BCE Inc. (BCE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+783.5%

$181.42

vs $20.54 price

Levered DCF

$29.27

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.93

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	4.82×	185.19×	22.87×	19.97×	22×	21.58×	17.85×	16.55×
P/B	1.32×	1.78×	2.35×	2.45×	2.63×	3×	3.33×	2.38×
P/S	1.24×	1.25×	1.93×	2.24×	2.54×	2.16×	2.95×	2.07×
EV / EBITDA	4.83×	8.68×	8.5×	8.81×	9.22×	7.92×	8.62×	8×
Gross margin	68.4%	68.4%	30.1%	68.4%	68.9%	69.6%	31.9%	41.8%
Operating margin	22.2%	22.7%	22.3%	22.7%	22.5%	0.0%	23.8%	23.5%
Net margin	26.4%	1.4%	9.2%	11.9%	12.1%	11.5%	13.4%	12.5%
Current ratio	0.58×	0.6×	0.65×	0.57×	0.68×	0.64×	0.52×	0.56×
Debt / equity	1.78×	2.24×	1.79×	1.44×	1.31×	1.25×	1.25×	1.2×
Interest coverage	3.05×	3.18×	3.63×	4.78×	4.75×	0×	3.65×	5.16×
Dividend yield	7.2%	12.5%	7.7%	4.7%	5.5%	6.3%	5.5%	5.8%
Payout ratio	33.7%	1104.7%	162.1%	88.7%	114.7%	118.0%	120.5%	96.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.1%	2.0%	11.2%	12.9%	12.5%	16.0%	15.1%	14.4%
Return on invested capital	6.2%	3.4%	5.9%	6.6%	6.4%	0.0%	7.7%	8.6%
Return on assets	8.1%	0.5%	3.1%	4.1%	4.3%	5.5%	5.3%	5.1%
Free cash flow yield	10.9%	8.4%	6.7%	4.4%	1.8%	7.0%	7.4%	6.9%
Earnings yield	21.3%	1.1%	4.8%	5.3%	4.8%	5.3%	4.5%	6.0%
Enterprise value	$71.1B	$67.2B	$83B	$86B	$89B	$69.9B	$74.3B	$72.5B
Net debt / EBITDA	2.77×	4.75×	3.63×	3.25×	3.04×	2.32×	2.34×	2.65×
Cash conversion cycle (days)	-39	-46	6	-72	-55	-36	15	6