Betterware de México, S.A.P.I. de C.V. (BWMX) Cash Flow Statement
Where BWMX’s cash came from and went, 2025
December 31, 2025 · Mexican pesos- Cash from operations
- MX$1.75B −4.3% vs 2024
- Capital expenditures
- MX$107.3M 0.8% of revenue
- Free cash flow
- MX$1.64B 11.5% margin
- Returned to shareholders
- MX$797.2M 49% of free cash flow
- Change in cash
- MX$55.6M cash at year-end MX$312.4M
Cash from operations
MX$1.75B
Capital expenditures
−MX$107.3M
Dividends
−MX$797.2M
Net borrowing (repayment)
−MX$887.6M
Other financing
+MX$55.1M
Currency & other
+MX$47.3M
Change in cash
MX$55.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BWMX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BWMX cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | MX$372.7M2017 | MX$1.75B2025 | +18.7%/yr | |
| Capital expenditures | MX$33.7M2017 | MX$107.3M2025 | +13.7%/yr | |
| Free cash flow | MX$339.0M2017 | MX$1.64B2025 | +19.1%/yr | |
| Free cash flow margin | 23.4%2017 | 11.5%2025 | −11.9 pts | |
| Operating cash flow / net income | 1.792017 | 1.782025 | −0.01 | |
| Stock-based compensation | −MX$64.2M2017 | MX$02025 | — | |
| Dividends paid | MX$235.1M2017 | MX$797.2M2025 | +14.5%/yr | |
| Share buybacks (net) | MX$97.9M2018 | MX$02024 | −100.0% | |
| Capex / revenue | 2.3%2017 | 0.8%2025 | −1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BWMX cash flow by activity
OperatingInvestingFinancingChange in cash
BWMX net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BWMX cash flow statement in Mexican pesos
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | MX$978.0M | MX$711.5M | MX$1.05B | MX$732.5M | MX$1.82B | MX$338.4M | MX$472.1M | MX$226,960 | MX$299.3M | MX$207.7M |
| Depreciation & amortization | MX$389.5M | MX$392.2M | MX$375.1M | MX$358.1M | MX$81.9M | MX$43.6M | MX$38.4M | — | MX$26.0M | MX$24.2M |
| Stock-based compensation | MX$0 | −MX$8.9M | MX$4.2M | MX$5.9M | −MX$1.10B | MX$32.9M | −MX$208.5M | — | −MX$208.7M | −MX$64.2M |
| Change in working capital | −MX$371.2M | −MX$312.2M | MX$262.0M | −MX$344.3M | −MX$147.1M | MX$167.7M | −MX$7.7M | — | −MX$8.5M | MX$10.4M |
| Other non-cash items | MX$748.8M | MX$1.04B | MX$676.0M | MX$513.7M | MX$863.4M | MX$1.25B | MX$311.1M | −MX$527,560 | MX$230.1M | MX$194.6M |
| Cash from operating activities | MX$1.75B | MX$1.82B | MX$2.37B | MX$1.27B | MX$1.52B | MX$1.83B | MX$605.4M | −MX$300,600 | MX$338.2M | MX$372.7M |
| Investing activities | ||||||||||
| Capital expenditures | −MX$107.3M | −MX$222.3M | −MX$131.1M | −MX$169.7M | −MX$421.5M | −MX$713.6M | −MX$182.6M | MX$0 | −MX$21.3M | −MX$33.7M |
| Investments (net) | — | −MX$31.9M | −MX$27.7M | −MX$4.81B | −MX$8.8M | −MX$631.4M | −MX$175.6M | — | MX$13.5M | −MX$31.5M |
| Acquisitions & other investing | MX$6.2M | MX$222.3M | MX$93.4M | MX$169.7M | MX$54.3M | MX$713.6M | MX$182.6M | −MX$55.6M | MX$21.3M | MX$33.7M |
| Cash from investing activities | −MX$101.1M | −MX$31.9M | −MX$65.3M | −MX$4.81B | −MX$376.0M | −MX$631.4M | −MX$175.6M | −MX$55.6M | MX$13.5M | −MX$31.5M |
| Financing activities | ||||||||||
| Dividends paid | −MX$797.2M | −MX$998.1M | −MX$648.7M | −MX$949.6M | −MX$1.40B | −MX$830.0M | −MX$343.0M | — | −MX$235.1M | −MX$235.1M |
| Share repurchases & issuance (net) | — | MX$0 | −MX$57,000 | −MX$25.3M | MX$0 | MX$0 | — | MX$56.7M | −MX$97.9M | — |
| Net borrowing (repayment) | −MX$887.6M | −MX$447.9M | −MX$1.26B | MX$4.62B | MX$847.6M | −MX$53.7M | MX$9.1M | — | MX$14.9M | −MX$154.0M |
| Shares issued | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$250.3M | MX$0 | MX$0 | MX$0 | MX$0 |
| Other financing | MX$55.1M | −MX$599.1M | −MX$660.6M | −MX$591.6M | −MX$68.0M | −MX$107.1M | −MX$59.7M | −MX$548,670 | −MX$87.2M | MX$72.6M |
| Cash from financing activities | −MX$1.63B | −MX$2.05B | −MX$2.57B | MX$3.06B | −MX$620.4M | −MX$740.6M | −MX$393.5M | MX$56.1M | −MX$405.2M | −MX$316.5M |
| Summary | ||||||||||
| Net change in cash | MX$55.6M | −MX$253.2M | −MX$265.9M | −MX$489.1M | MX$525.4M | MX$436.1M | MX$36.3M | MX$175,830 | −MX$53.5M | MX$24.7M |
| Cash at end of period | MX$312.4M | MX$296.6M | MX$549.7M | MX$686.1M | MX$1.18B | MX$649.8M | MX$213.7M | MX$177.4M | MX$177.4M | MX$230.9M |
| Free cash flow | MX$1.64B | MX$1.60B | MX$2.24B | MX$1.10B | MX$1.10B | MX$1.12B | MX$422.8M | −MX$300,600 | MX$316.9M | MX$339.0M |
| Free cash flow margin | 11.5% | 11.4% | 17.2% | 9.5% | 10.9% | 15.5% | 13.7% | — | 13.7% | 23.4% |
| Capex / revenue | 0.8% | 1.6% | 1.0% | 1.5% | 4.2% | 9.9% | 5.9% | — | 0.9% | 2.3% |
| Operating cash flow / net income | 1.78 | 2.56 | 2.26 | 1.73 | 0.83 | 5.42 | 1.28 | −1.32 | 1.13 | 1.79 |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | MX$394.6M | MX$394.6M | MX$286.5M | MX$150.7M | MX$313.6M | MX$477.4M | MX$232.2M | MX$406.4M | −MX$409.8M | MX$599.0M | MX$295.3M | MX$406.1M |
| Depreciation & amortization | MX$99.2M | MX$99.2M | MX$90.7M | MX$101.4M | MX$95.1M | MX$198.0M | MX$101.1M | MX$97.5M | MX$2.1M | MX$190.8M | MX$94.7M | MX$97.5M |
| Stock-based compensation | — | — | — | — | — | MX$0 | MX$0 | MX$7.9M | MX$8.9M | −MX$8.9M | −MX$8.9M | MX$7.9M |
| Change in working capital | −MX$36.0M | −MX$36.0M | −MX$230.7M | −MX$287.0M | −MX$119.2M | −MX$325.8M | −MX$64.3M | MX$106.7M | −MX$164.4M | MX$1.8M | −MX$85.3M | MX$153.0M |
| Other non-cash items | MX$155.4M | MX$155.4M | MX$106.9M | −MX$8.0M | MX$281.1M | MX$225.3M | MX$271.1M | MX$113.6M | MX$545.1M | MX$134.8M | MX$88.5M | MX$67.5M |
| Cash from operating activities | MX$613.1M | MX$613.1M | MX$253.3M | −MX$42.9M | MX$570.6M | MX$574.8M | MX$540.1M | MX$732.1M | −MX$18.2M | MX$917.6M | MX$384.2M | MX$732.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −MX$3.25B | −MX$3.25B | −MX$17.6M | −MX$13.6M | −MX$18.9M | −MX$42.9M | −MX$47.3M | −MX$77.0M | −MX$41.1M | −MX$106.5M | −MX$27.4M | −MX$77.0M |
| Investments (net) | — | — | — | — | −MX$11.6M | −MX$14.5M | MX$3.1M | MX$2.7M | MX$72.0M | −MX$88.7M | −MX$17.9M | −MX$69.2M |
| Acquisitions & other investing | −MX$129.2M | −MX$129.2M | MX$689,343 | MX$16.7M | MX$18.9M | MX$42.9M | MX$46.9M | MX$5.0M | MX$41.1M | MX$106.5M | MX$27.4M | — |
| Cash from investing activities | −MX$3.38B | −MX$3.38B | −MX$16.9M | MX$3.1M | −MX$11.6M | −MX$14.5M | MX$2.7M | −MX$69.2M | MX$72.0M | −MX$88.7M | −MX$17.9M | — |
| Financing activities | ||||||||||||
| Dividends paid | −MX$198.5M | −MX$198.5M | −MX$203.3M | −MX$249.5M | −MX$199.6M | −MX$449.1M | −MX$249.5M | −MX$199.6M | MX$0 | −MX$499.0M | −MX$249.5M | −MX$199.6M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | MX$0 | — | — | MX$0 | −MX$814.0M | MX$0 |
| Net borrowing (repayment) | — | MX$3.25B | −MX$49.2M | −MX$885.3M | −MX$258.5M | MX$256.2M | MX$502.4M | −MX$211.8M | −MX$21.2M | — | — | — |
| Shares issued | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 |
| Other financing | MX$3.17B | −MX$79.3M | −MX$897,212 | MX$1.22B | −MX$159.3M | −MX$272.1M | −MX$815.6M | −MX$197.7M | −MX$14.9M | −MX$456.4M | MX$572.6M | −MX$409.6M |
| Cash from financing activities | MX$2.98B | MX$2.98B | −MX$253.3M | MX$87.3M | −MX$617.3M | −MX$465.1M | −MX$562.6M | −MX$609.2M | −MX$36.1M | −MX$955.4M | −MX$490.9M | −MX$609.2M |
| Summary | ||||||||||||
| Net change in cash | MX$209.3M | MX$209.3M | −MX$1.2M | MX$47.5M | −MX$58.3M | MX$95.2M | −MX$19.8M | MX$53.7M | −MX$106.9M | −MX$126.5M | −MX$124.6M | MX$53.7M |
| Cash at end of period | MX$521.1M | MX$521.1M | MX$309.0M | MX$344.1M | MX$333.5M | MX$391.8M | MX$296.6M | MX$549.7M | MX$316.4M | MX$423.2M | MX$425.2M | MX$549.7M |
| Free cash flow | −MX$2.64B | −MX$2.64B | MX$235.7M | −MX$56.5M | MX$551.8M | MX$531.9M | MX$492.8M | MX$655.1M | −MX$59.2M | MX$811.0M | MX$356.8M | MX$655.1M |
| Free cash flow margin | −63.4% | −63.4% | 6.7% | −1.6% | 16.3% | 14.9% | 13.0% | 19.3% | −1.8% | 23.9% | 9.9% | 19.3% |
| Capex / revenue | 78.1% | 78.1% | 0.5% | 0.4% | 0.6% | 1.2% | 1.3% | 2.3% | 1.2% | 3.1% | 0.8% | 2.3% |
| Operating cash flow / net income | 1.55 | 1.55 | 0.88 | −0.28 | 1.82 | 1.20 | 2.33 | 1.80 | — | 1.53 | 1.30 | 1.80 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Mexican pesos as reported; data from EODHD.
BWMX cash generation
In fiscal 2025 (ended December 31, 2025), Betterware de México, S.A.P.I. de C.V. generated MX$1.7 billion of cash from operations (down 4.3%) and spent MX$107.3 million on capital expenditures, leaving free cash flow of MX$1.6 billion, 11.5% of revenue. It returned MX$797.2 million to shareholders through dividends (MX$797.2 million) and net share buybacks (MX$0). Cash and equivalents rose by MX$55.6 million over the year.
Related: BWMX income statement, BWMX balance sheet, BWMX dividend history. See the BWMX stock overview for the latest quote and news.
BWMX cash flow FAQ
What is Betterware de México, S.A.P.I. de C.V.'s free cash flow?
Betterware de México, S.A.P.I. de C.V.'s free cash flow was MX$1.6 billion in fiscal 2025: MX$1.7 billion of operating cash flow minus MX$107.3 million of capital expenditures It was MX$1.6 billion a year earlier..
How much cash does Betterware de México, S.A.P.I. de C.V. generate from operations?
Betterware de México, S.A.P.I. de C.V. generated MX$1.7 billion of cash from operating activities in fiscal 2025, 1.78 times its net income of MX$978.0 million.
How much does Betterware de México, S.A.P.I. de C.V. spend on capital expenditures?
Betterware de México, S.A.P.I. de C.V. spent MX$107.3 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with MX$222.3 million the year before.
How much does Betterware de México, S.A.P.I. de C.V. pay in dividends?
Betterware de México, S.A.P.I. de C.V. paid MX$797.2 million in dividends in fiscal 2025, 48.7% of free cash flow.