Pricing Log in Create free account
Friday 6 November 2026 Export TCX’s income statement to Excel — free account

Tucows Inc.

TCX Technology Software Infrastructure

Tucows Inc.’s revenue for fiscal 2025 (year ended December 2025) was $390.3 million, up 7.74% from fiscal 2024.

Revenue
+1.44%
EPS
+55.8%
Free cash flow
−282.2%
Total debt
−4.85%

Quarter to September 2026, against a year earlier

12.60 0.68 +5.70%
Market cap
$133.3M
P/E
0.0×
Fwd P/E
0.0×
Dividend yield
—
F-score
4/9
Altman Z
−0.05
Beneish M
−2.82
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 21.13%

Capital & Financial Ratios $m

Size
Market Cap 133.30
Revenue ttm 395.86
Net income ttm (70.88)
Free cash flow ttm (18.94)
Net debt Q 426.94
Valuation
P/E 0.00
Forward P/E 0.00
Price / sales 0.36
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.00
Financial health
Current ratio Q 0.50 (below 1: weak)
Debt / equity Q (2.17) (negative: negative equity)
Interest coverage Q 0.03
Growth
Revenue growth Q +1.44% (above 0%: growing)
Operating income growth Q +103.11% (above 0%: growing)
EPS, this year —
EPS, next year A —
Revenue, next year A +8.45%
EPS, past 5 yrs —
EPS, next 5 yrs A +29.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 2.3×; over the ten years it ranged from 1.3× in 2016 to 3.5× in 2021.
P/S against its own 10 years 2.93%
10-year low 10-year high
EV/Sales against its own 10 years 22.87%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 96 62 52 30
Receivables 23 21 24 28
Inventory 7 4 — —
Other 4 — — —
243 205 203 179
2023 2024 2025 Q'26
Payables 13 40 35 35
ST’ Debt — — — —
Other 19 19 158 —
201 200 330 360

Compound Annual Growth %

10y 5y 3y
Sales 8.56% 4.63% 6.72%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY20 Estimate 0.27 Actual 0.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY19 0.30 0.24 Miss by 0.06
Q3 FY19 0.33 0.39 Beat by 0.06
Q4 FY19 0.36 0.54 Beat by 0.18
Q1 FY20 0.27 0.26 Miss by 0.01

EPS $

Mar Jun Sep Dec Year
’26 (1.63) (1.84) (0.92) — —
’25 (1.37) (1.41) (2.08) (1.98) (6.85)
’24 (2.42) (1.70) (2.03) (4.11) (10.27)
’23 (1.77) (2.86) (2.09) (2.14) (8.85)
’22 (0.28) (0.29) (0.74) (1.25) (2.56)
’21 0.20 0.17 0.13 (0.18) 0.31
’20 0.26 0.01 0.07 0.19 0.54
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 97 101 100 — —
’25 95 98 99 99 390
’24 87 89 92 93 362
’23 80 85 87 87 339
’22 81 83 78 79 321
’21 71 75 76 82 304
’20 84 82 74 71 311
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 4 2 (5) — —
’25 (11) 7 2 (3) (6)
’24 (6) (5) (5) (5) (20)
’23 (5) (2) (7) 9 (5)
’22 5 13 (1) 3 20
’21 14 4 1 11 30
’20 14 9 11 2 36
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (2) (2) (9) — —
’25 (16) 14 5 (7) (4)
’24 (20) (21) (20) (16) (76)
’23 (37) (25) (30) (6) (97)
’22 (18) (18) (48) (34) (118)
’21 0 (18) (13) (13) (44)
’20 4 (3) 1 (10) (8)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 190 329 346 337 311 304 321 339 362 390 396 +8.3% — — — —
Gross margin, % 33.22 25.66 27.97 29.89 27.47 25.73 24.37 19.65 22.92 24.07 26.06 (9.1) pt
EBT 25 24 26 25 11 7 (28) (103) (102) (67) (62) n/m
EBT margin, % 13.23 7.31 7.56 7.29 3.46 2.39 (8.65) (30.37) (28.12) (17.25) (15.60) (30.5) pt
Net income 16 22 17 15 6 3 (28) (96) (110) (76) (71) n/m
Per share, $
Per share, $ Revenue 18.04 31.26 32.63 31.73 29.38 28.54 29.82 31.23 33.03 35.27 35.40 +7.7%
Earnings 1.53 2.12 1.62 1.45 0.55 0.32 (2.56) (8.85) (10.27) (6.85) (6.37) n/m
Cash flow 2.14 3.03 3.51 3.80 3.41 2.78 1.85 (0.44) (1.80) (0.52) (0.16) n/m
Capex (1.37) (1.51) (2.69) (4.48) (4.20) (6.89) (12.77) (8.52) (5.15) 0.19 (1.54) n/m
Free cash flow 0.77 1.52 0.82 (0.68) (0.80) (4.11) (10.92) (8.96) (6.95) (0.33) (1.69) n/m
Book value 3.59 5.71 7.52 8.87 9.89 10.79 8.98 0.91 (8.69) (14.84) (18.80) n/m
Shares, m 11 11 11 11 11 11 11 11 11 11 11 +0.6%
Valuation, ×
Valuation, × P/E 23.82 29.76 37.30 42.32 135.60 261.94 0.00 0.00 0.00 0.00 0.00 53.1
P/S 2.02 2.02 1.84 1.95 2.51 2.94 1.12 0.81 0.52 0.64 0.36 1.6
P/B 10.14 11.04 7.98 6.97 7.47 7.77 3.70 27.98 0.00 0.00 0.00 8.3
EV/Sales 2.00 2.20 1.99 2.23 2.88 3.54 2.49 2.47 2.30 2.32 2.01 2.4
EV/FCF 60.23 45.98 78.96 (97.44) (106.52) (24.62) (6.80) (8.62) (10.95) (251.01) (40.13) (32.1)
Cash, $m
Cash, $m Operating cash flow 23 32 37 40 36 30 20 (5) (20) (6) (2) n/m
Capex (14) (16) (28) (48) (45) (73) (137) (93) (56) 2 (17) n/m
Free cash flow 8 16 9 (7) (8) (44) (118) (97) (76) (4) (19) n/m
Balance, $m
Balance, $m Working capital (1) (25) (33) (11) (22) (27) (18) 41 6 (127) (181) +68.8%
Net debt (5) 59 52 93 113 182 215 337 421 429 427 n/m
Shareholders’ equity 38 60 80 94 105 115 97 10 (95) (164) (210) n/m
Returns, %
Returns, % ROA 11.33 8.84 4.97 4.02 1.32 0.68 (4.58) (13.15) (14.11) (10.18) (9.86) (21.5) pt
ROIC 47.49 14.21 13.91 9.79 1.98 (1.64) (6.34) (11.47) (12.49) (5.54) (5.32) (53.0) pt
ROE 50.09 45.55 24.48 17.70 5.81 3.06 (26.04) (180.60) 257.21 58.43 40.02 +8.3 pt
People
People Employees 375 558 584 633 800 1,000 1,100 1,129 864 871 — +9.8%
Revenue/emp, $m 0.51 0.59 0.59 0.53 0.39 0.30 0.29 0.30 0.42 0.45 — (1.3%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Tucows Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AIBZ Bitzero Holdings Inc. $151.7M — (loss-making) — +65.54% (above 0%: growing) n/m −1,207.54% (below 0%: shrinking) (16.53%) (79.08%) Compare
SANG Sangoma Technologies Corporation $149.8M — (loss-making) — −21.16% (below 0%: shrinking) n/m −61.34% (below 0%: shrinking) 62.50% (17.39%) Compare
ATGL Alpha Technology Group Limited $149.0M — — — — — — — Compare
SKYA SkyAI, Inc. $148.5M — (loss-making) — — n/m +106.15% (above 0%: growing) 0.00% 0.00% Compare
PDYN Palladyne AI Corp. $133.5M — (loss-making) — (loss-making) +469.75% (above 0%: growing) n/m −106.98% (below 0%: shrinking) 29.07% (231.94%) Compare
TCX Tucows Inc. $133.3M — (loss-making) — (loss-making) +1.44% (above 0%: growing) n/m −282.15% (below 0%: shrinking) 29.13% 0.30%
ZENA ZenaTech, Inc. $131.5M — (loss-making) — (loss-making) — n/m −159.28% (below 0%: shrinking) 100.00% (234.70%) Compare
EXOD Exodus Movement, Inc. $118.4M — (loss-making) — (loss-making) +1.55% (above 0%: growing) n/m −825.45% (below 0%: shrinking) 100.00% (174.61%) Compare
SWMR Swarmer, Inc $113.6M — (loss-making) — (loss-making) — n/m −939.03% (below 0%: shrinking) 84.84% (3,363.96%) Compare
Median of peers $141.0M — — +33.54% — −159.28% 62.50% (174.61%)

All 183 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 23 April 2026

Ownership

Directors and executive officers, together 8.40%
Edgepoint Investment Group, Inc. 19.00%
Norman Rentrop 12.70%
Blacksheep Fund Management Ltd. 9.80%
96 Mowat Avenue Toronto, Ontario, Canada 5.50%
Monega Kapitalanlagegesellschaft mbH 5.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Tucows Inc. (TCX) Latest News

5 Nov

Impact 3 · · Associated Press
Impact 3 · · CNW Group

22 Oct

Impact 3 · · CNW Group

14 Aug

Impact 3 ·

7 Aug

Impact 3 ·
Impact 3 · · MarketBeat transcript

6 Aug

Impact 3 ·

14 Jul

Impact 3 · · Trefis

10 Jun

Impact 3 · · Zacks

27 May

Impact 3 · · GuruFocus.com

25 May

Impact 3 · · Moby

15 May

Impact 3 · · Zacks

9 May

Impact 4 · · MarketBeat

8 May

Impact 4 · · GuruFocus.com

7 May

Impact 3 · · PR Newswire

4 Mar

Impact 4 · · GuruFocus.com

3 Mar

Impact 3 · · Insider Monkey

26 Feb

Impact 4 · · Moby
Impact 4 · · MarketBeat

17 Feb

Impact 3 · · Zacks

12 Feb

Impact 4 · · MarketBeat transcript
Impact 4 · · GuruFocus.com
Impact 4 · · PR Newswire
Impact 3 · · Associated Press Finance
Impact 3 · · PR NewswireSimply Wall St.Insider MonkeyMT Newswires
Impact 3 · · Bloomberg

7 Jan

Impact 3 · · Simply Wall St.

27 Nov

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

26 Nov

Impact 4 · · GuruFocus.comGuruFocus.com

12 Nov

Impact 3 · · Zacks
stockrow.com/TCX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com