BCE Inc. (BCE) Financial Ratios
30 years of historical data (1996–2025) · Communication Services · Telecommunications Services
EV/EBITDA
↓
6.71
+2% vs avg
5yr avg: 6.60
30Y Low2.0·High8.0
P/FCF
↓
9.32
↓-46% vs avg
5yr avg: 17.28
30Y Low3.3·High43.3
P/B Ratio
↓
1.32
↓-15% vs avg
5yr avg: 1.55
30Y Low0.2·High2.5
ROE
↑
31.1%
↓+121% vs avg
5yr avg: 14.1%
30Y Low-10%·High31%
Debt/EBITDA
↑
3.85
+13% vs avg
5yr avg: 3.41
30Y Low1.5·High3.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BCE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
BCE Inc. trades at 4.9x earnings, 87% below its 5-year average of 36.3x, sitting at the 17th percentile of its historical range. Compared to the Communication Services sector median P/E of 15.5x, the stock trades at a discount of 69%. On a free-cash-flow basis, the stock trades at 9.3x P/FCF, 46% below the 5-year average of 17.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.6B | $22.1B | $21.1B | $35.9B | $40.1B | $47.2B | $38.7B | $41.8B | $35.5B | $43.0B | $37.6B |
| Enterprise Value | $52.6B | $62.9B | $57.9B | $71.3B | $71.9B | $76.6B | $59.2B | $61.9B | $59.5B | $62.6B | $58.2B |
| P/E Ratio → | 4.86 | 3.51 | 128.78 | 17.27 | 14.75 | 17.40 | 16.92 | 13.75 | 12.13 | 15.00 | 12.98 |
| P/S Ratio | 1.26 | 0.90 | 0.87 | 1.46 | 1.66 | 2.01 | 1.69 | 2.28 | 1.51 | 1.89 | 1.73 |
| P/B Ratio | 1.32 | 0.95 | 1.22 | 1.75 | 1.78 | 2.06 | 2.31 | 2.53 | 1.72 | 2.21 | 2.11 |
| P/FCF | 9.32 | 6.72 | 8.26 | 11.29 | 16.81 | 43.33 | 11.17 | 10.49 | 10.58 | 12.93 | 13.10 |
| P/OCF | 4.39 | 3.16 | 3.03 | 4.52 | 6.50 | 5.89 | 4.99 | 5.25 | 4.81 | 5.84 | 5.66 |
P/E links to full P/E history page with 30-year chart
BCE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
BCE Inc.'s enterprise value stands at 6.7x EBITDA, roughly in line with its 5-year average of 6.6x. The Communication Services sector median is 8.7x, placing the stock at a 23% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.57 | 2.37 | 2.89 | 2.97 | 3.27 | 2.59 | 3.38 | 2.54 | 2.76 | 2.68 |
| EV / EBITDA | 6.71 | 5.90 | 5.47 | 6.85 | 7.05 | 7.74 | 6.71 | 8.03 | 6.24 | 6.75 | 6.63 |
| EV / EBIT | 13.18 | 6.63 | 21.46 | 14.74 | 14.26 | 15.17 | 13.39 | 14.47 | 11.82 | 12.17 | 11.27 |
| EV / FCF | — | 19.09 | 22.61 | 22.42 | 30.14 | 70.31 | 17.08 | 15.55 | 17.73 | 18.85 | 20.28 |
BCE Profitability
Margins and return-on-capital ratios measuring operating efficiency
BCE Inc. earns an operating margin of 22.2%. Return on equity of 31.1% is exceptionally high. ROIC of 6.9% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.5% | 68.5% | 68.4% | 30.1% | 68.4% | 68.9% | 69.6% | 31.9% | 41.8% | 42.1% | 69.1% |
| Operating Margin | 22.2% | 22.2% | 22.7% | 22.3% | 22.7% | 22.5% | — | 23.8% | 23.5% | 23.9% | 24.3% |
| Net Profit Margin | 25.8% | 25.8% | 1.4% | 9.2% | 11.9% | 12.1% | 11.5% | 13.4% | 12.5% | 13.2% | 14.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.1% | 31.1% | 1.8% | 10.5% | 12.6% | 14.3% | 15.8% | 13.2% | 14.6% | 16.0% | 17.2% |
| ROA | 8.2% | 8.2% | 0.5% | 3.2% | 4.2% | 5.0% | 5.6% | 4.8% | 5.2% | 5.7% | 6.2% |
| ROIC | 6.9% | 6.9% | 7.6% | 7.5% | 7.7% | 8.9% | — | 8.1% | 9.9% | 10.5% | 10.5% |
| ROCE | 8.6% | 8.6% | 9.4% | 9.3% | 9.5% | 10.7% | — | 10.2% | 12.0% | 12.8% | 13.5% |
BCE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
BCE Inc. carries a Debt/EBITDA ratio of 3.9x, which is moderately leveraged (12% above the sector average of 3.4x). Net debt stands at $40.7B ($41.1B total debt minus $320M cash). Interest coverage of 5.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.77 | 1.77 | 2.21 | 1.76 | 1.42 | 1.29 | 1.23 | 1.23 | 1.18 | 1.04 | 1.20 |
| Debt / EBITDA | 3.85 | 3.85 | 3.62 | 3.47 | 3.13 | 3.00 | 2.34 | 2.63 | 2.56 | 2.19 | 2.44 |
| Net Debt / Equity | — | 1.76 | 2.12 | 1.72 | 1.41 | 1.28 | 1.22 | 1.22 | 1.16 | 1.01 | 1.15 |
| Net Debt / EBITDA | 3.82 | 3.82 | 3.47 | 3.40 | 3.12 | 2.97 | 2.32 | 2.61 | 2.51 | 2.12 | 2.34 |
| Debt / FCF | — | 12.37 | 14.35 | 11.13 | 13.33 | 26.98 | 5.91 | 5.06 | 7.14 | 5.92 | 7.17 |
| Interest Coverage | 5.35 | 5.35 | 1.55 | 3.19 | 4.40 | 4.54 | 3.82 | 3.58 | 4.71 | 5.01 | 5.33 |
BCE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.58x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.65x to 0.58x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.58 | 0.58 | 0.60 | 0.65 | 0.57 | 0.68 | 0.64 | 0.52 | 0.56 | 0.52 | 0.57 |
| Quick Ratio | 0.55 | 0.55 | 0.57 | 0.61 | 0.51 | 0.63 | 0.59 | 0.48 | 0.51 | 0.49 | 0.53 |
| Cash Ratio | 0.02 | 0.02 | 0.13 | 0.15 | 0.01 | 0.03 | 0.03 | 0.01 | 0.04 | 0.06 | 0.08 |
| Asset Turnover | — | 0.31 | 0.33 | 0.34 | 0.35 | 0.35 | 0.48 | 0.40 | 0.41 | 0.41 | 0.43 |
| Inventory Turnover | 19.85 | 19.85 | 18.35 | 37.10 | 11.65 | 15.11 | 20.22 | 37.95 | 31.60 | 34.60 | 16.64 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
BCE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
BCE Inc. returns 7.8% to shareholders annually — split between a 7.1% dividend yield and 0.7% buyback yield. The payout ratio of 34.6% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 20.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.1% | 9.8% | 17.1% | 9.7% | 6.1% | 6.6% | 7.7% | 6.7% | 7.5% | 5.8% | 6.1% |
| Payout Ratio | 34.6% | 34.6% | 1050.3% | 154.0% | 85.2% | 110.3% | 112.9% | 114.6% | 91.5% | 83.9% | 76.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 20.6% | 28.5% | 0.8% | 5.8% | 6.8% | 5.7% | 5.9% | 7.3% | 8.2% | 6.7% | 7.7% |
| FCF Yield | 10.7% | 14.9% | 12.1% | 8.9% | 5.9% | 2.3% | 9.0% | 9.5% | 9.4% | 7.7% | 7.6% |
| Buyback Yield | 0.7% | 1.0% | 1.1% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | 0.3% |
| Total Shareholder Yield | 7.8% | 10.8% | 18.2% | 9.7% | 6.8% | 6.6% | 7.7% | 6.7% | 8.0% | 5.8% | 6.4% |
| Shares Outstanding | — | $929M | $912M | $912M | $912M | $907M | $904M | $901M | $899M | $895M | $870M |
Peer Comparison
Compare BCE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BCEYou | $23B | 4.9 | 6.7 | 9.3 | 68.5% | 22.2% | 31.1% | 6.9% | 3.9 |
 T | $178B | 8.4 | 7.4 | 9.2 | 79.8% | 19.2% | 17.6% | 6.7% | 3.9 |
 VZ | $200B | 11.7 | 8.0 | 9.9 | 45.6% | 21.2% | 16.6% | 8.0% | 4.2 |
 TMUS | $209B | 19.9 | 10.1 | 20.2 | 47.6% | 21.2% | 18.2% | 8.1% | 3.8 |
 TU | $20B | 24.2 | 8.7 | 11.6 | 33.8% | 11.5% | 6.7% | 3.9% | 4.9 |
 RCI | $20B | 3.9 | 7.0 | — | 23.1% | 23.1% | 39.7% | 6.1% | 4.5 |
 CHTR | $20B | 4.3 | 5.3 | 4.5 | 46.3% | 24.3% | 24.8% | 8.6% | 4.4 |
 CMCSA | $96B | 4.9 | 5.3 | 4.4 | 60.1% | 16.7% | 21.6% | 8.2% | 3.0 |
 LUMN | $10B | -5.6 | 10.5 | 27.2 | 46.5% | -1.5% | — | -0.8% | 6.9 |
 FYBR | $10B | -29.6 | 10.5 | — | 64.5% | 5.9% | -6.3% | 1.7% | 6.1 |
 WOW | $446M | -7.2 | 6.7 | — | 59.3% | 1.0% | -25.2% | 0.4% | 4.8 |
| Communication Services Median | — | 15.5 | 8.7 | 11.6 | 49.1% | 0.9% | 2.2% | 3.3% | 3.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonBCE — Frequently Asked Questions
Quick answers to the most common questions about buying BCE stock.
What is BCE Inc.'s P/E ratio?
BCE Inc.'s current P/E ratio is 4.9x. The historical average is 17.5x. This places it at the 17th percentile of its historical range.
What is BCE Inc.'s EV/EBITDA?
BCE Inc.'s current EV/EBITDA is 6.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.6x.
What is BCE Inc.'s ROE?
BCE Inc.'s return on equity (ROE) is 31.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 13.9%.
Is BCE stock overvalued?
Based on historical data, BCE Inc. is trading at a P/E of 4.9x. This is at the 17th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is BCE Inc.'s dividend yield?
BCE Inc.'s current dividend yield is 7.12% with a payout ratio of 34.6%.
What are BCE Inc.'s profit margins?
BCE Inc. has 68.5% gross margin and 22.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does BCE Inc. have?
BCE Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.