Colombia macroeconomic monitordata as of 9 Oct 2026
Colombia's companies
Size, profitability, leverage and concentration of the 10,000 largest companies, their sectors and regions, the stock market, credit to firms and how many companies are born and close.
Colombia's companies in twelve measures
- The 10,000 largest companies sold COP 1,853 trillion in 2025 (+5.0% nominal vs 2024) and earned COP 131.7 trillion: $7.1 per $100 of sales.
- The top 100 account for 33.2% of that revenue and Commerce is the sector that sells most.
- Credit to companies grows +2.2% in real terms a year and 103,467 companies were created over the last 12 months.
Which companies move the market?
- The Colombian stock index (COLCAP) moved +34.7% over the last twelve months.
- Colombia's Magnificent 7 —the seven largest companies in the COLCAP: Grupo Cibest, Grupo Sura, Ecopetrol, ISA, Grupo Argos, Grupo Energía Bogotá, Cementos Argos— make up 85% of the index.
- Over the past twelve months the COLCAP moved +35.1%, an equal-weighted index of all its stocks +28.0% and the Magnificent 7 +38.0%.
- Since the COLCAP beats the average stock, gains are concentrated in the largest companies.
?Index summarising the prices of the most traded Colombian stocks. Excludes dividends.
?All three lines start at 100 at the beginning of the period chosen above (3, 5, 10 years or all). Blue: the official COLCAP, where large companies weigh more. Green: every stock weighs the same. Orange: only the Magnificent 7, equally weighted. Below, each one's 12-month return.
?Orange bars are the Magnificent 7 (common and preferred shares of the same company are added up). A high weight means that stock moves the index a lot.
The Magnificent 7 today
| Company | COLCAP weight | Price | 1 month | Year to date | 12 months |
|---|---|---|---|---|---|
| Grupo Cibest PFCIBEST + CIBEST · Servicios Financieros | 38.0% | $76,020 | ▼ -4.4% | ▲ +27.1% | ▲ +43.8% |
| Grupo Sura PFGRUPSURA + GRUPOSURA · Servicios Financieros | 12.3% | $58,500 | ▲ +0.9% | ▲ +33.0% | ▲ +63.2% |
| Ecopetrol ECOPETROL · Energía | 8.9% | $2,700 | ▼ -3.2% | ▲ +44.4% | ▲ +53.8% |
| ISA ISA · Servicios Públicos | 8.9% | $28,700 | ▼ -6.9% | ▲ +16.4% | ▲ +23.9% |
| Grupo Argos GRUPOARGOS + PFGRUPOARG · Materiales | 7.7% | $20,960 | ▼ -8.8% | ▲ +23.4% | ▲ +18.4% |
| Grupo Energía Bogotá GEB · Servicios Públicos | 5.3% | $3,010 | ▲ +1.7% | ▲ +1.3% | ▲ +3.6% |
| Cementos Argos CEMARGOS · Materiales | 4.3% | $11,320 | ▼ -1.4% | ▲ +5.2% | ▲ +8.0% |
Method: basket and weights of the iShares MSCI COLCAP fund (BlackRock), which tracks the index, updated daily. Weekly closing prices from Yahoo Finance (price only, like the COLCAP). The Magnificent 7 are the seven largest companies and are recomputed with each basket. Equal-weighted and Magnificent 7: simple average of weekly stock returns (weekly rebalancing); weekly returns beyond ±60% are dropped as source errors. The current basket is applied backwards, so companies that left the index are omitted (survivorship bias).
Inside the stock market: shares and sectors
- Over the last 12 months 15 of the 19 COLCAP companies rose on the stock market.
- The top gainer was Mineros (+68.8%) and the biggest loser Patrimonio Estrategias Inmobil (-17.2%).
- The financial sector weighs 58.3% of the index.
?52-week change in closing price (excluding dividends), one bar per company (its share with the largest index weight). Green: rose; orange: fell.
?Sum of the weights of each sector's shares in the index's current basket.
The 10,000 largest companies
- Between 2021 and 2025 revenue went from COP 1,306 to 1,853 trillion and profits from COP 118.3 to 131.7 trillion.
- The net margin was 7.1% in 2025 (series high: 9.6% in 2022) and leverage 53.7%.
- The list changes every year (companies enter and leave), so comparisons show each year's 10,000 largest.
?Current COP trillion. Bars: operating revenue (left axis). Line: profits (right axis).
?Net margin = profit / revenue; return on equity = profit / equity; leverage = liabilities / assets. All for the aggregate of each year's 10,000.
Which sectors are they in and which earn most?
- Commerce generates 34.6% of revenue, Services 26.4% and Manufacturing 22.9%.
- The highest margin is in Services (14.6%) and the lowest in Commerce (2.6%).
- Construction is the sector whose revenue grew most vs 2024 (+20.0%); Mining and oil, the one that fell most (-14.1%).
?Share of each macro-sector in the 10,000 companies' revenue. Hover for the value and the change vs the previous year.
?Net margin and return on equity of each macro-sector.
| Sector | Companies | Revenue (trillion) | % of revenue | Annual change | Margin | Return on equity | Leverage |
|---|---|---|---|---|---|---|---|
| Commerce | 3,718 | 640.6 | 34.6% | +13.1% | 2.6% | 8.9% | 54.8% |
| Services | 2,925 | 488.7 | 26.4% | -2.3% | 14.6% | 12.8% | 50.8% |
| Manufacturing | 2,016 | 423.7 | 22.9% | +8.8% | 4.9% | 10.5% | 51.4% |
| Mining and oil | 177 | 166.1 | 9.0% | -14.1% | 7.9% | 9.3% | 53.8% |
| Construction | 745 | 91.6 | 4.9% | +20.0% | 8.9% | 10.7% | 70.2% |
| Agriculture | 419 | 42.1 | 2.3% | +9.8% | 3.8% | 6.5% | 46.5% |
Where are the companies?
- Bogotá and Cundinamarca hold 56.4% of revenue and 48% of the 10,000 companies; Antioquia, 17.2% of revenue.
- The other regions add up to 26.4%.
- Figures are assigned to the company's registered address, not where it produces.
?Share of each region (by company address) in revenue and in the number of companies.
How concentrated is activity?
- The 10 largest companies generate 14.6% of the 10,000's revenue, the top 100 33.2% and the top 1,000 66.4%.
- The largest is Ecopetrol S.A.
- (COP 100.6 trillion, 5.4% of the total).
?Percentage of the 10,000's revenue generated by the N largest companies (horizontal axis on a log scale).
| # | Company | Sector | Revenue (trillion) | Profit (trillion) | Margin |
|---|---|---|---|---|---|
| 1 | Ecopetrol S.A. | Mining and oil | 100.59 | 9.03 | 9.0% |
| 2 | Organización Terpel S.A. | Commerce | 26.40 | 0.63 | 2.4% |
| 3 | Refineria de Cartagena S.A. | Manufacturing | 22.40 | -0.82 | -3.7% |
| 4 | D1 S.A.S. | Commerce | 21.61 | 0.42 | 1.9% |
| 5 | Empresas Públicas de Medellín E.S.P. | Services | 20.29 | 4.88 | 24.1% |
| 6 | Almacenes Exito S.A. | Commerce | 16.92 | 0.59 | 3.5% |
| 7 | Jeronimo Martins Colombia S.A.S. | Commerce | 16.37 | -0.58 | -3.5% |
| 8 | Comunicación Celular S.A. | Services | 16.35 | 0.96 | 5.9% |
| 9 | Aerovias del Continente Americano S.A. Avianca | Services | 15.12 | 0.90 | 6.0% |
| 10 | Emgesa S.A. E.S.P. | Services | 14.85 | 3.03 | 20.4% |
| 11 | Colombiana de Comercio S.A. | Commerce | 14.58 | 0.40 | 2.7% |
| 12 | Kopps Comercial S.A.S. | Commerce | 12.98 | 1.13 | 8.7% |
| 13 | Primax Colombia S.A. | Commerce | 11.06 | 0.15 | 1.4% |
| 14 | Cenit Transporte y Logística de Hidrocarburos… | Services | 9.93 | 5.12 | 51.6% |
| 15 | Bavaria y Compañia Sca | Manufacturing | 9.34 | 3.34 | 35.8% |
How do companies finance themselves?
- Commercial loans (peso credit to companies) grow +2.2% in real terms a year, vs +3.3% for total credit.
- Corporate (preferential) credit costs 14.68% and ordinary 15.58%.
- Non-financial corporations owe, in net terms, 66.7% of GDP to other sectors, and private-sector external debt totals US$93,450 million (Sep 2025).
?Solid lines: annual real growth of commercial and total loans (left axis). Dotted: preferential and ordinary lending rates (right axis).
?Financial assets minus liabilities of each institutional sector (Banco de la República financial accounts). Negative = the sector is financed by the others.
Are companies being born or closing?
- Over the last 12 months 103,467 companies and 239,044 self-employed persons registered with the chambers of commerce, and 28,526 and 223,567 were cancelled.
- Compared with the previous year, company creation changed -0.3%.
- Cancellations include registry clean-ups, hence the jumps.
?Registrations and cancellations in the chambers of commerce's business register (RUES). Companies = principal legal entities and non-profits.
Methodological basis and literature
- Modigliani, F. y Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261–297.How leverage, equity and firm value relate.
- Rajan, R. G. y Zingales, L. (1998). Financial Dependence and Growth. American Economic Review, 88(3), 559–586.Credit-dependent sectors grow faster where the financial system is deeper.
- Bernanke, B. S., Gertler, M. y Gilchrist, S. (1999). The Financial Accelerator in a Quantitative Business Cycle Framework. Handbook of Macroeconomics, 1C, 1341–1393.Firms' financial health amplifies the business cycle.
- Gabaix, X. (2011). The Granular Origins of Aggregate Fluctuations. Econometrica, 79(3), 733–772.When a few firms are very large, their shocks move the whole economy.
- Hsieh, C.-T. y Klenow, P. J. (2009). Misallocation and Manufacturing TFP in China and India. Quarterly Journal of Economics, 124(4), 1403–1448.Resource allocation across firms and aggregate productivity.
- Superintendencia de Sociedades. Informe de las 10.000 empresas más grandes del país (2026, cifras a diciembre de 2025).Source of the size, profitability and leverage figures.
- Banco de la República. Reporte de Estabilidad Financiera (semestral).Official monitoring of firms' financial condition and debt.
Frequently asked questions
How are Colombia's largest companies doing?
The 10,000 largest companies sold COP 1,853 trillion in 2025 (+5.0% nominal vs 2024) and earned COP 131.7 trillion: $7.1 per $100 of sales. The top 100 account for 33.2% of that revenue and Commerce is the sector that sells most.
What is the COLCAP?
The price index of the most liquid stocks on the Colombian Stock Exchange, calculated by MSCI since 2021.
Where does the 10,000 companies data come from?
From the Superintendence of Companies' annual report on the 10,000 largest companies, published on the government open-data portal.