olivLaw · US equity research
Bce Inc. BCE
Telephone Communications (No Radiotelephone) · SIC 4813 · Vertical: Telephone Communications (No Radiotelephone) (SIC 4813)
At the close of 04 Nov 2026, Bce Inc. (BCE) stock was 21.11 USD (+2.78% on the day), with beta -0.14, 52-week range 18.78–26.45 USD.
Data as of · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.7
- strong (55–70)
- Bollinger (20, 2)
- 18.96 – 21.19
- in the upper half of the band · %B 0.96 · band width 11.1%
- SMA 50 / 200
- 21.36 / 23.41
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.29
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.9% | −1.1% | +8.0 pp | — |
| 3 months | −4.3% | −0.5% | −3.9 pp | — |
| 6 months | −12.9% | +4.4% | −17.3 pp | — |
| Year to date | −11.4% | +12.3% | −23.7 pp | — |
| 1 year | −5.3% | +13.5% | −18.8 pp | −14.4% |
| 3 years | −47.1% | +76.4% | −123.5 pp | +20.5% |
| 5 years | −58.5% | +63.7% | −122.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23.5 bn | 23.8 bn | 22.9 bn | 23.4 bn | 24.2 bn | 24.7 bn | 24.4 bn | 24.5 bn |
| Revenue YoY | +3.3% | +1.4% | −3.8% | +2.5% | +3.1% | +2.1% | −1.1% | +0.2% |
| Net income | 3.0 bn | 3.3 bn | 2.7 bn | 2.9 bn | 2.9 bn | 2.3 bn | 375.0 m | 6.5 bn |
| Net income YoY | −2.5% | +9.4% | −17.0% | +7.2% | +1.2% | −20.5% | −83.9% | +1,637.1% |
| Diluted EPS | unavailable | unavailable | 2.76 | 2.99 | 2.98 | 2.28 | 0.18 | 6.79 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +8.3% | −0.3% | −23.5% | −92.1% | +3,672.2% |
| net % | 12.7% | 13.7% | 11.8% | 12.3% | 12.1% | 9.4% | 1.5% | 26.6% |
| Free cash flow | 3.4 bn | 4.0 bn | 3.6 bn | 3.2 bn | 3.2 bn | 3.4 bn | 3.1 bn | 3.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable CAD
- Financial debt
- 34.9 bn CAD
- Net debt
- unavailable CAD
- Equity
- 23.3 bn CAD
- Total assets
- 80.2 bn CAD
- Debt / equity
- 1.50x
- Current ratio
- 0.58x
- ROE
- 32.0%
- ROA
- 8.5%
- FCF margin
- 13.5%
Financial statements (source on every figure)
Revenue and net income (CAD)
Margins
Income statement · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 22.9 bn | 23.4 bn | 24.2 bn | 24.7 bn | 24.4 bn | 24.5 bn | SEC (XBRL)· 06 Mar 2026verified |
| Cost of revenue | 7.0 bn | 7.3 bn | 7.6 bn | 7.9 bn | 7.7 bn | 7.7 bn | SEC (XBRL)· 06 Mar 2026verified |
| Gross profit | 15.9 bn ≈ | 16.2 bn ≈ | 16.5 bn ≈ | 16.7 bn ≈ | 16.7 bn ≈ | 16.7 bn ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Research & development | 47.0 m | 57.0 m | 57.0 m | 90.0 m | 66.0 m | 60.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Depreciation & amortisation | 4.4 bn | 4.6 bn | 4.7 bn | 4.9 bn | 5.0 bn | 5.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Pre-tax income | 3.3 bn | 3.9 bn | 3.9 bn | 3.3 bn | 952.0 m | 7.7 bn | SEC (XBRL)· 06 Mar 2026verified |
| Income tax | 792.0 m | 1.0 bn | 967.0 m | 996.0 m | 577.0 m | 1.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Net income | 2.7 bn | 2.9 bn | 2.9 bn | 2.3 bn | 375.0 m | 6.5 bn | SEC (XBRL)· 06 Mar 2026verified |
| Diluted EPS | 2.76 | 2.99 | 2.98 | 2.28 | 0.18 | 6.79 | SEC (XBRL)· 06 Mar 2026verified |
| Weighted average diluted shares | 904.4 m | 906.7 m | 912.0 m | 912.2 m | 912.3 m | 929.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Dividend per share | 3.33 | 3.50 | 3.68 | 3.87 | 3.99 | 2.31 | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Receivables | 3.5 bn | 3.9 bn | 4.1 bn | 4.0 bn | 4.5 bn | 4.5 bn | SEC (XBRL)· 06 Mar 2026verified |
| Inventories | 439.0 m | 482.0 m | 656.0 m | 465.0 m | 420.0 m | 389.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Current assets | 5.7 bn | 6.2 bn | 6.5 bn | 7.9 bn | 8.9 bn | 7.4 bn | SEC (XBRL)· 06 Mar 2026verified |
| Property, plant & equipment, net | 27.5 bn | 28.2 bn | 29.3 bn | — | — | — | SEC (XBRL)· 03 Mar 2023verified |
| Goodwill | 10.6 bn | 10.6 bn | 10.9 bn | 10.9 bn | 10.3 bn | 13.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Intangibles (excl. goodwill) | 13.1 bn | 15.6 bn | 16.2 bn | 16.6 bn | 16.8 bn | 17.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Total assets | 60.7 bn | 66.8 bn | 69.3 bn | 71.9 bn | 73.5 bn | 80.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Accounts payable | 3.9 bn | 4.5 bn | 5.2 bn | 4.7 bn | 4.5 bn | 4.4 bn | SEC (XBRL)· 06 Mar 2026verified |
| Short-term debt | 975.0 m | 990.0 m | 1.7 bn | 3.2 bn | — | — | SEC (XBRL)· 08 Mar 2024verified |
| Long-term debt | 23.9 bn | 27.0 bn | 27.8 bn | 31.1 bn | 32.8 bn | 34.9 bn | SEC (XBRL)· 06 Mar 2026verified |
| Current liabilities | 8.3 bn | 9.1 bn | 11.5 bn | 12.1 bn | 14.8 bn | 12.9 bn | SEC (XBRL)· 06 Mar 2026verified |
| Total liabilities | 39.3 bn | 43.8 bn | 46.8 bn | 51.4 bn | 56.1 bn | 56.9 bn | SEC (XBRL)· 06 Mar 2026verified |
| Equity | 21.3 bn | 22.9 bn | 22.5 bn | 20.6 bn | 17.4 bn | 23.3 bn | SEC (XBRL)· 06 Mar 2026verified |
| Shares outstanding at year end | 904.4 m | 909.0 m | 912.0 m | 912.3 m | — | — | SEC (XBRL)· 08 Mar 2024verified |
Cash flow · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 7.8 bn | 8.0 bn | 8.4 bn | 7.9 bn | 7.0 bn | 7.0 bn | SEC (XBRL)· 06 Mar 2026verified |
| Capex | 4.2 bn | 4.9 bn | 5.1 bn | 4.6 bn | 3.9 bn | 3.7 bn | SEC (XBRL)· 06 Mar 2026verified |
| Free cash flow | 3.6 bn ≈ | 3.2 bn ≈ | 3.2 bn ≈ | 3.4 bn ≈ | 3.1 bn ≈ | 3.3 bn ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Investing cash flow | -3.5 bn | -7.0 bn | -5.5 bn | -5.8 bn | -4.4 bn | -3.6 bn | SEC (XBRL)· 06 Mar 2026verified |
| Financing cash flow | -4.1 bn | -925.0 m | -3.0 bn | -1.5 bn | -1.8 bn | -4.6 bn | SEC (XBRL)· 06 Mar 2026verified |
| Share repurchases | 263.0 m | 297.0 m | 255.0 m | 223.0 m | 235.0 m | 216.0 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 26.6% | 85 (vs peers) | 19% |
| FCF conversion · Quality | 50.6% | 29 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | 0.4% | 3 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | 31.6% | 100 (on a fixed band) | 25% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth52/100 · 2/2 factors with a value
- Quality57/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BCE INC. (BCE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 24.5 bn CAD in 2025; YoY growth 0.2%; net margin 26.6%; ROE 32.5%.
The estimated value range is 34.83–71.70 CAD per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 26.6%
- EPS CAGR 3Y: 31.6%
What contradicts it
- FCF conversion: 50.6%
- Revenue CAGR 3Y: 0.4%
- Current ratio: 0.6x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Telephone Communications (No Radiotelephone) (SIC 4813) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMXAmerica Movil Sab De Cv | 1,508.4 bn | 1,107.5 | 6.8% | 3.2% | −11.2% | +8% / +38% |
| VZVerizon Communications Inc. | 191.4 bn | 11.8 | 15.4% | 11.8% | +2.5% | +12% / +20% |
| TAt&T Inc. | 147.1 bn | 11.8 | 10.5% | 10.2% | +2.7% | −16% / +32% |
| LUMNLumen Technologies, Inc. | 4.6 bn | — | — | -5.8% | −5.4% | −45% / +241% |
| TDSTelephone And Data Systems, Inc. | 4.1 bn | 11.4 | 8.2% | 33.2% | −5.3% | −11% / +83% |
| ATEXAnterix Inc. | 1.5 bn | 22.2 | 27.9% | 933.0% | +7.8% | +278% / +138% |
| UNITUniti Group Inc. | 1.3 bn | 1.7 | 666.9% | 30.4% | +91.5% | −14% / −41% |
| SHENShenandoah Telecommunications Company | 575.2 m | — | -4.4% | -10.2% | +9.1% | −5% / −53% |
| ATNIAtn International, Inc. | 397.3 m | 2.4 | 32.2% | 23.2% | −0.2% | +22% / −15% |
| CXDOCrexendo, Inc. | 174.7 m | 43.6 | 5.6% | 4.5% | +12.0% | −25% / +78% |
| NXPLNextPlat Corp | 21.8 m | — | -43.1% | -17.8% | −17.8% | +34% / −47% |
| IQSTIQSTEL Inc. | 9.0 m | — | -56.0% | -2.2% | +11.9% | −80% / −94% |
| SURGSurgepays, Inc. | 8.2 m | — | — | -47.9% | −6.4% | −92% / −98% |
| CTGGQwest Corp | 0 | — | -15.8% | -40.1% | −13.8% | unavailable / unavailable |
| TIMBTim S.A. | — | — | 17.1% | 16.2% | +4.6% | −22% / +3% |
| TEOTelecom Argentina SA | — | — | -2.4% | -2.0% | +53.0% | −17% / +26% |
| BCEBce Inc. | — | — | 32.5% | 26.6% | +0.2% | −5% / −47% |
| PHIPLDT Inc. | — | — | 29.3% | 14.9% | +2.8% | −19% / −22% |
| KTKT Corporation | — | — | 2.8% | 1.7% | +0.4% | +1% / +41% |
| IDTIDT Corporation | — | 24.3 | 25.4% | 6.7% | +5.4% | +69% / +186% |
| TKCTurkcell Iletisim Hizmetleri A S | — | — | 10.8% | 11.7% | +14.6% | −15% / −5% |
1- and 3-year price returns: for BCE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)23 Jul 2026
- Current report (foreign issuer)05 Jun 2026
- Current report (foreign issuer)28 May 2026
- Current report (foreign issuer)07 May 2026
- Current report (foreign issuer)07 May 2026
- Current report (foreign issuer)22 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.