BCE INC

BCE

BCE Inc., a communications company, provides wireless, wireline, internet, streaming services, and television (TV) services to residential, business, and wholesale customers in Canada. The company operates through three segments: Bell Communication and Technology Services Canada, Bell Communication and Technology Services United States, and Bell Media.

About the company

Price: $21.43Market Cap: $20.0B

Investment snapshot

41%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 6

NEUTRAL / FAIL

Median fair value

$35.34

+64.9% vs price

Models with upside

10 / 17

Positive margin of safety

Strongest signal

Models split on BCE at $21.43 — fair values range $10.71–$89.39

Key risk

Split decision: 6 FAIL · 4 PASS · 3 BUY · 3 NEUTRAL

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	PASS	FAIL	BUY	Not ranked	NEUTRAL	BUY	PASS	NEUTRAL	FAIL	BUY	PASS	NEUTRAL	FAIL	FAIL	PASS	FAIL	FAIL
Score
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Intrinsic Value (annual)					N/A								N/A	N/A	N/A	N/A	N/A
Margin of Safety	+52.3%	+69.6%	+76.0%	+39.4%	N/A	+37.1%	+24.0%	+49.8%	+58.2%	+39.0%	+38.3%	-100.1%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-06 Score computed: 2026-11-14

Where It Passes

Valuation models91% pass✓ 10✗ 1▾
Models split on BCE at $21.43 — fair values range $10.71–$89.39
Graham fair value$44.93
✓Graham+52.3% margin vs $21.43
Buffett fair value$70.52
✓Buffett+69.6% margin vs $21.43
Lynch fair value$89.39
✓Lynch+76.0% margin vs $21.43
Greenblatt fair value$35.34
✓Greenblatt+39.4% margin vs $21.43
Dreman fair value$34.06
✓Dreman+37.1% margin vs $21.43
Munger fair value$28.18
✓Munger+24.0% margin vs $21.43
Pabrai fair value$42.66
✓Pabrai+49.8% margin vs $21.43
Akre fair value$51.25
✓Akre+58.2% margin vs $21.43
Marks fair value$35.14
✓Marks+39.0% margin vs $21.43
Ackman fair value$34.73
✓Ackman+38.3% margin vs $21.43
Templeton fair value$10.71
✗Templeton-100.1% margin vs $21.43
Cash Flow90% pass✓ 11✗ 1▾
9 of 10 pass — Oshaughnessy objects
Free Cash Flow Proxy$5.9B
✓BuffettPositive and growing
FCF Positive and Growing$2.4B
✓LynchPositive and growing
Operating Cash Flow$5.1B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=8.72%, ROA=8.13%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)3.9x
✓Dreman< 8x
P/E or FCF YieldP/E=4.3x, FCF Yield=12.0%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive10/10 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap12.1%
✓Ackman>= 4%
Price / FCF per Share8.3x
✓Ackman<= 25
Positive Operating Cash Flow frequency10/10 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$2.4B
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+12.03%; #570/4519 (top 12.6%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation77% pass✓ 21✗ 7▾
10 of 13 pass — Greenblatt, Schloss and Oshaughnessy object
Price / Book Value per Share1.2x
✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Price / 3-yr avg EPS9.4x
✓Graham<= 15x
Price-to-Book Ratio1.2x
✓Graham<= 1.5x
P/E x P/B11.20
✓Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)0.24
✓Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value15.3%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=15.3%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS4.3x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)3.9x
✓Dreman< 8x
Valuation ReasonablenessP/E=4.3x, OE Yield=29.5%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=4.3x, FCF Yield=12.0%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=4.3x, P/B=1.2x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value37.1% (IV=$34.06 vs Price=$21.43)
✓Marks>= 20% below intrinsic value
Price / FCF per Share8.3x
✓Ackman<= 25
Price vs. Trailing Low106% of trailing low ($20.14)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+23.80%; #228/6340 (top 3.6%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.8411; #1821/6449 (top 28.2%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS4.3x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E6.13
✓Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-0.6%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.8941; #1895/5247 (top 36.1%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+12.03%; #570/4519 (top 12.6%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-14.66%; #3694/6202 (top 59.6%)
✗OshaughnessyTop 10% of eligible cross-section
Growth63% pass✓ 8✗ 5▾
5 of 8 pass — Graham, Ackman and Sleep object
EPS Growth (3-yr avg, 10-yr window)-8.1%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)0.24
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR18.0%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -6.0% vs Rev: 1.7%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$2.47 (2016) -> $4.96 (2025)
✓DremanPositive over recent years
EPS CAGR8.0% CAGR over 9 years
✓Dreman> 5% annualized
Positive Net Income Frequency10/10 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth1.7%
✗Ackman>= 5%
Positive EPS Growth Frequency2/5 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR18.0% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR-0.1%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR18.0% over 5 years
✓Neff7%-20% annualized
Verdicts54% pass✓ 7✗ 6▾
Split decision: 6 FAIL · 4 PASS · 3 BUY · 3 NEUTRAL
Overall verdict
✓GrahamPASS (4/9)✗BuffettFAIL (1/9)✓LynchBUY (5/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 6)✓DremanBUY (9/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (0/6)✓MarksBUY (5/5)✓AckmanPASS (5/9)•TempletonNEUTRAL (6/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #715/2370 (Top 30.2%))✓NeffPASS (5/6)✗SchlossFAIL (2/7)✗OshaughnessyFAIL (Rank #176/963 (Top 18.3%))

Where It Falls Short

Efficiency0% pass✗ 11▾
All 8 investors flag BCE's efficiency
Current Ratio0.58
✗Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio Change YoY0.60 -> 0.58
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.33x -> 0.31x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities0.58
✗Dreman> 1.5
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years
Debt & Leverage17% pass✓ 2✗ 13▾
10 of 12 flag BCE's debt & leverage — Graham, Buffett, Lynch +7 more
LT Debt vs Net Current AssetsLT Debt $25.5B vs NCA $-4.0B
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 1.52, IC: 5.3x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity1.52
✗Lynch< 0.33
Cash - Long-term Debt$-25.3B
✗LynchPositive preferred
LT Debt / Total Assets Change44.68% -> 43.54%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities0.58
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity1.52
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt Levels1.52
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=5.3x, D/EBITDA=2.4x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity1.52
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-1.5162; #3606/4210 (top 85.7%)
✗AsnessTop 30% of eligible cross-section
Profitability50% pass✓ 22✗ 13▾
8 of 16 pass — Graham, Buffett, Greenblatt +5 more object
Positive EPS (10 years)10/11 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)-8.1%
✗Graham>= 33% growth
Net Income Positive (10+ years)10/11 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)13.6%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$5.9B
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)0.47
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)0.24
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR18.0%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE28.3%
✓Lynch> 15%
EBIT / Enterprise Value15.3%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=15.3%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets8.13%
✓PiotroskiROA > 0
ROA Change YoY0.51% -> 8.13% (delta: +7.62%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=8.72%, ROA=8.13%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY68.4% -> 68.4%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue31.5%
✓Dreman>= 8%
Net Income / Shareholders' Equity28.3%
✓Dreman> 12%
Margin of SafetyP/E=4.3x, P/B=1.2x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity14.0% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value37.1% (IV=$34.06 vs Price=$21.43)
✓Marks>= 20% below intrinsic value
Positive Net Income Frequency10/10 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity28.3%
✓Ackman>= 15%
5-Year EPS CAGR18.0% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+23.80%; #228/6340 (top 3.6%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+20.89%; #2007/3702 (top 54.2%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+28.30%; #487/5226 (top 9.3%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0245; #1674/5884 (top 28.5%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR18.0% over 5 years
✓Neff7%-20% annualized
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Communication

SIC Sector: Communications

Size: Large Cap($20.0B)

Revenue: $17.9B+1.7% YoY

Net Income: $4.8B+1663.1% YoY

Financial Snapshot

Operating Margin--

Return on Equity28.3%

Debt / Equity1.52

Current Ratio0.58

EPS (Diluted)$4.96+3728.8% 1y

Buybacks (1y)$157.7M

Buybacks (2y)$326.8M

Shares Retired−1.8% / −1.8% 2y

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Shareholder Return

Fiscal 2025

Issued 1.8% of shares last year, 1.8% issued over two.

Buybacks: $157.7M
Dividends: $1.7B

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

−6.3% = −4.9% + −1.5%

FY23

−21.6% = −18.5% + −3.8%

FY24

−92.5% = −84.7% + −51.0%

FY25

3728.8% = 1663.1% + 117.2%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 40-F · 2026-03-06	FY 2024 Sources 40-F · 2025-03-07	FY 2023 Sources 40-F · 2024-03-08	FY 2022 Sources 40-F · 2023-03-03	FY 2021 Sources 40-F · 2022-03-04
Market Cap	$20.0Bcurrent	$21.7Best.	$30.5Best.	$33.5Best.	$34.8Best.
Revenue	$17.9B↑2%	$17.6B↓6%	$18.6B↑5%	$17.8B↓3%	$18.4B
Operating Income	--	--	--	--	--
Net Income	$4.8B↑1663%	$269.8M↓85%	$1.8B↓19%	$2.2B↓5%	$2.3B
EPS (Diluted)	$4.96↑3729%	$0.13↓92%	$1.72↓22%	$2.20↓6%	$2.35
Gross Margin	68.4%	68.4%↑1%	67.9%↓1%	68.4%↓1%	68.9%
Operating Margin	—	—	—	—	—
ROE	28.3%↑1188%	2.2%↓81%	11.5%↓13%	13.2%↑3%	12.8%
Total Debt	$25.5B↑8%	$23.6B	$23.5B↑15%	$20.5B↓3%	$21.2B
Shareholders' Equity	$16.8B↑37%	$12.3B↓20%	$15.3B↓7%	$16.4B↓8%	$17.8B
Current Ratio	0.58↓4%	0.60↓8%	0.65↑15%	0.57↓17%	0.68
Debt / Equity	1.52↓21%	1.92↑25%	1.54↑23%	1.25↑5%	1.19
Operating Cash Flow	$5.1B↑2%	$5.0B↓16%	$6.0B↓3%	$6.2B↓2%	$6.3B
Free Cash Flow	$2.4B↑8%	$2.2B↓13%	$2.5B↑7%	$2.4B↓4%	$2.5B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Communication

BCE vs Peers — Financial Grading

Revenue$17.9BMedian

Net Income$4.8BMedian

ROE28.3%Median

D/E1.52Median

Op. Margin—

Curr. Ratio0.58Bottom 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
VERIZON COMMUNICATIONS INCVZ	$192.1B	$46.36	$138.2B	$17.2B	16.2%	1.50	21.2%	0.91	4/9	3/9	2/7	1/3	F-Score 5	6/11
AT&T INC.T	$149.4B	$22.18	$125.6B	$22.0B	17.4%	1.08	19.2%	0.91	5/9	2/9	3/7	0/3	F-Score 6	6/11
NIPPON TELEGRAPH & TELEPHONE CORPNTTYY	$85.0B	$26.32	—	—	—	—	—	—	2/9	1/9	2/7	1/3	F-Score 7	6/11
AMERICA MOVIL SAB DE CV/AMX	$76.0B	$25.47	$42.1B	$1.1B	6.2%	1.54	20.7%	0.72	1/9	5/9	1/7	1/3	F-Score 6	2/11
VODAFONE GROUP PUBLIC LTD COVOD	$35.6B	$15.37	$40.5B	$4.5B	-7.9%	1.01	-1.1%	—	1/9	2/9	0/7	0/3	F-Score 5	2/11
CHARTER COMMUNICATIONS, INC. /MO/CHTR	$24.8B	$138.39	$54.8B	$5.0B	31.1%	5.90	23.6%	0.39	4/9	3/9	3/7	0/3	F-Score 6	5/11
ROGERS COMMUNICATIONS INCRCI	$18.0B	$33.24	$15.9B	$5.0B	38.8%	2.25	45.2%	0.61	5/9	5/9	5/7	1/3	F-Score 4	8/11
Tencent Music Entertainment GroupTME	$14.7B	$9.05	$3.9B	$910.4M	9.8%	—	30.7%	2.09	2/9	2/9	1/7	1/3	F-Score 7	3/11