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Canada's largest telecom company, operating Bell-branded wireless, internet, TV services plus Bell Media's CTV and TSN networks.
Canada's largest telecom company, operating Bell-branded wireless, internet, TV services plus Bell Media's CTV and TSN networks.
Charges monthly subscription fees for mobile, internet and TV, with wireless and home internet carrying the group, while Bell Media earns from advertising and from carriage fees paid by TV distributors. In 2025 it cut its dividend sharply to fund fibre, bought Ziply Fiber in the US northwest and set up a fibre-building partnership with PSP Investments.
In one line: Canada's AT&T, with an in-house media arm like Comcast/NBCUniversal.
Moat: narrow (scale, installed base, regulatory licence). Extensive owned network infrastructure and spectrum licences across Canada's largest incumbent telecom footprint.
Headquarters: Montreal, Canada · Founded: 1880 · Employees: 38,683
Size BCE (BCE.TO) is a Canada Communication Services company (Major Telecommunications) with a market value of $20.3B, the 44th largest of 420 Canada companies the cockpit tracks. Shares closed at C$30.57 on 6 Nov 2026.
Performance Over six months the shares fell 8.8%, against -4.0% for the median peer and +5.2% for the Canada market (cap-weighted) — 7th lowest of 16 in its peer set.
Growth Revenue grew 1.6% over the last twelve months (peer median +1.7%); the operating margin is 21.6% (peer median 15.5%).
Valuation It trades at 12.3× forward earnings against a peer median of 16.8× (6th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points above its cost of capital (5.3% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$24.8B | C$24.5B | C$24.4B | C$24.7B | C$24.2B |
| Revenue growth | — | 0% | -1% | +2% | — |
| Gross profit | C$7.63B | C$7.53B | C$7.46B | C$7.42B | C$7.39B |
| EBITDA | C$10.8B | C$10.7B | C$10.6B | C$10.4B | C$10.2B |
| Net income | C$6.42B | C$6.46B | C$344M | C$2.26B | C$2.87B |
| Free cash flow | C$2.66B | C$3.29B | C$3.09B | C$3.37B | C$3.23B |
| Capital expenditure | C$4.13B | C$3.70B | C$4.43B | C$4.76B | C$5.14B |
| Total debt | C$41.8B | C$41.1B | C$40.5B | C$36.2B | C$31.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BCE BCE.TO | $20.3B | -9% | +2% | 22% | 12.3× | -0.9% |
| TELUS T.TO | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% |
| Rogers Communications RCI-B.TO | $18.3B | -6% | +8% | 23% | 10.7× | 1.1% |
| Quebecor QBR-B.TO | $12.3B | +36% | +3% | 27% | 16.8× | 0.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BCE.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.4% | +6.0% | 7th highest of 16 |
| 6-month return | -8.8% | -4.0% | 7th lowest of 16 |
| Distance from 52-week high | -15.7% | -18.3% | 8th highest of 16 |
| Revenue growth (TTM) | +1.6% | +1.7% | 8th lowest of 16 |
| Operating margin | 21.6% | 15.5% | 6th highest of 16 |
| Forward P/E | 12.3× | 16.8× | 6th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -0.9% | -2.4% | 8th most demanding of 16 |
| Growth delivered (Del g) | +1.3% | +2.7% | 4th lowest of 16 |
| Hurdle (Req g minus delivered) | -2.2 pp | -4.4 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | +0.7 pp | +2.9 pp | 7th lowest of 16 |
| EV / EBITDA | 6.8× | 8.3× | 5th cheapest of 13 |
| Net debt / EBITDA | 3.8× | 2.5× | most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BCE BCE.TO | Canada | $20.3B | -9% | +2% | 22% | 12.3× | -0.9% | +1.3% |
| China United Network Communications 600050.SS | China | $20.4B | -1% | 0% | 2% | 17.9× | -14.9% | +5.2% |
| Telenor TEL.OL | Norway | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% | -8.0% |
| China Unicom 0762.HK | Hong Kong | $21.3B | -26% | +4% | 2% | 8.2× | -8.3% | +4.5% |
| Royal KPN KPN.AS | Netherlands | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% | +1.9% |
| BT Group plc BT.A.L | United Kingdom | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% | -1.7% |
| Quebecor QBR-B.TO | Canada | $12.3B | +36% | +3% | 27% | 16.8× | 0.4% | +5.6% |
| HKT Trust and HKT 6823.HK | Hong Kong | $11.9B | -2% | +7% | 22% | 16.8× | -3.1% | +2.4% |
| Tele2 TEL2-A.ST | Sweden | $11.2B | -14% | +2% | 24% | 10.7× | -2.4% | +2.4% |
| Chunghwa Telecom 2412.TW | Taiwan | $38.4B | +20% | -10% | 20% | 30.1× | 7.4% | +2.6% |
| KT 030200.KS | South Korea | $9.46B | -12% | +9% | 7% | 9.0× | -4.1% | +3.4% |
| Swisscom SCMN.SW | Switzerland | $45.7B | +7% | +14% | 16% | 26.1× | 3.7% | +6.3% |
| Singapore Telecommunications Z74.SI | Singapore | $52.2B | -14% | +1% | 8% | 21.7× | 21.5% | -1.8% |
| United Internet UTDI.DE | Germany | $5.17B | -9% | -8% | 9% | 15.5× | 1.4% | +2.7% |
| LG Uplus 032640.KS | South Korea | $5.17B | +6% | 0% | 7% | 9.8× | -17.5% | +2.9% |
| Tata Communications TATACOMM.NS | India | $5.15B | +7% | +9% | 8% | 30.9× | 34.1% | +7.7% |