| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 94 | 4.7x | 17.6x | Top tier | |
Growth | 58 | 1.6% | 7.1% | Around median | |
Quality | 62 | 16.3% | 4.5% | Around median | |
Safety | 52 | 2.6x | 2.6x | Around median | |
Capital Return | 8 | — | 2.15% | Bottom tier | |
Momentum | 36 | -0.3% | 2.3% | Bottom tier | |
Sentiment | 96 | 10 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
BCE Inc. is an integrated telecommunications and media company that generates revenue from mobile phone, fiber internet, video, and enterprise solutions, alongside advertising, subscriptions, and content through Bell Media and Crave. The company is expanding its growth sources through the Ziply Fiber network in the United States and the Bell AI Fabric platform, which brings together AI data centers, cloud computing, cybersecurity, and connectivity for enterprise and government customers.
In Q2 FY2026, consolidated revenue rose 1.5% year over year and adjusted EBITDA grew 1%, with its margin nearly stable at 43.8% and adjusted EPS increasing by $0.02 to $0.65. The company generated more than $1 billion in free cash flow, but it declined year over year due to a $317 million increase in capital expenditures to fund the Ziply Fiber expansion and Bell AI Fabric investments. The latest available EDGAR figures, for Q2 FY2025, showed revenue of $6.1 billion, gross profit of $4.2 billion, net income of $644 million, and EPS of $0.63, compared with $6.0 billion, $604 million, and $0.59, respectively, in Q2 FY2024.
The growth mix in Q2 FY2026 came from Ziply Fiber and Bell Media, while the core Bell Business Markets business grew about 3.4%, supported by Ateko and Bell Cyber. Bell Media revenue increased 8.9% and adjusted EBITDA rose 3.8%, while internet revenue increased 14.2%. On the other hand, mobile phone product revenue declined 6.6% due to reduced device discounting and lower contracted handset sales, while the Bell CTS Canada margin improved by 40 basis points to 46.1% as operating costs declined 4.7%.
The analyst consensus on BCE is Neutral, with an average target of $25 and identical high and low targets of $25; this means the available data do not provide an independent range reflecting variation among scenarios. The consensus target is in the upper part of the 52-week range of $20.87–$26.52, but remains below its high, and no P/E ratio is available for comparing valuation with earnings.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Consolidated revenue rose 1.5% and adjusted EBITDA increased 1%, with the margin nearly stable at 43.8%. Growth came mainly from Ziply Fiber and Bell Media, while adjusted EPS increased to $0.65. The company generated more than $1 billion in free cash flow despite a $317 million increase in capital expenditures.
Contracted capacity reached about 335 megawatts in Q2 FY2026, compared with 373 megawatts assumed in the company's plan through 2028 and an expansion vision of up to 800 megawatts. The 300-megawatt Saskatchewan facility is progressing toward the start of its first phase in the first half of 2027, while the company targets reaching the full revenue run rate for its four halls by the end of 2027. The Winnipeg facility is also expected to enter service in the second half of 2026, with Merritt Phase 2 scheduled to begin in early 2027.
Ziply Fiber recorded 9,600 residential net additions in Q2 FY2026, its highest quarterly level since BCE acquired the business, while gross fiber additions increased 25% quarter over quarter. However, revenue remained nearly stable sequentially because fiber growth was offset by declines in copper and voice and wholesale pressures. The adjusted EBITDA margin was 40.6%, with temporary pressure from higher subscriber acquisition costs, and the company targets reaching three million locations by the end of 2028.
Automated analysis for informational purposes only — not investment advice.
The company achieved 41,594 postpaid phone net additions in Q2 FY2026, with a contribution from a large enterprise contract. The subscriber churn rate improved to 1.02%, its lowest quarterly level since Q2 FY2023. Average revenue per user was nearly stable after excluding the impact of G7 Summit, while recurring monthly fees increased 0.7% and device revenue declined 6.6% due to discounting discipline.
Bell Media revenue increased 8.9% and adjusted EBITDA rose 3.8% in Q2 FY2026. Crave reached 5.1 million subscribers, up 23% year over year, while direct-to-consumer streaming subscriptions grew 49% and digital video advertising revenue increased 39%. FIFA World Cup 2026 coverage also reached 30.5 million Canadians, and the final in July 2026 recorded average viewership of 6.4 million.
BCE ended Q2 FY2026 with $4.6 billion in available liquidity and a net debt ratio of about 3.7 times, down about 0.1 times since Q4 FY2025. It issued $2.5 billion of public debt in June 2026 while repurchasing debt securities that were trading below par value. The company targets a ratio of 3.5 times by the end of 2027, while the Saskatchewan project requires approximately $1.3 billion in capital expenditures during FY2026, partially offset by about $400 million in setup fees and advance payments.
