Last 48 quarters of trend data · Communication Services · Telecommunications Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
TELUS Corporation's quarterly P/E stands at 18.3x, up 29.5% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has compressed 39.6% YoY to 4.2x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 26.12 | 18.29 | 12.32 | 872.83 | 17.07 | 14.13 | 22.08 | 25.23 | 46.59 | 22.24 | 43.83 | 34.75 | 33.10 |
| — | +29.5% | -44.2% | +3359.0% | -63.4% | -36.5% | -49.6% | -27.4% | +40.8% | -21.7% | +226.6% | +112.1% | +41.8% | |
| P/S Ratio | 1.43 | 0.94 | 1.20 | 1.21 | 1.08 | 0.94 | 1.24 | 1.15 | 1.22 | 1.27 | 1.19 | 1.43 | 1.45 |
| — | -0.7% | -2.9% | +5.4% | -10.9% | -25.4% | +3.5% | -19.8% | -16.3% | -7.9% | -20.6% | -19.0% | -31.5% | |
| P/B Ratio | 1.74 | 1.22 | 1.93 | 1.51 | 1.30 | 1.20 | 1.47 | 1.32 | 1.37 | 1.51 | 1.85 | 2.13 | 2.17 |
| — | +1.8% | +31.3% | +14.6% | -5.7% | -20.5% | -20.4% | -38.1% | -36.7% | -3.5% | -14.6% | -10.7% | -21.2% | |
| P/FCF | 12.49 | 11.37 | 8.44 | 83.38 | 12.85 | 10.79 | 8.28 | 24.89 | 572.41 | 10.36 | 11.08 | 21.09 | — |
| — | +5.4% | +1.9% | +235.0% | -97.8% | +4.1% | -25.3% | +18.0% | — | -49.0% | — | -36.1% | — | |
| EV / EBITDA | 9.06 | 4.19 | 6.35 | 11.40 | 7.28 | 6.93 | 7.55 | 7.57 | 7.78 | 7.73 | 7.17 | 7.60 | 7.41 |
| — | -39.6% | -16.0% | +50.6% | -6.4% | -10.3% | +5.3% | -0.4% | +5.0% | -4.6% | +4.7% | +1.7% | -11.6% | |
| EV / EBIT | 24.63 | 28.01 | 11.26 | 77.72 | 16.92 | 14.96 | 20.22 | 19.68 | 24.46 | 17.66 | 22.07 | 21.17 | 20.96 |
| — | +87.3% | -44.3% | +295.0% | -30.8% | -15.3% | -8.4% | -7.1% | +16.7% | -14.5% | +92.6% | +51.9% | +15.4% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
TELUS Corporation's operating margin was 12.9% in Q4 2025, down 1.8 pp QoQ and down 1.4 pp YoY. The trailing four-quarter average of 11.5% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 52.2% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.8% | 28.7% | 61.7% | 63.1% | 63.2% | 59.9% | 63.0% | 62.8% | 62.8% | 59.5% | 62.8% | 63.7% | 63.4% |
| — | -52.2% | -2.0% | +0.5% | +0.6% | +0.7% | +0.3% | -1.5% | -0.9% | +1.7% | +2.3% | +1.8% | +1.3% | |
| Operating Margin | 11.5% | 12.9% | 14.6% | 3.5% | 15.0% | 14.2% | 15.6% | 13.9% | 11.8% | 12.9% | 10.4% | 11.8% | 12.2% |
| — | -9.6% | -6.3% | -75.0% | +26.8% | +10.6% | +50.8% | +18.0% | -2.8% | -3.3% | -39.6% | -32.3% | -28.8% | |
| Net Margin | 5.4% | 5.4% | 9.7% | 0.1% | 6.4% | 6.7% | 5.6% | 4.7% | 2.6% | 5.6% | 2.7% | 4.1% | 4.4% |
| — | -19.3% | +75.2% | -97.0% | +145.1% | +20.2% | +103.8% | +14.8% | -40.8% | +13.1% | -75.4% | -62.1% | -51.3% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.7% | 2.0% | 3.4% | 0.0% | 1.9% | 2.1% | 1.6% | 1.3% | 0.7% | 1.9% | 1.0% | 1.5% | 1.4% |
| — | -5.7% | +108.5% | -96.8% | +159.9% | +11.3% | +58.5% | -12.0% | -47.7% | +17.5% | -73.9% | -57.9% | -46.7% | |
| ROA | 1.9% | 0.6% | 1.0% | 0.0% | 0.6% | 0.6% | 0.5% | 0.4% | 0.2% | 0.6% | 0.3% | 0.5% | 0.5% |
| — | -7.9% | +95.6% | -97.0% | +147.8% | +5.6% | +50.5% | -17.4% | -51.0% | +10.9% | -75.6% | -60.6% | -48.7% | |
| ROIC | 3.9% | 1.3% | 1.4% | 0.3% | 1.2% | 1.3% | 1.3% | 1.1% | 1.0% | 1.3% | 1.2% | 1.3% | 1.2% |
| — | +6.2% | +8.7% | -74.8% | +26.4% | -3.7% | +11.1% | -14.1% | -19.2% | -6.7% | -41.1% | -31.3% | -27.0% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
TELUS Corporation's Debt/EBITDA ratio is 10.7x, down from 12.3x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 27.8% YoY to 0.86x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.90 | 1.90 | 1.71 | 2.06 | 1.79 | 1.77 | 1.71 | 1.71 | 1.71 | 1.59 | 1.60 | 1.55 | 1.52 |
| — | +7.0% | -0.1% | +20.1% | +4.7% | +11.7% | +7.1% | +10.8% | +12.3% | +11.4% | +12.7% | +17.7% | +16.6% | |
| Debt / EBITDA | 4.90 | 10.73 | 12.25 | 28.09 | 17.23 | 16.82 | 16.47 | 17.42 | 17.99 | 16.10 | 13.56 | 12.91 | 12.39 |
| — | -36.2% | -25.6% | +61.2% | -4.2% | +4.5% | +21.5% | +34.9% | +45.2% | +2.3% | +22.3% | +20.9% | +13.5% | |
| Current Ratio | 0.86 | 0.86 | 0.76 | 0.86 | 0.64 | 0.68 | 0.69 | 0.66 | 0.75 | 0.67 | 0.66 | 0.63 | 0.75 |
| — | +27.8% | +10.0% | +29.2% | -15.0% | +1.5% | +3.6% | +5.3% | +0.4% | -9.4% | +1.1% | +8.5% | +17.6% | |
| Quick Ratio | 0.81 | 0.81 | 0.71 | 0.81 | 0.59 | 0.61 | 0.63 | 0.61 | 0.70 | 0.62 | 0.61 | 0.57 | 0.68 |
| — | +33.0% | +12.2% | +33.6% | -16.2% | -0.5% | +4.0% | +7.1% | +3.2% | -8.3% | +0.3% | +7.5% | +18.2% | |
| Interest Coverage | — | — | 1.85 | 0.47 | 2.20 | 1.99 | 2.27 | 1.98 | 1.69 | 1.84 | 1.58 | 1.87 | 2.04 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Start ComparisonTELUS Corporation's current P/E is 26.1x. The average P/E over the last 4 quarters is 230.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
TELUS Corporation's current operating margin is 11.5%. Margins have been compressing 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 TELUS Corporation's business trajectory between earnings reports.