Rogers Communications Inc. (RCI-B.TO) 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

+1231.7%

CA$624.42

vs CA$46.89 price

Levered DCF

CA$30.50

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.78

Distress zone

Rating

B-

Overall 2 / 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	4.06×	13.6×	38.29×	19.03×	19.49×	18.81×	16.16×	17.49×
P/B	1.15×	2.27×	3.11×	3.17×	2.89×	3.13×	3.51×	4.41×
P/S	1.28×	1.15×	1.68×	2.08×	2.08×	2.15×	2.19×	2.39×
EV / EBITDA	4.96×	7.26×	8.87×	8.59×	8.84×	8.35×	8.35×	8.66×
Gross margin	23.1%	46.7%	44.4%	41.5%	40.2%	41.4%	41.2%	39.6%
Operating margin	23.1%	46.7%	44.4%	41.5%	40.1%	41.3%	41.1%	39.5%
Net margin	31.8%	8.4%	4.4%	10.9%	10.6%	11.4%	13.6%	13.6%
Current ratio	0.61×	0.63×	0.85×	2.02×	0.68×	1.05×	0.86×	0.72×
Debt / equity	1.92×	4.58×	4.33×	3.64×	2.17×	2.22×	2.12×	2.02×
Interest coverage	2.24×	4.21×	4.17×	5.18×	7.07×	6.71×	7.67×	9.09×
Dividend yield	3.8%	3.1%	3.0%	3.2%	3.3%	3.4%	3.1%	2.7%
Payout ratio	15.2%	42.6%	113.1%	60.1%	64.8%	63.5%	49.7%	48.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.4%	16.7%	8.1%	16.6%	14.8%	16.6%	21.7%	25.2%
Return on invested capital	5.7%	10.9%	8.3%	9.1%	11.5%	12.0%	13.7%	15.5%
Return on assets	7.7%	2.4%	1.2%	3.0%	3.7%	4.1%	5.5%	6.5%
Free cash flow yield	8.4%	6.7%	4.0%	4.4%	4.5%	6.7%	5.1%	4.1%
Earnings yield	24.7%	7.3%	2.6%	5.2%	5.1%	5.3%	6.2%	5.7%
Enterprise value	CA$73.1B	CA$70.3B	CA$76.8B	CA$55.4B	CA$52.5B	CA$48.7B	CA$52.4B	CA$52.2B
Net debt / EBITDA	3.07×	4.83×	5.12×	3.63×	3.72×	3.22×	3.1×	2.68×
Cash conversion cycle (days)	12	-11	-19	-24	-15	-4	-13	-16