3

1.3

1.3

1.2

1.0

0.8

1.2

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

0.8
0.4
1.5

0.9
0.5
1.8

0.7
0.5
2.8

0.4
0.5
3.4

0.6
0.5
5.2

1.0
0.4
1.4

1.1
0.6
2.0

0.6
0.5
1.9

0.8
0.5
1.9

0.6
0.8
1.9

0.7
0.8
1.9

0.6
0.6
1.9

0.7
0.5
2.3

0.7
0.5
2.7

0.7
0.6
1.9

Bienes de consumo
Cemento
Constructoras

5
7
8

1.8
0.8
1.4

0.5
0.9
1.3

0.3
0.9
1.2

0.5
0.8
1.8

0.4
0.7
1.9

0.4
0.7
1.4

0.6
1.0
1.7

0.9
0.9
1.7

1.5
1.1
1.5

0.6
1.2
1.3

0.7
1.0
1.2

0.7
1.4
1.3

0.8
0.9
1.5

0.7
0.8
1.5

0.8
1.1
1.5

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

0.6
0.8
0.9

0.5
1.0
1.1

0.4
1.2
0.8

0.5
0.7
1.0

0.5
0.6
1.1

0.5
0.5
1.1

0.7
1.0
1.6

0.7
0.9
1.8

0.7
1.1
1.6

0.7
1.0
1.8

0.6
1.0
1.9

0.7
1.0
1.9

0.6
0.9
1.4

0.5
0.8
1.0

0.7
1.0
1.8

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

0.7
1.0
1.5

0.6
1.3
4.8

0.5
1.4
55.7

0.7
1.5
24.7

0.7
1.3
1.1

0.7
1.1
0.5

1.6
1.6
0.7

1.7
1.7
0.8

1.7
1.5
0.9

1.5
1.5
0.9

1.8
1.3
0.9

1.7
0.9
0.9

1.2
1.3
7.8

0.7
1.3
14.7

1.7
1.4
0.9

Mineras
Papel y celulosa
Qumicas

3
3
4

0.5
0.7
0.9

0.5
0.8
0.7

0.4
0.7
0.6

0.5
0.6
0.7

0.6
0.7
1.3

1.0
0.8
1.3

1.3
1.2
1.8

1.4
1.2
1.5

1.7
1.4
1.8

1.5
1.8
2.3

1.2
1.9
1.1

0.8
1.4
0.9

1.0
1.1
1.2

0.6
0.7
0.9

1.3
1.5
1.6

Siderrgicas
Textiles

4
4

1.2
1.2

1.2
1.0

1.0
1.2

1.1
1.2

1.2
0.9

0.8
1.5

1.2
2.8

1.1
3.9

1.2
2.2

1.1
1.7

0.6
1.8

0.5
3.8

1.0
1.9

1.1
1.2

1.0
2.7

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

-3(55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Deuda de corto plazo = pasivo de corto plazo / pasivo total
94 - 05
1994
1995
1996
1997
1998
1999
2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.4

0.4

0.4

0.4

0.4

0.4

0.5

0.4

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

0.6
0.5
0.3

0.6
0.4
0.2

0.5
0.5
0.3

0.5
0.4
0.3

0.4
0.5
0.5

0.5
0.5
0.5

0.6
0.4
0.7

0.5
0.4
0.8

0.4
0.4
0.8

0.3
0.3
0.8

0.4
0.3
0.8

0.4
0.4
0.8

0.5
0.4
0.6

0.5
0.5
0.4

0.4
0.4
0.8

Bienes de consumo
Cemento
Constructoras

5
7
8

0.8
0.3
0.5

0.7
0.3
0.4

0.7
0.3
0.4

0.8
0.3
0.6

0.8
0.3
0.7

0.7
0.3
0.7

0.6
0.5
0.7

0.7
0.3
0.7

0.8
0.3
0.6

0.7
0.3
0.6

0.7
0.3
0.6

0.7
0.3
0.4

0.7
0.3
0.6

0.7
0.3
0.6

0.7
0.3
0.6

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

0.8
0.6
0.7

0.8
0.7
0.9

0.9
0.6
0.7

0.9
0.7
0.7

0.9
0.6
0.7

0.9
0.7
0.8

0.7
0.5
0.6

0.7
0.5
0.6

0.7
0.4
0.6

0.7
0.4
0.7

0.7
0.5
0.7

0.7
0.4
0.7

0.8
0.5
0.7

0.9
0.6
0.8

0.7
0.4
0.7

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

0.3
0.5
0.3

0.4
0.5
0.6

0.4
0.6
0.8

0.4
0.5
0.7

0.4
0.5
0.5

0.4
0.5
0.3

0.6
0.4
0.3

0.4
0.4
0.3

0.3
0.4
0.3

0.4
0.4
0.3

0.4
0.4
0.3

0.4
0.4
0.3

0.4
0.4
0.4

0.4
0.5
0.5

0.4
0.4
0.3

Mineras
Papel y celulosa
Qumicas

3
3
4

0.5
0.4
0.5

0.4
0.5
0.5

0.3
0.3
0.5

0.4
0.3
0.6

0.2
0.4
0.4

0.2
0.3
0.5

0.2
0.4
0.6

0.3
0.3
0.5

0.3
0.6
0.8

0.2
0.5
0.9

0.2
0.2
0.4

0.3
0.3
0.4

0.3
0.4
0.5

0.3
0.4
0.5

0.3
0.4
0.6

Siderrgicas
Textiles

4
4

0.5
0.8

0.4
0.8

0.4
0.8

0.3
0.6

0.3
0.6

0.3
0.6

0.3
0.4

0.3
0.6

0.3
0.3

0.2
0.3

0.3
0.3

0.4
0.3

0.3
0.5

0.4
0.7

0.3
0.3

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

-4(55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Das cartera das clientes = (clientes * 360 / ventas netas)
94 - 05
1994
1995
1996
1997
1998
1999
2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

59

49

46

49

46

45

41

43

40

41

44

43

46

49

42

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

40
25
61

36
21
55

28
20
47

30
21
57

34
20
51

31
20
41

28
18
73

32
17
54

34
15
61

28
16
53

28
15
44

28
16
43

31
19
53

33
21
52

29
16
55

Bienes de consumo
Cemento
Constructoras

5
7
8

99
58
111

142
50
158

127
42
121

80
41
183

128
42
113

127
40
105

83
42
118

84
35
114

103
28
111

99
29
113

102
24
130

105
39
128

106
39
125

117
46
132

96
33
119

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

4
153
34

4
151
48

5
110
51

3
110
43

3
108
37

4
104
48

5
116
32

5
119
42

4
133
31

4
137
40

3
149
50

3
151
60

4
128
43

4
123
44

4
134
43

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

65
55
83

56
51
106

67
46
73

64
50
46

66
53
49

57
56
28

58
42
29

60
49
28

54
49
31

52
53
39

55
55
41

46
53
40

58
51
49

62
52
64

54
50
35

Mineras
Papel y celulosa
Qumicas

3
3
4

80
75
104

43
65
70

35
68
72

37
68
71

34
71
68

65
74
71

37
71
64

34
77
74

33
79
76

42
83
73

46
74
74

34
72
74

43
73
74

49
70
76

38
76
72

Siderrgicas
Textiles

4
4

124
125

54
88

52
83

58
83

54
90

63
119

62
120

61
109

65
93

57
91

56
67

72
68

65
95

68
98

62
91

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

-5(55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Das inventario = (inventario * 360 / costo de ventas)
94 - 05
1994
1995
1996
1997
1998
1999

2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

93

83

74

78

76

71

67

66

63

59

63

56

71

79

62

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

104
102
184

88
77
182

74
79
150

76
78
154

86
74
119

67
74
61

59
73
114

86
73
95

85
74
102

72
66
101

57
61
129

55
53
93

76
74
124

82
81
142

69
66
106

Bienes de consumo
Cemento
Constructoras

5
7
8

150
73
52

227
74
79

193
69
88

96
63
89

214
60
68

198
78
87

124
78
111

99
64
144

125
69
162

169
56
173

156
56
228

172
46
196

160
65
123

180
69
77

141
61
169

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

53
110
80

47
101
90

51
109
79

61
123
85

53
106
84

57
84
79

52
92
75

52
75
83

55
84
78

49
83
81

50
86
83

47
85
78

52
95
81

54
105
83

51
84
80

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

155
97
451

145
82
386

55
74
130

65
77
103

68
79
85

36
84
70

33
79
58

36
76
72

27
78
72

26
73
65

33
82
60

28
71
53

59
79
134

87
82
204

31
76
63

Mineras
Papel y celulosa
Qumicas

3
3
4

164
68
45

116
55
42

115
60
40

111
59
41

108
52
44

155
65
47

88
59
42

79
55
46

86
53
41

92
57
39

88
50
34

77
51
46

107
57
42

128
60
43

85
54
41

Siderrgicas
Textiles

4
4

117
121

110
83

109
94

112
125

122
133

115
118

112
101

102
86

101
64

79
71

115
73

135
82

111
96

114
112

107
80

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

-6(55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Rotacin del activo fijo = (ventas netas / activo fijo neto)
94 - 05
1994
1995
1996
1997
1998
1999
2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

0.93

0.97

1.06

1.13

1.17

1.21

1.33

1.28

1.28

1.37

1.55

1.69

1.25

1.08

1.42

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

1.50
1.06
1.74

1.65
1.15
2.02

2.08
1.18
2.70

1.70
1.26
2.84

1.64
1.30
3.56

1.82
1.41
3.58

2.05
1.52
1.39

1.86
1.53
1.67

1.96
1.57
1.78

2.11
1.63
1.99

2.29
1.79
2.46

2.30
1.92
3.07

1.91
1.44
2.40

1.73
1.23
2.74

2.09
1.66
2.06

Bienes de consumo
Cemento
Constructoras

5
7
8

1.58
0.55
2.71

1.21
0.48
1.56

1.28
0.55
2.08

2.05
0.60
2.29

1.30
0.71
2.53

1.23
0.73
2.75

1.15
0.68
2.50

1.51
0.80
4.97

1.25
0.76
6.07

1.33
0.79
5.69

1.42
0.86
8.72

1.53
0.99
7.86

1.40
0.71
4.14

1.44
0.60
2.32

1.37
0.82
5.97

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

2.13
1.54
3.27

2.15
1.05
3.84

2.17
1.07
4.48

2.01
1.21
4.75

2.28
1.33
5.29

2.29
1.52
3.93

2.38
1.67
5.51

2.45
1.72
4.34

2.47
1.77
5.79

2.49
1.87
5.79

2.53
2.05
5.56

2.51
2.07
5.59

2.32
1.57
4.85

2.17
1.29
4.26

2.47
1.86
5.43

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

0.67
0.96
0.48

0.67
1.06
0.33

0.70
1.16
0.30

0.90
1.21
0.38

0.95
1.14
0.42

0.99
1.20
0.44

0.98
1.52
0.50

1.03
1.31
0.61

0.98
1.31
0.65

1.07
1.51
0.70

1.22
1.79
0.78

1.37
2.16
0.89

0.96
1.36
0.54

0.81
1.12
0.39

1.11
1.60
0.69

Mineras
Papel y celulosa
Qumicas

3
3
4

0.40
0.73
0.90

0.87
0.84
1.40

0.76
0.75
1.39

0.57
0.81
1.38

0.59
0.81
1.17

0.42
0.88
0.92

0.66
0.94
1.02

0.56
0.84
1.02

0.50
0.82
0.92

0.55
0.83
1.07

0.84
0.97
1.36

1.12
1.09
1.51

0.65
0.86
1.17

0.60
0.80
1.19

0.70
0.92
1.15

Siderrgicas
Textiles

4
4

0.43
0.55

0.54
0.94

0.69
1.12

0.72
1.06

0.66
1.21

0.68
0.84

0.74
0.90

0.67
0.86

0.64
0.87

0.75
0.81

1.19
0.91

1.84
0.90

0.80
0.91

0.62
0.95

0.97
0.87

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

-7(55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Rotacin activo total = (ventas netas / activo total)
94 - 05
1994
1995
1996
1997
1998
1999

2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

0.53

0.56

0.61

0.63

0.65

0.66

0.71

0.74

0.73

0.72

0.75

0.81

0.68

0.61

0.74

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

0.81
0.70
0.60

0.90
0.78
0.60

1.11
0.77
0.77

0.84
0.79
0.78

0.82
0.84
0.97

0.72
0.88
1.24

0.76
0.92
0.75

0.97
0.89
0.87

0.95
0.85
0.90

1.11
0.71
1.01

1.19
0.75
1.09

1.18
0.79
1.19

0.95
0.81
0.90

0.87
0.80
0.82

1.03
0.82
0.97

Bienes de consumo
Cemento
Constructoras

5
7
8

0.67
0.32
0.45

0.53
0.30
0.27

0.57
0.34
0.31

0.89
0.37
0.37

0.59
0.42
0.48

0.60
0.44
0.52

0.57
0.40
0.46

0.75
0.45
0.58

0.63
0.44
0.63

0.65
0.46
0.65

0.66
0.48
0.67

0.69
0.57
0.59

0.65
0.42
0.50

0.64
0.36
0.40

0.66
0.47
0.60

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

1.39
0.67
1.46

1.40
0.52
1.43

1.33
0.57
1.48

1.26
0.66
1.51

1.46
0.73
1.59

1.44
0.84
1.35

1.51
0.87
1.65

1.59
0.89
1.50

1.58
0.85
1.73

1.59
0.86
1.60

1.63
0.89
1.41

1.65
0.87
1.31

1.49
0.77
1.50

1.38
0.67
1.47

1.59
0.87
1.53

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

0.44
0.53
0.20

0.46
0.57
0.15

0.44
0.68
0.15

0.47
0.71
0.24

0.48
0.67
0.27

0.53
0.69
0.35

0.53
0.83
0.41

0.59
0.76
0.47

0.57
0.76
0.48

0.57
0.75
0.50

0.59
0.81
0.57

0.69
0.94
0.60

0.53
0.73
0.37

0.47
0.64
0.23

0.59
0.81
0.51

Mineras
Papel y celulosa
Qumicas

3
3
4

0.27
0.51
0.58

0.49
0.58
0.82

0.46
0.53
0.85

0.37
0.56
0.84

0.38
0.58
0.73

0.27
0.57
0.61

0.44
0.62
0.67

0.39
0.58
0.65

0.34
0.58
0.63

0.36
0.58
0.65

0.51
0.67
0.78

0.64
0.76
0.69

0.41
0.59
0.71

0.37
0.55
0.74

0.45
0.63
0.68

Siderrgicas
Textiles

4
4

0.31
0.39

0.41
0.56

0.51
0.64

0.50
0.62

0.44
0.64

0.45
0.50

0.47
0.55

0.45
0.54

0.44
0.59

0.51
0.55

0.72
0.63

0.86
0.62

0.51
0.57

0.44
0.56

0.57
0.58

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

-8(55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Rotacin capital empleado = (ventas netas / capital empleado)
94 - 05
1994
1995
1996
1997
1998
1999
2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

0.65

0.68

0.74

0.78

0.80

0.85

0.93

0.94

0.94

0.91

0.99

1.10

0.86

0.75

0.97

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

0.97
0.84
0.75

1.08
0.91
0.73

1.37
0.92
0.97

1.12
0.95
0.98

1.00
0.99
1.30

1.07
1.08
1.60

1.18
1.18
1.03

1.13
1.20
1.25

1.13
1.24
1.33

1.32
0.89
1.48

1.51
0.94
1.75

1.49
1.00
2.19

1.20
1.01
1.28

1.10
0.95
1.05

1.30
1.07
1.51

Bienes de consumo
Cemento
Constructoras

5
7
8

0.87
0.35
0.60

0.69
0.33
0.33

0.67
0.38
0.38

1.12
0.40
0.50

0.75
0.47
0.75

0.73
0.50
0.73

0.74
0.44
0.70

1.03
0.52
1.03

1.22
0.51
1.06

0.80
0.54
1.05

0.80
0.54
1.03

0.86
0.66
0.91

0.86
0.47
0.76

0.80
0.40
0.55

0.91
0.54
0.96

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

2.15
0.80
2.07

2.15
0.66
2.02

2.15
0.74
2.05

2.14
0.85
2.11

2.48
0.93
2.46

2.50
1.04
2.02

2.68
1.04
2.47

2.65
1.09
2.35

2.54
1.02
2.96

2.63
1.08
2.73

2.65
1.11
2.45

2.76
1.12
2.41

2.46
0.95
2.34

2.26
0.84
2.12

2.65
1.07
2.56

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

0.54
0.63
0.22

0.57
0.68
0.16

0.53
0.82
0.18

0.57
0.86
0.33

0.59
0.81
0.31

0.70
0.84
0.39

0.71
1.03
0.44

0.76
0.93
0.52

0.72
0.95
0.54

0.72
0.92
0.57

0.81
1.04
0.65

0.94
1.34
0.68

0.68
0.91
0.41

0.58
0.78
0.26

0.78
1.04
0.57

Mineras
Papel y celulosa
Qumicas

3
3
4

0.32
0.65
0.68

0.71
0.69
1.05

0.61
0.65
1.02

0.45
0.69
1.02

0.48
0.70
0.88

0.30
0.70
0.74

0.50
0.76
0.83

0.44
0.70
0.80

0.41
0.70
0.78

0.42
0.73
0.89

0.63
0.85
1.00

0.84
0.97
0.85

0.51
0.73
0.88

0.48
0.68
0.90

0.54
0.78
0.86

Siderrgicas
Textiles

4
4

0.34
0.49

0.46
0.64

0.56
0.83

0.57
0.76

0.49
0.73

0.50
0.58

0.53
0.64

0.51
0.66

0.51
0.69

0.60
0.63

0.85
0.75

1.03
0.74

0.58
0.68

0.49
0.67

0.67
0.69

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

-9(55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Margen operativo de ventas = utilidad de operacin / ventas
94 - 05
1994
1995
1996
1997
1998
1999
2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

14.2%

14.6%

14.7%

14.7%

15.1%

16.8%

15.4%

15.9%

15.5%

15.1%

16.0%

16.1%

15.3%

15.0%

15.7%

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

11.1%
13.5%
-0.9%

9.8%
10.2%
1.1%

9.8%
12.1%
5.2%

9.5%
15.7%
5.6%

9.4%
15.6%
6.6%

6.7%
16.5%
3.0%

4.4%
17.9%
4.4%

7.2%
18.7%
3.1%

8.2%
20.4%
2.6%

6.6%
18.6%
4.0%

7.5%
17.9%
7.1%

9.5%
17.9%
8.5%

8.3%
16.2%
4.2%

9.4%
13.9%
3.4%

7.2%
18.6%
4.9%

Bienes de consumo
Cemento
Constructoras

5
7
8

8.1%
25.2%
16.5%

20.9%
22.6%
7.8%

16.9%
24.1%
6.3%

7.5%
22.6%
6.8%

5.9%
26.9%
7.2%

10.9%
29.4%
1.3%

-4.2%
29.4%
2.7%

-0.1%
24.2%
1.7%

6.1%
21.8%
10.6%

7.7%
22.2%
10.8%

6.9%
22.7%
15.1%

8.5%
17.0%
16.5%

7.9%
24.0%
8.6%

11.7%
25.1%
7.6%

4.2%
22.9%
9.6%

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

4.3%
1.9%
6.3%

3.2%
-10.9%
9.0%

4.1%
-5.4%
6.8%

4.4%
5.7%
6.1%

4.2%
10.4%
5.9%

5.0%
11.8%
7.4%

5.0%
12.1%
5.3%

5.1%
12.9%
7.0%

4.9%
12.8%
5.0%

5.3%
12.5%
4.8%

6.0%
12.5%
5.4%

6.4%
11.4%
6.3%

4.8%
7.3%
6.3%

4.2%
2.2%
6.9%

5.4%
12.4%
5.6%

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

28.4%
12.1%
19.4%

23.6%
14.2%
0.5%

28.0%
14.4%
-42.2%

25.2%
14.9%
0.2%

26.1%
15.8%
11.0%

32.0%
15.0%
15.7%

30.7%
10.4%
12.9%

30.3%
10.6%
13.4%

26.9%
10.2%
10.6%

25.2%
9.3%
10.6%

22.8%
9.4%
12.2%

22.7%
9.3%
14.6%

26.8%
12.1%
6.6%

27.2%
14.4%
0.8%

26.4%
9.9%
12.4%

Mineras
Papel y celulosa
Qumicas

3
3
4

17.7%
20.4%
8.9%

38.2%
25.4%
17.9%

28.1%
27.4%
17.1%

21.4%
25.9%
15.1%

16.4%
26.5%
12.8%

7.3%
28.7%
4.6%

12.7%
27.5%
2.6%

0.4%
23.1%
1.0%

5.2%
22.3%
-3.6%

10.9%
20.0%
-0.8%

31.7%
18.8%
2.1%

36.6%
19.0%
7.9%

18.9%
23.8%
7.1%

21.5%
25.7%
12.7%

16.2%
21.8%
1.5%

Siderrgicas
Textiles

4
4

5.3%
0.4%

19.3%
8.9%

19.3%
12.0%

18.3%
11.5%

17.7%
14.8%

14.7%
4.4%

12.4%
5.9%

10.0%
-1.6%

7.5%
9.7%

7.8%
5.2%

28.4%
0.8%

12.1%
-6.9%

14.4%
5.4%

15.8%
8.7%

13.0%
2.2%

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

- 10 (55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Ebitda / ventas
94 - 05
1994
1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

19.8%

21.2%

21.3%

21.3%

21.8%

24.7%

22.3%

23.9%

23.4%

23.2%

23.5%

23.0%

22.5%

21.7%

23.2%

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

14.0%
17.4%
1.7%

13.5%
14.6%
5.8%

13.6%
17.4%
8.7%

14.0%
21.2%
10.2%

14.0%
20.8%
10.8%

11.4%
22.1%
20.1%

10.8%
23.5%
8.2%

18.5%
24.0%
5.4%

12.9%
26.3%
4.4%

12.8%
23.8%
6.6%

11.2%
23.0%
9.0%

12.9%
22.7%
9.8%

13.3%
21.4%
8.4%

13.4%
18.9%
9.5%

13.2%
23.9%
7.2%

Bienes de consumo
Cemento
Constructoras

5
7
8

11.8%
33.8%
21.6%

25.2%
34.3%
15.6%

21.3%
31.2%
13.3%

12.8%
32.9%
12.9%

10.1%
35.3%
11.9%

15.3%
38.1%
7.1%

1.7%
37.6%
9.3%

5.4%
34.7%
8.9%

10.8%
30.5%
14.1%

11.4%
30.9%
14.4%

10.4%
30.9%
18.3%

12.0%
23.9%
19.5%

12.4%
32.8%
13.9%

16.1%
34.2%
13.8%

8.6%
31.4%
14.1%

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

6.0%
4.4%
9.2%

5.4%
-7.1%
11.0%

6.3%
-2.2%
8.6%

6.5%
9.3%
7.8%

6.1%
12.6%
7.6%

7.0%
13.9%
9.3%

7.0%
14.3%
6.9%

7.0%
15.2%
8.9%

6.8%
15.0%
6.8%

7.2%
14.8%
6.5%

7.9%
14.6%
7.3%

8.3%
13.4%
8.2%

6.8%
9.9%
8.2%

6.2%
5.2%
8.9%

7.4%
14.5%
7.4%

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

39.2%
17.3%
25.0%

38.1%
19.7%
8.8%

45.1%
19.6%
-33.8%

40.4%
20.0%
7.7%

42.2%
21.1%
18.2%

48.7%
20.4%
23.1%

45.6%
14.9%
20.4%

44.9%
16.0%
20.6%

42.4%
15.7%
18.4%

41.2%
14.4%
17.8%

37.3%
14.1%
19.4%

35.3%
13.1%
21.0%

41.7%
17.2%
13.9%

42.3%
19.7%
8.2%

41.1%
14.7%
19.6%

Mineras
Papel y celulosa
Qumicas

3
3
4

26.9%
25.8%
15.5%

44.8%
29.9%
22.7%

36.1%
32.6%
22.0%

30.7%
32.0%
20.4%

27.3%
32.3%
18.5%

19.3%
34.7%
12.1%

16.2%
32.8%
10.8%

13.2%
28.8%
9.1%

19.1%
28.9%
12.8%

23.9%
26.5%
5.7%

41.0%
24.8%
8.6%

45.3%
24.7%
11.7%

28.6%
29.5%
14.2%

30.9%
31.2%
18.5%

26.4%
27.7%
9.8%

Siderrgicas
Textiles

4
4

13.0%
8.4%

27.4%
14.9%

26.9%
18.5%

24.6%
18.5%

24.6%
21.8%

22.3%
13.9%

19.8%
15.1%

17.9%
8.7%

16.0%
19.5%

15.4%
16.7%

33.2%
10.9%

14.7%
4.6%

21.3%
14.3%

23.1%
16.0%

19.5%
12.6%

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

- 11 (55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Retorno sobre la inversin = utilidad de operacin / activo total
94 - 05
1994
1995
1996
1997
1998
1999
2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

7.6%

8.2%

9.0%

9.3%

9.8%

11.1%

11.0%

11.7%

11.3%

10.8%

12.0%

13.1%

10.4%

9.2%

11.7%

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

9.0%
9.5%
-0.5%

8.8%
7.9%
0.7%

10.8%
9.3%
4.0%

8.0%
12.5%
4.3%

7.7%
13.0%
6.4%

4.8%
14.6%
3.8%

3.4%
16.4%
3.3%

6.9%
16.7%
2.7%

7.8%
17.3%
2.3%

7.3%
13.2%
4.0%

8.9%
13.4%
7.8%

11.2%
14.2%
10.1%

7.9%
13.2%
4.1%

8.2%
11.1%
3.1%

7.6%
15.2%
5.0%

Bienes de consumo
Cemento
Constructoras

5
7
8

5.4%
7.9%
7.5%

11.2%
6.8%
2.1%

9.6%
8.1%
2.0%

6.6%
8.3%
2.6%

3.5%
11.3%
3.5%

6.5%
12.9%
0.7%

-2.4%
11.8%
1.3%

0.0%
11.0%
1.0%

3.8%
9.6%
6.6%

5.0%
10.3%
7.0%

4.5%
10.9%
10.1%

5.9%
9.7%
9.8%

5.0%
9.9%
4.5%

7.1%
9.2%
3.0%

2.8%
10.6%
6.0%

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

5.9%
1.2%
9.2%

4.5%
-5.7%
12.9%

5.4%
-3.0%
10.0%

5.6%
3.8%
9.3%

6.2%
7.6%
9.3%

7.3%
10.0%
10.0%

7.6%
10.5%
8.7%

8.1%
11.5%
10.5%

7.7%
10.9%
8.7%

8.4%
10.8%
7.6%

9.8%
11.2%
7.5%

10.5%
9.9%
8.2%

7.2%
6.5%
9.3%

5.8%
2.3%
10.1%

8.7%
10.8%
8.5%

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

12.4%
6.4%
3.9%

10.8%
8.1%
0.1%

12.2%
9.8%
-6.5%

11.9%
10.7%
0.0%

12.5%
10.6%
2.9%

16.9%
10.4%
5.5%

16.1%
8.7%
5.2%

18.0%
8.0%
6.3%

15.4%
7.8%
5.1%

14.4%
7.0%
5.3%

13.5%
7.6%
6.9%

15.7%
8.7%
8.7%

14.2%
8.6%
3.6%

12.8%
9.3%
1.0%

15.5%
8.0%
6.3%

Mineras
Papel y celulosa
Qumicas

3
3
4

4.8%
10.5%
5.1%

18.9%
14.6%
14.7%

12.8%
14.5%
14.5%

7.9%
14.6%
12.7%

6.2%
15.3%
9.4%

1.9%
16.3%
2.8%

5.5%
17.2%
1.8%

0.2%
13.4%
0.7%

1.8%
13.0%
-2.3%

3.9%
11.6%
-0.5%

16.1%
12.7%
1.6%

23.4%
14.4%
5.5%

8.6%
14.0%
5.5%

8.8%
14.3%
9.9%

8.5%
13.7%
1.1%

Siderrgicas
Textiles

4
4

1.7%
0.1%

8.0%
5.0%

9.8%
7.7%

9.3%
7.2%

7.8%
9.4%

6.6%
2.2%

5.8%
3.3%

4.5%
-0.8%

3.3%
5.7%

4.0%
2.8%

20.4%
0.5%

10.4%
-4.3%

7.6%
3.2%

7.2%
5.3%

8.1%
1.2%

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

- 12 (55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Retorno sobre capital empleado = Nopat / capital empleado
94 - 05
1994
1995
1996
1997
1998
1999
2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

5.1%

5.5%

6.0%

6.3%

6.7%

7.9%

7.9%

8.2%

8.0%

7.6%

8.7%

9.8%

7.3%

6.2%

8.4%

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

5.9%
6.2%
-0.4%

5.9%
5.1%
0.5%

7.4%
6.1%
2.8%

5.9%
8.2%
3.0%

5.2%
8.5%
4.7%

3.9%
9.8%
2.7%

2.9%
11.6%
2.5%

4.5%
12.4%
2.1%

5.1%
14.0%
1.9%

4.8%
9.1%
3.3%

6.2%
9.3%
6.8%

7.8%
9.8%
10.3%

5.5%
9.2%
3.3%

5.7%
7.3%
2.2%

5.2%
11.0%
4.5%

Bienes de consumo
Cemento
Constructoras

5
7
8

3.8%
4.9%
5.5%

8.0%
4.1%
1.4%

6.3%
5.0%
1.3%

4.6%
5.0%
1.9%

2.4%
6.9%
3.0%

4.3%
8.0%
0.5%

-1.7%
7.2%
1.1%

0.0%
6.9%
1.0%

4.1%
6.1%
6.2%

3.4%
6.6%
6.2%

3.0%
6.8%
8.5%

4.0%
6.2%
8.2%

3.5%
6.1%
3.7%

4.9%
5.7%
2.3%

2.1%
6.6%
5.2%

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

5.0%
0.8%
7.2%

3.8%
-3.9%
10.0%

4.8%
-2.2%
7.6%

5.2%
2.7%
7.1%

5.8%
5.3%
7.9%

6.9%
6.7%
8.2%

7.4%
6.9%
7.1%

7.4%
7.7%
9.0%

6.8%
7.2%
8.2%

7.6%
7.4%
7.2%

8.7%
7.6%
7.2%

9.6%
7.0%
8.3%

6.6%
4.4%
7.9%

5.3%
1.6%
8.0%

7.9%
7.3%
7.9%

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

8.4%
4.2%
2.3%

7.3%
5.3%
0.0%

8.2%
6.5%
-4.1%

7.9%
7.1%
0.0%

8.5%
7.1%
1.9%

12.4%
7.0%
3.4%

12.1%
5.9%
3.1%

12.7%
5.4%
3.8%

10.7%
5.3%
3.1%

10.0%
4.7%
3.3%

10.2%
5.4%
4.3%

11.8%
6.8%
5.5%

10.0%
5.9%
2.2%

8.8%
6.2%
0.6%

11.2%
5.6%
3.9%

Mineras
Papel y celulosa
Qumicas

3
3
4

3.2%
7.2%
3.3%

14.8%
9.7%
10.3%

9.4%
9.8%
9.6%

5.3%
9.9%
8.4%

4.3%
10.2%
6.2%

1.2%
11.0%
1.9%

3.4%
11.4%
1.2%

0.1%
8.9%
0.4%

1.2%
8.6%
-1.6%

2.5%
8.0%
-0.4%

11.0%
8.8%
1.1%

16.8%
10.1%
3.7%

6.1%
9.5%
3.7%

6.4%
9.6%
6.6%

5.8%
9.3%
0.8%

Siderrgicas
Textiles

4
4

1.0%
0.1%

4.9%
3.1%

6.0%
5.5%

5.7%
4.8%

4.7%
5.9%

4.0%
1.4%

3.6%
2.1%

2.8%
-0.6%

2.1%
3.7%

2.6%
1.8%

13.3%
0.3%

6.9%
-2.8%

4.8%
2.1%

4.4%
3.5%

5.2%
0.8%

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

- 13 (55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Retorno sobre capital = utilidad neta / capital contable
94 - 05
1994
1995
1996
1997
1998
1999
2000
Total mercado

117

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

Bienes de consumo
Cemento
Constructoras

0.3%

7.8%

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

11.9%

12.6%

7.3%

10.1%

10.0%

9.1%

6.7%

8.0%

14.0%

16.0%

9.5%

8.3%

10.6%

5.1%
13.8%
0.9%
4.5%
-22.9% -15.3%

13.6%
10.0%
1.9%

27.1%
10.5%
3.9%

4.7%
8.5%
-27.7%

4.5%
10.4%
20.9%

1.7%
10.7%
3.1%

1.0%
12.0%
0.6%

4.4%
11.3%
-9.8%

0.9%
8.8%
-1.8%

6.1%
12.4%
9.3%

12.2%
10.9%
20.7%

7.9%
9.2%
-1.4%

11.5%
7.4%
-6.5%

4.4%
11.0%
3.7%

5
7
8

-27.2%
12.1%
2.5%

-2.4%
11.8%
-2.3%

0.7%
19.2%
5.4%

5.5% -12.7%
12.2% 12.8%
-43.8% -7.4%

-2.5%
15.1%
-8.1%

-17.3% -38.9% -35.8%


14.6% 15.0%
9.6%
-11.4% -32.6% -2.6%

2.6%
11.0%
3.1%

3.4%
15.8%
13.7%

1.6%
19.6%
12.6%

-10.3%
14.1%
-5.9%

-6.4%
13.9%
-8.9%

-14.1%
14.2%
-2.9%

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

6.1%
1.6%
3.4%

13.7%
-13.1%
14.4%

13.3%
-5.6%
16.7%

13.4%
9.0%
10.4%

11.6%
9.4%
10.7%

11.9%
11.9%
12.2%

11.7%
11.9%
11.7%

10.6%
13.8%
14.9%

10.2%
12.3%
1.8%

10.2%
12.6%
13.2%

13.5%
15.9%
15.1%

12.9%
13.0%
11.9%

11.6%
7.7%
11.4%

11.7%
2.2%
11.3%

11.5%
13.3%
11.4%

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

5.7%
8.8%
8.5%
16.5% 10.3%
-4.5%
6.8%
9.0%
15.6%
5.2%
-14.4% -57.7% -621.9% -201.8% -6.0%

11.0%
13.0%
3.6%

15.0%
7.4%
3.4%

13.9%
5.7%
3.5%

9.4%
3.8%
1.0%

13.0%
0.7%
1.5%

16.0%
10.8%
6.0%

22.3%
13.7%
7.6%

12.5% 10.1% 14.9%


7.3%
7.5%
7.0%
-72.9% -149.7% 3.8%

Mineras
Papel y celulosa
Qumicas

3
3
4

-4.7%
-5.7%
-9.3%

20.9%
14.0%
15.9%

13.7%
23.1%
15.7%

10.0%
19.6%
11.3%

4.2%
11.9%
2.7%

5.1%
20.9%
-1.2%

5.4%
20.0%
-14.3%

-4.3%
21.7%
-2.3%

Siderrgicas
Textiles

4
4

-22.0%
-29.8%

3.5%
-9.9%

28.4%
15.3%

15.2%
9.3%

0.4%
7.5%

5.5%
-0.8%

3.7%
-5.0% -0.7%
-14.2% -27.9% -13.1%

-5.2% -4.8% 15.0% 12.7%


-7.7% -9.5% 15.9% 17.7%
-30.7% -32.9% -23.6% -10.1%
1.7%
1.4%

5.7%
11.8%
-6.6%

8.2%
14.0%
5.9%

3.1%
9.7%
-19.0%

27.3% 11.3%
5.8%
0.3% -101.1% -13.6%

5.2%
-1.4%

6.4%
-25.8%

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

- 14 (55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Inversin / depreciacin del ejercicio
94 - 05
1994
1995
1996
1997
1998

1999

2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

3.3

2.0

2.1

1.5

2.0

1.7

2.5

1.6

1.5

1.5

1.5

1.6

1.9

2.1

1.7

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

6.1
4.0
17.6

2.7
3.9
2.6

1.9
2.6
-0.4

0.9
2.5
1.1

3.5
1.9
0.9

2.2
1.6
-1.4

0.3
1.6
4.6

0.3
2.3
-1.2

1.9
1.4
0.4

-0.5
4.5
0.5

0.6
2.7
-0.6

1.9
1.3
4.3

1.8
2.5
2.4

2.9
2.8
3.4

0.7
2.3
1.3

Bienes de consumo
Cemento
Constructoras

5
7
8

14.1
3.1
8.7

1.5
3.0
2.9

0.9
4.8
2.4

0.5
1.5
-8.3

2.1
2.0
8.0

1.0
2.1
0.9

1.9
6.6
0.7

0.1
1.4
-2.4

0.2
2.6
-1.4

-0.9
1.7
0.4

0.7
2.2
1.0

0.2
3.6
1.9

1.9
2.9
1.2

3.4
2.8
2.4

0.4
3.0
0.0

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

4.1
3.0
0.5

2.3
3.1
2.8

1.6
1.3
4.6

0.9
-4.0
3.3

2.0
3.4
2.4

2.4
2.5
3.0

2.3
2.4
2.9

2.3
3.1
2.2

2.1
3.2
1.0

2.1
2.7
2.2

2.3
2.9
1.6

3.2
3.6
0.4

2.3
2.2
2.2

2.2
1.5
2.8

2.4
3.0
1.7

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

2.3
3.0
14.3

1.0
2.5
1.2

1.3
2.3
2.4

1.2
2.2
2.5

0.8
2.7
4.3

1.5
1.4
0.5

3.0
1.8
4.7

2.0
1.0
1.1

1.7
0.7
0.9

1.3
1.1
-0.1

1.6
0.2
1.4

1.6
-0.8
2.5

1.6
1.5
3.0

1.3
2.4
4.2

1.9
0.7
1.7

Mineras
Papel y celulosa
Qumicas

3
3
4

0.4
1.9
0.6

1.3
3.2
0.2

3.0
5.7
1.2

5.8
1.2
1.4

1.3
1.6
1.7

5.4
1.3
0.6

-2.0
0.6
0.5

0.7
1.0
-2.2

0.8
0.9
0.1

0.6
0.0
0.0

1.3
0.4
0.0

1.8
0.6
-0.8

1.7
1.5
0.3

2.9
2.5
1.0

0.5
0.6
-0.4

Siderrgicas
Textiles

4
4

5.6
5.8

2.9
1.5

1.8
0.6

2.7
3.5

2.7
2.3

1.1
4.1

0.9
0.2

1.0
0.5

0.1
0.3

0.4
0.1

1.5
0.2

4.1
0.4

2.1
1.6

2.8
3.0

1.3
0.3

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

- 15 (55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Gastos de operacin / (costo de ventas + gastos de operacin)
94 - 05
1994
1995
1996
1997
1998
1999
2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

31%

31%

24%

25%

25%

26%

26%

27%

26%

25%

25%

26%

26%

27%

26%

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

32%
43%
15%

32%
39%
17%

30%
37%
15%

31%
37%
15%

34%
38%
15%

31%
39%
17%

32%
42%
19%

39%
42%
20%

39%
41%
22%

37%
40%
21%

36%
39%
18%

37%
38%
15%

34%
40%
17%

32%
39%
16%

37%
40%
19%

Bienes de consumo
Cemento
Constructoras

5
7
8

38%
20%
11%

35%
19%
14%

34%
19%
11%

29%
18%
12%

36%
19%
10%

33%
20%
10%

30%
20%
11%

30%
24%
15%

33%
27%
13%

32%
26%
12%

30%
26%
12%

28%
27%
11%

32%
22%
12%

34%
19%
11%

30%
25%
12%

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

18%
32%
22%

18%
35%
21%

17%
33%
19%

17%
31%
17%

17%
31%
18%

16%
33%
18%

16%
34%
19%

16%
33%
19%

16%
34%
19%

17%
34%
20%

16%
33%
22%

16%
33%
23%

17%
33%
20%

17%
33%
19%

16%
33%
20%

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

80%
22%
34%

79%
20%
51%

38%
22%
63%

47%
21%
51%

46%
18%
38%

41%
17%
41%

41%
17%
40%

40%
17%
35%

32%
17%
35%

30%
16%
36%

30%
15%
36%

31%
14%
37%

45%
18%
41%

55%
20%
46%

34%
16%
37%

Mineras
Papel y celulosa
Qumicas

3
3
4

20%
19%
15%

20%
16%
14%

21%
16%
13%

21%
14%
13%

22%
14%
20%

22%
13%
21%

11%
14%
20%

20%
13%
22%

22%
14%
21%

22%
15%
20%

19%
15%
17%

19%
15%
20%

20%
15%
18%

21%
15%
16%

19%
14%
20%

Siderrgicas
Textiles

4
4

12%
19%

12%
15%

11%
14%

10%
18%

11%
21%

13%
19%

13%
20%

17%
19%

13%
15%

11%
15%

10%
13%

9%
14%

12%
17%

12%
18%

12%
16%

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

- 16 (55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Depreciacin del ejercicio / ventas
94 - 05
1994
1995
1996
1997

1998

1999

2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

5.6%

6.6%

6.6%

6.6%

6.6%

7.9%

6.9%

8.0%

7.9%

8.1%

7.6%

6.9%

7.1%

6.7%

7.6%

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

2.9%
3.9%
2.6%

3.7%
4.4%
4.7%

3.9%
5.4%
3.5%

4.5%
5.5%
4.6%

4.6%
5.2%
4.2%

4.7%
5.6%
17.1%

6.4%
5.6%
3.7%

11.3%
5.4%
2.3%

4.7%
5.8%
1.9%

6.2%
5.2%
2.6%

3.7%
5.1%
1.9%

3.4%
4.8%
1.3%

5.0%
5.2%
4.2%

4.0%
5.0%
6.1%

6.0%
5.3%
2.3%

Bienes de consumo
Cemento
Constructoras

5
7
8

3.7%
8.6%
5.0%

4.3%
11.7%
7.9%

4.4%
7.1%
7.0%

5.3%
10.3%
6.1%

4.2%
8.4%
4.8%

4.5%
8.7%
5.9%

5.9%
8.2%
6.6%

5.4%
10.4%
7.2%

4.7%
8.7%
3.5%

3.7%
8.7%
3.6%

3.5%
8.2%
3.2%

3.5%
7.0%
3.0%

4.4%
8.8%
5.3%

4.4%
9.1%
6.1%

4.5%
8.5%
4.5%

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

1.7%
2.5%
3.0%

2.2%
3.8%
2.0%

2.2%
3.2%
1.8%

2.1%
3.6%
1.7%

1.9%
2.3%
1.7%

2.0%
2.2%
1.8%

1.9%
2.3%
1.7%

1.9%
2.2%
1.9%

1.9%
2.2%
1.7%

1.9%
2.3%
1.7%

1.9%
2.1%
2.0%

1.9%
2.0%
1.9%

2.0%
2.5%
1.9%

2.0%
2.9%
2.0%

1.9%
2.2%
1.8%

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

10.8%
5.2%
5.6%

14.5%
5.6%
8.3%

17.1%
5.2%
8.4%

15.2%
5.1%
7.5%

16.0%
5.2%
7.2%

16.7%
5.4%
7.4%

15.0%
4.5%
7.5%

14.6%
5.4%
7.3%

15.5%
5.5%
7.8%

16.0%
5.1%
7.3%

14.5%
4.6%
7.2%

12.6%
3.9%
6.4%

14.9%
5.1%
7.3%

15.1%
5.3%
7.4%

14.7%
4.8%
7.2%

Mineras
Papel y celulosa
Qumicas

3
3
4

9.2%
5.4%
6.6%

6.6%
4.4%
4.9%

8.0%
5.1%
4.9%

9.3%
6.1%
5.3%

10.9%
5.8%
5.7%

12.0%
6.0%
7.5%

3.5%
5.3%
8.2%

12.8%
5.7%
8.1%

13.8%
6.6%
16.4%

13.1%
6.6%
6.4%

9.3%
6.0%
6.6%

8.6%
5.7%
3.8%

9.8%
5.7%
7.0%

9.3%
5.5%
5.8%

10.2%
6.0%
8.2%

Siderrgicas
Textiles

4
4

7.6%
8.1%

8.1%
6.0%

7.7%
6.5%

6.3%
7.0%

6.9%
7.0%

7.6%
9.6%

7.4%
9.1%

8.0%
10.3%

8.5%
9.8%

7.5%
11.6%

4.8%
10.1%

2.6%
11.5%

6.9%
8.9%

7.4%
7.3%

6.5%
10.4%

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

- 17 (55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

RAZONES FINANCIERAS SECTORIALES EN MEXICO


Num. de
empresas
promedio Activo disponible / activo total
94 - 05
1994
1995
1996
1997

1998

1999

2000

2001

2002

2003

2004

2005

Prom
94 - 05

Prom
94-99

Prom
00-05

Total mercado

117

7.6%

7.3%

7.3%

8.2%

7.9%

9.6%

8.0%

7.3%

8.5%

7.8%

8.7%

9.4%

8.1%

8.0%

8.3%

Alimentos y cigarros
Bebidas
Autopartes

13
9
3

7.3%
8.1%
6.3%

7.1%
6.8%
4.7%

8.5%
7.5%
2.7%

16.6%
7.3%
2.9%

8.9%
6.7%
3.2%

11.9%
8.2%
3.6%

12.6%
10.6%
4.2%

4.0%
14.9%
3.1%

5.6%
21.1%
4.4%

5.2%
10.3%
2.3%

8.1%
10.7%
2.8%

8.6%
10.3%
6.7%

8.7%
10.2%
3.9%

10.1%
7.4%
3.9%

7.3%
13.0%
3.9%

Bienes de consumo
Cemento
Constructoras

5
7
8

3.6%
5.5%
13.3%

9.0%
4.2%
5.5%

4.9%
4.2%
5.4%

2.6%
3.5%
10.2%

1.9%
3.5%
11.9%

1.7%
4.4%
6.4%

5.2%
3.1%
7.1%

5.1%
4.4%
15.5%

7.7%
4.2%
15.5%

1.8%
4.4%
15.3%

1.2%
3.3%
13.0%

0.5%
3.1%
17.7%

3.8%
4.0%
11.4%

4.0%
4.2%
8.8%

3.6%
3.8%
14.0%

Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas

4
4
13

7.9%
4.4%
7.8%

9.9%
6.8%
3.9%

12.7%
6.9%
4.2%

14.1%
5.2%
4.3%

13.6%
3.5%
8.1%

13.1%
3.3%
9.2%

14.4%
1.8%
4.3%

11.3%
2.7%
6.2%

9.9%
1.8%
9.8%

11.1%
3.1%
11.8%

10.6%
1.3%
16.0%

11.3%
1.6%
20.3%

11.7%
3.5%
8.8%

11.9%
5.0%
6.2%

11.4%
2.1%
11.4%

Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes

11
10
5

9.1%
7.7%
2.2%

8.5%
7.1%
1.4%

9.2%
6.8%
2.1%

9.6%
6.6%
4.6%

11.1%
6.1%
3.8%

14.8%
7.1%
4.4%

10.1%
5.8%
2.1%

7.8%
5.8%
1.8%

9.1%
5.6%
2.8%

9.1%
4.4%
2.8%

9.8%
5.9%
2.7%

8.7%
13.1%
3.4%

9.7%
6.8%
2.8%

10.4%
6.9%
3.1%

9.1%
6.8%
2.6%

Mineras
Papel y celulosa
Qumicas

3
3
4

10.9%
5.9%
5.6%

23.2%
10.5%
7.4%

20.0%
11.2%
3.8%

14.4%
11.1%
4.1%

14.9%
10.0%
4.7%

2.8%
9.1%
4.7%

2.8%
7.3%
3.5%

4.3%
6.1%
7.0%

6.1%
4.7%
2.9%

6.2%
5.9%
4.1%

9.0%
7.2%
2.9%

10.8%
6.3%
2.4%

10.5%
7.9%
4.4%

14.4%
9.6%
5.1%

6.6%
6.2%
3.8%

Siderrgicas
Textiles

4
4

3.3%
3.1%

2.7%
2.9%

1.7%
3.6%

3.4%
3.7%

2.2%
2.2%

3.8%
1.6%

4.9%
1.2%

2.3%
2.0%

2.5%
4.0%

4.8%
2.5%

4.5%
4.2%

2.8%
2.5%

3.2%
2.8%

2.8%
2.8%

3.6%
2.7%

Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la
Bolsa Mexicana de Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance
general y no el promedio.
El autor no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la
exactitud de las cifras. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.

Acus Consultores, S.C.


www.acus.com.mx
acus@acus.com.mx

- 18 (55)5807-6891 y (55)5272-4032

Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx