Loading…
Canadian telecom providing wireless, internet and TV services, plus TELUS Health and Agriculture tech units.
Canadian telecom providing wireless, internet and TV services, plus TELUS Health and Agriculture tech units.
Customers pay monthly plans for mobile service, home internet and TV, with wireless the larger part, while TELUS Health earns from health-benefits and virtual-care contracts. It has sold minority stakes in assets such as its towers to help fund its network spending.
Moat: narrow (scale, distribution, regulatory licence). National fibre/wireless network in a licence-constrained three-player oligopoly.
Headquarters: Vancouver, Canada · Founded: 1999 · Employees: 111,500
Size TELUS (T.TO) is a Canada Communication Services company (Wireless Telecommunications) with a market value of $14.5B, the 58th largest of 420 Canada companies the cockpit tracks. Shares closed at C$12.81 on 6 Nov 2026.
Performance Over six months the shares fell 27.0%, against -4.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 1.1% over the last twelve months (peer median +7.8%); the operating margin is 15.5% (peer median 15.5%).
Valuation It trades at 17.5× forward earnings against a peer median of 13.3× (8th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points below its cost of capital (5.5% WACC).
Credit TELUS has 11 bonds outstanding ($7.24B), rated BBB- by the agencies and trading like A- at a weighted spread of 86 bp.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$20.2B | C$20.3B | C$20.1B | C$20.0B | C$18.3B |
| Revenue growth | — | +1% | +1% | +9% | — |
| Gross profit | C$3.13B | C$3.12B | C$3.09B | C$2.96B | C$3.05B |
| EBITDA | C$7.21B | C$7.19B | C$7.08B | C$7.02B | C$6.51B |
| Net income | -C$919M | C$1.11B | C$993M | C$841M | C$1.61B |
| Free cash flow | C$2.17B | C$2.35B | C$1.46B | C$1.29B | C$1.16B |
| Capital expenditure | C$2.40B | C$2.52B | C$3.39B | C$3.21B | C$3.65B |
| Total debt | C$31.5B | C$31.5B | C$29.8B | C$27.5B | C$25.1B |
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 |
|---|---|---|---|---|---|---|
| TELUS T.TO | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% |
| BCE BCE.TO | $20.3B | -9% | +2% | 22% | 12.3× | -0.9% |
| 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 | T.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.0% | -1.2% | highest of 21 |
| 6-month return | -27.0% | -4.7% | 4th lowest of 21 |
| Distance from 52-week high | -38.9% | -21.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | -1.1% | +7.8% | 3rd lowest of 21 |
| Operating margin | 15.5% | 15.5% | 11th highest of 21 |
| Forward P/E | 17.5× | 13.3× | 8th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 2.6% | 3.6% | 10th least demanding of 20 |
| Growth delivered (Del g) | +5.8% | +3.0% | 8th highest of 20 |
| Hurdle (Req g minus delivered) | -3.2 pp | -3.0 pp | 10th least demanding of 20 |
| ROIC minus cost of capital | -0.4 pp | +1.7 pp | 8th lowest of 21 |
| EV / EBITDA | 7.1× | 7.0× | 10th cheapest of 19 |
| Net debt / EBITDA | 4.2× | 1.8× | 3rd most indebted of 20 |
| Bond spread | 86 bp | 108 bp | tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TELUS T.TO | Canada | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% | +5.8% |
| Vodafone Idea IDEA.NS | India | $14.6B | +14% | +3% | -6% | n/a | 29.6% | +1.3% |
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% | +6.9% |
| Telecom Italia TIT.MI | Italy | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% | -2.8% |
| Airtel Africa AAF.L | United Kingdom | $13.5B | -33% | +27% | 34% | 14.6× | -1.2% | +10.0% |
| Far Eastone Telecommunications 4904.TW | Taiwan | $12.2B | +17% | +10% | 15% | 26.1× | 3.8% | +6.8% |
| SKTelecom 017670.KS | South Korea | $12.1B | -18% | +2% | 10% | 12.3× | -9.8% | +1.2% |
| Telefonica Brasil SA Sponsored ADR VIV | United States | $18.2B | -27% | +16% | 16% | 10.7× | -3.6% | +5.0% |
| Rogers Communications RCI-B.TO | Canada | $18.3B | -6% | +8% | 23% | 10.7× | 1.1% | +9.3% |
| Globalstar GSAT | United States | $10.9B | +3% | +8% | 5% | n/a | n/a | n/a |
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 9.5× | -16.1% | -1.1% |
| Bharti Hexacom BHARTIHEXA.NS | India | $8.84B | +10% | +8% | 29% | 36.6× | 33.4% | +15.2% |
| TIM S.A. Sponsored ADR TIMB | United States | $8.61B | -24% | +14% | 25% | 9.4× | -12.4% | +7.3% |
| Elisa ELISA.HE | Finland | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% | +3.6% |
| Vodafone Group Public VOD.L | United Kingdom | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% | -2.2% |
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% | +3.0% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 19.4× | 13.2% | +2.7% |
| Telstra TLS.AX | Australia | $39.0B | -4% | -1% | 16% | 24.2× | 5.6% | +1.2% |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% | -9.1% |
| Orange ORA.PA | France | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% | -0.9% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% | +8.1% |
TELUS has 11 bonds outstanding with $7.24B face value. The agencies rate it BBB-; its bonds trade like A-. Weighted yield 5.23%, a spread of 86 bp over government bonds.