Last 47 quarters of trend data · Communication Services · Telecommunications Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
BCE Inc.'s quarterly P/E stands at 1.2x. EV/EBITDA has compressed 12.2% YoY to 5.6x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 200.04 | 1.21 | 8.94 | 8.44 | 11.36 | — | 13.72 | 19.31 | 23.44 | 13.63 | 31.66 | 14.17 | 18.94 |
| — | — | -34.8% | -56.3% | -51.5% | — | -56.7% | +36.2% | +23.7% | +1.4% | +67.4% | -1.9% | +0.5% | |
| P/S Ratio | 1.38 | 0.90 | 0.85 | 0.89 | 0.82 | 1.33 | 1.23 | 1.29 | 1.39 | 1.43 | 2.27 | 2.28 | 1.56 |
| — | -32.2% | -31.0% | -30.9% | -40.7% | -7.2% | -45.9% | -43.5% | -10.9% | -34.8% | -7.8% | -15.5% | -18.3% | |
| P/B Ratio | 1.89 | 0.96 | 1.12 | 1.20 | 1.22 | 1.77 | 1.48 | 1.52 | 1.75 | 1.63 | 1.94 | 1.84 | 1.78 |
| — | -45.7% | -23.9% | -21.2% | -30.3% | +8.0% | -23.9% | -17.1% | -1.9% | -1.8% | +2.8% | -13.6% | -13.7% | |
| P/FCF | 13.12 | 5.35 | 4.36 | 9.03 | 8.32 | 9.07 | 40.58 | 80.76 | 37.79 | 14.75 | 11.39 | 68.10 | 32.50 |
| — | -41.1% | -89.3% | -88.8% | -78.0% | -38.5% | +256.2% | +18.6% | +16.3% | +4.2% | +40.0% | +308.2% | — | |
| EV / EBITDA | 6.64 | 5.64 | 5.39 | 5.79 | 5.56 | 6.43 | 6.25 | 6.60 | 6.95 | 6.71 | 9.40 | 9.85 | 4.93 |
| — | -12.2% | -13.7% | -12.2% | -20.0% | -4.3% | -33.6% | -33.0% | +40.8% | -27.2% | +1.4% | +1.2% | -8.9% | |
| EV / EBIT | 12.67 | 2.83 | 10.88 | 10.87 | 12.93 | — | 13.36 | 16.17 | 16.92 | 12.91 | 17.79 | 18.06 | 14.28 |
| — | — | -18.6% | -32.8% | -23.6% | — | -24.9% | -10.5% | +18.5% | -30.5% | -12.2% | +10.5% | -7.0% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
BCE Inc.'s operating margin was 24.0% in Q3 2025, up 1.2 pp QoQ and down 0.5 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 22.4% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.4% | 70.8% | 68.6% | 68.1% | 64.4% | 70.9% | 69.9% | 29.6% | 64.6% | 69.7% | 31.2% | 29.5% | 42.4% |
| — | -0.2% | -1.9% | +130.5% | -0.3% | +1.8% | +124.0% | +0.4% | +52.4% | +123.2% | -1.7% | -8.6% | -0.3% | |
| Operating Margin | 22.7% | 24.0% | 22.8% | 21.7% | 21.1% | 24.5% | 23.8% | 21.7% | 20.3% | — | 23.3% | 22.1% | 38.0% |
| — | -2.0% | -4.1% | +0.0% | +3.9% | — | +2.0% | -1.8% | -46.6% | — | -1.9% | -9.8% | -0.2% | |
| Net Margin | 1.4% | 75.1% | 10.2% | 11.3% | 7.8% | -20.0% | 9.7% | 7.5% | 6.6% | 11.3% | 6.2% | 12.7% | 8.9% |
| — | +476.0% | +4.8% | +51.5% | +18.1% | -276.7% | +57.0% | -41.3% | -25.2% | -9.7% | -42.6% | -18.2% | -16.2% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.8% | 22.1% | 3.4% | 3.8% | 2.9% | -6.3% | 2.9% | 2.2% | 2.1% | 3.2% | 1.3% | 2.5% | 2.5% |
| — | +451.8% | +19.1% | +74.9% | +38.8% | -295.3% | +123.1% | -13.8% | -18.3% | +37.9% | -37.2% | -18.3% | -11.2% | |
| ROA | 0.5% | 6.1% | 0.9% | 0.9% | 0.7% | -1.6% | 0.8% | 0.6% | 0.6% | 1.0% | 0.4% | 0.8% | 0.8% |
| — | +473.9% | +8.8% | +48.3% | +14.1% | -265.8% | +96.5% | -24.1% | -27.2% | +22.6% | -44.2% | -24.6% | -16.1% | |
| ROIC | 7.6% | 1.8% | 1.9% | 1.8% | 1.8% | 1.9% | 1.9% | 1.7% | 1.8% | — | 1.5% | 1.4% | 3.4% |
| — | -4.6% | +0.5% | +1.6% | +4.1% | — | +28.4% | +27.8% | -48.0% | — | -4.1% | -16.6% | -1.6% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
BCE Inc.'s Debt/EBITDA ratio is 14.8x, up from 14.0x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 7.3% YoY to 0.58x, tightening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.21 | 1.80 | 2.04 | 2.22 | 2.21 | 2.23 | 1.97 | 1.85 | 1.76 | 1.63 | 1.60 | 1.52 | 1.42 |
| — | -19.2% | +3.5% | +20.3% | +25.4% | +36.9% | +23.3% | +21.8% | +24.1% | +19.0% | +25.6% | +20.5% | +9.6% | |
| Debt / EBITDA | 3.62 | 14.84 | 14.05 | 15.32 | 14.71 | 14.72 | 14.65 | 14.69 | 14.09 | 13.52 | 17.22 | 18.01 | 8.76 |
| — | +0.7% | -4.1% | +4.3% | +4.4% | +8.9% | -14.9% | -18.5% | +60.8% | -19.6% | +14.2% | +24.2% | +4.7% | |
| Current Ratio | 0.60 | 0.58 | 0.61 | 0.64 | 0.60 | 0.62 | 0.65 | 0.61 | 0.65 | 0.57 | 0.55 | 0.57 | 0.57 |
| — | -7.3% | -6.6% | +5.7% | -7.9% | +9.0% | +18.2% | +7.3% | +15.3% | -4.5% | -14.4% | -12.7% | -16.8% | |
| Quick Ratio | 0.57 | 0.55 | 0.57 | 0.61 | 0.57 | 0.60 | 0.62 | 0.57 | 0.61 | 0.52 | 0.50 | 0.51 | 0.51 |
| — | -8.3% | -8.2% | +6.1% | -6.7% | +15.1% | +24.3% | +11.5% | +20.8% | -4.7% | -14.8% | -12.4% | -18.9% | |
| Interest Coverage | 3.18 | 3.18 | 3.14 | 3.04 | 3.09 | 3.26 | 3.29 | 3.13 | 3.21 | — | 2.89 | 2.79 | 7.49 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Start ComparisonBCE Inc.'s current P/E is 200.0x. The average P/E over the last 4 quarters is 7.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
BCE Inc.'s current operating margin is 22.7%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking BCE Inc.'s business trajectory between earnings reports.