📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

Shareholding

About

BBB Foods Inc., through its subsidiaries, operates a chain of grocery retail stores in Mexico.

Key Ratios Snapshot

📊 Sector Averages

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding TBBB

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Manager	Shares	Value	% of Fund	Period
Stan Druckenmiller Duquesne Family Office	3.11M	$110.0M	3.26%	Mar 2026
Steve Cohen Point72 Asset Management	876.2K	$31.0M	0.04%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed → Stable 4 quarters analysed

Q2 2025

Mixed

accelerating store openings, and strong same-store sales, while attributing margin declines to investments in expansion and new regions.

Q3 2025

Mixed

and explicitly stated they are outperforming other listed players, with a gap of almost 17 percentage points vs ANTAD.

Q4 2025

Mixed

16.6% same-store sales, 34% revenue growth) and provided detailed 2026 guidance with ranges. Language like 'excellent performance', 'strong momentum', 'extremely consistent performance across all our regions' conveys confidence without hedging.

Q1 2026 latest

Mixed

'strong momentum', 'one of the fastest-growing retailers globally', and provided precise numbers (33% revenue growth, 16% SSS, 123 store openings). They directly answered all questions without hedging or deflection.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management delivered another quarter of robust top-line growth (33% revenue, 16% SSS) while improving margins and generating strong cash flow. The store expansion is on track with 123 net openings, and no competitive disruption was observed despite rival adjustments. The self-funded growth model continues to prove resilient. Key areas to monitor in coming quarters: progress of ERP rollout, fresh category scaling, and the annual private label penetration update. The overall narrative reinforces confidence in the long-term opportunity and execution capability.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Tiendas 3B opens 123 net stores, revenue up 33% to MXN 23bn in Q1 2026

Revenue & Profitability

Total revenue in Q1 2026 increased 33% year-over-year to MXN 23 billion. Adjusted EBITDA (excluding non-cash share-based compensation) rose 39% to MXN 1.3 billion. Cash flow from operating activities grew 64% to MXN 2 billion. Net income was not disclosed, but the company noted strong operating cash flow driven by negative working capital of MXN 9.4 billion (11.3% of LTM revenue).

Outlook

Management sees the business as resilient across economic cycles, with enormous market potential and a long runway for store expansion. They noted that the gap in same-store sales versus ANTAD exceeds 14 percentage points, despite low internal inflation. No macro headwinds were explicitly flagged; the outlook is described as 'very promising' for 2026.

Growth Drivers

Growth is driven by rapid store expansion: 123 net new stores in Q1 (580 LTM, 20% YoY). Same-store sales growth of 16% is attributed 2/3 to volume (transactions and SKUs per ticket) and 1/3 to price/mix. Expansion strategy focuses on densifying existing regions and gradually entering new ones. All product categories performed well, with subcategory shifts like sweetened beverages declining due to a new tax.

Balance Sheet & CapEx

CapEx guidance for 2026 is approximately MXN 5.2 billion, covering new stores, additional distribution centers, and equipment (including trucks). This aligns with the store opening plan. Investments in IT talent and a new ERP system are ongoing; the ERP deployment is a three-year project now halfway through, rolled out gradually by region.

Margins

Adjusted EBITDA margin improved 22 basis points year-over-year in Q1 2026. Selling expenses rose 5 bps to 10.3% of revenue, with leverage on most lines except utilities, permitting, and D&A. Labor costs decreased as a percentage of revenue despite minimum wage increases. The company expects SG&A to continue declining gradually over the long term, with G&A stable this year.

Key Risks

Risks mentioned include potential labor cost pressures from a future reduction in the work week in Mexico (next year), though management is confident in offsetting it through store-level efficiencies. Dependence on talent for growth is highlighted, as is the lock-up expiration on August 6, 2026, which an analyst questioned as a possible stock overhang. No other specific risks were flagged.

Generated by AI · Q1 2026 results · Not investment advice

📊 Analysis Methodology

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