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BCE

BCE-PY.TO
59
Telecommunications Services · Communication Services
Exchange
Toronto Stock Exchange
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Good
Cash Flow
Strong
Stability
Mixed
Valuation
Good

Winston Score History

The full picture

BCE Inc. is Canada's largest telecommunications company, operating under the Bell brand. It provides mobile phone service, home internet, TV, and landline phone service to millions of households and businesses across Canada. BCE also owns a large media division that includes TV channels, radio stations, and sports properties.

BCE makes money by charging monthly fees for its wireless, internet, and TV subscriptions, as well as selling advertising through its media assets. It operates almost entirely within Canada, generating roughly $24 billion in annual revenue, and its size gives it significant network infrastructure that is expensive for smaller rivals to replicate. However, BCE carries a heavy debt load and faces pressure from rising interest rates and a recent dividend cut, both of which reflect the high cost of maintaining and upgrading its 5G and fibre networks across the country.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-3.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.1%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$2.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

BCE is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
69.3%
Premium pricing power — 69.3% gross margin
Profit after running costs
Operating Margin
21.5%
Excellent — 21.5% operating margin
Return on the money invested
ROCE
8.1%
Below par — 8.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+1.6%
Nearly flat sales (+1.6% YoY)
Profit growth
EPS YoY
>+1,000%
Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
106%
Turns 106% of profit into real cash
Spare cash per sale
FCF Margin
10.7%
Modest free cash flow (10.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.75
Elevated debt (1.75)
Covers its interest
Interest Cover
2.93x
Tight — interest eats into profit (2.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
4.8x
no trend
Attractive valuation — P/E 4.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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