30 years of historical data (1995–2024) · Communication Services · Telecommunications Services
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
BCE Inc. trades at 200.0x earnings, 413% above its 5-year average of 39.0x, sitting at the 100th percentile of its historical range. Compared to the Communication Services sector median P/E of 15.1x, the stock trades at a premium of 1222%. On a free-cash-flow basis, the stock trades at 13.1x P/FCF, 28% below the 5-year average of 18.2x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $24.5B | $21.1B | $35.9B | $40.1B | $47.2B | $38.7B | $41.8B | $35.5B | $43.0B | $37.6B | $32.8B |
| Enterprise Value | $51.4B | $57.9B | $71.3B | $71.9B | $76.6B | $59.2B | $61.9B | $59.5B | $62.6B | $58.2B | $52.4B |
| P/E Ratio → | 200.04 | 128.78 | 17.27 | 14.75 | 17.40 | 16.92 | 13.75 | 12.13 | 15.00 | 12.98 | 12.96 |
| P/S Ratio | 1.38 | 0.87 | 1.46 | 1.66 | 2.01 | 1.69 | 2.28 | 1.51 | 1.89 | 1.73 | 1.52 |
| P/B Ratio | 1.89 | 1.22 | 1.75 | 1.78 | 2.06 | 2.31 | 2.53 | 1.72 | 2.21 | 2.11 | 1.89 |
| P/FCF | 13.12 | 8.26 | 11.29 | 16.81 | 43.33 | 11.17 | 10.49 | 10.58 | 12.93 | 13.10 | 15.50 |
| P/OCF | 4.80 | 3.03 | 4.52 | 6.50 | 5.89 | 4.99 | 5.25 | 4.81 | 5.84 | 5.66 | 5.22 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
BCE Inc.'s enterprise value stands at 6.6x EBITDA, roughly in line with its 5-year average of 6.8x. The Communication Services sector median is 7.5x, placing the stock at a 11% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.37 | 2.89 | 2.97 | 3.27 | 2.59 | 3.38 | 2.54 | 2.76 | 2.68 | 2.44 |
| EV / EBITDA | 6.64 | 5.47 | 6.85 | 7.05 | 7.74 | 6.71 | 8.03 | 6.24 | 6.75 | 6.63 | 6.13 |
| EV / EBIT | 12.67 | 21.46 | 14.74 | 14.26 | 15.17 | 13.39 | 14.47 | 11.82 | 12.17 | 11.27 | 11.22 |
| EV / FCF | — | 22.61 | 22.42 | 30.14 | 70.31 | 17.08 | 15.55 | 17.73 | 18.85 | 20.28 | 24.81 |
Margins and return-on-capital ratios measuring operating efficiency
BCE Inc. earns an operating margin of 22.7%. ROE of 1.8% is modest. ROIC of 7.6% represents adequate returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.4% | 68.4% | 30.1% | 68.4% | 68.9% | 69.6% | 31.9% | 41.8% | 42.1% | 69.1% | 69.3% |
| Operating Margin | 22.7% | 22.7% | 22.3% | 22.7% | 22.5% | — | 23.8% | 23.5% | 23.9% | 24.3% | 23.8% |
| Net Profit Margin | 1.4% | 1.4% | 9.2% | 11.9% | 12.1% | 11.5% | 13.4% | 12.5% | 13.2% | 14.0% | 12.4% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.8% | 1.8% | 10.5% | 12.6% | 14.3% | 15.8% | 13.2% | 14.6% | 16.0% | 17.2% | 16.4% |
| ROA | 0.5% | 0.5% | 3.2% | 4.2% | 5.0% | 5.6% | 4.8% | 5.2% | 5.7% | 6.2% | 5.7% |
| ROIC | 7.6% | 7.6% | 7.5% | 7.7% | 8.9% | — | 8.1% | 9.9% | 10.5% | 10.5% | 10.7% |
| ROCE | 9.4% | 9.4% | 9.3% | 9.5% | 10.7% | — | 10.2% | 12.0% | 12.8% | 13.5% | 13.6% |
Solvency and debt-coverage ratios — lower is generally safer
BCE Inc. carries a Debt/EBITDA ratio of 3.6x, which is moderately leveraged (roughly in line with the sector average of 3.5x). Net debt stands at $36.7B ($38.3B total debt minus $1.6B cash). Interest coverage of 3.2x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.21 | 2.21 | 1.76 | 1.42 | 1.29 | 1.23 | 1.23 | 1.18 | 1.04 | 1.20 | 1.17 |
| Debt / EBITDA | 3.62 | 3.62 | 3.47 | 3.13 | 3.00 | 2.34 | 2.63 | 2.56 | 2.19 | 2.44 | 2.37 |
| Net Debt / Equity | — | 2.12 | 1.72 | 1.41 | 1.28 | 1.22 | 1.22 | 1.16 | 1.01 | 1.15 | 1.14 |
| Net Debt / EBITDA | 3.47 | 3.47 | 3.40 | 3.12 | 2.97 | 2.32 | 2.61 | 2.51 | 2.12 | 2.34 | 2.30 |
| Debt / FCF | — | 14.35 | 11.13 | 13.33 | 26.98 | 5.91 | 5.06 | 7.14 | 5.92 | 7.17 | 9.31 |
| Interest Coverage | 3.18 | 3.18 | 3.63 | 4.78 | 4.75 | — | 3.65 | 5.16 | 5.30 | 5.45 | 5.04 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.60x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.6B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.60 | 0.60 | 0.65 | 0.57 | 0.68 | 0.64 | 0.52 | 0.56 | 0.52 | 0.57 | 0.48 |
| Quick Ratio | 0.57 | 0.57 | 0.61 | 0.51 | 0.63 | 0.59 | 0.48 | 0.51 | 0.49 | 0.53 | 0.44 |
| Cash Ratio | 0.13 | 0.13 | 0.15 | 0.01 | 0.03 | 0.03 | 0.01 | 0.04 | 0.06 | 0.08 | 0.06 |
| Asset Turnover | — | 0.33 | 0.34 | 0.35 | 0.35 | 0.48 | 0.40 | 0.41 | 0.41 | 0.43 | 0.45 |
| Inventory Turnover | 18.35 | 18.35 | 37.10 | 11.65 | 15.11 | 20.22 | 37.95 | 31.60 | 34.60 | 16.64 | 15.86 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
BCE Inc. returns 11.7% to shareholders annually — split between a 11.0% dividend yield and 0.7% buyback yield. The payout ratio exceeds 100% at 1050.3%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 0.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 11.0% | 17.1% | 9.7% | 6.1% | 6.6% | 7.7% | 6.7% | 7.5% | 5.8% | 6.1% | 6.6% |
| Payout Ratio | 1050.3% | 1050.3% | 154.0% | 85.2% | 110.3% | 112.9% | 114.6% | 91.5% | 83.9% | 76.0% | 81.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.5% | 0.8% | 5.8% | 6.8% | 5.7% | 5.9% | 7.3% | 8.2% | 6.7% | 7.7% | 7.7% |
| FCF Yield | 7.6% | 12.1% | 8.9% | 5.9% | 2.3% | 9.0% | 9.5% | 9.4% | 7.7% | 7.6% | 6.4% |
| Buyback Yield | 0.7% | 1.1% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | 0.3% | 0.4% |
| Total Shareholder Yield | 11.7% | 18.2% | 9.7% | 6.8% | 6.6% | 7.7% | 6.7% | 8.0% | 5.8% | 6.4% | 7.0% |
| Shares Outstanding | — | $912M | $912M | $912M | $907M | $904M | $901M | $899M | $895M | $870M | $848M |
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 | $25B | 200.0 | 6.6 | 13.1 | 68.4% | 22.7% | 1.8% | 7.6% | 3.6 |
| VZ | $211B | 12.3 | 8.3 | 10.5 | 45.6% | 21.2% | 16.6% | 8.0% | 4.2 |
| T | $196B | 9.2 | 7.4 | 10.1 | 79.8% | 19.2% | 17.7% | 7.0% | 3.4 |
| TBB | $139B | 7.5 | 6.1 | 7.2 | 79.8% | 19.2% | 17.7% | 7.0% | 3.4 |
| AMX | $78B | 17.4 | 6.3 | 11.2 | 42.9% | 21.0% | 18.1% | 11.2% | 2.6 |
| VOD | $36B | -8.1 | 7.3 | 3.5 | 33.4% | -1.1% | -7.0% | -0.3% | 5.5 |
| CHT | $34B | 27.2 | 12.5 | — | 20.6% | 20.6% | 9.9% | 9.2% | — |
| VIV | $27B | 25.8 | 6.7 | 13.2 | 43.9% | 15.5% | 8.0% | 7.8% | 0.9 |
| TEF | $24B | -65.1 | 5.2 | 4.0 | 69.6% | 5.8% | -0.2% | 2.9% | 4.0 |
| TU | $21B | 26.1 | 9.1 | 12.5 | 33.8% | 11.5% | 6.7% | 3.9% | 4.9 |
| TLK | $21B | 15.0 | 5.3 | 11.1 | 67.9% | 28.7% | 14.8% | 16.1% | 1.0 |
| Communication Services Median | — | 15.1 | 7.5 | 10.5 | 51.2% | -0.7% | 2.4% | 1.7% | 3.5 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonBCE Inc.'s current P/E ratio is 200.0x. The historical average is 17.5x. This places it at the 100th percentile of its historical range.
BCE Inc.'s current EV/EBITDA is 6.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.5x.
BCE Inc.'s return on equity (ROE) is 1.8%. The historical average is 13.0%.
Based on historical data, BCE Inc. is trading at a P/E of 200.0x. This is at the 100th 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 11.00% with a payout ratio of 1050.3%.
BCE Inc. has 68.4% gross margin and 22.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
BCE Inc.'s Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.