AMX vs TEO: How America Movil and Telecom Argentina Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: AMX is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AMX and TEO share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AMX and TEO exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

America Movil, S.A.B. de C.V. (AMX) is the largest telecommunications company in Latin America, headquartered in Mexico City and controlled by the Slim family. It provides wireless service under the Telcel brand in Mexico and the Claro brand across most of Latin America, alongside fixed-line telephone, broadband, and pay-TV services (including Telmex in Mexico) and enterprise and cloud solutions. As of the end of 2025 the company served roughly 331 million wireless subscribers and about 79 million fixed revenue-generating units across markets spanning Mexico, Brazil, Colombia, Argentina, the Andean and Central American regions, the Caribbean, and several countries in Central and Eastern Europe. The US-listed security is an ADR that trades on the NYSE and represents a block of the company's underlying Mexican shares.

Full AMX guide

Telecom Argentina S.A. is the largest integrated telecommunications operator in Argentina, selling mobile, fixed broadband, cable television and fixed voice under the Personal and Flow brands, plus fintech through Personal Pay. It is controlled through a shareholders' agreement between Cablevision Holding (the Grupo Clarin vehicle) and Fintech Telecom, with Argentina's ANSES pension fund holding roughly 11% of total capital. In February 2025 it closed the roughly US$1.245 billion purchase of Telefonica Moviles Argentina, the local Movistar business, which took the Argentine mobile market from three national operators to two. As of June 30, 2026 the combined group served about 19.4 million mobile lines under Telecom and another 19.5 million under the acquired Movistar unit, roughly 5.9 million fixed broadband accesses and about 3.8 million pay TV subscribers, with smaller operations in Paraguay (Nucleo), Uruguay, Chile and US wholesale.

Full TEO guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AMX drivers: Postpaid and data-led revenue growth; Free cash flow and deleveraging.
• TEO drivers: Integrating Movistar Argentina while giving part of it away; Pricing above inflation as disinflation takes hold.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is currency: most revenue is earned in Latin American currencies while the ADR and dividend are in US dollars, so a strong Mexican peso or weak regional currencies can swing reported earnings, as a currency-driven EPS miss in early 2026 showed. For TEO, the single largest risk is that the reported numbers are an artifact of Argentine macro rather than operations: IAS 29 restatement, the inflation index chosen and the peso-versus-dollar path can move net income by hundreds of billions of pesos in either direction without a single subscriber changing behavior, and the 2025 full-year loss versus the 2026 first-half profit is the clearest illustration.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AMX if you believe its drivers more; TEO if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AMX and TEO guides.

AMX. America Movil trades at a mid-teens earnings multiple, roughly in line with large telecom peers and below high-growth tech. Reported figures are dominated by the Mexican peso conversion, so US-dollar ADR results can move even when local-currency operations are stable. Free cash flow rose meaningfully in 2025 while net debt fell, supporting the dividend and buybacks.

TEO. All peso figures are restated under IAS 29 hyperinflation accounting into the measuring unit at June 30, 2026, and prior-year comparatives are re-expressed using the 33.5% annual national CPI, so nominal growth and real growth are very different numbers here. Dollar conversions above use roughly 1,500 Argentine pesos per dollar and are approximations, because the constant-currency peso figures and the spot rate refer to different moments. Each ADR represents five Class B shares under a JP Morgan deposit agreement, which is why the ADR price is about five times the underlying BYMA-listed TECO2 share price translated into dollars.

Headline figures (approximate, July 2026): AMX shows revenue (2025) ~Ps.944 billion (~$50 billion USD), net profit (2025) ~Ps.88 billion (~$4.6 billion USD), wireless subscribers ~331 million, market cap ~$75-80 billion; TEO shows revenue (1h 2026) ~P$5.08 trillion, roughly ~$3.4B at ~1,500 pesos per dollar, +16.0% vs 1H25 in constant pesos, operating income before d&a (1h 2026) ~P$1.82 trillion, a ~35.8% margin, up ~5.8 points year over year, net income (1h 2026) ~P$869 billion, versus a ~P$101 billion net loss in 1H 2025, full-year 2025 result revenue ~P$8.33 trillion with a net loss of ~P$145 billion.

AMX and TEO are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AMX and TEO exposure against your real portfolio. It is not an investment adviser.