Technology · Software - Infrastructure
Price
$10.64
Market Cap
$118.6M
Employees
765
Beta
0.90
Avg Volume
28,564
CEO
David Woroch
Tucows Inc. is an international technology company that delivers a broad spectrum of internet-related services, including network connectivity, domain name registration, email solutions, and mobile communication, serving customers across Canada, the United States, and Europe. Its operations are strategically structured into three distinct divisions: Fiber Internet Services, Mobile Services, and Domain Services. The Fiber Internet Services unit is dedicated to providing high-speed, fixed internet access to both individual consumers and small businesses, primarily channeled through its Ting platform. This segment also extends billing and operational support solutions to independent internet service providers. The Mobile Services division offers mobile devices and retail cellular communication, complemented by a suite of professional services that include system implementation, training, consulting, and bespoke software development. Additionally, it operates the Mobile Services Enabler platform, which facilitates crucial network access, service provisioning, and billing functions. The Domain Services segment specializes in both wholesale and retail domain name registration, enhanced by portfolio management and a variety of supplementary offerings for end-users. These value-added services encompass hosted email, internet security, web hosting, WHOIS privacy, and publishing tools, distributed under well-known brands such as OpenSRS, eNom, Ascio, and Hover. Founded in 1992, the enterprise was initially known as Infonautics, Inc., before undergoing a name change to Tucows Inc. in August 2001. The company maintains its corporate headquarters in Toronto, Canada.
Runs with full report
Price Overview
Last updated: Jul 8, 2026 11:27pm (just now)
Current data · timestamped when a report runs
$10.64
Change · Jul 8
-1.78 (-14.33%)
Day Range
$10.52 – $12.30
52-Week Range
$10.52 – $25.17
50-Day MA
$14.28
200-Day MA
$18.26
Volume
41,065.00
Share Structure
Outstanding
11,149,173.00
Float
8,789,482.00
Free Float
78.8%
Normal free float
— 78.8% of shares trade freely, ~21.2% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Small absolute float (8.8M shares) — even with a decent free float %, volume can be thin. Check average daily volume before sizing a position.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-1.55
Stock Price: $10.64
EPS (Diluted): -6.85
EPS (Diluted): -6.85
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
-1.51
Stock Price: $10.64
Total Equity: -$164.20M
Shares: 11,068,000
Total Equity: -$164.20M
Shares: 11,068,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
15.10
Market Cap: $118.63M
Total Debt: $481.18M
Cash: $46.76M
EBITDA: $230.34M
Total Debt: $481.18M
Cash: $46.76M
EBITDA: $230.34M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$746.2M
Market Cap: $118.63M
Total Debt: $481.18M
Cash: $46.76M
Total Debt: $481.18M
Cash: $46.76M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
0.64
Stock Price: $10.64
Revenue: $390.30M
Shares: 11,068,000
Revenue: $390.30M
Shares: 11,068,000
EV/Sales (Total value vs revenue — works when P/E can't)
API1.91
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
23.1%
Gross Profit: $90.19M
Revenue: $390.30M
Revenue: $390.30M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-3.9%
Operating Income: -$15.06M
Revenue: $390.30M
Revenue: $390.30M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-19.4%
Net Income: -$75.82M
Revenue: $390.30M
Revenue: $390.30M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
51.6%
Net Income: -$75.82M
Total Equity: -$164.20M
Total Equity: -$164.20M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-3.2%
Operating Income: -$15.06M
Tax Rate: -12.6%
Equity: -$164.20M
Total Debt: $481.18M
Cash: $46.76M
Tax Rate: -12.6%
Equity: -$164.20M
Total Debt: $481.18M
Cash: $46.76M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.61
Current Assets: $203.09M
Current Liabilities: $330.43M
Current Liabilities: $330.43M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
-2.93
Short-Term Debt: $0.00
Long-Term Debt: $481.18M
Total Debt: $481.18M
Total Equity: -$164.20M
Long-Term Debt: $481.18M
Total Debt: $481.18M
Total Equity: -$164.20M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$35.26
Revenue: $390.30M
Shares: 11,068,000
Shares: 11,068,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$-14.84
Total Equity: -$164.20M
Shares: 11,068,000
Shares: 11,068,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-2.07
Operating CF: -$5.76M
CapEx: -$17.11M
Shares: 11,068,000
CapEx: -$17.11M
Shares: 11,068,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $10.64
Stock Price: $10.64
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$75.82M
Net Income: -$75.82M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares TCX against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $304.3M | $321.1M | $339.3M | $362.3M | $390.3M |
| Cost of Revenue | $226.0M | $242.9M | $230.5M | $279.2M | $300.1M |
| Gross Profit | $78.3M | $78.2M | $108.9M | $83.0M | $90.2M |
| Operating Expenses | $86.1M | $109.9M | $172.5M | $148.0M | $105.2M |
| Operating Income | -$7.8M | -$31.7M | -$63.7M | -$65.0M | -$15.1M |
| Net Income | $3.4M | -$27.6M | -$96.2M | -$109.9M | -$75.8M |
| EBITDA | $39.9M | $26.4M | -$12.2M | -$1.8M | $230.3M |
| EPS | $0.32 | $-2.56 | $-8.85 | $-10.02 | $-6.85 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $9.1M | $23.5M | $92.7M | $56.9M | $46.8M |
| Total Current Assets | $147.0M | $169.9M | $242.8M | $205.4M | $203.1M |
| Total Assets | $539.6M | $664.7M | $798.4M | $758.8M | $730.9M |
| Current Liabilities | $173.7M | $188.2M | $201.3M | $199.9M | $330.4M |
| Long-Term Debt | $190.7M | $238.9M | $433.2M | $482.1M | $481.2M |
| Total Liabilities | $424.5M | $568.1M | $788.6M | $854.1M | $895.1M |
| Total Equity | $115.1M | $96.7M | $9.9M | -$95.3M | -$164.2M |
| Retained Earnings | $83.5M | $55.9M | -$40.3M | -$150.2M | -$226.0M |
Cash Flow (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $29.6M | $19.9M | -$4.8M | -$19.7M | -$5.8M |
| Capital Expenditure | -$73.9M | -$137.5M | -$92.6M | -$56.5M | -$17.1M |
| Free Cash Flow | -$44.3M | -$117.6M | -$97.4M | -$76.2M | -$22.9M |
| Acquisitions (net) | -$26.5M | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $794,000 | $14.4M | $81.5M | -$31.7M | -$9.0M |
Analyst Estimates (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue |
$327.9M $327.9M – $327.9M
|
$341.4M $328.1M – $354.7M
|
$451.6M $451.6M – $451.6M
|
$495.0M $495.0M – $495.0M
|
| EBITDA |
$74.0M $59.2M – $88.8M
|
$52.1M $50.0M – $54.1M
|
$68.9M $68.9M – $68.9M
|
$75.5M $75.5M – $75.5M
|
| Net Income |
$22.0M $17.6M – $26.4M
|
$0 | $0 | $0 |
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +5.5% | +5.7% | +6.8% | +7.7% |
| Gross Profit Growth | -0.1% | +39.1% | -23.7% | +8.6% |
| Operating Income Growth | -307.3% | -101.0% | -2.1% | +76.8% |
| Net Income Growth | -919.6% | -248.9% | -14.2% | +31.0% |
| EBITDA Growth | -33.8% | -146.2% | +85.1% | +12,748.9% |
Dividend History (Last 20)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2001-05-11 | $0.07 |
Insider Trading (Recent)
Last updated: Jul 8, 2026 10:23pm (1h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-02 | Taylor Allen Gordon | A-Award | 3,750.00 | $14.66 | $54,975 |
| 2026-06-02 | Tory Jeffrey Stewart Donald | A-Award | 3,750.00 | $14.66 | $54,975 |
| 2026-06-02 | Matz-Cerf Sandra Carola | A-Award | 3,750.00 | $14.66 | $54,975 |
| 2026-06-02 | Nienaber Laurenz Malte | A-Award | 3,750.00 | $14.66 | $54,975 |
| 2026-06-02 | Uhrenbacher Christian Stephan | A-Award | 3,750.00 | $14.66 | $54,975 |
| 2026-06-02 | Carl Marlene | A-Award | 3,750.00 | $14.66 | $54,975 |
| 2026-06-02 | Matheson Lee | A-Award | 3,750.00 | $14.66 | $54,975 |
| 2025-12-31 | Ivanov Ivan | 0.00 | $0.00 | $0 | |
| 2025-12-31 | Fausett Bret | 0.00 | $0.00 | $0 | |
| 2025-12-31 | Fausett Bret | 0.00 | $0.00 | $0 | |
| 2025-12-24 | NOSS ELLIOT | G-Gift | 20,250.00 | $0.00 | $0 |
| 2025-11-26 | Woroch David John | A-Award | 20,000.00 | $21.58 | $431,600 |
| 2025-09-08 | Ivanov Ivan | A-Award | 20,000.00 | $17.38 | $347,600 |
| 2025-07-17 | NOSS ELLIOT | S-Sale | 500.00 | $22.52 | $11,260 |
| 2025-07-10 | NOSS ELLIOT | S-Sale | 400.00 | $22.44 | $8,976 |
| 2025-07-10 | NOSS ELLIOT | S-Sale | 1,600.00 | $21.73 | $34,768 |
| 2025-07-11 | NOSS ELLIOT | S-Sale | 700.00 | $22.86 | $16,002 |
| 2025-07-07 | NOSS ELLIOT | S-Sale | 2,600.00 | $20.51 | $53,326 |
| 2025-07-08 | NOSS ELLIOT | S-Sale | 2,500.00 | $20.81 | $52,025 |
| 2025-07-09 | NOSS ELLIOT | S-Sale | 500.00 | $21.21 | $10,605 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for TCX — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.393 · 6a8d9cc1 · 2026-07-08 21:32:56