BCE Inc. (BCE) 10-Year Financial Performance & Capital Metrics

BCE • • Utilities

Communication ServicesTelecom ServicesIntegrated Telecommunications ProvidersInternational Telecom Giants

AboutBCE Inc., a telecommunications and media company, provides wireless, wireline, Internet, and television (TV) services to residential, business, and wholesale customers in Canada. The company operates through three segments: Bell Wireless, Bell Wireline, and Bell Media. The Bell Wireless segment offers wireless voice and data communication products and services, as well as consumer electronics products. The Bell Wireline segment offers data, including internet access and Internet protocol television (IPTV), local telephone, and long distance services, as well as other communication services and products; and satellite TV service and connectivity servuces. This segment also buys and sells local telephone, long distance, data, and other services from or to resellers and other carriers. The Bell Media segment provides conventional TV, specialty TV, pay TV, streaming services, digital media services, radio broadcasting services, and out-of-home advertising services. BCE Inc. was founded in 1880 and is headquartered in Verdun, Canada.Show more

Revenue $24.41B -1.1%
EBITDA $10.59B +1.7%
Net Income $344M -84.8%
Free Cash Flow $2.56B -19.5%
EBITDA Margin 43.38% +2.8%
Net Margin 1.41% -84.6%
ROE 1.81% -82.7%
Interest Coverage 3.18 -12.4%
Debt/Equity 2.21 +25.4%
Net Debt/EBITDA 3.47 +2.1%
CapEx / Revenue 18.14% -6.0%
CapEx Coverage 1.58 -5.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong interest coverage of 3.2x
✓Trading at only 1.3x book value

✗Weaknesses

✗High debt to equity ratio of 2.2x
✗Profits declining 32.5% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.5%

5Y5.87%

3Y1.35%

TTM0.11%

Profit (Net Income) CAGR

10Y-17.99%

5Y-32.53%

3Y-50.52%

TTM2245.93%

EPS CAGR

10Y-24.45%

5Y-44.34%

3Y-60.81%

TTM7277.78%

ROCE

10Y Avg11.24%

5Y Avg9.72%

3Y Avg9.4%

Latest9.37%

Peer Comparison

International Telecom Giants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BCEBCE Inc.	22.6B	24.24	134.67	-1.07%	25.87%	27.83%	11.33%	2.21
RCIRogers Communications Inc.	15.27B	35.58	11.12	6.71%	32.11%	28.56%	9.88%	4.58
VEONVEON Ltd.	3.77B	54.61	9.53	8.27%	15.24%	39.1%	13.88%	3.73
AMXAmérica Móvil, S.A.B. de C.V.	59.92B	19.89	2.69	6.52%	7.78%	16.15%	100%	1.81
SIFYSify Technologies Limited	1.07B	14.75	-1.17	11.93%	-2.72%	-5.57%		1.96
VODVodafone Group Public Limited Company	31.53B	13.45	-8.41	1.99%	-4.08%	-5.2%	27.51%	0.99

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	21.51B	21.72B	22.72B	23.47B	18.35B	22.88B	23.45B	24.17B	24.67B	24.41B
Revenue Growth %	0.02%	0.01%	0.05%	0.03%	-0.22%	0.25%	0.02%	0.03%	0.02%	-0.01%
Cost of Revenue	6.6B	6.71B	13.15B	13.65B	12.5B	6.97B	7.28B	7.64B	17.25B	7.71B
Gross Profit+	14.92B	15.01B	9.57B	9.82B	5.85B	15.92B	16.16B	16.53B	7.42B	16.7B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.75%	0.01%	-0.36%	0.03%	-0.4%	1.72%	0.02%	0.02%	-0.55%	1.25%
Operating Expenses+	14.92B	15.01B	15.74B	16.12B	1.49B	15.92B	10.88B	11.06B	1.92B	11.16B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	8.55B	8.79B	9.28B	9.54B	7.72B	8.82B	9.89B	10.2B	10.42B	10.59B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.03%	0.03%	0.06%	0.03%	-0.19%	0.14%	0.12%	0.03%	0.02%	0.02%
Depreciation & Amortization+	3.42B	3.51B	3.84B	4.01B	3.35B	4.4B	4.61B	4.72B	4.92B	5.04B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	5.13B	5.28B	5.44B	5.52B	4.37B	0	5.28B	5.48B	5.5B	5.55B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.06%	0.03%	0.03%	0.02%	-0.21%	-1%	-	0.04%	0%	0.01%
Interest Expense+	1.02B	969M	1.03B	1.07B	1.2B	1.16B	1.11B	1.15B	1.52B	1.75B
Interest Coverage	5.04x	5.45x	5.30x	5.16x	3.65x	-	4.75x	4.78x	3.63x	3.18x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	3.65B	4.2B	4.12B	3.97B	3.36B	3.27B	3.94B	3.89B	3.32B	952M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	924M	1.11B	1.07B	995M	870.64M	792M	1.04B	967M	996M	577M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	2.68B	3.03B	2.99B	2.93B	2.46B	2.63B	2.84B	2.87B	2.26B	344M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.07%	0.13%	-0.01%	-0.02%	-0.16%	0.07%	0.08%	0.01%	-0.21%	-0.85%
EPS (Diluted)+	2.98	3.33	3.20	3.26	3.37	2.53	2.99	2.98	2.28	0.18
EPS Growth %	0%	0.12%	-0.04%	0.02%	0.03%	-0.25%	0.18%	-0%	-0.23%	-0.92%
EPS (Basic)	2.98	3.33	3.20	3.26	3.37	2.53	2.99	2.98	2.28	0.18
Diluted Shares Outstanding	848.3M	870.3M	894.9M	898.9M	901.4M	904.4M	906.7M	912M	912.2M	912.3M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	47.99B	50.11B	55.8B	57.1B	46.38B	47.62B	66.76B	69.33B	71.94B	73.48B
Asset Growth %	0.04%	0.04%	0.11%	0.02%	-0.19%	0.03%	0.4%	0.04%	0.04%	0.02%
PP&E (Net)+	21.63B	22.35B	24.03B	24.84B	21.31B	21.6B	28.23B	29.26B	30.35B	30B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	4.81B	5.75B	5.66B	5.79B	3.94B	4.15B	6.2B	6.49B	7.9B	8.92B
Cash & Equivalents	613M	853M	625M	425M	111.82M	175.82M	289M	149M	772M	1.57B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	416M	403M	380M	432M	329.28M	344.58M	482M	656M	465M	420M
Other Current Assets	377M	541M	472M	699M	146.52M	156.2M	810M	864M	957M	1.31B
Long-Term Investments	1.25B	955M	917M	908M	1.42B	1.51B	851M	823M	910M	1.22B
Goodwill	8.38B	8.96B	10.43B	10.66B	8.23B	8.32B	10.57B	10.91B	10.94B	10.26B
Intangible Assets	11.18B	12B	13.3B	13.21B	10.3B	10.28B	15.57B	16.18B	16.61B	16.79B
Other Assets	666M	907M	1.37B	1.58B	1.12B	1.67B	5.23B	5.59B	5.13B	6.16B
Total Liabilities	30.66B	32.25B	35.18B	36.41B	29.87B	30.88B	43.82B	46.81B	51.38B	56.13B
Total Debt+	20.29B	21.46B	20.3B	24.41B	20.28B	20.66B	29.67B	31.92B	36.18B	38.31B
Net Debt	19.67B	20.61B	19.68B	23.98B	20.17B	20.49B	29.38B	31.77B	35.41B	36.74B
Long-Term Debt	15.39B	16.57B	18.21B	19.76B	14.34B	15.94B	27.05B	27.78B	31.14B	32.84B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	405M	435M	445M	466M	3.82B	3.6B	864M	930M	1.07B	1.09B
Total Current Liabilities+	9.99B	10.11B	10.79B	10.43B	7.54B	6.49B	9.11B	11.47B	12.11B	14.85B
Accounts Payable	2.25B	2.32B	2.45B	2.54B	2.01B	2.04B	2.93B	3.6B	3.31B	2.96B
Accrued Expenses	148M	156M	168M	196M	481.2M	482.73M	247M	281M	332M	392M
Deferred Revenue	812M	645M	693M	703M	526.7M	562.79M	799M	857M	811M	774M
Other Current Liabilities	501M	3.28B	3.86B	3.78B	1.3B	1.34B	906M	904M	660M	3.42B
Deferred Taxes	0	0	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	5.2B	5.47B	3.19B	6.03B	2.14B	2.44B	2.74B	2.38B	3B	2.85B
Total Equity+	17.33B	17.85B	19.48B	20.69B	16.51B	16.74B	22.94B	22.52B	20.56B	17.36B
Equity Growth %	0.14%	0.03%	0.09%	0.06%	-0.2%	0.01%	0.37%	-0.02%	-0.09%	-0.16%
Shareholders Equity	17.02B	17.54B	19.16B	20.36B	16.25B	16.47B	22.64B	22.18B	20.23B	17.07B
Minority Interest	306M	314M	323M	326M	257.57M	266.88M	306M	337M	328M	289M
Common Stock	18.1B	18.37B	20.09B	20.04B	15.7B	16B	20.66B	20.84B	20.86B	20.86B
Additional Paid-in Capital	1.15B	1.16B	1.16B	1.17B	908.42M	921.51M	1.16B	1.17B	1.26B	1.28B
Retained Earnings	-6.35B	-4.98B	-4.94B	-4.94B	-3.57B	-3.67B	-3.4B	-3.65B	-5.51B	-8.44B
Accumulated OCI	119M	46M	-17M	90M	124.16M	80.85M	213M	-55M	-42M	-159M
Return on Assets (ROA)	0.06%	0.06%	0.06%	0.05%	0.05%	0.06%	0.05%	0.04%	0.03%	0%
Return on Equity (ROE)	0.16%	0.17%	0.16%	0.15%	0.13%	0.16%	0.14%	0.13%	0.11%	0.02%
Debt / Equity	1.17x	1.20x	1.04x	1.18x	1.23x	1.23x	1.29x	1.42x	1.76x	2.21x
Debt / Assets	0.42%	0.43%	0.36%	0.43%	0.44%	0.43%	0.44%	0.46%	0.5%	0.52%
Net Debt / EBITDA	2.30x	2.34x	2.12x	2.51x	2.61x	2.32x	2.97x	3.12x	3.40x	3.47x
Book Value per Share	20.43	20.51	21.77	23.02	18.31	18.51	25.3	24.69	22.54	19.03

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	6.27B	6.64B	7.36B	7.38B	7.96B	7.75B	8.01B	6.17B	7.95B	6.99B
Operating CF Growth %	0.01%	0.06%	0.11%	0%	0.08%	-0.03%	0.03%	-0.23%	0.29%	-0.12%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	2.68B	3.03B	2.99B	2.93B	3.22B	2.47B	2.84B	2.12B	2.33B	375M
Depreciation & Amortization	3.42B	3.51B	3.84B	4.01B	4.34B	4.4B	4.61B	3.48B	4.92B	5.04B
Deferred Taxes	924M	1.11B	1.04B	995M	1.13B	792M	1.04B	138.69M	996M	577M
Other Non-Cash Items	-989M	-1.29B	-895M	-935M	-691M	-388M	-770M	161.56M	-138M	1.53B
Working Capital Changes	241M	286M	376M	381M	-48M	473M	285M	270.74M	-157M	-534M
Capital Expenditures+	-4.16B	-3.77B	-4.03B	-4.03B	-3.97B	-4.29B	-6.92B	-3.79B	-4.76B	-4.43B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-4.11B	-4.58B	-5.44B	-4.39B	-4.04B	-3.54B	-7B	-4.07B	-5.78B	-4.44B
Acquisitions	98M	-386M	-1.65B	-395M	-51M	-65M	-12M	-278.11M	-13M	-624M
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	1000K	1000K	0	0	0	0	0	0	0
Other Investing	-51M	-534M	240M	36M	-11M	813M	-72M	-2.95M	-1B	614M
Cash from Financing+	-2.11B	-1.82B	-2.15B	-3.2B	-4.2B	-4.13B	-1.02B	-2.2B	-1.54B	-1.75B
Dividends Paid	-2.32B	-2.43B	-2.64B	-2.83B	-2.97B	-3.11B	-3.26B	-2.54B	-3.67B	-3.8B
Dividend Payout Ratio %	0.81%	0.76%	0.84%	0.91%	1.15%	1.13%	1.1%	0.85%	1.54%	10.5%
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	-1000K	-1000K	1000K	1000K	1000K	1000K
Stock Issued	952M	99M	117M	11M	240M	26M	261M	126.15M	18M	0
Share Repurchases	-138M	-106M	0	-175M	0	0	0	-280.33M	0	-235M
Other Financing	-236M	-206M	-318M	-366M	-136M	-416M	-611M	464.75M	-443M	-191M
Net Change in Cash+	47M	240M	-228M	-200M	-280M	79M	-17M	-118.57M	623M	800M
Exchange Rate Effect	0	0	0	0	0	0	0	-1000K	0	0
Cash at Beginning	566M	613M	853M	625M	425M	145M	224M	228.48M	149M	772M
Cash at End	613M	853M	625M	425M	145M	224M	207M	109.92M	772M	1.57B
Free Cash Flow+	2.11B	2.87B	3.32B	3.36B	3.98B	3.47B	1.09B	2.38B	3.18B	2.56B
FCF Growth %	0.08%	0.36%	0.16%	0.01%	0.19%	-0.13%	-0.69%	1.19%	0.33%	-0.2%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	16.45%	17.23%	16.04%	14.58%	13.23%	15.84%	14.31%	12.62%	10.51%	1.81%
EBITDA Margin	39.75%	40.46%	40.86%	40.63%	42.05%	38.57%	42.19%	42.19%	42.22%	43.38%
Net Debt / EBITDA	2.30x	2.34x	2.12x	2.51x	2.61x	2.32x	2.97x	3.12x	3.40x	3.47x
Interest Coverage	5.04x	5.45x	5.30x	5.16x	3.65x	-	4.75x	4.78x	3.63x	3.18x
CapEx / Revenue	19.34%	17.36%	17.76%	17.16%	21.66%	18.74%	29.51%	15.67%	19.31%	18.14%
Dividend Payout Ratio	80.99%	76.05%	83.9%	91.46%	114.56%	112.95%	110.28%	85.19%	154.04%	1050.29%
Debt / Equity	1.17x	1.20x	1.04x	1.18x	1.23x	1.23x	1.29x	1.42x	1.76x	2.21x
EPS Growth	0.34%	11.74%	-3.9%	1.88%	3.37%	-24.93%	18.18%	-0.33%	-23.49%	-92.11%

Revenue by Segment

	2018	2019	2020	2021
Service, Data	7.47B	7.68B	7.69B	7.87B
Service, Data Growth	-	2.92%	0.09%	2.34%
Voice	3.79B	3.56B	3.4B	3.15B
Voice Growth	-	-6.04%	-4.55%	-7.29%
Media	2.68B	2.81B	2.37B	2.68B
Media Growth	-	5.01%	-15.72%	13.17%
Product, Data	466M	519M	494M	463M
Product, Data Growth	-	11.37%	-4.82%	-6.28%
Services, Other	247M	251M	248M	289M
Services, Other Growth	-	1.62%	-1.20%	16.53%
Equipment And Other	447M	48M	49M	43M
Equipment And Other Growth	-	-89.26%	2.08%	-12.24%
Service	20.44B	20.74B	19.83B	-
Service Growth	-	1.45%	-4.36%	-
Service, Wireless	6.26B	6.43B	6.12B	-
Service, Wireless Growth	-	2.70%	-4.75%	-
Product1	3.03B	3.23B	3.05B	-
Product1 Growth	-	6.61%	-5.45%	-
Product, Wireless	2.11B	2.66B	2.51B	-
Product, Wireless Growth	-	25.83%	-5.71%	-

Frequently Asked Questions

Valuation & Price

BCE Inc. (BCE) has a price-to-earnings (P/E) ratio of 134.7x. This suggests investors expect higher future growth.

Growth & Financials

BCE Inc. (BCE) reported $24.49B in revenue for fiscal year 2024. This represents a 26% increase from $19.50B in 2011.

BCE Inc. (BCE) saw revenue decline by 1.1% over the past year.

Yes, BCE Inc. (BCE) is profitable, generating $6.33B in net income for fiscal year 2024 (1.4% net margin).

Dividend & Returns

Yes, BCE Inc. (BCE) pays a dividend with a yield of 16.34%. This makes it attractive for income-focused investors.

BCE Inc. (BCE) has a return on equity (ROE) of 1.8%. This is below average, suggesting room for improvement.

BCE Inc. (BCE) generated $3.42B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

BCE Inc. (BCE) has a dividend payout ratio of 1050%. The high payout ratio may limit dividend growth.

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