Betterware de México, S.A.P.I. de C.V. (BWMX) Margin Analysis

Betterware de México, S.A.P.I. de C.V.

BWMX (NASDAQ)

(%)

Models
Betterware de México, S.A.P.I. de C.V. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 17	2024 Dec 31	2023 Dec 31	2022 Dec 31	2021 Dec 31
Revenue	14,218	676.3	765.9	590	490.2
Revenue Growth Rate	2,002%	-11.7%	29.82%	20.35%	34.79%
Cost of Revenue	5,087	216.8	217.9	204.2	219
Gross Profit	9,130	459.5	548	385.8	271.2
Gross Margin	64.22%	67.94%	71.55%	65.38%	55.32%
Operating Income	2,052	80.88	138.1	104	126.7
Operating Margin	14.44%	11.96%	18.03%	17.63%	25.84%
Net Income	1,025	34.14	61.79	44.74	85.29
Net Margin	7.21%	5.05%	8.07%	7.58%	17.4%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 17	2024 Dec 31	2023 Dec 31	2022 Dec 31	2021 Dec 31
Revenue	14,218	676.3	765.9	590	490.2
Cash from Operating Activities	1,643	87.47	139.3	64.91	71.36
Cash from Operating Activities Margin	11.55%	12.93%	18.19%	11%	14.56%
Free Cash Flow	1,520	76.81	131.6	56.21	51.8
Free Cash Flow Margin	10.69%	11.36%	17.19%	9.53%	10.57%
Depreciation and Amortization	495.5	18.81	22.09	18.36	4
Depreciation and Amortization Margin	3.48%	2.78%	2.88%	3.11%	0.816%
Capital Expenditure	-122.7	-10.66	-7.72	-8.7	-19.56
Capital Expenditure Margin	-0.863%	-1.58%	-1.01%	-1.47%	-3.99%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2021", "x": "2021-12-31", "y": 55.32}, {"l": "2022", "x": "2022-12-31", "y": 65.38}, {"l": "2023", "x": "2023-12-31", "y": 71.55}, {"l": "2024", "x": "2024-12-31", "y": 67.94}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2021", "x": "2021-12-31", "y": 25.84}, {"l": "2022", "x": "2022-12-31", "y": 17.63}, {"l": "2023", "x": "2023-12-31", "y": 18.03}, {"l": "2024", "x": "2024-12-31", "y": 11.96}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2021", "x": "2021-12-31", "y": 17.4}, {"l": "2022", "x": "2022-12-31", "y": 7.58}, {"l": "2023", "x": "2023-12-31", "y": 8.07}, {"l": "2024", "x": "2024-12-31", "y": 5.05}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2021", "x": "2021-12-31", "y": 10.57}, {"l": "2022", "x": "2022-12-31", "y": 9.53}, {"l": "2023", "x": "2023-12-31", "y": 17.19}, {"l": "2024", "x": "2024-12-31", "y": 11.36}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q3) Oct 22	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30	2024 (Q2) Jun 30
Revenue	3,377	3,563	3,499	3,778	3,330	3,389
Revenue Growth Rate	-5.2%	1.81%	-7.39%	13.45%	-1.74%
Cost of Revenue	1,065	1,171	1,183	1,669	959.1	940.9
Gross Profit	2,313	2,392	2,316	2,110	2,371	2,448
Gross Margin	68.47%	67.14%	66.18%	55.84%	71.2%	72.24%
Operating Income	627.1	582.2	433.9	409.3	59.05	557.9
Operating Margin	18.57%	16.34%	12.4%	10.83%	1.77%	16.46%
Net Income	314.2	327.3	151.4	232.4	-115.6	300.8
Net Margin	9.3%	9.19%	4.33%	6.15%	-3.47%	8.87%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q3) Oct 22	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30	2024 (Q2) Jun 30
Revenue	3,377	3,563	3,499	3,778	3,330	3,389
Cash from Operating Activities	570.6	574.8	-42.9	540.1	-18.15	917.6
Cash from Operating Activities Margin	16.9%	16.13%	-1.23%	14.29%	-0.545%	27.07%
Free Cash Flow	551.8	531.9	-56.47	492.8	-59.24	811
Free Cash Flow Margin	16.34%	14.93%	-1.61%	13.04%	-1.78%	23.93%
Depreciation and Amortization	95.07	198	101.4	101.1	2.14	190.8
Depreciation and Amortization Margin	2.81%	5.56%	2.9%	2.67%	0.064%	5.63%
Capital Expenditure	-18.86	-42.91	-13.57	-47.33	-41.08	-106.5
Capital Expenditure Margin	-0.558%	-1.2%	-0.388%	-1.25%	-1.23%	-3.14%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q2)", "x": "2024-06-30", "y": 72.24}, {"l": "2024 (Q3)", "x": "2024-09-30", "y": 71.2}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 55.84}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 66.18}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 67.14}, {"l": "2025 (Q3)", "x": "2025-10-22", "y": 68.47}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q2)", "x": "2024-06-30", "y": 16.46}, {"l": "2024 (Q3)", "x": "2024-09-30", "y": 1.77}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 10.83}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 12.4}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 16.34}, {"l": "2025 (Q3)", "x": "2025-10-22", "y": 18.57}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q2)", "x": "2024-06-30", "y": 8.87}, {"l": "2024 (Q3)", "x": "2024-09-30", "y": -3.47}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 6.15}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 4.33}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 9.19}, {"l": "2025 (Q3)", "x": "2025-10-22", "y": 9.3}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q2)", "x": "2024-06-30", "y": 23.93}, {"l": "2024 (Q3)", "x": "2024-09-30", "y": -1.78}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 13.04}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": -1.61}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 14.93}, {"l": "2025 (Q3)", "x": "2025-10-22", "y": 16.34}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}