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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%
Market cap
$117.4M
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 Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 20.89%

Capital & Financial Ratios $m

Market Cap 117.42
Revenue 394.44
Net Income (83.63)
Free Cash Flow (5.48)
Net Debt 434.23
Current Ratio 0.57 (below 1: weak)
Debt/Equity (2.41) (negative: negative equity)
P/E ratio 0.00
Fwd P/E 0.00
P/S ratio 0.29
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth 8.45%
Next 5Y EPS Growth 29.00% (at or above 15%: strong)

Green and red mark values outside typical ranges. 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 1.18%
10-year low 10-year high
EV/Sales against its own 10 years 18.84%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 96 62 52 49
Receivables 23 21 24 23
Inventory 7 4 — —
Other 4 — — —
243 205 203 198
2023 2024 2025 Q'26
Payables 13 40 35 36
ST’ Debt — — — —
Other 19 19 158 303
201 200 330 346

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%

Revenue $m

Mar Jun Sep Dec Year
’26 97 101 — — —
’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 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (1.63) (1.84) — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 17.67 35.30 49.69 45.01 42.50 70.55 28.01 15.65 15.01 13.27

Analyst estimates 2026–2028

Powerpack
High 37.00 71.75 70.05 90.21 79.25 94.20 83.91 38.00 27.15 24.35
People
People Employees 375 558 584 633 800 1,000 1,100 1,129 864 871
Revenue/emp, $m 0.51 0.59 0.59 0.53 0.39 0.30 0.29 0.30 0.42 0.45
Income, $m
Income, $m Revenue 190 329 346 337 311 304 321 339 362 390
Gross margin, % 33.22 25.66 27.97 29.89 27.47 25.73 24.37 19.65 22.92 24.07
EBT 25 24 26 25 11 7 (28) (103) (102) (67)
EBT margin, % 13.23 7.31 7.56 7.29 3.46 2.39 (8.65) (30.37) (28.12) (17.25)
Net income 16 22 17 15 6 3 (28) (96) (110) (76)
Depreciation 3 12 15 20 24 28 39 49 50 51
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
Earnings 1.53 2.12 1.62 1.45 0.55 0.32 (2.56) (8.85) (10.27) (6.85)
Cash flow 2.14 3.03 3.51 3.80 3.41 2.78 1.85 (0.44) (1.80) (0.52)
Capex (1.37) (1.51) (2.69) (4.48) (4.20) (6.89) (12.77) (8.52) (5.15) 0.19
Free cash flow 0.77 1.52 0.82 (0.68) (0.80) (4.11) (10.92) (8.96) (6.95) (0.33)
Book value 3.59 5.71 7.52 8.87 9.89 10.79 8.98 0.91 (8.69) (14.84)
Shares, m 11 11 11 11 11 11 11 11 11 11
Valuation, ×
Valuation, × P/E 23.82 29.76 37.30 42.32 135.60 261.94 0.00 0.00 0.00 0.00
P/S 2.02 2.02 1.84 1.95 2.51 2.94 1.12 0.81 0.52 0.64
P/B 10.14 11.04 7.98 6.97 7.47 7.77 3.70 27.98 0.00 0.00
EV/Sales 2.00 2.20 1.99 2.23 2.88 3.54 2.49 2.47 2.30 2.32
EV/FCF 60.23 45.98 78.96 (97.44) (106.52) (24.62) (6.80) (8.62) (10.95) (251.01)
Cash, $m
Cash, $m Operating cash flow 23 32 37 40 36 30 20 (5) (20) (6)
Capex (14) (16) (28) (48) (45) (73) (137) (93) (56) 2
Free cash flow 8 16 9 (7) (8) (44) (118) (97) (76) (4)
Balance, $m
Balance, $m Working capital (1) (25) (33) (11) (22) (27) (18) 41 6 (127)
Total debt 10 77 65 114 122 191 239 433 482 481
Net debt (5) 59 52 93 113 182 215 337 421 429
Shareholders’ equity 38 60 80 94 105 115 97 10 (95) (164)
Returns, %
Returns, % ROA 11.33 8.84 4.97 4.02 1.32 0.68 (4.58) (13.15) (14.11) (10.18)
ROIC 47.49 14.21 13.91 9.79 1.98 (1.64) (6.34) (11.47) (12.49) (5.54)
ROE 50.09 45.55 24.48 17.70 5.81 3.06 (26.04) (180.60) 257.21 58.43
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
EXOD Exodus Movement, Inc. $182.4M — (loss-making) — (loss-making) +1.55% (above 0%: growing) n/m −825.45% (below 0%: shrinking) 100.00% (174.61%) Compare
SANG Sangoma Technologies Corporation $160.2M — (loss-making) — −21.16% (below 0%: shrinking) n/m −61.34% (below 0%: shrinking) 62.50% (17.39%) Compare
AMBR Amber International Holding Limited - Sponsored ADR $156.5M 298× — (loss-making) −26.53% (below 0%: shrinking) +57.00% (above 0%: growing) +274.25% (above 0%: growing) 79.48% 7.43% Compare
DVLT Datavault AI Inc. $133.8M — (loss-making) — (loss-making) +287.15% (above 0%: growing) n/m −956.82% (below 0%: shrinking) 42.85% (393.87%) Compare
SKYA SkyAI, Inc. $118.5M — (loss-making) — — n/m +106.15% (above 0%: growing) 0.00% 0.00% Compare
TCX Tucows Inc. $117.4M — (loss-making) — (loss-making) +2.13% (above 0%: growing) n/m −112.80% (below 0%: shrinking) 25.64% (5.43%)
AGPU Axe Compute Inc. $97.5M — (loss-making) 13.9× +118,974.07% (above 0%: growing) n/m +221.90% (above 0%: growing) 6.27% (538.97%) Compare
DAVA Endava PLC Sponsored ADR $87.9M — (loss-making) — (loss-making) +17.21% (above 0%: growing) n/m −136.07% (below 0%: shrinking) 18.60% (207.59%) Compare
USIO Usio Inc $81.4M — (loss-making) — (loss-making) +18.62% (above 0%: growing) n/m −56.12% (below 0%: shrinking) 24.18% 1.59% Compare
Median of peers $126.2M — — +17.21% — −58.73% 33.52% (96.00%)

All 173 Software Infrastructure stocks →

Tucows Inc. (TCX) key facts

  • Strength: Tucows Inc.’s revenue for fiscal 2025 (year ended December 2025) was $390.3 million, up 7.74% from fiscal 2024.
  • Tucows Inc. (TCX) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, TCX traded at $10.17, a market capitalization of $117.4 million.
  • Return on equity was 58.4% and debt-to-equity -2.41.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −0.05 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Tucows Inc. (TCX) Latest News

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stockrow.com/TCX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com