Rogers Communications Inc. (RCI) 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

+1213.3%

$437.47

vs $33.31 price

Levered DCF

$19.62

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.81

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×	38.25×	19.05×	19.48×	18.87×	16.15×	17.49×
P/B	1.57×	2.27×	3.11×	3.17×	2.89×	3.14×	3.5×	4.4×
P/S	1.28×	1.15×	1.68×	2.08×	2.07×	2.16×	2.84×	2.39×
EV / EBITDA	4.8×	7.72×	10.1×	10.79×	9.39×	8.54×	9.83×	9.01×
Gross margin	45.3%	46.7%	44.4%	41.5%	40.2%	42.1%	24.7%	39.6%
Operating margin	23.1%	24.3%	23.1%	24.8%	22.5%	0.0%	24.7%	25.0%
Net margin	31.8%	8.4%	4.4%	10.9%	10.6%	11.4%	13.6%	13.6%
Current ratio	0.61×	0.66×	0.89×	2.02×	0.68×	1.05×	0.86×	0.72×
Debt / equity	2.49×	4.58×	4.33×	3.64×	2.17×	2.22×	2.12×	2.02×
Interest coverage	2.24×	2.19×	2.16×	3.12×	3.94×	0×	3.46×	5.33×
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%	64.5%	48.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	38.8%	16.7%	8.1%	16.6%	14.8%	16.6%	16.7%	25.2%
Return on invested capital	5.7%	5.7%	4.3%	5.5%	6.5%	0.0%	6.4%	9.8%
Return on assets	7.7%	2.4%	1.2%	3.0%	3.7%	4.1%	4.3%	6.5%
Free cash flow yield	8.4%	6.4%	3.4%	4.3%	4.3%	6.5%	5.0%	4.0%
Earnings yield	24.7%	7.3%	2.6%	5.2%	5.1%	5.3%	4.8%	5.7%
Enterprise value	$70.7B	$70.3B	$76.9B	$68.3B	$52.5B	$48.8B	$52.4B	$52.2B
Net debt / EBITDA	2.91×	5.13×	5.83×	5.73×	3.95×	3.29×	3.64×	2.79×
Cash conversion cycle (days)	-24	-13	-31	-24	-10	11	13	-24