AMX vs VOD: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 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.

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 VOD 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 VOD 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

Vodafone Group is one of Europe's largest telecommunications companies, providing mobile and fixed-line broadband, TV, and business connectivity services across markets including Germany, the UK, and other European and African countries, plus a large IoT and digital-services arm. The US-listed VOD ADR gives American investors dollar-denominated exposure to the group (each ADR represents ten ordinary London-listed shares). Over recent years management has reshaped the portfolio, exiting Italy and Spain, trimming its stake in the Vantage Towers infrastructure unit, and merging Vodafone UK with Three UK to create VodafoneThree, now the largest mobile operator in the UK with over 28 million customers.

Full VOD 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.
• VOD drivers: Germany recovery; VodafoneThree UK integration.

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 EPS misses in each quarter from late 2025 through Q2 2026 showed. For VOD, germany remains the biggest risk, where regulatory changes to TV bundling cost Vodafone roughly half of about 8.5 million bundled TV households and where it competes as the number-two mobile player behind Deutsche Telekom alongside O2, leaving it exposed to price-led churn.

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; VOD 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 VOD guides.

AMX. America Movil trades at about 14 times trailing and 11 times forward earnings, at or below large telecom peers, with a dividend yield near 2.6% and a payout ratio around 37%. Reported figures are dominated by the Mexican peso conversion, so US-dollar ADR results can move even when local-currency operations are stable. Consensus expects EPS to rise to about $1.87 in 2026 and about $2.07 in 2027, so the forward multiple assumes the recent run of misses ends.

VOD. Vodafone reported FY26 (year ended March 2026) total revenue up about 8% to roughly €40.5 billion, lifted by the Three UK consolidation, and it hit the top end of its guidance on EBITDAaL and free cash flow. After a 41% one-year rise in the ADR, the stock trades near 9.7x forward earnings and under 1x sales with a yield around 3.4%, still a value-and-income profile but a less discounted one than in July. Figures are group results in euros; the US-listed VOD ADR represents ten ordinary shares, and first-half FY27 results are due November 10, 2026.

Headline figures (approximate, October 2026): AMX shows revenue (ttm) ~Ps.956 billion (Q2 2026 up ~3% year over year), revenue (2025) ~Ps.944 billion (~$50 billion USD), net income (ttm) ~Ps.89.6 billion (profit margin ~9%), eps (q2 2026, per adr) ~$0.47 vs ~$0.52 expected; VOD shows revenue (fy26) ~€40.5B, up ~8%, service revenue (fy26) ~€33.5B, adjusted ebitdaal (fy26) ~€11.4B, adjusted free cash flow (fy26) ~€2.6B.

AMX and VOD 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 VOD exposure against your real portfolio. It is not an investment adviser.