BCE Inc key statistics and ratios

In fiscal 2025, BCE Inc had return on equity of 32.6%, a net margin of 26.6%, debt equal to 151.6% of equity and a current ratio of 0.58. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

BCE Inc: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	69.1%	69.1%	68.7%	69.1%	69.6%	68.9%	68.4%	67.9%	68.4%	68.4%
Net margin	14.2%	13.4%	12.7%	13.7%	11.8%	12.3%	12.1%	9.4%	1.5%	26.6%
Free-cash-flow margin	13.2%	14.6%	14.5%	16.7%	15.5%	13.5%	13.4%	13.6%	12.7%	13.5%
Return on equity	16.8%	15.5%	14.5%	15.6%	12.3%	13.5%	13.2%	10.9%	2.0%	32.6%
Return on assets	6.1%	5.7%	5.3%	5.6%	4.3%	4.6%	4.3%	3.3%	0.5%	8.5%
Asset turnover	0.43	0.42	0.42	0.41	0.36	0.38	0.36	0.35	0.34	0.32
Current ratio	0.57	0.53	0.56	0.56	0.69	0.68	0.57	0.65	0.60	0.58
Debt to equity	96.1%	93.7%	98.1%	110.3%	118.5%	123.9%	132.8%	170.0%	192.3%	151.6%
Effective tax rate	26.4%	26.0%	25.1%	25.9%	24.3%	26.5%	24.8%	30.0%	60.6%	15.5%
R&D as % of revenue	0.7%	0.5%	0.5%	0.5%	0.2%	0.2%	0.2%	0.4%	0.3%	0.2%
Capital spending as % of revenue	17.4%	17.8%	16.9%	16.7%	18.4%	20.7%	21.2%	18.6%	16.0%	15.1%
Free cash flow ÷ net income	93.0%	109.0%	114.8%	122.5%	131.6%	109.1%	110.5%	144.6%	824.3%	50.6%
Dividends and buybacks ÷ free cash flow	3.7%	6.7%	6.5%	3.6%	7.4%	9.4%	7.9%	6.6%	7.6%	6.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 5 checks passed · December 31, 2025

What it owns · $58.5bn

Short-term assets $5.4bnLonger-term assets $53.1bn

What it owes, and who funded it · $58.3bn

Short-term liabilities $9.4bnLonger-term liabilities $32.1bnShareholders' equity $16.8bn

Short-term assets cover short-term liabilities $5.4bn of assets due within a year against $9.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities $5.4bn short-term assets against $32.1bn of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Debt is 152% of equity.
Debt burden no higher than five years ago Debt to equity moved from 114% to 152% over five years.
A year's operating cash flow covers at least 20% of debt $5.0bn of operating cash flow against $25.5bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From BCE Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BCE vs TU BCE vs CHT AMX vs BCE

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Figures from BCE Inc's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to BCE Inc.