Comprehensive Stock Comparison
Compare BCE Inc. (BCE) vs AT&T Inc. (T) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | T | 2.7% revenue growth vs BCE's -1.1% |
| Value | BCE | Lower P/E (10.2x vs 12.3x) |
| Quality / Margins | BCE | 25.9% net margin vs T's 17.4% |
| Stability / Safety | T | Lower D/E ratio (122.6% vs 220.7%) |
| Dividends | BCE | 11.0% yield, 2-year raise streak, vs T's 4.1% |
| Momentum (1Y) | BCE | +20.9% vs T's +6.2% |
| Efficiency (ROA) | BCE | 8.1% ROA vs T's 5.2%, ROIC 7.6% vs 7.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
BCE is Canada's largest telecommunications and media company, providing wireless, wireline internet, TV, and media services nationwide. It generates revenue primarily from wireless services (~40% of total), wireline broadband and TV (~45%), and media advertising and content (~15%). The company's competitive advantage lies in its extensive national network infrastructure — including fiber and wireless spectrum — which creates high barriers to entry and supports its bundled service offerings.
AT&T is a major telecommunications company providing wireless, broadband, and enterprise connectivity services across the United States and Latin America. It generates revenue primarily from wireless services (~60% of total), broadband internet, and business solutions including cloud and security services. The company's competitive advantage lies in its extensive nationwide wireless network infrastructure and fiber footprint, which create significant switching costs for customers and high barriers to entry for competitors.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
BCE leads in 3 of 6 categories (Profitability & Efficiency, Risk & Volatility). T leads in 1 (Total Returns). 2 tied.
Financial Metrics (TTM)
T is the larger business by revenue, generating $125.6B annually — 5.1x BCE's $24.5B. BCE is the more profitable business, keeping 25.9% of every revenue dollar as net income compared to T's 17.4%.
| Metric | BCEBCE Inc. | TAT&T Inc. |
|---|---|---|
| RevenueTrailing 12 months | $24.5B | $125.6B |
| EBITDAEarnings before interest/tax | $10.6B | $45.0B |
| Net IncomeAfter-tax profit | $6.3B | $21.9B |
| Free Cash FlowCash after capex | $3.4B | $19.4B |
| Gross MarginGross profit ÷ Revenue | +67.9% | +79.8% |
| Operating MarginEBIT ÷ Revenue | +22.4% | +19.2% |
| Net MarginNet income ÷ Revenue | +25.9% | +17.4% |
| FCF MarginFCF ÷ Revenue | +14.0% | +15.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +1.3% | +3.6% |
| EPS Growth (YoY)Latest quarter vs prior year | +4.6% | -7.1% |
Valuation Metrics
At 9.2x trailing earnings, T trades at a 95% valuation discount to BCE's 200.0x P/E. On an enterprise value basis, BCE's 6.6x EV/EBITDA is more attractive than T's 7.4x.
| Metric | BCEBCE Inc. | TAT&T Inc. |
|---|---|---|
| Market CapShares × price | $24.5B | $196.0B |
| Enterprise ValueMkt cap + debt − cash | $51.4B | $332.8B |
| Trailing P/EPrice ÷ TTM EPS | 200.04x | 9.21x |
| Forward P/EPrice ÷ next-FY EPS est. | 10.22x | 12.26x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 6.64x | 7.39x |
| Price / SalesMarket cap ÷ Revenue | 1.38x | 1.56x |
| Price / BookPrice ÷ Book value/share | 1.89x | 1.59x |
| Price / FCFMarket cap ÷ FCF | 13.12x | 10.08x |
Profitability & Efficiency
BCE delivers a 27.8% return on equity — every $100 of shareholder capital generates $28 in annual profit, vs $17 for T. T carries lower financial leverage with a 1.23x debt-to-equity ratio, signaling a more conservative balance sheet compared to BCE's 2.21x. On the Piotroski fundamental quality scale (0–9), T scores 7/9 vs BCE's 4/9, reflecting strong financial health.
| Metric | BCEBCE Inc. | TAT&T Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +27.8% | +17.3% |
| ROA (TTM)Return on assets | +8.1% | +5.2% |
| ROICReturn on invested capital | +7.6% | +7.0% |
| ROCEReturn on capital employed | +9.4% | +6.8% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 7 |
| Debt / EquityFinancial leverage | 2.21x | 1.23x |
| Net DebtTotal debt minus cash | $36.7B | $136.8B |
| Cash & Equiv.Liquid assets | $1.6B | $18.2B |
| Total DebtShort + long-term debt | $38.3B | $155.0B |
| Interest CoverageEBIT ÷ Interest expense | 3.18x | 3.55x |
Total Returns (with DRIP)
A $10,000 investment in T five years ago would be worth $16,283 today (with dividends reinvested), compared to $9,047 for BCE. Over the past 12 months, BCE leads with a +20.9% total return vs T's +6.2%. The 3-year compound annual growth rate (CAGR) favors T at 18.3% vs BCE's -8.7% — a key indicator of consistent wealth creation.
| Metric | BCEBCE Inc. | TAT&T Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +11.2% | +15.1% |
| 1-Year ReturnPast 12 months | +20.9% | +6.2% |
| 3-Year ReturnCumulative with dividends | -23.8% | +65.7% |
| 5-Year ReturnCumulative with dividends | -9.5% | +62.8% |
| 10-Year ReturnCumulative with dividends | +18.7% | +59.8% |
| CAGR (3Y)Annualised 3-year return | -8.7% | +18.3% |
Risk & Volatility
BCE is the less volatile stock with a -0.15 beta — it tends to amplify market swings less than T's 0.12 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. BCE currently trades 99.3% from its 52-week high vs T's 94.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BCEBCE Inc. | TAT&T Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | -0.15x | 0.12x |
| 52-Week HighHighest price in past year | $26.49 | $29.79 |
| 52-Week LowLowest price in past year | $20.28 | $22.95 |
| % of 52W HighCurrent price vs 52-week peak | +99.3% | +94.0% |
| RSI (14)Momentum oscillator 0–100 | 54.6 | 55.6 |
| Avg Volume (50D)Average daily shares traded | 2.9M | 36.9M |
Analyst Outlook
Wall Street rates BCE as "Hold" and T as "Hold". Consensus price targets imply 4.0% upside for T (target: $29) vs -1.2% for BCE (target: $26). For income investors, BCE offers the higher dividend yield at 11.00% vs T's 4.07%.
| Metric | BCEBCE Inc. | TAT&T Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $26.00 | $29.12 |
| # AnalystsCovering analysts | 21 | 61 |
| Dividend YieldAnnual dividend ÷ price | +11.0% | +4.1% |
| Dividend StreakConsecutive years of raises | 2 | 2 |
| Dividend / ShareAnnual DPS | $3.96 | $1.14 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.7% | +2.3% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| BCE Inc. (BCE) | 100 | 55.55 | -44.5% |
| AT&T Inc. (T) | 100 | 93.73 | -6.3% |
AT&T Inc. (T) returned +63% over 5 years vs BCE Inc. (BCE)'s -10%. A $10,000 investment in T 5 years ago would be worth $16,283 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| BCE Inc. (BCE) | $21.7B | $24.4B | +12.4% |
| AT&T Inc. (T) | $163.8B | $125.6B | -23.3% |
AT&T Inc.'s revenue grew from $163.8B (2016) to $125.6B (2025) — a -2.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| BCE Inc. (BCE) | 14.0% | 1.4% | -89.9% |
| AT&T Inc. (T) | 7.9% | 17.4% | +119.9% |
AT&T Inc.'s net margin went from 8% (2016) to 17% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| BCE Inc. (BCE) | 15 | 128.8 | +758.7% |
| AT&T Inc. (T) | 6.2 | 8.2 | +32.3% |
BCE Inc. has traded in a 12x–129x P/E range over 8 years; current trailing P/E is ~200x. AT&T Inc. has traded in a 6x–16x P/E range over 7 years; current trailing P/E is ~9x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| BCE Inc. (BCE) | 3.33 | 0.18 | -94.6% |
| AT&T Inc. (T) | 2.1 | 3.04 | +44.8% |
AT&T Inc.'s EPS grew from $2.10 (2016) to $3.04 (2025) — a 4% CAGR.
Chart 6Free Cash Flow — 5 Years
BCE Inc. generated $3B FCF in 2024 (+135% vs 2021). AT&T Inc. generated $19B FCF in 2025 (+97% vs 2021).
BCE vs T: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BCE or T a better buy right now?
AT&T Inc. (T) offers the better valuation at 9.2x trailing P/E (12.3x forward), making it the more compelling value choice. Analysts rate BCE Inc. (BCE) a "Hold" — based on 21 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — BCE or T?
On trailing P/E, AT&T Inc. (T) is the cheapest at 9.2x versus BCE Inc. at 200.0x. On forward P/E, BCE Inc. is actually cheaper at 10.2x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — BCE or T?
Over the past 5 years, AT&T Inc. (T) delivered a total return of +62.8%, compared to -9.5% for BCE Inc. (BCE). A $10,000 investment in T five years ago would be worth approximately $16K today (assuming dividends reinvested). Over 10 years, the gap is even starker: T returned +59.8% versus BCE's +18.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — BCE or T?
By beta (market sensitivity over 5 years), BCE Inc. (BCE) is the lower-risk stock at -0.15β versus AT&T Inc.'s 0.12β — meaning T is approximately -177% more volatile than BCE relative to the S&P 500. On balance sheet safety, AT&T Inc. (T) carries a lower debt/equity ratio of 123% versus 2% for BCE Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — BCE or T?
AT&T Inc. (T) is the more profitable company, earning 17.4% net margin versus 1.4% for BCE Inc. — meaning it keeps 17.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BCE leads at 22.7% versus 19.2% for T. At the gross margin level — before operating expenses — T leads at 79.8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is BCE or T more undervalued right now?
On forward earnings alone, BCE Inc. (BCE) trades at 10.2x forward P/E versus 12.3x for AT&T Inc. — 2.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for T: 4.0% to $29.12.
07Which pays a better dividend — BCE or T?
All stocks in this comparison pay dividends. BCE Inc. (BCE) offers the highest yield at 11.0%, versus 4.1% for AT&T Inc. (T).
08Is BCE or T better for a retirement portfolio?
For long-horizon retirement investors, BCE Inc. (BCE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0.15), 11.0% yield). Both have compounded well over 10 years (BCE: +18.7%, T: +59.8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between BCE and T?
Both stocks operate in the Communication Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: BCE is a mid-cap income-oriented stock; T is a mid-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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- Sector: Communication Services
- Market Cap > $100B
- Net Margin > 15%
- Dividend Yield > 4.3%
- Sector: Communication Services
- Market Cap > $100B
- Net Margin > 10%
- Dividend Yield > 1.6%