BCE INC. vs TELUS CORP, two Telecom stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The two Canadian carriers wear opposite disguises: BCE's balance-sheet page shows a headline 4.6 times multiple and a 26.6% net margin, one-time-gain arithmetic wearing a value costume, while Telus shows an honest 20.7 times on a thin 3.8% net margin, growth-spending wearing an expensive one. The durable lines converge: free-cash yields of 11.4% and 9.3%, the currency both are actually judged in. Telus' 11.5% operating margin against BCE's undisplayed one keeps the operating comparison muted. Same market, same products, same regulator; the pair mostly demonstrates how differently two trailing years can dress the same business.
Comparison updated 2026-07-10.
| Metric | BCE | TU |
|---|---|---|
| Price | $22.92 | $11.10 |
| Market cap | $21.3B | $17.0B |
| Sector | Telecom | Telecom |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | +5.8% |
| P/E | 4.6 | 20.7 |
| P/B | 1.24 | 1.39 |
| P/S | 1.18 | 1.13 |
| EV/EBITDA | 5.5 | 8.7 |
| Revenue growth | +1.1% | +4.5% |
| Operating margin | — | 11.5% |
| Net margin | 26.6% | 3.8% |
| Return on equity | 27.9% | 4.7% |
| Return on assets | 8.1% | 1.3% |
| Return on invested capital | — | 9.2% |
| FCF yield | 11.4% | 9.3% |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 0.58 | 0.86 |
| Altman Z (solvency) | 0.47 | 0.77 |
| 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.