Latest Ratios: P/E Ratio 4.4x · EV/EBITDA 6.5x · ROE 31.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19.9B | $22.1B | $21.1B | $35.9B | $40.1B | $47.2B | $38.7B | $41.8B | $35.5B | $43.0B | $37.6B |
| Enterprise Value | $48.7B | $62.9B | $57.9B | $71.3B | $71.9B | $76.6B | $59.2B | $61.9B | $59.5B | $62.6B | $58.2B |
| P/E Ratio → | 4.43 | 3.51 | 128.78 | 17.27 | 14.75 | 17.40 | 16.92 | 13.75 | 12.13 | 15.00 | 12.98 |
| P/S Ratio | 1.15 | 0.90 | 0.87 | 1.46 | 1.66 | 2.01 | 1.69 | 2.28 | 1.51 | 1.89 | 1.73 |
| P/B Ratio | 1.20 | 0.95 | 1.22 | 1.75 | 1.78 | 2.06 | 2.31 | 2.53 | 1.72 | 2.21 | 2.11 |
| P/FCF | 8.51 | 6.72 | 8.26 | 11.29 | 16.81 | 43.33 | 11.17 | 10.49 | 10.58 | 12.93 | 13.10 |
| P/OCF | 4.01 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 6.45 | 5.90 | 5.47 | 6.85 | 7.05 | 7.74 | 6.71 | 8.03 | 6.24 | 6.75 | 6.63 |
| EV / EBIT | 12.69 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 68.4% | 68.4% | 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 | 26.4% | 26.4% | 1.4% | 9.2% | 11.9% | 12.1% | 11.5% | 13.4% | 12.5% | 13.2% | 14.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.8% | 31.8% | 1.8% | 10.5% | 12.6% | 14.3% | 15.8% | 13.2% | 14.6% | 16.0% | 17.2% |
| ROA | 8.4% | 8.4% | 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% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.76 | 1.76 | 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 | — | 1.75 | 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 | 5.34 | 5.34 | 1.55 | 3.19 | 4.40 | 4.54 | 3.82 | 3.58 | 4.71 | 5.01 | 5.33 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 7.3% | 9.2% | 17.1% | 9.7% | 6.1% | 6.6% | 7.7% | 6.7% | 7.5% | 5.8% | 6.1% |
| Payout Ratio | 31.4% | 31.4% | 1050.3% | 154.0% | 85.2% | 110.3% | 112.9% | 114.6% | 91.5% | 83.9% | 76.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 22.6% | 28.5% | 0.8% | 5.8% | 6.8% | 5.7% | 5.9% | 7.3% | 8.2% | 6.7% | 7.7% |
| FCF Yield | 11.7% | 14.9% | 12.1% | 8.9% | 5.9% | 2.3% | 9.0% | 9.5% | 9.4% | 7.7% | 7.6% |
| Buyback Yield | 0.6% | 0.8% | 1.1% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | 0.3% |
| Total Shareholder Yield | 7.9% | 10.0% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BCE stock.
BCE Inc.'s current P/E ratio is 4.4x. The historical average is 17.5x. This places it at the 14th percentile of its historical range.
BCE Inc.'s current EV/EBITDA is 6.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.6x.
BCE Inc.'s return on equity (ROE) is 31.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 13.9%.
Based on historical data, BCE Inc. is trading at a P/E of 4.4x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BCE Inc.'s current dividend yield is 7.26% with a payout ratio of 31.4%.
BCE Inc. has 68.4% gross margin and 22.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
BCE Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Regulatory fiber access mandate
Yield Anchors Valuation Amid Flat Growth
BCE's P/E of 4.8 and 6.7% dividend yield reflect bond-proxy status, with the yield exceeding AT&T's 4.6% and Verizon's 5.6%, per peer data, suggesting market pricing for stability over growth.
The trailing P/E of 4.8 is sharply below the peer average, but this is distorted by non-recurring gains in 2025Q3; the forward P/E of 9.0 is more indicative, still below Telus's 18.8. The 6.7% dividend yield is the highest among major North American telecoms, implying investors demand a premium for regulatory and leverage risks. Given flat revenue growth of 0.24%, the valuation appears to be a pure income play, with limited multiple expansion potential unless the CRTC overhang clears.
Earned ROE Far Exceeds Allowed Return
BCE's trailing ROE of 31.8% dwarfs typical regulatory allowed returns of 9-10%, per reported figures, but this is inflated by one-time gains; core quarterly ROE averages 2-3%, suggesting sustainable returns are closer to 10-12%.
The 2025Q3 ROE spike to 22.1% (quarterly) and the 31.8% TTM figure are driven by a $4.5B non-recurring gain, not operational performance. Excluding that, quarterly ROE has ranged from 2.0% to 3.8%, annualizing to roughly 8-15%, which is more in line with authorized returns. This suggests that while BCE is earning its allowed return on a normalized basis, the headline ROE overstates regulatory constructiveness. Investors should monitor whether the CRTC's wholesale fiber mandate compresses future earned ROE below the allowed level.
Margin Stability Masks Regulatory Risk
Operating margin held near 21-24% over the past year, per financial statements, but the 2025Q4 spike to 103.6% is an anomaly; net margin of 26.4% exceeds operating margin, indicating non-operating gains distort cost recovery analysis.
The consistent operating margin around 22% suggests effective cost control, but the gap between net margin (26.4%) and operating margin (22.15%) implies significant non-operating income, likely from asset sales or tax adjustments. This masks the underlying cost recovery from regulated operations. With revenue flat, margin stability is achieved through cost discipline, but the CRTC's wholesale fiber mandate could decouple revenue from costs, pressuring future margins. The 2025Q4 operating margin of 103.6% is clearly a data artifact, likely from a one-time gain, and should be disregarded.
Leverage Elevated Despite Stable Debt Ratio
Debt-to-capital has held near 0.63-0.69 over the past year, per reported figures, but total debt of $41.8B and interest coverage of 2.8x in 2026Q2 indicate strained credit metrics, with FFO/debt at 5.8%.
The debt-to-capital ratio of 0.63 is high for a telecom, and interest coverage of 2.83x in 2026Q2 is thin, though it improved from 2.52x in 2024Q1. FFO/debt of 5.76% is below the 8-10% typically expected for a strong investment-grade credit, suggesting limited headroom for additional leverage. The reported debt-to-equity of 1.76% appears understated, likely excluding lease liabilities or subsidiary debt, as per prior analysis. This leverage, combined with the regulatory overhang, could constrain future capital returns and dividend growth.
Dividend Coverage Thin but Improving
Dividend payout ratio averaged 68-98% over recent quarters, per financial statements, with 2026Q2 at 68.3%, indicating limited coverage; OCF-to-dividend coverage improved to 4.9x, but cash reserves have thinned to $479M.
The payout ratio of 68.3% in 2026Q2 is high, leaving little retained earnings for reinvestment, especially given the $3.5B annual capex program. While OCF coverage of 4.9x appears robust, the current ratio of 0.65 and declining cash suggest liquidity pressure. The dividend yield of 6.7% is attractive, but sustainability depends on stable cash flows and no adverse regulatory rulings. Given the high payout and leverage, any earnings shock could force a dividend cut, which the market may be underpricing.
P/E Misleads for Regulated Utilities
Comparing BCE's P/E of 4.8 to industrial peers is misleading, as utilities are bond proxies; the appropriate metric is dividend yield relative to interest rates, with BCE's 6.7% yield reflecting regulatory and leverage risks.
The trailing P/E is distorted by non-recurring gains, and even the forward P/E of 9.0 is not directly comparable to growth companies. For utilities, the dividend yield is the primary valuation anchor, and BCE's 6.7% yield is high relative to AT&T (4.6%) and Verizon (5.6%), indicating the market demands a premium for Canadian regulatory risk. Investors should focus on FFO/debt and interest coverage to assess credit quality, rather than P/E. The EV/EBITDA of 6.67 is more meaningful, but it too is affected by the same non-recurring items.