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Rogers Communications

RCI
58
Telecommunications Services · Communication Services
Price
$34.66
-0.14 (-0.40%)
Market Cap
$18.72B
Exchange
New York Stock Exchange
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.

Share count rising — dilution

+6.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 506.0M (2021) → 540.7M (2025)

Rogers Communications is a Canadian company that provides wireless phone service, internet, cable TV, and home phone service to millions of people and businesses across Canada. It owns some of the most recognized media brands in the country, including Sportsnet and a portfolio of radio stations. Rogers is one of only three major national wireless carriers in Canada, giving it significant scale in a market with very limited competition.

Rogers makes most of its money through monthly subscription fees from wireless and internet customers, with additional revenue from its media properties through advertising and sports broadcasting rights. The company operates almost entirely within Canada and generated roughly $20 billion in annual revenue following its major acquisition of Shaw Communications in 2023, which significantly expanded its cable and internet footprint. The biggest risk Rogers faces is its heavy debt load taken on to finance that acquisition, which limits financial flexibility and leaves the company sensitive to rising interest rates.

Winston Score History

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+55.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

11.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$4.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Rogers Communications is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin
43.1%
Healthy — 43.1% gross margin
Operating Margin
20.9%
Excellent — 20.9% operating margin
ROCE
1.9%
Weak — 1.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+7.4%
Steady sales growth (7.4% YoY)
EPS YoY
+316.2%
Earnings growing fast (316.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
84%
Modest — 84% of profit becomes cash
FCF Margin
11.8%
Modest free cash flow (11.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
2.35
Heavy debt load (2.35)
Interest Cover
2.43x
Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
2.5x
Attractive valuation — P/E 2.5

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
-7.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield
4.43%
Healthy income — 4.43% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth
+1.0%
Dividend flat

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