BCE Inc (BCE) Key Metrics
BCE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Canadian dollarsBCE returns How much profit the business earns on the capital it uses.
BCE financial health Debt, liquidity and how easily interest is covered.
BCE efficiency & capital use Working capital cycle and where the cash goes.
BCE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BCE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BCE cash returned to shareholders
BCE key metrics in Canadian dollars
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 32.2% | 1.8% | 10.7% | 12.8% | 14.5% | 16.1% | 13.4% | 14.8% | 16.3% | 17.5% |
| Return on invested capital (ROIC) | 7.8% | 5.1% | 7.1% | 7.8% | 8.7% | 10.6% | 8.0% | 9.9% | 10.5% | 10.4% |
| Return on assets (ROA) | 8.4% | 0.5% | 3.2% | 4.2% | 5.0% | 5.6% | 4.8% | 5.2% | 5.7% | 6.2% |
| Return on tangible assets | 13.0% | 0.7% | 5.1% | 6.8% | 7.0% | 9.1% | 8.8% | 8.8% | 9.3% | 10.4% |
| Free cash flow margin | 13.5% | 10.5% | 12.9% | 13.4% | 4.6% | 15.1% | 21.6% | 14.3% | 14.6% | 13.2% |
| Income quality (OCF / net income) | 1.08 | 20.31 | 3.51 | 2.92 | 2.82 | 2.94 | 3.23 | 2.52 | 2.46 | 2.19 |
| Financial health | ||||||||||
| Total debt | C$41.06B | C$38.31B | C$36.18B | C$31.92B | C$29.67B | C$20.66B | C$20.28B | C$24.41B | C$20.30B | C$21.46B |
| Cash & short-term investments | C$320.0M | C$1.97B | C$1.77B | C$149.0M | C$289.0M | C$175.8M | C$111.8M | C$425.0M | C$625.0M | C$853.0M |
| Net debt | C$40.74B | C$36.34B | C$34.41B | C$31.77B | C$29.38B | C$20.49B | C$20.17B | C$23.98B | C$19.68B | C$20.61B |
| Debt / equity | 1.78 | 2.24 | 1.79 | 1.44 | 1.31 | 1.25 | 1.25 | 1.20 | 1.06 | 1.22 |
| Debt / assets | 0.51 | 0.52 | 0.50 | 0.46 | 0.44 | 0.43 | 0.44 | 0.43 | 0.36 | 0.43 |
| Net debt / EBITDA | 2.77 | 4.70 | 3.53 | 3.25 | 3.04 | 2.32 | 2.34 | 2.65 | 2.19 | 2.38 |
| Current ratio | 0.58 | 0.60 | 0.65 | 0.57 | 0.68 | 0.64 | 0.52 | 0.56 | 0.52 | 0.57 |
| Quick ratio | 0.55 | 0.57 | 0.61 | 0.51 | 0.63 | 0.59 | 0.48 | 0.51 | 0.49 | 0.53 |
| Interest coverage | 3.1 | 3.2 | 3.6 | 4.8 | 4.7 | 4.5 | 3.7 | 5.2 | 5.3 | 5.4 |
| Working capital | −C$5.45B | −C$5.92B | −C$4.21B | −C$4.98B | −C$2.92B | −C$2.34B | −C$3.60B | −C$4.64B | −C$5.13B | −C$4.35B |
| Invested capital | C$63.76B | C$53.41B | C$54.63B | C$53.95B | C$52.02B | C$36.96B | C$36.42B | C$44.34B | C$38.84B | C$38.15B |
| Tangible asset value | −C$7.16B | −C$9.69B | −C$6.99B | −C$4.57B | −C$3.20B | −C$1.87B | −C$2.01B | −C$3.17B | −C$3.11B | −C$3.10B |
| Net current asset value | −C$49.45B | −C$47.20B | −C$43.48B | −C$40.33B | −C$37.62B | −C$26.73B | −C$25.94B | −C$30.62B | −C$29.52B | −C$26.50B |
| Capital allocation | ||||||||||
| Dividends paid | C$2.18B | C$3.80B | C$3.67B | C$3.45B | C$3.26B | C$3.11B | C$2.97B | C$2.83B | C$2.64B | C$2.43B |
| Share buybacks (net) | C$182.0M | C$235.0M | C$140.0M | C$125.0M | C$0 | C$0 | C$0 | C$175.0M | C$224.0M | C$106.0M |
| Dividend payout ratio | 33.7% | — | 162.1% | 120.2% | 114.7% | 118.0% | 120.5% | 96.6% | 88.1% | 80.2% |
| Dividends + buybacks / free cash flow | 71.6% | 157.6% | 119.7% | 110.7% | 299.1% | 89.6% | 74.7% | 89.5% | 86.1% | 88.3% |
| Capex / revenue | 15.1% | 18.1% | 19.3% | 21.2% | 29.5% | 18.7% | 21.7% | 17.2% | 17.8% | 17.4% |
| Capex / operating cash flow | 52.9% | 63.4% | 60.0% | 61.4% | 86.4% | 55.3% | 50.1% | 54.5% | 54.8% | 56.8% |
| Capex / depreciation | 0.71 | 0.88 | 0.97 | 1.09 | 1.50 | 0.97 | 0.91 | 1.00 | 1.05 | 1.08 |
| Stock-based compensation / revenue | — | — | 0.4% | 0.4% | −7.6% | −6.2% | −9.8% | 0.4% | 0.4% | 0.4% |
| R&D / revenue | 0.2% | 0.3% | 0.4% | 0.2% | 0.2% | 0.2% | 0.5% | 0.5% | 0.5% | 0.7% |
| SG&A / revenue | 16.3% | 17.2% | 17.9% | 18.3% | 18.9% | 36.8% | 1.3% | 19.3% | 19.4% | 19.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 74.7 | 70.6 | 66.9 | 67.5 | 59.7 | 51.9 | 71.5 | 61.9 | 61.7 | 56.6 |
| Days of inventory on hand | 19.1 | 21.0 | 11.9 | 27.2 | 20.7 | 17.7 | 11.1 | 10.9 | 10.9 | 22.3 |
| Days payables outstanding | 136.6 | 148.5 | 73.1 | 156.0 | 124.5 | 106.0 | 66.4 | 66.6 | 66.2 | 124.3 |
| Cash conversion cycle (days) | -42.8 | -56.9 | 5.7 | -61.4 | -44.1 | -36.4 | 16.3 | 6.1 | 6.4 | -45.4 |
| Receivables turnover | 4.89 | 5.17 | 5.45 | 5.41 | 6.11 | 7.03 | 5.10 | 5.90 | 5.91 | 6.45 |
| Payables turnover | 2.67 | 2.46 | 4.99 | 2.34 | 2.93 | 3.44 | 5.50 | 5.48 | 5.52 | 2.94 |
| Inventory turnover | 19.09 | 17.41 | 30.78 | 13.43 | 17.62 | 20.68 | 32.83 | 33.62 | 33.58 | 16.37 |
| Asset turnover | 0.32 | 0.34 | 0.35 | 0.36 | 0.41 | 0.49 | 0.35 | 0.42 | 0.43 | 0.44 |
| Average receivables | C$5.01B | C$4.72B | C$4.52B | C$4.47B | C$3.84B | C$3.25B | C$3.60B | C$3.98B | C$3.84B | C$3.37B |
| Average payables | C$2.89B | C$3.13B | C$3.46B | C$3.27B | C$2.48B | C$2.02B | C$2.27B | C$2.49B | C$2.38B | C$2.28B |
| Average inventory | C$404.5M | C$442.5M | C$560.5M | C$569.0M | C$413.3M | C$336.9M | C$380.6M | C$406.0M | C$391.5M | C$409.5M |
| Intangibles / total assets | 38.0% | 36.8% | 38.3% | 39.1% | 39.2% | 39.1% | 39.9% | 41.8% | 42.5% | 41.8% |
Computed from BCE's annual financial statements (latest annual report filed March 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
BCE valuation and financial ratios
BCE earned a return on equity of 32.2% and a return on invested capital of 7.8% in fiscal 2025. It ended the year with C$41.1 billion of debt and C$320.0 million in cash and short-term investments, net debt of C$40.7 billion. It returned C$2.4 billion to shareholders: C$2.2 billion in dividends and C$182.0 million in share buybacks, 72% of free cash flow.
See the BCE income statement, the BCE chart for price history, or the BCE stock overview for the latest quote and news.
BCE key metrics FAQ
What is BCE's return on equity?
BCE's return on equity (ROE) was 32.2% in fiscal 2025: net income of C$6.5 billion on average shareholders' equity of C$20.0 billion.
What is BCE's ROIC?
BCE's return on invested capital was 7.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does BCE have?
BCE had total debt of C$41.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.78 and C$40.7 billion of net debt (2.77 times EBITDA).
Does BCE buy back its shares?
Yes. BCE spent C$182.0 million on net share repurchases in fiscal 2025.
What is BCE's current ratio?
BCE's current ratio was 0.58 at the end of fiscal 2025: current assets were 0.58 times current liabilities.