# Rogers Communications (RCI-B.TO)

Canonical: https://gigainvestors.com/s/RCI-B.TO

Analysis as of: 2026-10-16T07:34:58.440Z. Financial observations: FY1996–FY2025.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 45.25 per share; close as of 2026-10-15.

Estimated value: low CAD 41.54 per share, central CAD 48.54 per share, high CAD 56.09 per share. Buy at or below the central value CAD 48.54 per share. Valuation as of 2026-10-16T07:34:58.440Z; scenarios are not confidence intervals.

Expected annual return: 10.5% at the stated quote. About 10.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.37×

- FY2017: 0.39×

- FY2018: 0.40×

- FY2019: 0.41×

- FY2020: 0.41×

- FY2021: 0.40×

- FY2022: 0.42×

- FY2023: 0.44×

- FY2024: 0.47×

- FY2025: 0.23×

### moat: fail

- Recent gross margin fell 17.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.5%

- ROIC, second-lowest year: 14.4%

- Typical minus recent gross margin: 17.6 pp

- Typical gross margin (annual median): 40.7%

- Recent gross margin (lower of latest and 3-year median): 23.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 18.8%

- ROIC including acquisitions, ten-year median: 3.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.9%

- FY2017: 22.2%

- FY2018: 21.7%

- FY2019: 18.4%

- FY2020: 17.3%

- FY2021: 15.0%

- FY2022: 15.9%

- FY2023: 14.4%

- FY2024: 17.7%

- FY2025: 9.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CAD 12B

- Net income, five-year total: CAD 13B

- Return on incremental invested capital: 30.0%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 6.2 pp

- Working capital / revenue, final three-year average: 9.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.75×

- FY2022: 0.76×

- FY2023: 0.69×

- FY2024: 1.05×

- FY2025: 1.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 21.7% vs 14.4%

- Per-share earnings: 2.67 to 3.17 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 1.3%

- Market cap gain: CAD 4.6B

- Cumulative retained earnings: CAD 12B

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.2%

- Per-share value change: CAD 0.50

- Per-share value, starting three-year median: CAD 2.67

- Per-share value, ending three-year median: CAD 3.17

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.6%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: CAD 45B

- Cumulative net income, 10 years: CAD 21B

- ROIC, first three-year median: 21.7%

- ROIC, last three-year median: 14.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CAD 1.86

- FY2017: CAD 3.32

- FY2018: CAD 3.98

- FY2019: CAD 4.01

- FY2020: CAD 3.15

- FY2021: CAD 3.08

- FY2022: CAD 3.31

- FY2023: CAD 1.60

- FY2024: CAD 3.17

- FY2025: CAD 12.79

### accounting: pass

- Sloan accruals: 0.9%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.88×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.0%

- FY2017: -7.7%

- FY2018: -7.0%

- FY2019: -6.7%

- FY2020: -7.0%

- FY2021: -6.2%

- FY2022: -5.1%

- FY2023: -6.3%

- FY2024: -5.5%

- FY2025: 0.9%

## Holders

- [Prem Watsa](https://gigainvestors.com/FFH): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 36% since Mar 2022 · sales +5.4%

Story as of 2026-10-16T10:00:03.238Z; price observation 2026-10-15.

Price needs cash profits to grow 0.8% a year for ten years

- 2025-07-23: Rogers raises revenue outlook to reflect MLSE majority stake ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/rogers-raises-revenue-outlook-reflect-144623292.html))

- 2025-10-23: Rogers Q3 Earnings Beat Forecasts As Media Revenue Jumps 26% ([finance.yahoo.com](https://finance.yahoo.com/news/rogers-apos-q3-adjusted-net-112823334.html))

### Sales · FY2024–2025

sales +5.4%; source https://www.sec.gov/Archives/edgar/data/733099/000073309926000009/rci-20251231.htm; observed 2026-03-06.

- FY2016: CAD 14B 

- FY2017: CAD 14B 

- FY2018: CAD 15B 

- FY2019: CAD 15B 

- FY2020: CAD 14B 

- FY2021: CAD 15B 

- FY2022: CAD 15B 

- FY2023: CAD 19B 

- FY2024: CAD 21B 

- FY2025: CAD 22B 

### Gross margin · FY2025

gross margin 23.1%; source https://www.sec.gov/Archives/edgar/data/733099/000073309926000009/rci-20251231.htm; observed 2026-03-06.

- FY2016: 36.7% 

- FY2017: 38.9% 

- FY2018: 39.6% 

- FY2019: 41.2% 

- FY2020: 41.4% 

- FY2021: 40.2% 

- FY2022: 41.5% 

- FY2023: 44.4% 

- FY2024: 46.7% 

- FY2025: 23.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom services; annual sales are CAD 21.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/733099/000073309926000009/rci-20251231.htm (filed 2026-03-06); FY2025: revenue 21712000000; grossProfit 5018000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RCI-B.TO: Rogers Communications Inc. operates as a communications, sports, and entertainment company in Canada. It operates through Wireless, Cable, and Media segments. The company offers mobile internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and pickup services; satellite-to-mobile service; and wireless solutions under the Rogers, Fido, and chatr brands. It also provides Internet access, Internet protocol-based (IP) television, applications, online viewing, phone, home monitoring, and advanced home WiFi services to consumer and businesses. In addition, the company offers local and network TV; on-demand television; cloud-based digital video recorders; voice-activated remote controls, restart, and integrated apps; linear and time-shifted programming; digital specialty channels; and 4K television programming. Further, it provides residential and small business local telephony services; voicemail, call waiting, and long distance; video and audio programming; voice, data networking, IP, and Ethernet services; private networking, Internet, IP voice, and cloud solutions; optical wave and multi-protocol label switching services; information technology and network technologies; cable access network services; telecommunications technical consulting services; and season games through television, smartphones, tablets, personal computers, and other streaming devices. Additionally, the company 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 HGTV television networks, as well as AM and FM radio stations. It also offers Rogers and the Rogers Red World Elite Mastercard. The company was founded in 1960 and is headquartered in Toronto, Canada.

### Why customers stay

Margins ranged from 23.1% to 46.7% during 2023–25; it earns 17.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2023: grossProfit / revenue = 44.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2024: grossProfit / revenue = 46.7%.

- Source: https://www.sec.gov/Archives/edgar/data/733099/000073309926000009/rci-20251231.htm (filed 2026-03-06); FY2025: grossProfit / revenue = 23.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); 10-year return on capital observations [[2016,0.1985345250098288],[2017,0.22170556797036306],[2018,0.21658349905529317],[2019,0.18446060860029415],[2020,0.1730089729608262],[2021,0.15021637572232907],[2022,0.15899197298230897],[2023,0.14443695212407281],[2024,0.17689943597942095],[2025,0.09177669576132089]]; median 0.17495420447012358. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2016: growth capex 76000000; upkeep 2276000000; owner earnings 835000000. Growth capex / owner earnings = 0.09101796407185629.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2017: growth capex 355310344.3146033; upkeep 2154689655.6853967; owner earnings 1698310344.3146033. Growth capex / owner earnings = 0.20921402587228421.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2018: growth capex 604000000; upkeep 2211000000; owner earnings 2059000000. Growth capex / owner earnings = 0.2933462846041768.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2019: growth capex 0; upkeep 2845000000; owner earnings 1166000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2020: growth capex 0; upkeep 2312000000; owner earnings 1314000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2021: growth capex 449000000; upkeep 2339000000; owner earnings 1166600000. Growth capex / owner earnings = 0.38487913595062573.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2022: growth capex 438000000; upkeep 2637000000; owner earnings 1274400000. Growth capex / owner earnings = 0.3436911487758945.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2023: growth capex 0; upkeep 3934000000; owner earnings 587400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2024: growth capex 0; upkeep 4041000000; owner earnings 1816400000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/733099/000073309926000009/rci-20251231.htm (filed 2026-03-06); FY2025: growth capex 0; upkeep 3707000000; owner earnings 7450431450.9122505. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); Dividend observations: [[2016,988000000],[2017,988000000],[2018,988000000],[2019,1016000000],[2020,1011000000],[2021,1010000000],[2022,1010000000],[2023,960000000],[2024,739000000],[2025,1046000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 10.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RCI-B.TO SharesStats.PercentInsiders = 10.641 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.8% yearly over ten years; actual growth was 17.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); Ten-year compound average after fade. Initial solved rate -0.0009231466106561438. Price 45.25; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.6711798839458414 → FY2025 13.822692858835344. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 53.96 per share

- 2016-11: CAD 51.90 per share

- 2016-12: CAD 51.79 per share

- 2017-01: CAD 56.45 per share

- 2017-02: CAD 55.76 per share

- 2017-03: CAD 58.80 per share

- 2017-04: CAD 62.59 per share

- 2017-05: CAD 63.00 per share

- 2017-06: CAD 61.25 per share

- 2017-07: CAD 64.83 per share

- 2017-08: CAD 65.19 per share

- 2017-09: CAD 64.34 per share

- 2017-10: CAD 66.94 per share

- 2017-11: CAD 66.96 per share

- 2017-12: CAD 64.05 per share

- 2018-01: CAD 60.03 per share

- 2018-02: CAD 57.82 per share

- 2018-03: CAD 57.54 per share

- 2018-04: CAD 60.61 per share

- 2018-05: CAD 60.85 per share

- 2018-06: CAD 62.44 per share

- 2018-07: CAD 66.32 per share

- 2018-08: CAD 67.62 per share

- 2018-09: CAD 66.43 per share

- 2018-10: CAD 67.79 per share

- 2018-11: CAD 70.87 per share

- 2018-12: CAD 69.96 per share

- 2019-01: CAD 71.08 per share

- 2019-02: CAD 72.71 per share

- 2019-03: CAD 71.87 per share

- 2019-04: CAD 67.45 per share

- 2019-05: CAD 71.11 per share

- 2019-06: CAD 70.10 per share

- 2019-07: CAD 68.51 per share

- 2019-08: CAD 65.91 per share

- 2019-09: CAD 64.53 per share

- 2019-10: CAD 62.01 per share

- 2019-11: CAD 64.42 per share

- 2019-12: CAD 64.48 per share

- 2020-01: CAD 66.26 per share

- 2020-02: CAD 61.51 per share

- 2020-03: CAD 58.74 per share

- 2020-04: CAD 58.30 per share

- 2020-05: CAD 57.70 per share

- 2020-06: CAD 54.55 per share

- 2020-07: CAD 54.70 per share

- 2020-08: CAD 54.26 per share

- 2020-09: CAD 52.82 per share

- 2020-10: CAD 54.12 per share

- 2020-11: CAD 61.26 per share

- 2020-12: CAD 59.26 per share

- 2021-01: CAD 57.71 per share

- 2021-02: CAD 55.13 per share

- 2021-03: CAD 57.95 per share

- 2021-04: CAD 60.54 per share

- 2021-05: CAD 61.80 per share

- 2021-06: CAD 65.90 per share

- 2021-07: CAD 63.68 per share

- 2021-08: CAD 64.28 per share

- 2021-09: CAD 59.15 per share

- 2021-10: CAD 57.56 per share

- 2021-11: CAD 57.16 per share

- 2021-12: CAD 60.23 per share

- 2022-01: CAD 64.47 per share

- 2022-02: CAD 65.49 per share

- 2022-03: CAD 70.76 per share

- 2022-04: CAD 69.98 per share

- 2022-05: CAD 64.87 per share

- 2022-06: CAD 61.68 per share

- 2022-07: CAD 58.87 per share

- 2022-08: CAD 56.55 per share

- 2022-09: CAD 53.21 per share

- 2022-10: CAD 56.71 per share

- 2022-11: CAD 61.88 per share

- 2022-12: CAD 63.37 per share

- 2023-01: CAD 64.69 per share

- 2023-02: CAD 65.18 per share

- 2023-03: CAD 62.64 per share

- 2023-04: CAD 66.94 per share

- 2023-05: CAD 59.85 per share

- 2023-06: CAD 60.44 per share

- 2023-07: CAD 57.74 per share

- 2023-08: CAD 54.97 per share

- 2023-09: CAD 52.15 per share

- 2023-10: CAD 51.38 per share

- 2023-11: CAD 58.43 per share

- 2023-12: CAD 62.03 per share

- 2024-01: CAD 62.80 per share

- 2024-02: CAD 60.06 per share

- 2024-03: CAD 55.50 per share

- 2024-04: CAD 51.57 per share

- 2024-05: CAD 55.07 per share

- 2024-06: CAD 50.60 per share

- 2024-07: CAD 53.39 per share

- 2024-08: CAD 54.63 per share

- 2024-09: CAD 54.38 per share

- 2024-10: CAD 50.57 per share

- 2024-11: CAD 50.00 per share

- 2024-12: CAD 44.19 per share

- 2025-01: CAD 39.92 per share

- 2025-02: CAD 40.18 per share

- 2025-03: CAD 38.43 per share

- 2025-04: CAD 35.94 per share

- 2025-05: CAD 36.84 per share

- 2025-06: CAD 40.39 per share

- 2025-07: CAD 46.28 per share

- 2025-08: CAD 49.21 per share

- 2025-09: CAD 47.91 per share

- 2025-10: CAD 54.89 per share

- 2025-11: CAD 54.63 per share

- 2025-12: CAD 51.81 per share

- 2026-01: CAD 51.40 per share

- 2026-02: CAD 54.44 per share

- 2026-03: CAD 53.50 per share

- 2026-04: CAD 49.45 per share

- 2026-05: CAD 53.20 per share

- 2026-06: CAD 46.14 per share

- 2026-07: CAD 47.46 per share

- 2026-08: CAD 51.13 per share

- 2026-09: CAD 43.82 per share

- 2026-10: CAD 45.25 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 41.26 per share, central CAD 57.02 per share, high CAD 66.88 per share

- FY2017: low CAD 35.86 per share, central CAD 47.33 per share, high CAD 55.35 per share

- FY2018: low CAD 38.07 per share, central CAD 49.39 per share, high CAD 57.64 per share

- FY2019: low CAD 33.64 per share, central CAD 38.22 per share, high CAD 44.33 per share

- FY2020: low CAD 32.74 per share, central CAD 36.66 per share, high CAD 41.87 per share

- FY2021: low CAD 30.71 per share, central CAD 34.83 per share, high CAD 40.31 per share

- FY2022: low CAD 53.00 per share, central CAD 56.78 per share, high CAD 61.81 per share

- FY2023: low CAD 32.54 per share, central CAD 36.92 per share, high CAD 42.74 per share

- FY2024: low CAD 36.34 per share, central CAD 42.95 per share, high CAD 49.84 per share

- FY2025: low CAD 39.37 per share, central CAD 46.10 per share, high CAD 53.37 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:44.806Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/733099/000073309926000009/rci-20251231.htm); period 2025-12-31, filed 2026-03-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Prem Watsa](https://gigainvestors.com/FFH): 150,200 RCI shares; USD 4,871,000 reported position value; 0.18% of portfolio; new; quarter 2026 Q2.