Telus Corporation T

Communication ServicesTelecommunications ServicesCanada

Last close 12.37 CAD on Nov 1, 2026, −27.2% year to date

Quant rating

Quant rating D Rank 10 of 12 in Communication Services

Growth C 8 of 12
Valuation C 7 of 12
Quality C 8 of 12
Revisions C 8 of 12
Momentum D 11 of 12

Wall Street consensus Hold (3.17)Average target 14.75 CAD +19.2%

Historical valuation

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

Key data

Market cap: 19.7B
Enterprise value: 50.5B
52-week range: 10.89 – 20.97
3-year range: 10.89 – 25.75
Dividend yield: 6.06%
Beta (5 years): 0.77
Shares outstanding: 1,590M
Next earnings: Nov 6, 2026

About the company

TELUS Corporation is a communications technology company serving customers through its suite of broadband services for consumers, businesses and the public sector. Its segments include TELUS technology solutions, TELUS digital experience and TELUS health. The TELUS technology solutions segment includes mobile technologies; data (which include Internet protocol; television; hosting, cloud-based services; and home and business security and automation); agriculture and consumer goods services (software, data management and data analytics-driven smart-food chain and consumer goods technologies); voice and other telecommunications services, and equipment sales. The TELUS health segment includes healthcare services, software and technology solutions. The TELUS digital experience segment includes key service lines: digital solutions; artificial intelligence and data solutions; trust, safety and security, and customer experience management.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	20,346	20,139	20,005	18,292	16,838	–
Revenue growth	1.0%	0.7%	9.4%	8.6%	9.8%	5.8%
EPS (basic, normalized)	0.92	1.04	0.95	1.17	1.07	–
EPS growth	−11.5%	9.5%	−18.8%	9.3%	–	–
Gross margin	63.0%	63.0%	63.3%	62.0%	60.7%	62.4%
Net margin	5.5%	4.9%	4.2%	8.8%	9.8%	6.7%
ROE	7.1%	6.3%	5.1%	10.2%	12.2%	8.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,387
Current ratio	0.67x
Long-term debt (mil)	26,429
Net debt (mil)	30,877
Total equity (mil)	13,281
Net debt / equity	2.32x
Net debt / EBITDA	4.20x

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	20,346	+1.0%	2.5x	7,354	+1.0%	6.9x	0.92	−11.5%	13.4x
2026	20,096	−1.2%	2.5x	7,055	−4.1%	7.2x	0.70	−23.5%	17.6x
2027	20,199	+0.5%	2.5x	7,260	+2.9%	7.0x	0.75	+5.9%	16.6x
2028	20,376	+0.9%	2.5x	7,319	+0.8%	6.9x	0.83	+11.7%	14.9x

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	20,096	0.0%	−2.4%	−3.9%	0.70	−0.2%	−19.4%	−22.5%
2027	20,199	0.0%	−3.5%	−6.0%	0.75	0.0%	−20.0%	−25.5%
2028	20,376	+0.2%	−5.8%	−7.7%	0.83	−2.6%	−22.5%	−27.6%

Earnings surprises EPS beat in 1 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)	4,866	4,974	5,099	5,381	5,018	5,082	5,106	5,261	4,989	4,929
Sales mean (mil)	5,008	5,008	5,043	5,235	4,988	5,033	5,162	5,396	5,058	5,057
Surprise	−2.8%	−0.7%	+1.1%	+2.8%	+0.6%	+1.0%	−1.1%	−2.5%	−1.4%	−2.5%
EPS reported	0.26	0.25	0.28	0.25	0.26	0.22	0.24	0.20	0.23	0.16
EPS mean	0.23	0.22	0.24	0.22	0.22	0.23	0.26	0.25	0.22	0.20
Surprise	+11.0%	+15.2%	+18.9%	+13.4%	+17.6%	−5.0%	−7.8%	−19.2%	+5.3%	−21.1%

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
T Telus Corporation	19.7B	4.20x	5.5%	1.47x	17.6x	16.6x	7.2x	7.0x
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	12.0%	1.75x	11.2x	10.2x	6.3x	6.0x
Median		3.42x	12.4%	1.61x	10.2x	9.2x	6.5x	6.2x

Technical analysis

1M+4.3%
3M−16.6%
1Y−35.3%
3Y−29.6%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Telus Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	20,346	20,139	20,005	18,292	16,838	15,341
Cost of revenue	7,523	7,445	7,347	6,948	6,616	6,068
Gross profit	12,823	12,694	12,658	11,344	10,222	9,273
Selling, general & administrative expenses	5,629	5,602	5,708	4,818	4,186	3,653
Research & development	–	–	–	–	–	–
Depreciation/amortization	4,041	3,980	4,069	3,452	3,216	3,012
Interest expense (income), operating	−104	−116	−6.0	−4.0	−24.0	−14.0
Unusual expense (income)	647	555	630	240	186	258
Other operating expenses	−56.0	−131	−105	−116	−416	−118
Operating income	2,666	2,804	2,362	2,954	3,074	2,482
Net interest income (expense)	−1,347	−1,516	−1,236	−604	−742	−721
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−117	−60.0	−37.0	−28.0	−54.0	−50.0
Net income before taxes	1,202	1,228	1,089	2,322	2,278	1,711
Provision for taxes	425	290	222	604	580	451
Minority interest	336	55.0	−26.0	−103	−43.0	−53.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,113	993	841	1,615	1,655	1,207
Extraordinary items	–	–	–	–	–	–
Net income	1,113	993	841	1,615	1,655	1,207
EBIT, normalized	3,209	3,237	2,986	3,190	3,236	2,726
EBITDA, normalized	7,250	7,217	7,055	6,642	6,452	5,738
Basic EPS, normalized	0.92	1.04	0.95	1.17	1.07	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Telus Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,621	869	864	974	723	848
Receivables	4,840	4,666	4,247	3,881	3,320	2,942
Total inventory	482	629	484	537	448	407
Prepaid expenses	421	403	682	617	528	478
Other current assets	8.0	65.0	36.0	83.0	13.0	2.0
Total current assets	8,372	6,632	6,313	6,092	5,032	4,677
Property, plant & equipment	17,458	17,291	17,248	17,084	15,926	15,014
Goodwill	10,460	10,564	10,058	9,169	7,281	7,160
Intangibles	20,328	20,593	19,721	19,178	17,485	15,048
Long-term investments	1,209	1,104	826	609	588	306
Note receivable	1,230	1,256	1,034	1,005	925	743
Other long-term assets	556	588	936	909	757	325
Total assets	59,613	58,028	56,136	54,046	47,994	43,273
Liabilities
Accounts payable	982	1,126	996	1,382	1,213	855
Payable/accrued	–	–	–	–	–	9.0
Accrued expenses	2,512	2,504	2,395	2,564	2,464	2,089
Short-term debt	920	922	104	104	114	100
Current portion of long-term debt	3,102	3,246	3,994	2,541	2,927	1,432
Other current liabilities	2,173	2,038	1,989	1,690	1,555	1,420
Total current liabilities	9,689	9,836	9,478	8,281	8,273	5,905
Long-term debt	27,437	25,608	23,355	22,496	17,925	18,856
Minority interest	804	1,178	1,190	1,089	943	528
Other liabilities	5,908	5,786	6,001	5,611	5,737	5,944
Total liabilities	43,838	42,408	40,024	37,477	32,878	31,233
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	14,096	13,124	12,324	11,399	9,644	7,677
Additional paid-in capital	1,577	1,081	997	956	1,013	534
Retained earnings (accumulated deficit)	98.0	1,520	2,835	4,104	4,256	3,712
Treasury stock	–	–	–	–	–	–
Other equity	4.0	−105	−44.0	110	203	117
Total equity	15,775	15,620	16,112	16,569	15,116	12,040
Total liabilities & shareholders' equity	59,613	58,028	56,136	54,046	47,994	43,273

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Telus Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	777	938	867	1,718	1,698	1,260
Depreciation, depletion & amortization	4,059	4,036	4,069	3,452	3,216	3,012
Deferred taxes	−72.0	−167	−140	31.0	47.0	76.0
Non-cash items	132	−204	164	−153	−491	−44.0
Changes in working capital	−30.0	244	−461	−237	−82.0	270
Cash from operations	4,866	4,847	4,499	4,811	4,388	4,574
Investing activities
Capital expenditures	−3,753	−4,324	−3,632	−4,312	−6,271	−3,312
Other investing cash flows	713	624	−1,116	−1,096	805	−2,853
Cash from investing	−3,040	−3,700	−4,748	−5,408	−5,466	−6,165
Financing activities
Financing cash flow items	439	−42.0	−77.0	−169	769	328
Cash dividends paid	−1,628	−1,562	−1,315	−1,188	−1,045	−930
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,115	462	1,531	2,205	1,229	2,506
Cash from financing	−74.0	−1,142	139	848	953	1,904
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	1,752	5.0	−110	251	−125	313
Free cash flow	1,113	523	867	499	−1,883	1,262

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.