Latest Ratios: P/E Ratio 20.6x · EV/EBITDA 8.1x · ROE 6.7%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.3B | $20.2B | $20.2B | $25.9B | $27.1B | $31.8B | $25.3B | $23.3B | $19.8B | $22.5B | $18.9B |
| Enterprise Value | $36.6B | $49.1B | $49.1B | $52.5B | $51.3B | $52.1B | $40.6B | $37.2B | $33.6B | $35.7B | $31.5B |
| P/E Ratio → | 20.59 | 18.29 | 20.24 | 30.67 | 16.79 | 19.16 | 21.06 | 13.35 | 12.37 | 14.34 | 15.47 |
| P/S Ratio | 1.13 | 0.99 | 1.00 | 1.30 | 1.48 | 1.89 | 1.65 | 1.60 | 1.40 | 1.70 | 1.48 |
| P/B Ratio | 1.37 | 1.22 | 1.20 | 1.50 | 1.53 | 1.98 | 2.57 | 2.84 | 1.91 | 2.72 | 2.38 |
| P/FCF | 9.84 | 8.60 | 13.80 | 20.12 | 23.27 | — | — | 706.35 | 16.72 | 25.92 | 58.67 |
| P/OCF | 4.76 | 4.15 | 4.16 | 5.76 | 5.63 | 7.26 | 5.53 | 5.94 | 4.88 | 5.69 | 5.87 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.39 | 2.44 | 2.62 | 2.80 | 3.09 | 2.65 | 2.55 | 2.38 | 2.70 | 2.47 |
| EV / EBITDA | 8.09 | 7.64 | 7.17 | 8.16 | 8.00 | 8.28 | 7.40 | 6.70 | 6.56 | 7.48 | 7.43 |
| EV / EBIT | 22.00 | 17.13 | 18.57 | 22.04 | 16.07 | 16.89 | 16.54 | 12.60 | 11.91 | 12.97 | 14.51 |
| EV / FCF | — | 20.87 | 33.60 | 40.77 | 44.04 | — | — | 1127.89 | 28.38 | 41.23 | 97.80 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.8% | 33.8% | 62.1% | 62.3% | 61.1% | 60.2% | 59.1% | 58.4% | 54.8% | 55.0% | 55.7% |
| Operating Margin | 11.5% | 11.5% | 13.9% | 11.8% | 16.1% | 18.3% | 16.2% | 20.4% | 20.1% | 19.7% | 17.1% |
| Net Profit Margin | 5.4% | 5.4% | 4.9% | 4.2% | 8.8% | 9.8% | 7.9% | 12.0% | 11.4% | 11.1% | 9.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.7% | 6.7% | 5.8% | 4.8% | 9.6% | 12.8% | 13.3% | 18.8% | 17.2% | 18.0% | 15.7% |
| ROA | 1.9% | 1.9% | 1.7% | 1.5% | 3.2% | 4.0% | 3.8% | 5.6% | 5.1% | 5.1% | 4.5% |
| ROIC | 3.9% | 3.9% | 4.7% | 4.1% | 5.7% | 7.5% | 7.9% | 9.7% | 9.3% | 9.3% | 8.2% |
| ROCE | 4.8% | 4.8% | 5.9% | 5.1% | 6.9% | 8.9% | 9.1% | 11.2% | 10.8% | 11.1% | 9.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.90 | 1.90 | 1.77 | 1.59 | 1.42 | 1.31 | 1.62 | 1.74 | 1.37 | 1.67 | 1.64 |
| Debt / EBITDA | 4.90 | 4.90 | 4.35 | 4.27 | 3.92 | 3.33 | 2.91 | 2.58 | 2.78 | 2.88 | 3.07 |
| Net Debt / Equity | — | 1.74 | 1.72 | 1.54 | 1.37 | 1.26 | 1.55 | 1.69 | 1.33 | 1.60 | 1.59 |
| Net Debt / EBITDA | 4.49 | 4.49 | 4.23 | 4.13 | 3.77 | 3.22 | 2.79 | 2.50 | 2.70 | 2.78 | 2.97 |
| Debt / FCF | — | 12.27 | 19.80 | 20.64 | 20.76 | — | — | 421.54 | 11.65 | 15.30 | 39.13 |
| Interest Coverage | 1.88 | 1.88 | 1.87 | 1.84 | 3.68 | 3.83 | 3.29 | 4.17 | 4.39 | 4.71 | 4.27 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.86 | 0.86 | 0.68 | 0.67 | 0.74 | 0.61 | 0.79 | 0.78 | 0.79 | 0.56 | 0.50 |
| Quick Ratio | 0.81 | 0.81 | 0.61 | 0.62 | 0.67 | 0.55 | 0.72 | 0.70 | 0.72 | 0.48 | 0.44 |
| Cash Ratio | 0.27 | 0.27 | 0.09 | 0.09 | 0.12 | 0.09 | 0.14 | 0.10 | 0.09 | 0.10 | 0.09 |
| Asset Turnover | — | 0.34 | 0.35 | 0.36 | 0.34 | 0.35 | 0.45 | 0.50 | 0.43 | 0.45 | 0.46 |
| Inventory Turnover | 28.18 | 28.18 | 12.14 | 15.57 | 13.23 | 14.95 | 19.62 | 18.01 | 16.94 | 15.70 | 17.71 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.2% | 8.1% | 7.8% | 5.1% | 4.4% | 3.3% | 3.7% | 4.9% | 5.8% | 4.8% | 5.7% |
| Payout Ratio | 146.3% | 146.3% | 157.3% | 156.4% | 73.6% | 63.1% | 77.1% | 65.8% | 71.3% | 74.1% | 87.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 5.5% | 4.9% | 3.3% | 6.0% | 5.2% | 4.7% | 7.5% | 8.1% | 7.0% | 6.5% |
| FCF Yield | 10.2% | 11.6% | 7.2% | 5.0% | 4.3% | — | — | 0.1% | 6.0% | 3.9% | 1.7% |
| Buyback Yield | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | 0.9% |
| Total Shareholder Yield | 7.3% | 8.3% | 7.8% | 5.1% | 4.4% | 3.3% | 3.7% | 4.9% | 6.3% | 4.8% | 6.6% |
| Shares Outstanding | — | $1.5B | $1.5B | $1.5B | $1.4B | $1.4B | $1.3B | $1.2B | $1.2B | $1.2B | $1.2B |
Dividend sustainability and leverage
According to current market data, TELUS trades at a forward P/E of 17.17, which appears elevated relative to the broader telecom sector and suggests that investors are still pricing in growth expectations that are increasingly disconnected from the company's recent performance and deteriorating free cash flow profile.
The current valuation multiple implies a growth premium that is difficult to justify given the stagnation in core wireless and wireline segments. If the market begins to re-rate the stock as a pure-play utility rather than a tech-services hybrid, the current P/E may face significant downward pressure.
Based on reported financial figures, the company's ROIC has languished at approximately 1.4% as of 2026Q1, reflecting a multi-year trend of decaying returns on invested capital that suggests the massive capital expenditures in fiber infrastructure are failing to generate adequate incremental economic value for shareholders.
The persistent inability to drive ROIC above the cost of capital indicates that the company's aggressive investment strategy is not currently creating value. Investors should monitor whether this trend is structural or if it represents a temporary lag caused by the long gestation period of fiber-to-the-premises deployments.
As reported in recent quarterly filings, the cash conversion cycle has expanded to 61 days in 2026Q1, up from 35 days in 2023Q4, indicating a significant deterioration in working capital efficiency and a potential weakening of the company's leverage over its suppliers and customers.
The lengthening of the cash conversion cycle suggests that the company is struggling to collect receivables or is holding inventory for longer periods, both of which tie up precious liquidity. This trend warrants further investigation into whether the company is offering more lenient payment terms to maintain market share.
According to recent balance sheet disclosures, the current ratio has consistently hovered below 0.70 for most of the last ten quarters, reaching a low of 0.64 in 2025Q1, which suggests a structural inability to cover short-term obligations without continuous and reliable access to external credit markets.
A current ratio consistently below unity is a red flag for a capital-intensive business, as it leaves little room for error during periods of operational volatility. The reliance on external financing to bridge this liquidity gap increases the company's sensitivity to interest rate fluctuations and credit market tightening.
As evidenced by financial statements, the market's focus on the 6.7% dividend yield obscures the underlying reality that the payout is currently being funded by debt rather than operational surplus, as evidenced by the negative free cash flow margin reported in the most recent quarter.
Investors often misapply the dividend yield as a proxy for financial health, ignoring the fact that a dividend is only sustainable if supported by free cash flow. In this case, the yield may be a trap, as the capital required to maintain the payout is being diverted from necessary network reinvestment.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying TU stock.
TELUS Corporation's current P/E ratio is 20.6x. The historical average is 18.4x. This places it at the 89th percentile of its historical range.
TELUS Corporation's current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.3x.
TELUS Corporation's return on equity (ROE) is 6.7%. The historical average is 11.8%.
Based on historical data, TELUS Corporation is trading at a P/E of 20.6x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TELUS Corporation's current dividend yield is 7.15% with a payout ratio of 146.3%.
TELUS Corporation has 33.8% gross margin and 11.5% operating margin. Operating margin between 10-20% is typical for established companies.
TELUS Corporation's Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.