Decide at what price you'd be comfortable buying and we'll help you stay ready.
Across the reported multi-year history, revenue grew gradually while operating income stayed within a relatively narrow range. Large, recurring network investment means operating cash generation translates into materially less free cash flow, making capital spending central to the financial model.
The latest quarter broadly fits that profile: revenue expanded modestly and operating income remained near the prior-year level, while common earnings fell against a prior-year period elevated by the sale of BCE’s MLSE stake. Higher investment in networks and data centres also reduced free cash flow relative to operating cash generation.
Whether operating cash flow continues to cover the higher capital-spending run rate as Bell AI Fabric and Ziply fibre investments proceed.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 3.1B | 3.1B | 3B | 3.3B | 2.5B | 2.9B | 2.9B | 2.3B | 375m | 6.5B | |
| 3.5B | 3.8B | 4B | 4.4B | 4.4B | 4.6B | 4.7B | 4.9B | 5B | 5.2B | |
| 90m | 81m | 89m | 93m | 91m | 95m | 101m | 95m | 84m | 90m | |
| 1.2B | 1.7B | 1.7B | 2.1B | 2.4B | 1.9B | 2.3B | 3B | 4.6B | (1.6B) | |
| 565m | 675m | 650m | 725m | 846m | 913m | 749m | 700m | 783m | 737m | |
| 882m | 965m | 990m | 1.1B | 1.1B | 1.1B | 1.2B | 1.5B | 1.8B | 1.8B | |
| (1.2B) | (1.3B) | (1.3B) | (1.8B) | (1.5B) | (1.3B) | (1.6B) | (2.5B) | (2.9B) | (3.2B) | |
| 6.6B | 7.4B | 7.4B | 8B | 7.8B | 8B | 8.3B | 7.8B | 7.2B | 7B | |
| (3.8B) | (4B) | (4B) | (4B) | (4.2B) | (4.8B) | (5.1B) | (4.8B) | (4.4B) | (3.7B) | |
| (813m) | (1.4B) | (415m) | (48m) | 662m | (2.2B) | (384m) | (1B) | (10m) | 103m | |
| (4.6B) | (5.4B) | (4.4B) | (4B) | (3.5B) | (7B) | (5.5B) | (5.8B) | (4.4B) | (3.6B) | |
| (7m) | (107m) | (386m) | 98m | (237m) | (36m) | (209m) | (345m) | (327m) | (398m) | |
| 719m | 691m | 160m | (1.2B) | (638m) | 2.4B | 739m | 2.5B | 2.5B | (1.8B) | |
| (2.4B) | (2.6B) | (2.8B) | (3B) | (3.1B) | (3.3B) | (3.4B) | (3.7B) | (3.8B) | (2.2B) | |
| (100m) | (94m) | (144m) | (118m) | (153m) | (164m) | (70m) | (71m) | (99m) | (240m) | |
| (1.8B) | (2.1B) | (3.2B) | (4.2B) | (4.1B) | (1B) | (3B) | (1.5B) | (1.8B) | (4.6B) | |
| — | — | — | — | — | — | — | — | — | 1m | |
| 240m | (228m) | (200m) | (280m) | 83m | (17m) | (190m) | 448m | 1B | (1.3B) | |
| 2.9B | 3.3B | 3.4B | 4B | 3.6B | 3.2B | 3.2B | 3B | 2.8B | 3.3B |
Alpha Spread
Preferences
We rebuilt our DCF valuation models from the ground up and upgraded how Intrinsic Value is calculated. Alpha Spread now selects the method that best fits each company.
You can now see how the new methodology performed across thousands of stocks on our new Valuation Backtest page. We update the results at the end of every month.
New to Alpha Spread? Create free account
By using Alpha Spread you are agreeing to our Terms of Service and Privacy Policy.
Already have an account? Sign in
Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
Read more