By Brazil Stock Guide – Petrobras (B3: PETR4; NYSE: PBR) and Itaú Unibanco (B3: ITUB4; NYSE: ITUB) have overtaken Mercado Livre (Nasdaq: MELI), pushing the e-commerce giant from first to third place in Latin America’s market capitalization ranking. The data, compiled by Elos Ayta in a study, shows a sharp rotation in investor preference at the start of 2026.
Petrobras now leads the region with a market value of $100.9 billion as of Feb. 23, 2026, after adding $26.3 billion since year-end 2025 — the largest absolute increase in the ranking. Itaú follows at $97.8 billion, up $22.1 billion in the period. Mercado Livre fell to $94.5 billion after losing $7.6 billion in market value, ending a leadership cycle that began in August 2024.
The reshuffle highlights a renewed preference for traditional sectors tied to commodities and financial intermediation. Petrobras benefited from energy price resilience and capital discipline, while Itaú capitalized on strong banking spreads in Brazil. Meanwhile, growth-focused technology valuations cooled across emerging markets.
Five of the top 10 companies are Brazilian, reinforcing Brazil’s dominance in the regional equity landscape. Mexico has three representatives, while Argentina retains only Mercado Livre in the top tier.
Top Public Companies in Latin America by Market Cap
(US$ million | Source: Elos Ayta)
| Company | Country | 31/12/2025 | 23/02/2026 | Change |
|---|---|---|---|---|
| Petrobras | Brazil | 74,559 | 100,866 | +26,307 |
| Itaú Unibanco | Brazil | 75,639 | 97,792 | +22,153 |
| Mercado Livre | Argentina | 102,117 | 94,523 | -7,594 |
| Grupo México | Mexico | 73,533 | 92,685 | +19,152 |
| Nu Holdings | Cayman Islands | 80,664 | 78,014 | -2,650 |
| BTG Pactual | Brazil | 58,654 | 74,177 | +15,523 |
| Vale | Brazil | 55,827 | 72,247 | +16,420 |
| América Móvil | Mexico | 62,343 | 71,938 | +9,595 |
| Walmart de México | Mexico | 53,919 | 57,623 | +3,704 |
| Ambev | Brazil | 39,336 | 48,965 | +9,629 |
Structural Shift
Only two companies in the ranking lost value in 2026: Mercado Livre and Nu Holdings. All others posted gains — some sharply — including Vale (+$16.4 billion), BTG Pactual (+$15.5 billion) and Grupo México (+$19.1 billion).
A weaker U.S. dollar — down 6.16% in 2026 — also amplified the dollar-denominated valuations of companies listed in Brazil, reinforcing their rise in the regional hierarchy.
More than a simple ranking change, the drop of Mercado Livre from first to third underscores how rapidly capital rotates in emerging markets. In Latin America, commodities, banking spreads and currency swings remain decisive forces capable of redrawing the corporate map in a matter of weeks.
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