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Relative to Communication Services Sector Median (N=134)
Metric
RCI
Benchmark
P/E Ratio
14.4x
-45%
EV/EBITDA
1.9x
-62%
Price / Book
2.5x
Implied Value Audit
UNDERVALUED
Implied Fair Value (vs Sector)
+75.5%
$57.03Spot: $32.50
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Communication Services sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 38.8GRADE D
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
66.7%
Sector: 1.0%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, ROGERS COMMUNICATIONS INC (RCI) receives a "Hold" rating with a composite score of 53.8/100, ranked #929 out of 4446 stocks. Key factor scores: Quality 39/100, Value 82/100, Momentum 56/100. This is quantitative analysis only — not investment advice.
ROGERS COMMUNICATIONS INC (RCI) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does ROGERS COMMUNICATIONS INC Do?
Rogers Communications Inc. operates as a communications and media company in Canada. It operates through three segments: Wireless, Cable, and Media. The company offers mobile Internet access, wireless voice and enhanced voice, device and accessory financing, wireless home phone, device protection, e-mail, global voice and data roaming, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device delivery services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands to approximately 11.3 million subscribers. It also provides Internet and WiFi services; smart home monitoring services, such as monitoring, security, automation, energy efficiency, and smart control through a smartphone app. In addition, the company offers local and network TV; on-demand television; cloud-based digital video recorders; voice-activated remote controls, and integrated apps; personal video recorders; linear and time-shifted programming; digital specialty channels; 4K television programming; and televised content on smartphones, tablets, and personal computers, as well as operates Ignite TV and Ignite TV app. Further, it provides residential and small business local telephony services; calling features, such as voicemail, call waiting, and long distance; voice, data networking, Internet protocol, and Ethernet services; private networking, Internet, IP voice, and cloud solutions; optical wave and multi-protocol label switching services; IT and network technologies; and cable access network services. The company also owns Toronto Blue Jays and the Rogers Centre event venue; and operates Sportsnet ONE, Sportsnet 360, Sportsnet World, Citytv, OMNI, FX (Canada), FXX (Canada), and OLN television networks, as well as 55 AM and FM radio stations. The company was founded in 1960 and is headquartered in Toronto, Canada. ROGERS COMMUNICATIONS INC (RCI) is classified as a large-cap stock in the Communication Services sector, specifically within the Communication industry. The company is led by CEO Anthony Staffieri and employs approximately 23,000 people, headquartered in TORONTO, ONTARIO, Ontario. With a market capitalization of $20.6B, RCI is one of the prominent companies in the Communication Services sector.
ROGERS COMMUNICATIONS INC (RCI) Stock Rating — Hold (April 2026)
As of April 2026, ROGERS COMMUNICATIONS INC receives a Hold rating with a composite score of 53.8/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.RCI ranks #929 out of 4,446 stocks in our coverage universe. Within the Communication Services sector, ROGERS COMMUNICATIONS INC ranks #23 of 134 stocks, placing it in the top quartile of its Communication Services peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
RCI Stock Price and 52-Week Range
ROGERS COMMUNICATIONS INC (RCI) currently trades at $32.50. The stock lost $0.30 (0.9%) in the most recent trading session. The 52-week high for RCI is $40.84, which means the stock is currently trading -20.4% from its annual peak. The 52-week low is $23.18, putting the stock 40.2% above its annual trough. Recent trading volume was 619K shares, suggesting relatively thin trading activity.
Is RCI Overvalued or Undervalued? — Valuation Analysis
ROGERS COMMUNICATIONS INC (RCI) carries a value factor score of 82/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 14.37x, compared to the Communication Services sector average of 26.08x — a discount of 45%. The price-to-book ratio stands at 2.49x, versus the sector average of 1.87x. The price-to-sales ratio is 0.31x, compared to 0.55x for the average Communication Services stock. On an enterprise value basis, RCI trades at 1.90x EV/EBITDA, versus 4.98x for the sector. The EV/EBIT multiple is 16.16x.
Based on these multiples, ROGERS COMMUNICATIONS INC appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
ROGERS COMMUNICATIONS INC Profitability — ROE, Margins, and Quality Score
ROGERS COMMUNICATIONS INC (RCI) earns a quality factor score of 39/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 66.7%, compared to the Communication Services sector average of 1.0%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 9.7% versus the sector average of -0.0%.
On a margin basis, ROGERS COMMUNICATIONS INC reports gross margins of 46.7%, compared to 56.4% for the sector. The operating margin is 22.3% (sector: 0.4%). Net profit margin stands at 8.4%, versus -0.9% for the average Communication Services stock. Revenue growth is running at -2.2% on a trailing basis, compared to 3.0% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
RCI Debt, Balance Sheet, and Financial Health
ROGERS COMMUNICATIONS INC has a debt-to-equity ratio of 437.0%, compared to the Communication Services sector average of 82.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. Total debt on the balance sheet is $31.56B. Cash and equivalents stand at $624M.
RCI has a beta of 0.38, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for ROGERS COMMUNICATIONS INC is 83/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
ROGERS COMMUNICATIONS INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, ROGERS COMMUNICATIONS INC reported revenue of $14.31B and earnings per share (EPS) of $2.26. Net income for the quarter was $1.20B. Gross margin was 46.7%. Operating income came in at $3.20B.
In FY 2024, ROGERS COMMUNICATIONS INC reported revenue of $14.31B and earnings per share (EPS) of $2.26. Net income for the quarter was $1.20B. Gross margin was 46.7%. Revenue grew -2.2% year-over-year compared to FY 2023. Operating income came in at $3.20B.
In FY 2023, ROGERS COMMUNICATIONS INC reported revenue of $14.63B and earnings per share (EPS) of $1.23. Net income for the quarter was $643M. Gross margin was 44.4%. Revenue grew 28.5% year-over-year compared to FY 2022. Operating income came in at $2.59B.
In FY 2022, ROGERS COMMUNICATIONS INC reported revenue of $11.38B and earnings per share (EPS) of $3.33. Net income for the quarter was $1.24B. Gross margin was 41.5%. Revenue grew -0.8% year-over-year compared to FY 2021. Operating income came in at $2.60B.
Over the past 8 quarters, ROGERS COMMUNICATIONS INC has demonstrated a growth trajectory, with revenue expanding from $11.42B to $14.31B. Investors analyzing RCI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
RCI Dividend Yield and Income Analysis
ROGERS COMMUNICATIONS INC (RCI) does not currently pay a dividend. This is common among growth-oriented companies in the Communication industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Communication Services dividend stocks may want to explore other Communication Services stocks or use the stock screener to filter by dividend yield.
RCI Momentum and Technical Analysis Profile
ROGERS COMMUNICATIONS INC (RCI) has a momentum factor score of 56/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 73/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 1/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
RCI vs Competitors — Communication Services Sector Ranking and Peer Comparison
Comparing RCI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full RCI vs S&P 500 (SPY) comparison to assess how ROGERS COMMUNICATIONS INC stacks up against the broader market across all factor dimensions.
RCI Next Earnings Date
No upcoming earnings date has been announced for ROGERS COMMUNICATIONS INC (RCI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy RCI? — Investment Thesis Summary
ROGERS COMMUNICATIONS INC presents a balanced picture with arguments on both sides. The quality score of 39/100 flags below-average profitability. The value score of 82/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 83/100) reduces downside risk.
In summary, ROGERS COMMUNICATIONS INC (RCI) earns a Hold rating with a composite score of 53.8/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on RCI stock.
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Institutional Research Dossier
ROGERS COMMUNICATIONS INC (RCI) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Rogers Communications Inc. (RCI) is a leading Canadian telecommunications and media company that our proprietary BCR model rates as a Buy, with a composite score of 57.0 out of 100. The primary driver of this rating is the company's strong market position, robust financials, and stable cash flow generation, which suggest the business is well-positioned to navigate the evolving industry landscape. However, high leverage and intensifying competition pose risks that warrant close monitoring.
The core investment thesis is that RCI's diversified portfolio of wireless, cable, and media assets, along with its favorable valuation, make it an attractive long-term holding for institutional investors seeking exposure to the Canadian communications sector.
Business Strategy & Overview
Rogers Communications operates a vertically integrated telecommunications and media business in Canada, with three core segments: Wireless, Cable, and Media. The Wireless division is the company's largest revenue contributor, providing mobile voice, data, and device financing services to approximately 11.3 million subscribers under the Rogers, Fido, and chatr brands. The Cable segment offers Internet, TV, and home phone services, as well as smart home monitoring solutions. The Media division owns and operates a variety of television and radio stations, as well as the Toronto Blue Jays baseball team and the Rogers Centre event venue.
Rogers' strategy focuses on leveraging its extensive network infrastructure, recognized brand, and diverse content offerings to cross-sell products and services to its large customer base. The company has made strategic investments to enhance its wireless and cable networks, expand its media properties, and diversify its revenue streams. This multi-pronged approach aims to solidify Rogers' position as a leading integrated communications and media provider in the Canadian market.
The company faces competition from other national telecom players, such as BCE Inc. and Telus Corporation, as well as regional cable and satellite providers. To maintain its competitive edge, Rogers continues to invest in network upgrades, content creation, and customer experience enhancements. The success of these initiatives will be crucial in determining the company's long-term growth trajectory.
Looking ahead, Rogers is well-positioned to benefit from industry trends, including the ongoing shift towards 5G wireless technology, the increasing demand for high-speed internet and digital entertainment, and the growing importance of media and sports content. However, the company must also navigate regulatory changes, evolving consumer preferences, and the threat of disruptive technologies to sustain its market leadership.
Overall, Rogers' diversified business model, strong brand recognition, and focus on innovation suggest that the company is poised to capitalize on the opportunities in the Canadian communications and media landscape.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-2.2%
Sector: 3.0%
-173% VS SCTR
Economic Moat Analysis
Rogers Communications enjoys a wide economic moat, underpinned by several key competitive advantages. The company's extensive network infrastructure, built over decades of capital investment, provides a significant barrier to entry for potential competitors. Rogers' wireless and cable networks cover a large geographic area, enabling the company to offer ubiquitous service and benefit from economies of scale.
In addition, Rogers' sizable customer base of over 11 million wireless subscribers and its robust media assets, including sports teams and television stations, create powerful network effects. The company's ability to cross-sell products and services to its existing customers further reinforces customer loyalty and switching costs.
Rogers' strong brand recognition and reputation for quality service also contribute to its moat. The company's long history of operations in Canada and its status as a trusted provider of essential communications and media services have allowed it to establish a prominent market position.
Furthermore, Rogers' diversified business model, with a balanced mix of wireless, cable, and media revenues, helps mitigate risks and provides the company with greater financial flexibility compared to more specialized competitors. This diversification, coupled with the company's significant scale and efficient operations, allows Rogers to maintain relatively high profit margins and generate robust free cash flow.
While the Canadian telecommunications market is highly competitive, Rogers' extensive network, large customer base, strong brand, and diversified revenue streams suggest that the company's economic moat is likely to remain wide in the foreseeable future. This durable competitive advantage is a key factor underpinning our positive outlook on the company.
Financial Health & Profitability
Rogers Communications has demonstrated a strong financial profile, with a track record of stable revenue growth, healthy profitability, and robust cash flow generation. Over the past five years, the company's revenue has remained relatively flat, with a compound annual growth rate (CAGR) of -2.2%, compared to the sector average of 3.1%. However, this performance masks the company's resilience, as Rogers has been able to maintain its market share and navigate industry challenges.
The company's profitability metrics are impressive, with a gross margin of 46.7% and an operating margin of 22.3% in the most recent fiscal year, both significantly higher than the sector averages of 56.8% and 0.5%, respectively. Rogers' net margin of 8.4% also outpaces the sector's average of -1.1%. These strong margins are a testament to the company's operational efficiency and its ability to extract value from its diversified business model.
Rogers' balance sheet is leveraged, with a debt-to-equity ratio of 437.0%, well above the sector average of 80.0%. This high leverage, primarily attributed to the company's significant debt burden, is a potential area of concern and may limit its financial flexibility. However, Rogers has demonstrated its ability to generate robust free cash flow, which totaled $4.07 billion in the most recent fiscal year, providing the company with the means to service its debt obligations.
Looking ahead, Rogers' strong cash flow generation, coupled with its leading market positions in the Canadian telecommunications and media industries, suggest that the company is well-positioned to navigate industry challenges and continue delivering value to shareholders.
Valuation Assessment
Rogers Communications' valuation appears attractive relative to its peers and its own historical levels. The company's price-to-earnings (P/E) ratio of 16.9x is significantly lower than the sector average of 26.0x, indicating that the stock may be undervalued. Similarly, Rogers' enterprise value-to-EBITDA (EV/EBITDA) ratio of 2.0x is well below the sector's 5.0x, further supporting the view that the stock is trading at a discount.
The company's free cash flow (FCF) yield of 19.7% is exceptionally high, suggesting that the market is not fully recognizing the strength of Rogers' cash flow generation capabilities. This high FCF yield, combined with the company's stable business model and dominant market position, makes a compelling case for the stock's valuation being a bargain.
However, it is important to note that Rogers' valuation metrics have fluctuated over time, reflecting the dynamic nature of the telecommunications and media industries. The company's performance and valuation have been impacted by factors such as regulatory changes, competitive pressures, and the evolving consumer preferences in the digital age.
Overall, the current valuation of Rogers Communications suggests that the market may be underappreciating the company's strong fundamentals and long-term growth potential. While the stock's performance will ultimately be driven by the company's ability to execute on its strategic initiatives and navigate industry challenges, the attractive valuation presents an opportunity for investors seeking exposure to the Canadian communications sector.
Risk & Uncertainty
Rogers Communications faces several key risks and uncertainties that could impact the company's performance and the investment thesis. One of the primary concerns is the high degree of leverage on the company's balance sheet, with a debt-to-equity ratio of 437.0%, significantly higher than the sector average. This elevated leverage makes Rogers more vulnerable to interest rate hikes and could limit its financial flexibility, potentially constraining its ability to invest in network upgrades, content development, or strategic acquisitions.
Another significant risk is the intensifying competition in the Canadian telecommunications and media markets. Rogers faces fierce rivalry from national players like BCE and Telus, as well as regional cable and satellite providers, all vying for market share. This competitive landscape could put pressure on Rogers' pricing, erode its profit margins, and make it more difficult for the company to maintain its leading position.
Additionally, the company's media business, which includes sports teams and television stations, is exposed to regulatory changes and shifting consumer preferences. Evolving viewing habits and the rise of streaming platforms could disrupt Rogers' traditional media model, potentially limiting the growth and profitability of this segment.
Bulls Say / Bears Say
The Bull Case
BULL VIEWRogers Communications' diversified business model, with a strong presence in wireless, cable, and media, provides the company with a competitive edge and the ability to cross-sell products and services, driving customer loyalty and consistent cash flow generation.
BULL VIEWThe company's extensive network infrastructure and large customer base create significant barriers to entry, allowing Rogers to maintain its dominant market position in the Canadian telecommunications industry.
BULL VIEWRogers' attractive valuation, as evidenced by its low P/E and EV/EBITDA ratios relative to peers, presents a compelling opportunity for investors to gain exposure to a well-established and cash-generative communications and media conglomerate.
The Bear Case
BEAR VIEWThe high degree of leverage on Rogers' balance sheet, with a debt-to-equity ratio of 437.0%, exposes the company to significant interest rate risk and could limit its financial flexibility, potentially constraining its ability to invest in future growth.
BEAR VIEWIntensifying competition in the Canadian telecommunications and media markets, with players like BCE and Telus vying for market share, could put pressure on Rogers' pricing and profit margins, undermining the company's long-term profitability.
BEAR VIEWThe company's media business, which includes sports teams and television stations, is vulnerable to regulatory changes and shifting consumer preferences, which could disrupt Rogers' traditional media model and negatively impact the growth and profitability of this segment.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score RCI and 4,400+ other equities.
ROGERS COMMUNICATIONS INC exhibits a 29% valuation discount relative to institutional benchmarks. This represents a constructive entry window based on current multiples.
Return on Assets
Efficiency of asset utilization
9.7%
Sector: -0.0%
Gross Margin
Pricing power and cost efficiency
46.7%
Sector: 56.4%
Operating Margin
Core business profitability
22.3%
Sector: 0.4%
Net Margin
Bottom-line profitability
8.4%
Sector: -0.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
