NASDAQ : TCX
Tucows Inc. — Financial statements
Technology · Software - Infrastructure · Canada
Last price 10.43 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 116.63M
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Financial statements
Tucows Inc. (TCX) reported revenue of 394.44M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 394.44M | 390.30M | 362.27M | 339.34M | 321.14M | 304.34M |
| Cost of Revenue | 254.24M | 252.82M | 236.47M | 230.48M | 213.70M | 207.81M |
| Gross Profit | 140.20M | 137.48M | 125.81M | 108.86M | 107.44M | 96.53M |
| Selling, General & Admin | 97.00M | 91.26M | 96.45M | 101.21M | 84.78M | 61.84M |
| Research & Development | 18.35M | 17.81M | 18.63M | 19.22M | 14.19M | 14.31M |
| Amortization of Goodwill & Intangibles | 11.39M | 10.01M | ||||
| Operating Expenses | 160.29M | 155.32M | 160.70M | 167.69M | 138.55M | 104.14M |
| Operating Income | -20.09M | -17.83M | -34.89M | -58.83M | -31.11M | -7.62M |
| Interest Expense | -57.80M | -57.18M | -54.43M | -46.26M | -14.59M | -4.62M |
| Interest & Investment Income | 1.45M | 1.91M | 3.16M | 4.49M | 132.00K | |
| Earnings From Equity Investments | -212.00K | -197.00K | 258.00K | |||
| Currency Exchange Gain (Loss) | 277.00K | |||||
| Other Non Operating Income (Expenses) | 88.00K | 178.00K | -177.00K | -370.00K | ||
| EBT Excluding Unusual Items | -76.57M | -73.30M | -85.73M | -100.60M | -45.74M | -12.32M |
| Merger & Restructuring Charges | -10.95M | |||||
| Gain (Loss) on Sale of Assets | 14.05M | 17.53M | 13.98M | 17.03M | 18.05M | 19.80M |
| Asset Writedown | -11.51M | -11.53M | -19.17M | -4.82M | -92.00K | -201.00K |
| Other Unusual Items | -14.68M | |||||
| Pretax Income | -74.03M | -67.31M | -101.87M | -103.07M | -27.79M | 7.27M |
| Income Tax Expense | 9.60M | 8.51M | 7.99M | -6.87M | -217.00K | 3.91M |
| Net Income | -83.63M | -75.82M | -109.86M | -96.20M | -27.57M | 3.36M |
| Net Income to Common | -83.63M | -75.82M | -109.86M | -96.20M | -27.57M | 3.36M |
| Shares Outstanding (Basic) | 11.11M | 11.07M | 10.97M | 10.86M | 10.77M | 10.66M |
| Shares Outstanding (Diluted) | 11.11M | 11.07M | 10.97M | 10.86M | 10.77M | 10.82M |
| EPS (Basic) | -7.53 | -6.85 | -10.02 | -8.85 | -2.56 | 0.32 |
| EPS (Diluted) | -7.53 | -6.85 | -10.02 | -8.85 | -2.56 | 0.31 |
| Free Cash Flow | -14.40M | -22.87M | -76.20M | -96.83M | -116.83M | -43.54M |
| Free Cash Flow Per Share | -1.30 | -2.07 | -6.95 | -8.91 | -10.85 | -4.03 |
| Gross Margin | 35.54% | 35.23% | 34.73% | 32.08% | 33.46% | 31.72% |
| Operating Margin | -5.09% | -4.57% | -9.63% | -17.34% | -9.69% | -2.50% |
| Profit Margin | -21.20% | -19.43% | -30.33% | -28.35% | -8.58% | 1.10% |
| Free Cash Flow Margin | -3.65% | -5.86% | -21.04% | -28.53% | -36.38% | -14.31% |
| EBITDA | 23.92M | 27.79M | 10.11M | -11.57M | 8.47M | 20.38M |
| EBITDA Margin | 6.06% | 7.12% | 2.79% | -3.41% | 2.64% | 6.70% |
| D&A For EBITDA | 44.01M | 45.63M | 45.00M | 47.26M | 39.58M | 27.99M |
| EBIT | -20.09M | -17.83M | -34.89M | -58.83M | -31.11M | -7.62M |
| EBIT Margin | -5.09% | -4.57% | -9.63% | -17.34% | -9.69% | -2.50% |
| Effective Tax Rate | 53.73% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 44.16M | 46.76M | 56.90M | 92.69M | 23.50M | 9.11M |
| Cash & Short-Term Investments | 44.16M | 46.76M | 56.90M | 92.69M | 23.50M | 9.11M |
| Accounts Receivable | 24.18M | 24.49M | 20.88M | 23.62M | 23.56M | 15.36M |
| Other Receivables | 210.00K | 111.00K | 217.00K | 709.00K | 2.47M | 3.47M |
| Receivables | 24.39M | 24.61M | 21.09M | 24.33M | 26.03M | 18.83M |
| Inventory | 3.97M | 3.87M | 3.98M | 6.79M | 7.28M | 3.28M |
| Prepaid Expenses | 20.44M | 24.18M | 17.31M | 17.39M | 17.00M | 20.99M |
| Restricted Cash | 5.02M | 5.32M | 4.63M | 3.64M | ||
| Other Current Assets | 99.72M | 98.37M | 101.47M | 97.93M | 96.10M | 94.81M |
| Total Current Assets | 197.71M | 203.09M | 205.38M | 242.76M | 169.92M | 147.00M |
| Property, Plant & Equipment | 348.82M | 345.27M | 366.69M | 367.11M | 301.98M | 190.18M |
| Long-Term Investments | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M |
| Goodwill | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M |
| Other Intangible Assets | 18.75M | 19.70M | 24.75M | 29.48M | 39.79M | 50.41M |
| Long-Term Accounts Receivable | 2.33M | |||||
| Long-Term Deferred Tax Assets | 22.00K | |||||
| Long-Term Deferred Charges | 18.98M | 18.14M | 17.84M | 18.00M | 18.30M | 19.28M |
| Other Long-Term Assets | 11.02M | 12.29M | 11.71M | 8.65M | 278.00K | |
| Total Assets | 727.70M | 730.91M | 758.80M | 798.43M | 664.75M | 539.60M |
| Accounts Payable | 9.06M | 9.90M | 9.01M | 12.68M | 17.17M | 10.02M |
| Accrued Expenses | 27.67M | 25.97M | 31.85M | 35.97M | 23.46M | 16.12M |
| Current Portion of Long-Term Debt | 147.45M | 136.96M | ||||
| Current Portion of Leases | 6.90M | 5.77M | 5.15M | 5.40M | 4.64M | 3.15M |
| Current Income Taxes Payable | 1.32M | 2.80M | 263.00K | 1.24M | 2.25M | 102.00K |
| Current Unearned Revenue | 133.47M | 131.58M | 135.65M | 126.73M | 122.89M | 124.12M |
| Other Current Liabilities | 19.81M | 17.44M | 17.93M | 19.34M | 17.77M | 20.18M |
| Total Current Liabilities | 345.68M | 330.43M | 199.85M | 201.34M | 188.19M | 173.68M |
| Long-Term Debt | 483.42M | 481.18M | 604.23M | 544.64M | 329.36M | 190.75M |
| Long-Term Leases | 74.48M | 57.82M | 25.90M | 18.25M | 12.44M | 11.85M |
| Long-Term Unearned Revenue | 21.88M | 21.35M | 21.16M | 21.35M | 22.24M | 23.68M |
| Long-Term Deferred Tax Liabilities | 2.96M | 2.96M | 2.96M | 2.97M | 15.72M | 22.57M |
| Other Long-Term Liabilities | 59.00K | 1.37M | 142.00K | 1.97M | ||
| Total Liabilities | 928.47M | 895.11M | 854.10M | 788.55M | 568.09M | 424.50M |
| Common Stock | 39.20M | 38.31M | 36.58M | 34.37M | 31.87M | 28.52M |
| Additional Paid-In Capital | 24.71M | 23.53M | 19.24M | 14.07M | 8.11M | 2.76M |
| Retained Earnings | -264.56M | -225.98M | -150.16M | -40.30M | 55.90M | 83.47M |
| Comprehensive Income & Other | -130.00K | -57.00K | -964.00K | 1.73M | 784.00K | 343.00K |
| Total Common Equity | -200.77M | -164.20M | -95.30M | 9.88M | 96.66M | 115.09M |
| Shareholders' Equity | -200.77M | -164.20M | -95.30M | 9.88M | 96.66M | 115.09M |
| Total Liabilities & Equity | 727.70M | 730.91M | 758.80M | 798.43M | 664.75M | 539.60M |
| Total Debt | 712.24M | 681.73M | 635.28M | 568.29M | 346.44M | 205.75M |
| Net Cash (Debt) | -668.08M | -634.98M | -578.37M | -475.60M | -322.95M | -196.65M |
| Net Cash Per Share | -60.13 | -57.38 | -52.73 | -43.78 | -29.99 | -18.18 |
| Filing Date Shares Outstanding | 11.18M | 11.13M | 11.03M | 10.93M | 10.83M | 10.76M |
| Total Common Shares Outstanding | 11.16M | 11.11M | 11.01M | 10.90M | 10.82M | 10.75M |
| Working Capital | -147.97M | -127.33M | 5.53M | 41.42M | -18.27M | -26.68M |
| Book Value Per Share | -17.99 | -14.78 | -8.65 | 0.91 | 8.94 | 10.71 |
| Tangible Book Value | -349.94M | -314.31M | -250.47M | -150.02M | -73.54M | -65.73M |
| Tangible Book Value Per Share | -31.35 | -28.29 | -22.74 | -13.76 | -6.80 | -6.12 |
| Land | 1.11M | 1.11M | 1.11M | 1.11M | 1.11M | 1.12M |
| Buildings | 9.31M | 9.39M | 9.21M | 9.12M | 8.86M | 9.10M |
| Machinery | 64.94M | 61.35M | 125.32M | 114.33M | 90.67M | 64.48M |
| Construction In Progress | 6.15M | 8.25M | 25.81M | 75.52M | 62.59M | 29.41M |
| Leasehold Improvements | 428.00K | 428.00K | 743.00K | 727.00K | 624.00K | 548.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -83.63M | -75.82M | -109.86M | -96.20M | -27.57M | 3.36M |
| Depreciation & Amortization | 44.01M | 45.63M | 45.00M | 47.26M | 39.58M | 27.99M |
| Other Amortization | 5.57M | 5.28M | 5.10M | 3.61M | 685.00K | 300.00K |
| Loss (Gain) From Sale of Assets | -3.27M | -5.88M | 7.00K | 1.00K | ||
| Asset Writedown & Restructuring Costs | 11.51M | 11.53M | 19.17M | 4.82M | 92.00K | 201.00K |
| Stock-Based Compensation | 6.51M | 7.14M | 7.02M | 8.13M | 7.60M | 4.59M |
| Other Operating Activities | 25.03M | 14.17M | 10.61M | 16.28M | -5.36M | -3.26M |
| Change in Accounts Receivable | 1.15M | -3.62M | 1.33M | -3.80M | -10.53M | 808.00K |
| Change in Inventory | -4.01M | -787.00K | ||||
| Change in Accounts Payable | 841.00K | -4.67M | -1.56M | 3.73M | 6.75M | 4.07M |
| Change in Unearned Revenue | -7.35M | -3.87M | 8.72M | 2.95M | -2.67M | -4.50M |
| Change in Income Taxes | 3.35M | -1.39M | ||||
| Change in Other Net Operating Assets | 4.02M | 4.35M | -5.27M | 8.44M | 12.14M | -200.00K |
| Operating Cash Flow | 4.39M | -5.76M | -19.75M | -4.77M | 19.88M | 29.64M |
| Capital Expenditures | -18.79M | -17.11M | -56.46M | -92.06M | -136.71M | -73.17M |
| Sale of Property, Plant & Equipment | 9.78M | 19.48M | 542.00K | 510.00K | ||
| Cash Acquisitions | -26.53M | |||||
| Sale (Purchase) of Intangibles | -849.00K | -206.00K | -575.00K | -528.00K | -782.00K | -774.00K |
| Investment in Securities | -2.01M | |||||
| Investing Cash Flow | -9.86M | 2.16M | -56.49M | -92.58M | -137.49M | -101.98M |
| Long-Term Debt Issued | 62.99M | 314.64M | 135.80M | 69.00M | ||
| Long-Term Debt Repaid | -5.00M | -16.50M | -125.90M | -748.00K | -296.00K | |
| Net Debt Issued (Repaid) | -2.50M | -5.00M | 46.49M | 188.74M | 135.05M | 68.70M |
| Issuance of Common Stock | 31.00K | 43.00K | 1.10M | 4.82M | ||
| Repurchase of Common Stock | -387.00K | |||||
| Other Financing Activities | -423.00K | -423.00K | -2.04M | -9.90M | -4.14M | |
| Financing Cash Flow | -2.92M | -5.39M | 44.50M | 178.84M | 132.01M | 73.14M |
| Net Cash Flow | -8.40M | -8.99M | -31.74M | 81.48M | 14.39M | 794.00K |
| Free Cash Flow | -14.40M | -22.87M | -76.20M | -96.83M | -116.83M | -43.54M |
| Free Cash Flow Margin | -3.65% | -5.86% | -21.04% | -28.53% | -36.38% | -14.31% |
| Free Cash Flow Per Share | -1.30 | -2.07 | -6.95 | -8.91 | -10.85 | -4.03 |
| Levered Free Cash Flow | -10.31M | -21.02M | -55.40M | -90.51M | -113.70M | -44.29M |
| Unlevered Free Cash Flow | 21.18M | 10.06M | -25.85M | -65.21M | -105.27M | -41.71M |
| Cash Interest Paid | 33.30M | 43.78M | 37.96M | 24.74M | 10.29M | 4.49M |
| Cash Income Tax Paid | 9.55M | 5.65M | 7.65M | 4.93M | 3.88M | 8.83M |
| Change in Working Capital | -1.34M | -7.80M | 3.22M | 11.32M | 5.04M | -2.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 122.89M | 248.95M | 188.62M | 294.17M | 366.11M | 896.84M |
| Enterprise Value | 790.97M | 860.85M | 747.94M | 756.41M | 650.37M | 1.05B |
| Last Close Price | 10.99 | 22.42 | 17.14 | 27.00 | 33.92 | 83.82 |
| PE Ratio | 266.60 | |||||
| Forward PE | 37.09 | 37.09 | 37.09 | 37.09 | 63.38 | |
| PS Ratio | 0.31 | 0.64 | 0.52 | 0.87 | 1.14 | 2.95 |
| PB Ratio | -1.52 | -1.98 | 29.79 | 3.79 | 7.79 | |
| P/OCF Ratio | 28.01 | 18.42 | 30.26 | |||
| PEG Ratio | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| EV/Sales Ratio | 2.01 | 2.21 | 2.06 | 2.23 | 2.02 | 3.47 |
| EV/EBITDA Ratio | 33.07 | 30.97 | 74.01 | 76.77 | 51.77 | |
| Debt / Equity Ratio | -3.55 | -4.15 | -6.67 | 57.55 | 3.58 | 1.79 |
| Debt / EBITDA Ratio | 17.61 | 16.94 | 32.38 | 24.50 | 8.54 | |
| Net Debt / Equity Ratio | -3.33 | -3.87 | -6.07 | 48.16 | 3.34 | 1.71 |
| Net Debt / EBITDA Ratio | 27.93 | 22.85 | 57.23 | -41.11 | 38.12 | 9.65 |
| Net Debt / FCF Ratio | -46.38 | -27.76 | -7.59 | -4.91 | -2.76 | -4.52 |
| Asset Turnover | 0.54 | 0.52 | 0.47 | 0.46 | 0.53 | 0.61 |
| Inventory Turnover | 68.61 | 64.44 | 43.95 | 32.76 | 40.47 | 80.67 |
| Quick Ratio | 0.20 | 0.22 | 0.39 | 0.58 | 0.26 | 0.16 |
| Current Ratio | 0.57 | 0.61 | 1.03 | 1.21 | 0.90 | 0.85 |
| Return on Equity (ROE) | -180.60% | -26.04% | 3.06% | |||
| Return on Assets (ROA) | -1.71% | -1.50% | -2.80% | -5.03% | -3.23% | -0.96% |
| Return on Invested Capital (ROIC) | -5.19% | -3.72% | -6.68% | -13.00% | -8.51% | -1.30% |
| Return on Capital Employed (ROCE) | -5.30% | -4.50% | -6.20% | -9.90% | -6.50% | -2.10% |
| Earnings Yield | -68.49% | -30.46% | -58.24% | -32.70% | -7.53% | 0.38% |
| FCF Yield | -11.72% | -9.19% | -40.40% | -32.91% | -31.91% | -4.86% |
| Buyback Yield / Dilution | -0.81% | -0.90% | -0.95% | -0.88% | 0.45% | -1.17% |