NEW Dividend Portfolio Tracker (DRIPTracker) is Now Live!

Add your stocks and see every dividend they pay you — dates, amounts, and reinvested shares.

Start Free »

BCE Inc. BCE | NYSE

$20.43 $0.76 | 3.86%

TREND SIGNAL: Signal available — unlock to view

|2026-09-16

Add to favoritesFavorite

Company Overview:

Market Cap: $18.34B

Trailing PE: 3x

FWD PE *: 8x

Payout Ratio (TTM): 28.4%

52-Week Range: $18.68 - $26.52

* Forward PE is based on street estimates.

10 Year BCE Performance Metrics:

Total Return (with DRIP): -31.6% (-3.72% CAGR)

Total Return (no DRIP): -22.0% (-2.45% CAGR)

Share Price: -55.5% (-7.77% CAGR)

Yield on Cost (with DRIP): 4.21%

Total Invested: $10,000

Total Value (with DRIP): $6,842

Total Return $ (with DRIP): -$3,158

Dividend Increase: -39.9% (-4.96% CAGR)

Dividend Yield (FWD): 6.15% ($1.26)

BCE 10-yr Total Return ($10K invested)

1M 3M 6M YTD 1Y 3Y 5Y 10Y

BCE Share Price

1M 3M 6M YTD 1Y 3Y 5Y 10Y All

BCE Price CAGR:1Y: -13.62%2Y: -21.80%5Y: -16.84%10Y: -7.77%

BCE Dividend Charts

BCE - Dividends

BCE Dividend CAGR:1Y: -0.88%2Y: -34.54%5Y: -15.30%10Y: -4.09%

BCE - Dividend Payout Ratio

BCE Dividend Payout Ratio CAGR:1Y: -28.74%2Y: -32.62%5Y: -9.12%10Y: -0.80%

BCE - Dividend to Free Cash Flow Ratio

BCE Dividend to FCF Ratio CAGR:1Y: -24.79%2Y: -43.42%5Y: -8.40%10Y: -4.75%

Unlock All Reports & Research Dividend Stocks like a BOSS!

Get 3 Months Free with Annual Plan

PRO

$171 ($14.25/mo) $102.60/yr ($8.55/mo)

7-day free trial

Unlimited Portfolio Tracker
Portfolio - Lots/Sales/Dividends
Portfolio Auto-DRIP
Buy/Sell Signals Dashboard
Stock Fundamentals
Compare Stocks Side-by-Side
Revenue & EPS Estimates
DCF Valuation Modeling

Try it free for 7 days

Combined 55% Lifetime Discount

BCE Financials: Earnings, Revenue, Cash Flow, Ebitda, Cash/Debt, Shares Float, etc:

BCE - Revenue

BCE Revenue CAGR:1Y: 1.54%2Y: 1.44%5Y: 1.63%10Y: 1.47%

BCE - Earnings Per Share (EPS)

BCE EPS CAGR:1Y: -3.23%2Y: 0.84%5Y: -4.62%10Y: -3.87%

BCE - Net Income

🔓 See the full chart40% off right now · 7-day free trial

BCE Net Income CAGR:1Y: -3.51%2Y: 1.22%5Y: -2.70%10Y: -2.61%

BCE - EBITDA

🔓 See the full chart40% off right now · 7-day free trial

BCE EBITDA CAGR:1Y: 3.45%2Y: -0.20%5Y: 1.82%10Y: 1.72%

BCE - Free Cash Flow

🔓 See the full chart40% off right now · 7-day free trial

BCE Free Cash Flow CAGR:1Y: -8.58%2Y: 20.54%5Y: -3.48%10Y: 1.43%

BCE - Free Cash Flow / Share

🔓 See the full chart40% off right now · 7-day free trial

BCE Free Cash Flow / Share CAGR:1Y: -8.77%2Y: 19.20%5Y: -4.06%10Y: 0.72%

BCE - Operating Income

🔓 See the full chart40% off right now · 7-day free trial

BCE Operating Income CAGR:1Y: -4.36%2Y: -3.58%5Y: 0.05%10Y: -0.53%

BCE - Gross Profit

🔓 See the full chart40% off right now · 7-day free trial

BCE Gross Profit CAGR:1Y: -54.26%2Y: -16.14%5Y: -13.90%10Y: -3.45%

BCE - Shares Outstanding

🔓 See the full chart40% off right now · 7-day free trial

BCE Shares Outstanding CAGR:1Y: 0.17%2Y: 1.10%5Y: 0.59%10Y: 0.69%

BCE - Share Buybacks

🔓 See the full chart40% off right now · 7-day free trial

BCE Share Buybacks CAGR:1Y: 61.61%2Y: -10.11%5Y: -2.35%10Y: 19.07%

BCE - Stock-Based Comp

🔓 See the full chart40% off right now · 7-day free trial

BCE Stock-Based Comp CAGR:1Y: 0.00%2Y: 0.00%5Y: 0.00%10Y: 0.00%

BCE - Expenses

🔓 See the full chart40% off right now · 7-day free trial

BCE Expenses CAGR:1Y: 41.61%2Y: -11.90%5Y: -2.19%10Y: 1.28%

BCE - Revenue vs Net Income

🔓 See the full chart40% off right now · 7-day free trial

BCE - EPS vs FCF / Share

🔓 See the full chart40% off right now · 7-day free trial

BCE - EPS vs PE Ratio

🔓 See the full chart40% off right now · 7-day free trial

BCE - FCF vs FCF / Share

🔓 See the full chart40% off right now · 7-day free trial

BCE - FCF vs Stock Based Comp

🔓 See the full chart40% off right now · 7-day free trial

BCE - Cash & Debt

🔓 See the full chart40% off right now · 7-day free trial

BCE - Revenue by Segment

🔓 See the full chart40% off right now · 7-day free trial

BCE Revenue CAGR:1Y: 1.54%2Y: 1.44%5Y: 1.63%10Y: 1.47%

Revenue, EPS, Net Income & Ebitda - Estimates VS Actual:

BCE - REVENUE: Actual + Estimates

🔓 See the full chart40% off right now · 7-day free trial

BCE Actual Revenue CAGR:1Y: 1.54%2Y: 1.44%5Y: 1.63%10Y: 1.47%

BCE - EPS: Actual + Estimates

🔓 See the full chart40% off right now · 7-day free trial

BCE Actual EPS CAGR:1Y: -3.23%2Y: 0.84%5Y: -4.62%10Y: -3.87%

BCE - NET INCOME: Actual + Estimates

🔓 See the full chart40% off right now · 7-day free trial

BCE Actual Net Income CAGR:1Y: -3.51%2Y: 1.22%5Y: -2.70%10Y: -2.61%

BCE - EBITDA: Actual + Estimates

🔓 See the full chart40% off right now · 7-day free trial

BCE Actual EBITDA CAGR:1Y: 3.45%2Y: -0.20%5Y: 1.82%10Y: 1.72%

Ratios, Profit Margins & Return on Capital:

BCE - Net Profit Margin

🔓 See the full chart40% off right now · 7-day free trial

BCE Net Profit Margin CAGR:1Y: -4.92%2Y: -0.21%5Y: -4.26%10Y: -4.02%

BCE - Gross Profit Margin

🔓 See the full chart40% off right now · 7-day free trial

BCE Gross Profit Margin CAGR:1Y: 1.09%2Y: 48.54%5Y: -0.42%10Y: 3.16%

BCE - Price to Earnings

🔓 See the full chart40% off right now · 7-day free trial

BCE Price to Earnings CAGR:1Y: 4.53%2Y: -14.31%5Y: -8.81%10Y: -2.89%

BCE - Price To Sales Ratio

🔓 See the full chart40% off right now · 7-day free trial

BCE Price To Sales Ratio CAGR:1Y: -0.16%2Y: -17.22%5Y: -13.83%10Y: -7.40%

BCE - Return on Capital Employed

🔓 See the full chart40% off right now · 7-day free trial

BCE Return on Capital Employed CAGR:1Y: -19.52%2Y: -35.03%5Y: -4.60%10Y: -6.32%

BCE - Return on Invested Capital

🔓 See the full chart40% off right now · 7-day free trial

BCE Return on Invested Capital CAGR:1Y: -20.39%2Y: -34.46%5Y: -9.00%10Y: -7.64%

BCE Dividends Info:

Annual Dividend: $1.2572

Forward Yield: 6.15%

Ex-Dividend Date: 2026-09-15

Lifetime Dividends / Share: $151.04

BCE Dividend History: Dates, Payments & Yield list

Below is a schedule of all BCE dividend payments, ex-dates, share price on the day of the payment as well as the annualized yield & forward yield

Ex-Date	Payment Date	Amount	Yield	Forward Yield	Price on Ex-Date
09/15/2026	10/15/2026	$0.314	5.49%	5.64%	$22.28
06/15/2026	07/15/2026	$0.313	5.21%	5.79%	$21.60
03/16/2026	04/15/2026	$0.320	4.94%	5.37%	$23.82
12/15/2025	01/15/2026	$0.318	5.38%	5.24%	$24.24
09/15/2025	10/15/2025	$0.317	5.35%	5.36%	$23.65
06/16/2025	07/15/2025	$0.323	5.77%	5.36%	$24.06
03/14/2025	04/15/2025	$0.694	11.82%	13.06%	$21.24
12/16/2024	01/15/2025	$0.695	11.65%	12.23%	$22.73
09/16/2024	10/15/2024	$0.734	8.53%	8.78%	$33.41
06/14/2024	07/15/2024	$0.726	8.83%	8.88%	$32.70
03/14/2024	04/15/2024	$0.741	8.71%	9.15%	$32.40
12/14/2023	01/15/2024	$0.716	7.15%	7.43%	$38.55
09/14/2023	10/16/2023	$0.714	6.97%	7.4%	$38.58
06/14/2023	07/17/2023	$0.727	6.43%	6.65%	$43.71
03/14/2023	04/17/2023	$0.705	6.51%	5.89%	$47.85
12/14/2022	01/16/2023	$0.679	5.96%	5.78%	$47.00
09/14/2022	10/15/2022	$0.699	6.03%	6.51%	$42.91
06/14/2022	07/15/2022	$0.714	5.83%	5.85%	$48.79
12/14/2021	01/15/2022	$0.683	5.44%	5.13%	$53.23
09/14/2021	10/15/2021	$0.692	5.4%	5.39%	$51.38
06/14/2021	07/15/2021	$0.721	5.76%	5.83%	$49.45
03/12/2021	04/15/2021	$0.698	6.15%	6.01%	$46.42
12/14/2020	01/15/2021	$0.652	5.89%	5.94%	$43.89
09/14/2020	10/15/2020	$0.632	5.97%	5.9%	$42.85
06/12/2020	07/15/2020	$0.611	5.79%	5.86%	$41.71
03/13/2020	04/15/2020	$0.598	5.88%	5.81%	$41.18
12/13/2019	01/15/2020	$0.601	5.06%	5.13%	$46.83
09/13/2019	10/15/2019	$0.598	5%	4.88%	$49.02
06/13/2019	07/15/2019	$0.594	5.29%	5.13%	$46.34
09/13/2018	10/15/2018	$0.581	5.8%	5.87%	$39.60
06/14/2018	07/15/2018	$0.581	5.6%	5.45%	$42.61
03/14/2018	04/15/2018	$0.582	5.36%	5.4%	$43.11
12/14/2017	01/15/2018	$0.559	4.62%	4.81%	$46.46
09/14/2017	10/15/2017	$0.589	4.97%	5.01%	$46.98
06/13/2017	07/15/2017	$0.539	4.8%	4.7%	$45.91
03/13/2017	04/15/2017	$0.533	4.97%	4.63%	$46.04
12/13/2016	01/15/2017	$0.520	4.7%	4.64%	$44.82
09/13/2016	10/15/2016	$0.523	4.6%	4.56%	$45.83
06/13/2016	07/15/2016	$0.534	4.68%	4.42%	$48.30
03/11/2016	04/15/2016	$0.511	4.69%	4.39%	$46.53
12/11/2015	01/15/2016	$0.477	4.86%	5.06%	$37.72
09/11/2015	10/15/2015	$0.493	4.91%	4.5%	$43.84
06/11/2015	07/15/2015	$0.530	4.86%	5.01%	$42.33
03/12/2015	04/15/2015	$0.510	4.88%	4.59%	$44.47
12/11/2014	01/15/2015	$0.538	4.75%	4.67%	$46.11
09/11/2014	10/15/2014	$0.565	5.15%	5.39%	$41.90
06/12/2014	07/15/2014	$0.568	4.99%	5.05%	$44.98
03/12/2014	04/15/2014	$0.556	5.21%	5.04%	$44.13
12/12/2013	01/15/2014	$0.550	5.13%	5.16%	$42.61
06/12/2013	07/15/2013	$0.571	5.31%	5.39%	$42.34
03/13/2013	04/15/2013	$0.577	5.08%	5.04%	$45.79
12/12/2012	01/15/2013	$0.570	5.31%	5.27%	$43.24
09/12/2012	10/15/2012	$0.583	5.18%	5.31%	$43.90
06/13/2012	07/15/2012	$0.528	5.2%	5.03%	$41.95
03/13/2012	04/15/2012	$0.547	5.3%	5.5%	$39.81
12/13/2011	01/15/2012	$0.506	5.12%	4.86%	$41.62
09/13/2011	10/15/2011	$0.518	5.36%	5.43%	$38.16
06/13/2011	07/15/2011	$0.532	5.49%	5.32%	$39.99
03/11/2011	04/15/2011	$0.507	5.68%	5.5%	$36.90
12/13/2010	01/15/2011	$0.453	5.13%	5.1%	$35.51
09/13/2010	10/15/2010	$0.444	5.58%	5.29%	$33.57
06/11/2010	07/15/2010	$0.419	5.53%	5.48%	$30.57
03/11/2010	04/15/2010	$0.424	5.68%	5.71%	$29.70
12/11/2009	01/15/2010	$0.386	5.98%	5.71%	$27.04
09/11/2009	10/15/2009	$0.373	6%	6.06%	$24.63
06/11/2009	07/15/2009	$0.350	6.32%	6.47%	$21.65
03/12/2009	04/15/2009	$0.309	6.5%	5.67%	$21.80
12/19/2008	01/15/2009	$0.296	6.4%	6.12%	$19.36
03/12/2008	04/15/2008	$0.363	3.75%	4%	$36.27
12/12/2007	01/15/2008	$0.363	3.79%	3.88%	$37.41
09/12/2007	10/15/2007	$0.346	3.54%	3.33%	$41.59
06/13/2007	07/15/2007	$0.344	3.74%	3.52%	$39.12
03/13/2007	04/15/2007	$0.311	4.85%	3.88%	$32.07
12/13/2006	01/15/2007	$0.287	4.47%	4.53%	$25.37
09/13/2006	10/15/2006	$0.295	4.42%	4.15%	$28.45
06/13/2006	07/15/2006	$0.298	4.52%	5.15%	$23.14
03/13/2006	04/15/2006	$0.291	4.33%	4.32%	$26.97
12/13/2005	01/15/2006	$0.285	4.48%	4.34%	$26.26
09/13/2005	10/15/2005	$0.333	4.5%	4.75%	$28.05
06/13/2005	07/15/2005	$0.265	4.17%	4.01%	$26.43
03/11/2005	04/15/2005	$0.274	4.11%	4.17%	$26.26
12/13/2004	01/15/2005	$0.300	4.75%	4.54%	$26.44
09/13/2004	10/15/2004	$0.300	5.04%	4.88%	$24.59
06/14/2004	07/15/2004	$0.300	5.79%	5.55%	$21.64
03/11/2004	04/15/2004	$0.300	5.08%	5.36%	$22.40
12/11/2003	01/15/2004	$0.174	2.86%	2.84%	$24.47
09/11/2003	10/15/2003	$0.300	5.02%	5.03%	$23.87
06/12/2003	07/15/2003	$0.300	4.81%	4.92%	$24.39
03/13/2003	04/15/2003	$0.300	6.04%	5.63%	$21.32
12/11/2002	01/15/2003	$0.300	6.05%	5.67%	$21.17
09/11/2002	10/15/2002	$0.300	6.12%	6.51%	$18.43
06/12/2002	07/15/2002	$0.300	6.01%	6.41%	$18.72
03/13/2002	04/15/2002	$0.300	5.1%	7.03%	$17.06
12/12/2001	01/15/2002	$0.300	4.84%	4.94%	$24.30
09/17/2001	10/15/2001	$0.300	4.85%	4.65%	$25.83
06/13/2001	07/15/2001	$0.300	4.26%	4.07%	$29.49
03/13/2001	04/15/2001	$0.300	4.28%	4.6%	$26.09
12/13/2000	01/15/2001	$0.300	3.78%	4.05%	$29.64
09/13/2000	10/15/2000	$0.300	4.71%	4.66%	$25.75
06/13/2000	07/15/2000	$0.300	4.48%	4.38%	$27.39
03/13/2000	04/15/2000	$0.340	4.44%	5.26%	$25.87
12/13/1999	01/15/2000	$0.340	6.75%	5.91%	$23.03
09/13/1999	10/15/1999	$0.340	10.42%	10.19%	$13.35
06/11/1999	07/15/1999	$0.340	10.72%	10.04%	$13.55
03/11/1999	04/15/1999	$0.340	12.55%	10.87%	$12.51
12/11/1998	01/15/1999	$0.340	15.13%	12.92%	$10.53
09/11/1998	10/15/1998	$0.340	15.2%	16.92%	$8.04
06/11/1998	07/15/1998	$0.340	11.8%	12.19%	$11.16
03/11/1998	04/15/1998	$0.340	13.78%	12.84%	$10.59
12/11/1997	01/15/1998	$0.340	15.94%	15.93%	$8.54
09/11/1997	10/15/1997	$0.340	18.28%	16.87%	$8.06
06/11/1997	07/15/1997	$0.340	18.81%	17.02%	$7.99
03/12/1997	04/15/1997	$0.340	21.12%	23.13%	$5.88
12/11/1996	01/15/1997	$0.340	22.44%	20.64%	$6.59
09/11/1996	10/15/1996	$0.340	26.56%	23.61%	$5.76
06/12/1996	07/15/1996	$0.340	26.56%	26.15%	$5.20
03/13/1996	04/15/1996	$0.340	30.16%	28.45%	$4.78
12/13/1995	01/15/1996	$0.340	31.41%	30.09%	$4.52
09/13/1995	10/15/1995	$0.340	32.77%	31.34%	$4.34
06/13/1995	07/15/1995	$0.340	33.83%	32.61%	$4.17
03/09/1995	04/15/1995	$0.340	34%	33.58%	$4.05
12/09/1994	01/15/1995	$0.340	32%	34.69%	$3.92
09/09/1994	10/15/1994	$0.335	30.73%	29.32%	$4.57
06/09/1994	07/15/1994	$0.335	29.98%	30.39%	$4.41
03/09/1994	04/15/1994	$0.335	27.46%	28.94%	$4.63
12/09/1993	01/15/1994	$0.335	29.98%	28.94%	$4.63
09/09/1993	10/15/1993	$0.330	31.81%	30.41%	$4.34
06/09/1993	07/15/1993	$0.330	29.01%	29.01%	$4.55
03/09/1993	04/15/1993	$0.330	27.5%	29.4%	$4.49
12/09/1992	01/15/1993	$0.330	30.63%	30.48%	$4.33
09/09/1992	10/15/1992	$0.325	26.64%	29.15%	$4.46
06/09/1992	07/15/1992	$0.325	27.96%	25.39%	$5.12
03/09/1992	04/15/1992	$0.325	25.54%	26.16%	$4.97
12/09/1991	01/15/1992	$0.325	24.53%	23.47%	$5.54
09/09/1991	10/15/1991	$0.320	25.55%	24.76%	$5.17
06/10/1991	07/15/1991	$0.320	26.95%	26.34%	$4.86
03/11/1991	04/15/1991	$0.320	27.41%	27.53%	$4.65
12/10/1990	01/15/1991	$0.320	28.7%	29.56%	$4.33
09/12/1990	10/15/1990	$0.315	31.58%	31.74%	$3.97
06/13/1990	07/15/1990	$0.315	28.7%	29.1%	$4.33
03/13/1990	04/15/1990	$0.315	26.03%	27.75%	$4.54
12/13/1989	01/15/1990	$0.315	25.51%	25.25%	$4.99
09/09/1988	11/30/-0001	$0.305	31.61%	31.61%	$3.86
12/09/1988	11/30/-0001	$0.310	30.24%	30.24%	$4.10
03/09/1989	11/30/-0001	$0.310	31.23%	31.23%	$3.97
06/09/1989	11/30/-0001	$0.310	28.77%	28.77%	$4.31
09/11/1989	11/30/-0001	$0.310	27.49%	27.49%	$4.51
12/11/1989	11/30/-0001	$0.315	25.77%	25.77%	$4.89
03/09/1990	11/30/-0001	$0.315	26.09%	26.09%	$4.83
06/11/1990	11/30/-0001	$0.315	28.57%	28.57%	$4.41
09/10/1990	11/30/-0001	$0.315	31.74%	31.74%	$3.97
05/09/2000	11/30/-0001	$87.058	1234.43%	1234.43%	$28.21
03/09/1988	11/30/-0001	$0.305	29.98%	29.98%	$4.07

Projected Future Returns & Dividends for BCE

Based on past 10-year performance, here are BCE growth metrics:

Share price CAGR of -7.77%
Dividend CAGR of -4.97%

Using BCE CAGR metrics, we can estimate that your initial $10000 investment, over the next 10 years, should grow as follows:

	BCE (DRIP)	BCE - No DRIP
Current Price	$20.43	$20.43
Start Shares	489.48	489.48
Start Value	$10,000	$10,000

After 10 years:
Final Share Count	901.46	489.48
Dividends Payment	$0.14	$0.14
Annual Dividends	$505	$274
Yield on cost	5.05%	2.74%
Share Price	$9.10	$9.10
Total Dividends	$5,769	$4,392
Final Value	$8,201	$8,845

Estimated Future Value + Dividends - BCE

NOTE: Above numbers are our estimate based on BCE's Dividend and Price CAGR over past 10 years. These numbers should only be considered as "potential future returns"! DRIP assumes reinvesting dividends; No-DRIP assumes collecting dividends as cash.

We cannot guarantee that your actual returns will meet these estimates.

Get the best Dividend Stock Research Tools:

Get 3 Months Free with Annual Plan

PRO

$171 ($14.25/mo) $102.60/yr ($8.55/mo)

7-day free trial

Unlimited Portfolio Tracker
Portfolio - Lots/Sales/Dividends
Portfolio Auto-DRIP
Buy/Sell Signals Dashboard
Stock Fundamentals
Compare Stocks Side-by-Side
Revenue & EPS Estimates
DCF Valuation Modeling

Try it free for 7 days

Combined 55% Lifetime Discount

Company Info

BCE Inc. (BCE) had its IPO on 1982-11-15, and is traded on NYSE stock exchange.

BCE Inc. stands as a prominent Canadian telecommunications and media conglomerate, delivering a comprehensive suite of wireless, landline, internet, and television services to households, enterprises, and wholesale partners across the nation. The company's activities are strategically divided across three core divisions: Bell Wireless, Bell Wireline, and Bell Media. The Bell Wireless segment is dedicated to providing mobile voice and data communication solutions, alongside consumer electronic devices. Bell Wireline offers a wide array of services, including internet access, Internet Protocol Television (IPTV), local and long-distance telephony, additional communication products, satellite television, and various connectivity options. This segment is also actively involved in the wholesale market, both acquiring and supplying telecommunication services like local, long-distance, and data to other carriers and resellers. Finally, the Bell Media division oversees an extensive portfolio of entertainment and advertising ventures, spanning conventional, specialty, and premium pay television, streaming platforms, digital media content, radio broadcasting, and outdoor advertising. Established in 1880, BCE Inc. maintains its corporate headquarters in Verdun, Canada.

BCE website: https://www.bce.ca

Get Full Access to All Reports with DRIPCalc PRO

Get 3 Months Free with Annual Plan

PRO

$171 ($14.25/mo) $102.60/yr ($8.55/mo)

7-day free trial

Unlimited Portfolio Tracker
Portfolio - Lots/Sales/Dividends
Portfolio Auto-DRIP
Buy/Sell Signals Dashboard
Stock Fundamentals
Compare Stocks Side-by-Side
Revenue & EPS Estimates
DCF Valuation Modeling

Try it free for 7 days

Combined 55% Lifetime Discount

DCF Model — BCE

Value from:

EPS (TTM)icompany profit per share over the last 12 months

EPS Growth %ihow fast profit per share grows each of the next 5 years — prefilled with what analysts expect

EPS growth after year 5 (forever)ithe slower pace once the fast 5 years are over — only drives years 6-10 of the price path below

Exit multiple (PE in 5 yrs)iwhat buyers pay per $1 of profit in 2031 — prefilled with today’s forward PE

Desired return %/yrithe yearly return you want from buying today — the S&P has done ~14%/yr, ask for more from a single stock

FCF growth %/yr (next 5 yrs)ihow fast free cash flow grows while the company is still expanding fast

Years of fast FCF growthihow many years the fast growth lasts before the business settles down

FCF growth after year 5 (forever)ithe slow, steady pace once the company is mature — usually 2-3%, near inflation. Must stay below your target return

Risk-free rate %iwhat a 10-yr US treasury pays with zero risk — the floor any risky stock must beat

Your target return %/yrithe yearly return you want for taking this risk — rule of thumb: risk-free rate + extra for risk

FCF base ($M, TTM)ilast 12 months of free cash flow, added up from reported quarters

Include dividends in returnidividends hand you part of the return in cash, so the share price needs to climb less

Pay up to today

—

vs current price $20.43

—

Cash flow & implied price by year

FCF is negative or missing for this company (common for banks) — the model discounts EPS instead.

EPS is negative or missing for this company — Simple mode uses free cash flow per share instead.

Free cash flow today

—

grows for the next years

Then mature

—

every future dollar counted back to today

Pile of today-dollars

—

÷ shares

Implied price path

Year	FCF	Implied price

Sensitivity — fair value: growth ↓ × target return →