BCE INC. vs AT&T INC., two Telecom stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
BCE's margin lines look too good for a telecom, a 26.6% net margin against AT&T's 12.4%, and the 4.6 times multiple beside them gives the game away: earnings of that shape at that price carry the signature of a one-time gain inflating the trailing year, not a Canadian carrier suddenly doubling its economics. AT&T's page is the ordinary article, a 21.1% operating margin, a 4.9% dividend, and a 12.2% free-cash yield at 7.6 times earnings, deleveraged to a 0.05 headline ratio. Both are priced as ex-growth utilities; only one's trailing numbers should be taken at face value. Read AT&T's page literally and BCE's with a discount for whatever inflated the year.
Comparison updated 2026-07-10.
| Metric | BCE | T |
|---|---|---|
| Price | $22.92 | $22.70 |
| Market cap | $21.3B | $159.5B |
| Sector | Telecom | Telecom |
| Stage | Mature | Mature |
| P/E | 4.6 | 7.6 |
| P/B | 1.24 | 1.27 |
| P/S | 1.18 | 1.26 |
| EV/EBITDA | 5.5 | 3.4 |
| Revenue growth | +1.1% | +2.9% |
| Operating margin | — | 21.1% |
| Net margin | 26.6% | 12.4% |
| Return on equity | 27.9% | 12.5% |
| Return on assets | 8.1% | 3.7% |
| Return on invested capital | — | 14.8% |
| FCF yield | 11.4% | 12.2% |
| Dividend yield | — | 4.9% |
| Debt / equity | 0.00 | 0.05 |
| Current ratio | 0.58 | 0.92 |
| Altman Z (solvency) | 0.47 | 6.40 |
| Piotroski F (quality) | 7 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.