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.
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Tucows Inc. (TCX) Beneish M-score
Tucows Inc.'s Beneish M-score for fiscal 2025 is −2.82; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.82 | 0.36 |
| FY2024 | −3.18 | (0.21) |
| FY2023 | −2.97 | (0.22) |
| FY2022 | −2.75 | (0.11) |
| FY2021 | −2.64 | 0.11 |
| FY2020 | −2.75 | (0.29) |
| FY2019 | −2.46 | 0.48 |
| FY2018 | −2.94 | (1.03) |
| FY2017 | −1.92 | 0.69 |
| FY2016 | −2.60 | (0.36) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.09 | — | 1.00 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 1.15 | — | 0.46 | |
| Sales growth index | 1.08 | — | 0.96 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 0.88 | — | −0.15 | |
| Total accruals to total assets | (0.10) | — | −0.45 | |
| Leverage index | 1.24 | — | −0.40 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.82 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AGPU Axe Compute Inc. compare | −22.7× |
| SANG Sangoma Technologies Corporation compare | −4.7× |
| USIO Usio Inc compare | −2.9× |
| TCX Tucows Inc. | −2.8× |
| DAVA Endava PLC Sponsored ADR compare | −2.6× |
| EXOD Exodus Movement, Inc. compare | −2.6× |
| AMBR Amber International Holding Limited - Sponsored ADR compare | 4.5× |
| DVLT Datavault AI Inc. compare | 13.2× |
| SKYA SkyAI, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI