Saturday 17 October 2026
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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. In the quarter to June 2026, revenue grew 2.13%, EPS fell 30.5%, free cash flow fell 112.8% and total debt was flat, each against the same quarter a year earlier. Revenue growth for three consecutive years.
10.17
0.33
−3.14%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 261.94 | 135.60 | 42.32 | 37.30 | 29.76 | 23.82 |
Piotroski F-Score |
4 | 3 | 2 | 3 | 3 | 5 | 5 | 5 | 3 | 7 |
Altman Z-Score |
(0.05) | 0.06 | 0.38 | 0.80 | 1.94 | 2.28 | 2.42 | 2.91 | 2.81 | 3.85 |
P/S ratio |
0.64 | 0.52 | 0.81 | 1.12 | 2.94 | 2.51 | 1.95 | 1.84 | 2.02 | 2.02 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 73.00 | 42.24 | 61.00 |
Altman Z″-Score (non-manufacturers) |
(2.56) | (1.29) | (0.35) | (0.05) | 0.37 | 0.68 | 1.17 | 0.84 | 0.67 | 1.81 |
Beneish M-Score |
(2.82) | (3.18) | (2.97) | (2.75) | (2.64) | (2.75) | (2.46) | (2.94) | (1.92) | (2.60) |
P/Operating CF |
(95.16) | (39.20) | 30.69 | 123.43 | 84.77 | 478.05 | 49.74 | 59.71 | 47.22 | 42.31 |
P/B ratio |
0.00 | 0.00 | 27.98 | 3.70 | 7.77 | 7.47 | 6.97 | 7.98 | 11.04 | 10.14 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
2.32 | 2.30 | 2.47 | 2.49 | 3.54 | 2.88 | 2.23 | 1.99 | 2.20 | 2.00 |
EV/EBITDA |
32.95 | 0.00 | 0.00 | 112.75 | 54.46 | 28.64 | 15.35 | 15.46 | 18.33 | 13.59 |
EV/Operating CF |
(156.94) | (42.29) | (175.99) | 40.25 | 36.39 | 24.88 | 18.59 | 18.51 | 22.69 | 16.83 |
EV/FCF |
(251.01) | (10.95) | (8.62) | (6.80) | (24.62) | (106.52) | (97.44) | 78.96 | 45.98 | 60.23 |
Quick Ratio |
0.23 | 0.41 | 0.59 | 0.24 | 0.16 | 0.15 | 0.23 | 0.15 | 0.19 | 0.31 |
Current Ratio |
0.61 | 1.03 | 1.21 | 0.90 | 0.85 | 0.87 | 0.93 | 0.80 | 0.86 | 0.99 |
Net Debt/EBITDA |
15.65 | (28.20) | (23.72) | 30.36 | 9.17 | 3.62 | 1.90 | 1.17 | 1.49 | (0.17) |
Debt/Assets |
65.83% | 63.53% | 54.26% | 35.94% | 35.35% | 26.94% | 26.65% | 19.02% | 21.94% | 6.64% |
Debt/Equity |
(2.93) | (5.06) | 43.87 | 2.47 | 1.66 | 1.16 | 1.21 | 0.81 | 1.28 | 0.27 |
Asset Turnover |
0.52 | 0.47 | 0.46 | 0.53 | 0.61 | 0.71 | 0.88 | 1.00 | 1.30 | 1.34 |
Operating CF/Net income |
0.08 | 0.18 | 0.05 | (0.72) | 8.81 | 6.25 | 2.62 | 2.17 | 1.43 | 1.40 |
Capex/Depreciation |
0.04 | (1.13) | (1.87) | (3.55) | (2.66) | (1.82) | (2.43) | (1.87) | (1.28) | (5.10) |
Interest Coverage |
(0.42) | (1.27) | (1.52) | (2.19) | (1.68) | 1.92 | 6.15 | 7.95 | 7.59 | 55.66 |
| 58.43% | 257.21% | (180.60%) | (26.04%) | 3.06% | 5.81% | 17.70% | 24.48% | 45.55% | 50.09% | |
| (10.18%) | (14.11%) | (13.15%) | (4.58%) | 0.68% | 1.32% | 4.02% | 4.97% | 8.84% | 11.33% | |
ROIC |
(5.54%) | (12.49%) | (11.47%) | (6.34%) | (1.64%) | 1.98% | 9.79% | 13.91% | 14.21% | 47.49% |
Return on Tangible Assets |
(49.04%) | (32.64%) | (25.24%) | (10.47%) | 2.30% | 6.03% | 21.72% | 117.01% | (28,262.03%) | 130.59% |
Average Days of Receivables |
22.91 | 21.04 | 24.65 | 23.73 | 21.65 | 19.75 | 17.72 | 12.93 | 17.04 | 21.43 |
Research and Development Expense of Revenue |
4.56% | 5.14% | 5.66% | 4.42% | 4.70% | 3.99% | 2.88% | 2.53% | 2.20% | 2.37% |
Selling, General and Administrative Expense of Revenue |
23.38% | 26.62% | 29.83% | 26.40% | 20.32% | 17.53% | 15.47% | 14.67% | 13.06% | 16.94% |
Intangible Assets out of Total Assets |
0.21 | 0.20 | 0.20 | 0.26 | 0.34 | 0.36 | 0.39 | 0.41 | 0.42 | 0.27 |
Share Based Compensation of Revenue |
1.83% | 1.94% | 2.40% | 2.37% | 1.51% | 1.19% | 0.85% | 0.74% | 0.44% | 0.42% |
Graham Net Nets |
(2.79) | (3.45) | (1.98) | (1.11) | (0.31) | (0.26) | (0.28) | (0.20) | (0.21) | (0.09) |
Graham Number |
47.79 | 44.79 | 0.00 | 0.00 | 8.82 | 11.01 | 17.07 | 16.51 | 16.51 | 11.12 |
Earnings Yield |
(30.51%) | (59.86%) | (34.84%) | (7.70%) | 0.38% | 0.74% | 2.36% | 2.68% | 3.36% | 4.20% |
Free Cash Flow Yield |
(1.45%) | (40.56%) | (35.24%) | (32.85%) | (4.90%) | (1.08%) | (1.17%) | 1.37% | 2.37% | 1.64% |
Revenue per Share |
35.27 | 33.03 | 31.23 | 29.82 | 28.54 | 29.38 | 31.73 | 32.63 | 31.26 | 18.04 |
Operating CF per Share |
(0.52) | (1.80) | (0.44) | 1.85 | 2.78 | 3.41 | 3.80 | 3.51 | 3.03 | 2.14 |
Capex per Share |
0.19 | (5.15) | (8.52) | (12.77) | (6.89) | (4.20) | (4.48) | (2.69) | (1.51) | (1.37) |
Free Cash Flow per Share |
(0.33) | (6.95) | (8.96) | (10.92) | (4.11) | (0.80) | (0.68) | 0.82 | 1.52 | 0.77 |
Cash per Share |
4.71 | 5.61 | 8.87 | 2.18 | 0.85 | 0.78 | 1.92 | 1.19 | 1.71 | 1.44 |
Shareholders Equity per Share |
(14.84) | (8.69) | 0.91 | 8.98 | 10.79 | 9.89 | 8.87 | 7.52 | 5.71 | 3.59 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
(14.84) | (8.69) | 0.91 | 8.98 | 10.79 | 9.89 | 8.87 | 7.52 | 5.71 | 3.59 |
Free Cash Flow |
(3.60) | (76.24) | (97.35) | (117.62) | (43.80) | (8.43) | (7.25) | 8.73 | 16.02 | 8.06 |
Working Capital |
(127.33) | 5.53 | 41.42 | (18.27) | (26.68) | (21.76) | (11.23) | (33.42) | (24.70) | (1.15) |
Capital Expenditures |
2.16 | (56.49) | (92.58) | (137.49) | (73.44) | (44.51) | (47.64) | (28.48) | (15.88) | (14.45) |
Net Current Asset Value |
(692.01) | (648.71) | (545.79) | (398.17) | (277.50) | (206.00) | (186.05) | (127.87) | (136.58) | (33.31) |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 129.79 | 25.59 | 23.49 | 26.72 | 15.12 |
Capex to Sales |
(0.01) | 0.16 | 0.27 | 0.43 | 0.24 | 0.14 | 0.14 | 0.08 | 0.05 | 0.08 |
Price to Operating Income |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 113.14 | 22.37 | 21.72 | 24.55 | 15.32 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.18 | 0.15 | 0.15 | 0.14 | 0.16 | 0.21 | 0.24 | 0.32 | 0.50 | 0.21 |
Cash ROIC |
(0.98%) | (17.01%) | (18.05%) | (32.75%) | (13.91%) | (3.59%) | (3.18%) | 5.56% | 10.32% | 12.76% |
Accounts Receivable Turnover |
17.20 | 16.54 | 15.50 | 16.50 | 17.44 | 18.74 | 23.56 | 25.04 | 24.84 | 18.42 |
Accounts Payable Turnover |
7.85 | 10.56 | 18.27 | 17.87 | 27.66 | 34.73 | 31.27 | 32.22 | 41.46 | 28.32 |
Inventory Turnover |
0.00 | 51.90 | 38.76 | 46.00 | 87.75 | 84.67 | 65.37 | 74.19 | 117.89 | 119.90 |
Average Days of Payables |
43.44 | 52.59 | 16.97 | 25.80 | 16.17 | 10.23 | 10.30 | 12.37 | 10.47 | 13.78 |
Days of Inventory on Hand |
0.00 | 5.20 | 9.08 | 10.95 | 5.29 | 3.03 | 5.34 | 5.53 | 4.39 | 3.49 |
Average Receivables |
22.69 | 21.90 | 21.90 | 19.46 | 17.45 | 16.60 | 14.31 | 13.82 | 13.26 | 10.31 |
Average Payables |
37.75 | 26.46 | 14.92 | 13.59 | 8.17 | 6.50 | 7.56 | 7.74 | 5.91 | 4.48 |
Average Inventory |
— | 5.38 | 7.04 | 5.28 | 2.58 | 2.67 | 3.62 | 3.36 | 2.08 | 1.06 |
Average Assets |
744.85 | 778.61 | 731.59 | 602.17 | 495.75 | 438.91 | 382.75 | 345.11 | 252.53 | 141.77 |
Average Common Equity |
(129.75) | (42.71) | 53.27 | 105.87 | 109.90 | 99.45 | 86.99 | 69.99 | 49.01 | 32.07 |
Columns are period end dates