Upside case
Bull case
$26-29.6%
The bull case prices RCI at 7x on FY1 earnings, assuming continued execution and no meaningful deceleration in the core business.
Analysis OverviewHoldUpdated May 1, 2026
Rogers Communications Inc. (RCI) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
25
analysts
11 bullish · 1 bearish · 25 covering RCI
Strong Buy
0
Buy
11
Hold
13
Sell
1
Strong Sell
0
Consensus Target
$37
+1.5% vs today
Scenario Range
$16 – $26
Model bear to bull value window
Coverage
25
Published analyst ratings
Valuation Context
10.6x
Forward P/E · Market cap $19.7B
RCI price targets
Three scenarios for where RCI stock could go
Current
~$36
Confidence
52 / 100
Updated
May 1, 2026
Where we are now
Current · $36
Bear
$16
Base
$44
Bull
$26
Market caseClosest to today
Base case
$44+20.3%
At 13x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$16-56.6%
If investor confidence fades or macro conditions deteriorate, a 6x multiple contraction could push RCI down roughly 57% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Rogers Communications Inc.
RCI · NYSECommunication ServicesTelecommunications ServicesDecember year-end
Rogers Communications is a Canadian telecommunications and media conglomerate providing wireless, cable, and media services nationwide. It generates revenue primarily from wireless services (~60% of revenue), cable internet and TV subscriptions (~30%), and media content distribution through its broadcasting assets. The company's moat lies in its extensive national network infrastructure — including spectrum holdings and fiber-optic cable — which creates high barriers to entry and locks in customers through bundled service offerings.
Market Cap
$19.7B
Revenue TTM
$20.7B
Net Income TTM
$7.0B
Net Margin
33.7%
RCI Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
75%Exceptional
12 quarters tracked
Revenue Beat Rate
33%Exceptional
vs consensus estimates
Avg EPS Surprise
+4.4%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$0.82/$0.80
Revenue
$3.8B/$5.3B
Q4 2025
EPS
$0.99/$0.92
Revenue
$3.8B/$5.9B
Q1 2026
EPS
$1.08/$0.98
Revenue
$4.5B/$4.4B
Q2 2026
EPS
$0.74/$0.73
Revenue
$3.9B/$3.9B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.82/$0.80 | +2.5% | $3.8B/$5.3B | -27.9% |
| Q4 2025 | $0.99/$0.92 | +7.6% | $3.8B/$5.9B | -35.5% |
| Q1 2026 | $1.08/$0.98 | +10.2% | $4.5B/$4.4B | +2.6% |
| Q2 2026 | $0.74/$0.73 | +1.4% | $3.9B/$3.9B | +0.8% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$22.6B
+9.1% YoY
FY2
$23.9B
+5.8% YoY
EPS Outlook
FY1
$9.89
-22.9% YoY
FY2
$11.27
+13.9% YoY
Trailing FCF (TTM)-$1.1B
FCF Margin: -5.3%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
RCI beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
RCI Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $21.7B
Product Mix
Latest annual revenue by segment or product family
Service Revenue
88.0%
+5.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Service Revenue is the largest disclosed segment at 88.0% of FY 2025 revenue, up 5.7% YoY.
RCI Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $78 — implies +114.1% from today's price.
Upside to Fair Value
114.1%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
RCI
3.9x
vs
S&P 500
25.2x
85% discount
vs Communication Services Trailing P/E
RCI
3.9x
vs
Communication Services
15.5x
75% discount
vs RCI 5Y Avg P/E
Today
3.9x
vs
5Y Average
14.2x
73% discount
Forward PE
10.6x
S&P 500
19.1x
-44%
Communication Services
13.1x
-19%
5Y Avg
—
—
Trailing PE
3.9x
S&P 500
25.2x
-85%
Communication Services
15.5x
-75%
5Y Avg
14.2x
-73%
PEG Ratio
0.12x
S&P 500
1.75x
-93%
Communication Services
0.66x
-82%
5Y Avg
—
—
EV/EBITDA
7.0x
S&P 500
15.3x
-54%
Communication Services
8.7x
-19%
5Y Avg
7.6x
-7%
Price/FCF
—
S&P 500
21.3x
—
Communication Services
11.6x
—
5Y Avg
14.1x
—
Price/Sales
1.2x
S&P 500
3.1x
-61%
Communication Services
1.0x
+18%
5Y Avg
1.2x
-0%
Dividend Yield
3.90%
S&P 500
1.88%
+108%
Communication Services
3.38%
+15%
5Y Avg
4.40%
-11%
| Metric | RCI | S&P 500 | Communication Services | 5Y Avg RCI |
|---|---|---|---|---|
| Forward PE | 10.6x | 19.1x-44% | 13.1x-19% | — |
| Trailing PE | 3.9x | 25.2x-85% | 15.5x-75% | 14.2x-73% |
| PEG Ratio | 0.12x | 1.75x-93% | 0.66x-82% | — |
| EV/EBITDA | 7.0x | 15.3x-54% | 8.7x-19% | 7.6x |
| Price/FCF | — | 21.3x | 11.6x | 14.1x |
| Price/Sales | 1.2x | 3.1x-61% | 1.0x+18% | 1.2x |
| Dividend Yield | 3.90% | 1.88% | 3.38% | 4.40% |
RCI trades above S&P 500 benchmarks on 0 of 5 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolRCI Financial Health
Verdict
Exceptional
RCI earns 22.9% operating margin on regulated earnings, 3.9% dividend yield. Utilities carry higher leverage than industrials as a structural feature of the business model.
Regulated Operations
Revenue, regulated margins, and earnings
Revenue (TTM)
Trailing-twelve-month sales base
$20.7B
Revenue Growth
TTM vs prior year
-0.0%
Operating Margin
Operating income divided by revenue
22.9%
Net Margin
Net income divided by revenue
33.7%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$12.83
Operating Margin
Operating income over revenue — primary regulated earnings signal
22.9%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
6.1%
ROA
Return on assets, trailing twelve months
8.0%
Cash & Equivalents
Liquid assets on the balance sheet
$1.3B
Net Debt
Total debt minus cash
$42.8B
Debt Serviceability
Net debt as a multiple of annual free cash flow
—
Regulated utilities typically operate at 3–5× net debt/FCF — this is structural, not a risk flag.
ROE *
Return on equity, trailing twelve months
30.9%
* Elevated by buyback-compressed equity — compare ROIC (6.1%) for an undistorted picture of capital efficiency.
Shareholder Returns
How capital is returned to owners
Total shareholder yield
3.9%
Dividend
3.9%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$1.93
Payout Ratio
Share of earnings distributed as dividends
15.2%
Shares Outstanding
Current diluted share count
540M
All figures from the trailing twelve months. Utilities operate with structural leverage (3–5× net debt/FCF) due to regulated, predictable cash flows.
Open full ratios pageRCI Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Debt Load
Rogers Communications carries a significant debt load, which poses a key risk to its financial stability. Analysts have flagged high leverage and interest coverage as critical concerns that could impact the company's ability to manage its obligations.
High Risk
Competitive Pressures
The wireless market is highly competitive, which poses a substantial risk to Rogers' market share and overall financial performance. Increased competition may lead to pricing pressures and reduced margins.
High Risk
Service Reliability Issues
Rogers has a history of service reliability issues that could adversely affect its reputation and customer retention. Ongoing service problems may lead to increased churn and a negative impact on revenue.
Medium
Economic Downturns
Potential economic downturns could negatively affect Rogers' financial performance, as reduced consumer spending may lead to lower demand for its services. A downturn could also impact the company's ability to service its debt.
Medium
Interest Rate Fluctuations
Changes in interest rates can significantly impact Rogers' funding costs and overall financial performance. An increase in rates could lead to higher interest expenses, affecting profitability.
Medium
Regulatory Decisions
Regulatory decisions can impact Rogers' capital expenditures, potentially limiting its ability to invest in infrastructure and growth initiatives. Unfavorable regulatory changes could hinder competitive positioning.
Lower
Dual-Class Share Structure
Rogers Communications' dual-class share structure may limit shareholder influence and decision-making power. This structure can lead to governance concerns among investors.
Lower
Securitisation Risks
For RCI Bank, risks associated with securitization include potential defaults on underlying loans and a lack of transparency in financial reporting. These risks could affect the bank's financial stability.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why RCI Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Financial Performance and Growth
Rogers Communications has reported strong quarterly earnings, exceeding analyst expectations. The company has shown continued year-over-year growth in total service revenue and adjusted EBITDA, with a significant increase in free cash flow.
Dividend Yield
The company offers a solid dividend yield of approximately 6.0%, providing a steady income stream for investors. The dividend payout ratio is considered healthy and sustainable.
Strategic Acquisitions and Investments
The acquisition of Shaw is expected to boost Rogers' cable segment and strengthen its position in the home internet and television market. The company is also investing in its networks and has launched innovative services like satellite-to-mobile capabilities.
Operational Improvements
Rogers has improved its capital intensity and is focusing on debt reduction, which is expected to further strengthen its balance sheet. The company has also seen improvements in its wireless and cable margins.
Market Position
As a significant player in the Canadian telecommunications market, Rogers benefits from a strong national presence and a broad range of services.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
RCI Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$36.44
52W Range Position
71%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$24.80
+46.9% from the low
52-Week High
$41.14
-11.4% from the high
1 Month
+5.90%
3 Month
+1.03%
YTD
-3.9%
1 Year
+43.3%
3Y CAGR
-9.7%
5Y CAGR
-6.1%
10Y CAGR
-0.4%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
RCI vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
10.6x
vs 11.1x median
-4% below peer median
Revenue Growth
+9.1%
vs +2.6% median
+254% above peer median
Net Margin
33.7%
vs 12.4% median
+171% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
RCI RCI Rogers Communications Inc. | $19.7B | 10.6x | +9.1% | 33.7% | Hold | +1.5% |
BCE BCE BCE Inc. | $22.6B | 9.3x | +1.9% | 25.8% | Hold | +7.3% |
TU TU TELUS Corporation | $20.0B | 19.5x | +3.7% | 5.4% | Buy | +76.2% |
T T AT&T Inc. | $178.4B | 11.1x | +1.4% | 16.9% | Hold | +15.1% |
VZ VZ Verizon Communications Inc. | $200.1B | 9.6x | +2.6% | 12.4% | Hold | +8.7% |
TMU TMUS T-Mobile US, Inc. | $209.0B | 18.4x | +5.2% | 11.6% | Buy | +31.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
RCI Dividend and Capital Return
RCI returns 3.9% total yield, led by a 3.90% dividend.
Dividend SustainableFCF Unknown
Total Shareholder Yield
3.9%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
3.90%
Payout Ratio
15.2%
How RCI Splits Its Return
Div 3.90%
Dividend 3.90%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$1.93
Growth Streak
Consecutive years of dividend increases
1Y
3Y Div CAGR
-2.4%
5Y Div CAGR
-1.0%
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
540M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.73 | — | — | — |
| 2025 | $1.44 | -1.5% | 0.0% | 5.1% |
| 2024 | $1.46 | -0.8% | 0.0% | 4.5% |
| 2023 | $1.47 | -4.9% | 0.0% | 3.9% |
| 2022 | $1.54 | -2.2% | 0.0% | 4.3% |
FAQ
7 questionsRCI Investor Questions
Common questions answered from live analyst data and company financials.
01Is Rogers Communications Inc. (RCI) stock a buy or sell in 2026?
Rogers Communications Inc. (RCI) is rated Hold by Wall Street analysts as of 2026. Of 25 analysts covering the stock, 11 rate it Buy or Strong Buy, 13 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $37, implying +1.5% from the current price of $36. The bear case scenario is $16 and the bull case is $26.
02What is the RCI stock price target for 2026?
The Wall Street consensus price target for RCI is $37 based on 25 analyst estimates. The high-end target is $37 (+1.5% from today), and the low-end target is $37 (+1.5%). The base case model target is $44.
03Is Rogers Communications Inc. (RCI) stock overvalued in 2026?
RCI trades at 10.6x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Rogers Communications Inc. (RCI) stock in 2026?
The primary risks for RCI in 2026 are: (1) Debt Load — Rogers Communications carries a significant debt load, which poses a key risk to its financial stability. (2) Competitive Pressures — The wireless market is highly competitive, which poses a substantial risk to Rogers' market share and overall financial performance. (3) Service Reliability Issues — Rogers has a history of service reliability issues that could adversely affect its reputation and customer retention. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Rogers Communications Inc.'s revenue and earnings forecast?
Analyst consensus estimates RCI will report consensus revenue of $22.6B (+9.1% year-over-year) and EPS of $9.89 (-22.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $23.9B in revenue.
06When does Rogers Communications Inc. (RCI) report its next earnings?
A confirmed upcoming earnings date for RCI is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Rogers Communications Inc. generate?
Rogers Communications Inc. (RCI) had a free cash outflow of $1.1B in free cash flow over the trailing twelve months — a free cash flow margin of 5.3%. RCI returns capital to shareholders through dividends (3.9% yield) and share repurchases ($0 TTM).