BCE Inc BCE

Communication ServicesTelecommunications ServicesCanada

Last close 28.49 CAD on Nov 1, 2026, −9.5% year to date

Quant rating

Quant rating B Rank 4 of 12 in Communication Services

Growth C 6 of 12
Valuation B 4 of 12
Quality B 4 of 12
Revisions A 1 of 12
Momentum C 8 of 12

Wall Street consensus Buy (2.42)Average target 36.91 CAD +29.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 26.6B
Enterprise value: 71.4B
52-week range: 26.66 – 36.25
3-year range: 26.66 – 56.02
Dividend yield: 6.14%
Beta (5 years): 0.65
Shares outstanding: 933M
Next earnings: Nov 5, 2026

About the company

BCE Inc. is a Canada-based communications company. The Company provides advanced Bell broadband Internet, wireless, television (TV), media and business communications services. The Company operates through two segments: Bell Communication and Technology Services (Bell CTS) and Bell Media. The Bell CTS segment includes providing a range of communication products and services to consumers, businesses and government customers across Canada; wireless products and services; wireline products and services, and its wholesale business. Its brands include Bell, Bell MTS, Bell Aliant, Virgin Plus, Fibe, Lucky Mobile and Northwestel. The Bell Media segment is a media and entertainment company with a portfolio of assets in video, audio and OOH advertising, and digital media, monetized through traditional and digital platforms. The Company also serves customers in the United States Pacific Northwest through Ziply Fiber.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	24,468	24,409	24,673	24,174	23,449	–
Revenue growth	0.2%	−1.1%	2.1%	3.1%	2.5%	1.3%
EPS (basic, normalized)	2.80	3.04	3.21	3.35	3.19	–
EPS growth	−7.9%	−5.3%	−4.2%	5.0%	–	–
Gross margin	68.4%	68.4%	67.9%	68.4%	68.9%	68.4%
Net margin	25.8%	0.7%	8.4%	11.2%	11.6%	11.5%
ROE	32.2%	1.8%	10.7%	12.8%	13.0%	14.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	479
Current ratio	0.73x
Long-term debt (mil)	37,522
Net debt (mil)	44,827
Total equity (mil)	23,864
Net debt / equity	1.88x
Net debt / EBITDA	4.21x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	24,468	+0.2%	2.9x	10,658	+0.9%	6.7x	2.80	−7.9%	10.2x
2026	24,893	+1.7%	2.9x	10,770	+1.1%	6.6x	2.58	−7.9%	11.1x
2027	25,272	+1.5%	2.8x	11,006	+2.2%	6.5x	2.67	+3.6%	10.7x
2028	25,847	+2.3%	2.8x	11,369	+3.3%	6.3x	2.89	+8.1%	9.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	24,893	−0.2%	−0.3%	−0.8%	2.58	−0.3%	+0.1%	+0.3%
2027	25,272	−0.3%	−0.4%	−0.9%	2.67	+0.2%	−0.2%	−1.9%
2028	25,847	0.0%	−0.1%	−1.1%	2.89	+0.2%	+0.3%	−1.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,011	6,005	5,971	6,422	5,930	6,085	6,049	6,404	6,168	6,176
Sales mean (mil)	6,046	6,062	6,032	6,348	5,923	5,949	6,075	6,550	6,085	6,168
Surprise	−0.6%	−0.9%	−1.0%	+1.2%	+0.1%	+2.3%	−0.4%	−2.2%	+1.4%	+0.1%
EPS reported	0.72	0.78	0.75	0.79	0.69	0.63	0.79	0.69	0.63	0.65
EPS mean	0.69	0.78	0.77	0.72	0.62	0.71	0.72	0.63	0.58	0.63
Surprise	+3.9%	−0.1%	−2.6%	+10.2%	+11.7%	−11.3%	+10.4%	+9.0%	+9.3%	+3.6%

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BCE BCE Inc	26.6B	4.21x	25.8%	1.11x	11.1x	10.7x	6.6x	6.5x
VZ Verizon Communications Inc	259.3B	3.26x	12.4%	1.75x	8.8x	8.4x	6.5x	6.3x
TMUS T-Mobile US Inc	231.8B	2.47x	12.4%	2.95x	14.0x	11.1x	6.7x	6.2x
T AT&T Inc.	201.7B	3.60x	17.4%	1.36x	8.9x	8.2x	6.4x	6.3x
DTEGn Deutsche Telekom AG	197.5B	3.57x	8.1%	2.07x	11.5x	10.0x	5.8x	5.4x
CMCSA Comcast Corporation	115.3B	2.14x	16.2%	0.89x	6.6x	6.6x	4.9x	4.9x
Mean		3.21x	15.4%	1.69x	10.2x	9.2x	6.2x	5.9x
Median		3.42x	14.3%	1.55x	10.0x	9.2x	6.5x	6.2x

Technical analysis

1M−2.4%
3M−6.2%
1Y−8.6%
3Y−30.2%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, BCE Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	24,468	24,409	24,673	24,174	23,449	22,883
Cost of revenue	7,720	7,705	7,926	7,641	7,290	6,967
Gross profit	16,748	16,704	16,747	16,533	16,159	15,916
Selling, general & administrative expenses	6,030	6,049	6,240	6,277	6,209	6,262
Research & development	60.0	66.0	90.0	57.0	57.0	47.0
Depreciation/amortization	5,238	5,041	4,918	4,723	4,609	4,404
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1,295	2,644	344	391	459	638
Other operating expenses	0	0	0	0	0	0
Operating income	4,125	2,904	5,155	5,085	4,825	4,565
Net interest income (expense)	3,520	−2,039	−1,984	−1,236	−905	−1,153
Gain (loss) on sale of assets	−26.0	−38.0	11.0	−27.0	−24.0	−83.0
Other non-operating income (expense)	88.0	125	141	71.0	40.0	−64.0
Net income before taxes	7,707	952	3,323	3,893	3,936	3,265
Provision for taxes	1,193	577	996	967	1,044	792
Minority interest	−54.0	−31.0	−64.0	−58.0	−52.0	−65.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	6,460	344	2,263	2,868	2,840	2,408
Extraordinary items	–	–	–	–	0	226
Net income	6,460	344	2,263	2,868	2,840	2,634
EBIT, normalized	5,420	5,548	5,499	5,476	5,284	5,203
EBITDA, normalized	10,658	10,589	10,417	10,199	9,893	9,607
Basic EPS, normalized	2.80	3.04	3.21	3.35	3.19	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, BCE Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	320	1,972	1,772	149	207	224
Receivables	5,049	4,966	4,474	4,574	4,363	4,215
Total inventory	389	420	465	656	482	439
Prepaid expenses	379	259	230	244	254	209
Other current assets	1,270	1,306	957	864	892	601
Total current assets	7,407	8,923	7,898	6,487	6,198	5,688
Property, plant & equipment	33,541	30,001	30,352	29,256	28,235	27,513
Goodwill	13,231	10,261	10,942	10,906	10,572	10,604
Intangibles	17,234	16,786	16,609	16,183	15,570	13,102
Long-term investments	1,840	1,443	1,126	1,007	1,036	1,049
Note receivable	1,270	1,122	1,024	929	859	783
Other long-term assets	5,642	4,949	3,989	4,561	4,294	1,926
Total assets	80,165	73,485	71,940	69,329	66,764	60,665
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	2,817	2,961	3,308	3,602	2,931	2,595
Accrued expenses	1,293	1,238	1,074	996	932	870
Short-term debt	4,160	3,803	1,795	2,457	1,635	1,442
Current portion of long-term debt	1,995	3,866	3,247	1,680	990	975
Other current liabilities	2,591	2,978	2,683	2,734	2,625	2,389
Total current liabilities	12,856	14,846	12,107	11,469	9,113	8,271
Long-term debt	34,904	32,835	31,135	27,783	27,048	23,906
Minority interest	290	289	328	337	306	340
Other liabilities	9,095	8,444	8,141	7,562	7,662	7,159
Total liabilities	57,145	56,414	51,711	47,151	44,129	39,676
Shareholders' equity
Preferred stock	3,288	3,533	3,667	3,870	4,003	4,003
Common stock	21,493	20,860	20,859	20,840	20,662	20,390
Additional paid-in capital	1,308	1,278	1,258	1,172	1,157	1,174
Retained earnings (accumulated deficit)	−3,642	−8,441	−5,513	−3,649	−3,400	−4,681
Treasury stock	–	–	–	–	–	–
Other equity	573	−159	−42.0	−55.0	213	103
Total equity	23,020	17,071	20,229	22,178	22,635	20,989
Total liabilities & shareholders' equity	80,165	73,485	71,940	69,329	66,764	60,665

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, BCE Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	6,514	375	2,327	2,926	2,892	2,473
Depreciation, depletion & amortization	5,238	5,041	4,918	4,723	4,609	4,404
Deferred taxes	–	–	–	–	–	–
Non-cash items	−1,557	4,648	2,998	2,267	1,850	2,366
Changes in working capital	−3,208	−2,851	−2,472	−1,601	−1,343	−1,485
Cash from operations	6,987	7,213	7,771	8,315	8,008	7,758
Investing activities
Capital expenditures	−3,703	−4,428	−4,764	−5,133	−4,837	−4,202
Other investing cash flows	103	−10.0	−1,017	−384	−2,166	662
Cash from investing	−3,600	−4,438	−5,781	−5,517	−7,003	−3,540
Financing activities
Financing cash flow items	−240	−99.0	−71.0	−70.0	−164	−153
Cash dividends paid	−2,177	−3,800	−3,668	−3,448	−3,257	−3,107
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,229	2,149	2,197	530	2,399	−875
Cash from financing	−4,646	−1,750	−1,542	−2,988	−1,022	−4,135
Foreign exchange effects	1.0	–	–	–	–	–
Net change in cash	−1,258	1,025	448	−190	−17.0	83.0
Free cash flow	3,284	2,785	3,007	3,182	3,171	3,556

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.