RCI vs TU: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: RCI is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. RCI and TU share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined RCI and TU exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Rogers Communications is a Canadian communications and media company, domiciled in Canada and dual-listed (the Class B shares trade on the NYSE under RCI and on the TSX under RCI.B). It runs three reportable segments: Wireless, which is over half of revenue and the profit engine; Cable, covering internet, TV, and home phone across a coast-to-coast footprint expanded by the roughly C$20 billion Shaw Communications acquisition that closed in 2023; and Media, a diversified portfolio of sports, broadcasting, and specialty properties that now includes Maple Leaf Sports and Entertainment (MLSE). Rogers reports its results in Canadian dollars, so US investors also carry a CAD/USD currency exposure.

Full RCI guide

TELUS Corporation is a Vancouver-based communications technology company with roughly 100,000 team members and operations in more than 45 countries. Its core is TELUS Technology Solutions (TTech), the Canadian connectivity business, which ended the second quarter of 2026 with about 17.9 million customer connections: roughly 10.3 million mobile phone subscribers, ~2.8 million internet subscribers and ~4.8 million connected devices, on a 5G network reaching about 34.2 million Canadians (over 92% of the population) alongside the TELUS PureFibre footprint. TELUS Health administers employer benefits, virtual care, electronic medical records and pharmacy solutions for approximately 158.9 million covered lives across about 200 countries and territories. TELUS Digital, formerly the separately listed TELUS International and since taken fully private by the parent, does outsourced customer experience work and AI data annotation. Revenue runs at roughly C$20.2 billion on a trailing twelve month basis, reported in Canadian dollars under IFRS, with SEC filings made as a Canadian foreign private issuer on Form 40-F.

Full TU guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• RCI drivers: Shaw integration and cable scale; Deleveraging and free cash flow.
• TU drivers: Deleveraging is now the stated first priority; Pricing discipline against slower population growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is the balance sheet: Rogers carries roughly C$45 billion of debt with a credit rating not far above investment-grade minimums, leaving little room for error. For TU, leverage dominates: total debt of roughly $22.2 billion against about $984 million of cash (US dollar basis) leaves little room if adjusted EBITDA falls faster than guided, and the 2028 deleveraging target already represents one slip from the prior 2027 date.

Pick RCI if you believe its drivers more; TU if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the RCI and TU guides.

RCI. Rogers reports in Canadian dollars, so US investors should adjust for CAD/USD. The stock trades at a low headline P/E and a high dividend yield, which reflects both its mature cash-generative business and the market's caution on its post-Shaw debt load. Valuation debate largely tracks whether deleveraging proceeds on plan.

TU. TELUS reports in Canadian dollars, so the operating figures above are CAD while market capitalization and enterprise value are the US dollar values behind the NYSE quote. Trailing earnings are negative because of the second quarter impairment, which is why a trailing P/E is unavailable and screeners show a forward multiple near ~18.8x instead. On enterprise value the shares change hands around ~10.9 times trailing EBITDA and ~1.1 times sales.

Headline figures (approximate, July 2026): RCI shows revenue (ttm) ~C$21B, q1 2026 revenue ~C$5.5B (up ~10%), adjusted ebitda (q1 2026) ~C$2.4B, 2026 free cash flow guidance ~C$4.1B to C$4.3B; TU shows revenue (ttm, as reported) ~C$20.2 billion, q2 2026 net loss (incl. ~c$2.1b non-cash impairment) ~C$1.8 billion, free cash flow (2026 company guidance, revised) ~C$1.8 billion, net debt to adjusted ebitda (q2 2026) ~3.5 times.

RCI and TU are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined RCI and TU exposure against your real portfolio. It is not an investment adviser.