October 2026
Largest Telecom Service Providers Public Companies in Canada
Benchmark revenue and EBITDA valuation multiples for public comps like
BCE, Rogers, TELUS, Quebecor and Cogeco Communications.
 | BCE is one of Canada’s “Big 3” telecom service providers, offering wireless and broadband services nationally, but with strongholds in Ontario, Quebec, and Atlantic Canada. The firm serves 10 million postpaid and nearly 1 million prepaid wireless customers, and 5 million broadband customers across a footprint reaching about 13 million homes. The firm purchased Ziply Fiber in 2025, expanding its reach to the Pacific Northwest of the US. Outside of its wireless and wireline services, BCE operates a media segment containing multiple broadcast television channels, regional radio stations, and a digital media platform. The firm completed its divestiture of its 37.5% share of Maple Leafs Sports and Entertainment to Rogers in 2025, retaining its minority position in the Montreal Canadiens. | $20 | -12% | $19B | $50B | 2.9x | 4.9x | ||
| Rogers Communications is the largest wireless service provider in Canada with more than 11 million subscribers, equating to one-third of the total Canadian market. Rogers' wireless business accounts for more than half of total revenue and has been growing at a higher rate than other segments. The cable segment, which provides about 38% of total revenue after acquiring Shaw, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers' media unit, which owns and operates various television and radio stations and major Toronto sports franchises, including the Blue Jays, Maple Leafs, Raptors, Toronto FC, and Argonauts. | $32 | -19% | $17B | $53B | 3.4x | 5.1x | ||
| Telus is one of the Big Three wireless service providers in Canada, with over 10 million mobile phone subscribers nationwide constituting almost 30% of the total market. It is the incumbent local exchange carrier in the western Canadian provinces of British Columbia and Alberta, where it provides internet, television, and landline phone services. It also has a small wireline presence in eastern Quebec. Mostly because of recent acquisitions, more than 20% of Telus’ sales now come from nontelecom businesses, most notably in the international business services, health, security, and agriculture industries. The firm has a 55% economic stake in Telus International. | $8 | -42% | $13B | $35B | 2.4x | 7.4x | ||
| Quebecor primarily provides telecom services in Quebec, where it has roughly 1.7 million internet subscribers—equating to a penetration rate of about 50% in its footprint—and over 3 million mobile subscribers, including more than 20% wireless market share in Quebec. With the acquisition of Freedom Mobile in April 2023, Quebecor also has more than 1 million mobile subscribers in Ontario, British Columbia, and Alberta. Quebecor also offers a French-language subscription video-on-demand service and has a media segment that owns and operates television stations, publishes newspapers and magazines, and produces and distributes films and television shows. A very small portion of Quebecor’s business engages in live event production and promotion and owns live-event venues. | $46 | +44% | $10B | $15B | 3.9x | 9.3x | ||
| Cogeco Communications is a regional Canadian and US telecom service provider, primarily offering broadband services in Quebec and Ontario in Canada, and a smattering of East Coast states in the US. The firm offers broadband internet, television, and landline phone services in markets that are generally rural and suburban. The firm has nearly 2 million wireline customers in Canada and nearly 1 million in the US. Cogeco continues to expand its wireless operations, which commenced in 2025, operating as a mobile virtual network operator on the Telus network in Canada and one of the Big 3 networks in the US. | $36 | -20% | $1.5B | $4.7B | 2.3x | 4.8x | ||
| Cogeco Inc is a telecommunications company. The company has two operating segments: Canadian telecommunications, American telecommunications. The Canadian and American telecommunications segments provide a wide range of Internet, video, and telephony services to residential customers, as well as business services across their coverage areas. Cogeco Connexion carries out the Canadian telecommunications segment activities in the provinces of Quebec and Ontario, and the American telecommunications segment activities are carried out by Atlantic Broadband in 12 states. It derives maximum revenue from Canadian telecommunications segment. | $32 | -22% | $308M | $4.5B | 2.1x | 4.5x | ||
| Tucows Inc is a corporate parent, allocating capital and providing efficient shared services to its three businesses. The Company offers Mobile Service Enabler (MSE) solutions, as well as professional services to other retail mobile providers. The Company is also a distributor of Internet services, including domain name registration, digital certificates, and email. It provides these services through an Internet-based distribution network of Internet Service Providers, web hosting companies, and other providers of Internet services to end-users. It operates in three segments: Ting, Wavelo, and Tucows Domains. It generates the majority of its revenue from Tucows Domains. Geographically company operates in USA, Canada and Europe. | $10 | -47% | $114M | $635M | 1.6x | 18.5x | ||
| Median | $32 | -20% | $10B | $15B | 2.4x | 5.1x |
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