AMX vs VIV: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
AMX (America Movil) and VIV (Telefonica Brasil) share investment themes but are different businesses. The right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme.
AMX vs VIV: the tie-breaker metrics
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.
| Metric | AMX | VIV | What it tells you |
|---|---|---|---|
| Forward P/E | 12.04 | 12.24 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 14.91 | 16.15 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.22 | 0.22 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 70% of range | 25% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 3.52 | 3.08 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how AMX and VIV affect your concentration
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 VIV 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 VIV 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.
What does America Movil (AMX) do?
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.
What does Telefonica Brasil (VIV) do?
Telefonica Brasil, which operates under the Vivo brand, is the largest telecommunications company in Brazil. It provides mobile voice and data service, fiber and fixed broadband, pay TV, and digital services to consumers and businesses across the country. The company is the mobile market leader with roughly 103 million mobile accesses and about a 38% share, and it has been aggressively expanding fiber-to-the-home, reaching around 31 million homes passed and roughly 7.8 million connected homes by the end of 2025. Vivo makes money primarily from recurring monthly mobile and broadband subscriptions, with postpaid mobile and FTTH fiber the main growth engines while legacy fixed voice and DSL decline.
AMX vs VIV: how do they differ?
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.
- VIV drivers: Market-leading mobile franchise; Fiber (FTTH) expansion.
Which fits which kind of investor
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 VIV, as an ADR, VIV carries meaningful currency risk: even when Vivo grows in Brazilian reais, a weaker real reduces the dollar value of both the share price and the dividend for US holders.
AMX or VIV: which should you pick?
AMX vs VIV: the full fundamentals
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.
VIV. VIV trades as a high-yield emerging-market telecom, valued more on its dividend and cash generation than on growth. The company distributes essentially all of its net income to shareholders, so the ADR behaves like an income holding whose dollar return depends on both operating results and the Brazilian real. All figures are approximate and as of July 2026.
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; VIV shows net operating revenue (fy2025) ~R$59.6 billion (~$11 billion), net income (fy2025) ~R$6.2 billion (~$1.1 billion), revenue growth (fy2025) ~7% year over year, dividend yield (adr) ~5% to 6%.
The bottom line: AMX vs VIV
AMX and VIV 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 VIV exposure against your real portfolio. It is not an investment adviser.
Wondering how AMX or VIV fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in America Movil with AI
Connect the broker you already use and ask Walnut's AI how AMX fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between AMX and VIV?
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America Movil, S.A.B. Telefonica Brasil, which operates under the Vivo brand, is the largest telecommunications company in Brazil. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is AMX or VIV the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, AMX or VIV?
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On forward P/E (as of August 2026), AMX trades at 12.04x and VIV at 12.24x, so AMX is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both AMX and VIV?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of AMX vs VIV?
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AMX: 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. The company is deemed to be controlled by the Slim family, so minority ADR holders have limited influence over strategy and governance. Telecom is capital-intensive and heavily regulated, and America Movil's leading market positions attract antitrust and pricing scrutiny in Mexico and other countries. Competition from rivals such as Telefonica, AT&T's Mexican unit, and local carriers pressures pricing, and macroeconomic or political instability across Latin America can dampen demand and complicate operations. VIV: As an ADR, VIV carries meaningful currency risk: even when Vivo grows in Brazilian reais, a weaker real reduces the dollar value of both the share price and the dividend for US holders. The Brazilian telecom market is competitive, with Claro (America Movil) and TIM Brasil fighting for the same customers, plus regional fiber players like Brisanet and numerous small ISPs pressuring broadband pricing. The business is capital-intensive, requiring continuous spending on 5G and fiber, and the very high payout ratio leaves limited buffer if earnings weaken. The company is also exposed to Brazilian macro and political conditions, including interest rates, inflation, and regulation, and Telefonica S.A.'s roughly 74% control means minority ADR holders have limited influence over strategy.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell AMX or VIV; figures are approximate and dated (as of August 2026). Verify current data before investing.