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Tucows (TCX) Financials

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$10.72 +0.30 (+2.83%)
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Annual Income Statements for Tucows

Annual Income Statements for Tucows

This table shows Tucows' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 11 15 22 17 15 5.78 3.36 -28 -96 -110 -76
Consolidated Net Income / (Loss)		 11 16 22 17 15 5.78 3.36 -28 -96 -110 -76
Net Income / (Loss) Continuing Operations		 11 16 22 17 15 5.78 3.36 -28 -96 -110 -76
Total Pre-Tax Income 		18 25 24 26 25 11 7.27 -28 -103 -102 -67
Total Operating Income		 18 25 27 29 29 6.92 -7.77 -32 -64 -65 -23
Total Gross Profit		 52 63 85 97 101 85 78 78 67 83 94
Total Revenue		 172 190 329 346 337 311 304 321 339 362 390
Operating Revenue		 172 190 329 346 337 311 304 321 339 362 390
Total Cost of Revenue		 120 127 245 249 236 226 226 243 273 279 296
Operating Cost of Revenue		 114 127 245 249 236 226 226 243 273 279 296
Total Operating Expenses		 34 38 57 67 71 79 86 110 130 148 117
Selling, General & Admin Expense		 11 11 14 18 18 20 22 31 33 37 43
Marketing Expense		 17 21 29 33 34 34 39 54 68 59 48
Research & Development Expense		 4.50 4.50 7.26 8.75 9.72 12 14 14 19 19 18
Depreciation Expense		 0.26 0.50 0.59 0.42 0.49 0.49 0.53 0.60 9.89 4.29 3.53
Impairment Charge		 0.21 0.04 0.11 0.00 0.00 1.43 - 0.00 0.00 18 11
Restructuring Charge		 - - - - - - - 0.00 0.00 11 0.00
Other Special Charges / (Income)		 - - 0.00 0.00 0.07 -0.02 0.23 0.46 0.00 0.00 -5.88
Total Other Income / (Expense), net		 -0.07 0.07 -3.01 -3.17 -4.77 3.84 15 3.87 -39 -37 -44
Interest Expense		 0.16 0.45 3.57 3.69 4.77 3.61 4.62 0.00 15 0.00 0.00
Interest & Investment Income		 - - - - - - - -14 -42 -51 -55
Other Income / (Expense), net		 0.09 0.52 0.56 0.52 0.00 7.45 20 18 17 14 11
Income Tax Expense		 6.57 9.05 1.75 9.02 9.17 4.99 3.91 -0.22 -6.87 7.99 8.51
Basic Earnings per Share		 $1.04 $1.53 $2.12 $1.62 $1.45 $0.55 $0.32 ($2.56) ($8.85) ($10.02) ($6.85)
Weighted Average Basic Shares Outstanding		 10.97M 10.52M 10.54M 10.60M 10.62M 10.59M 10.66M 10.77M 10.86M 10.97M 11.07M
Weighted Average Diluted Shares Outstanding		 11.36M 10.71M 10.79M 10.79M 10.77M 10.69M 10.82M 10.83M 10.93M 11.03M 11.13M
Weighted Average Basic & Diluted Shares Outstanding		 10.70M 9.90M 10.30M 10.60M 10.62M 10.62M 10.76M 10.83M 10.93M 11.03M 11.13M

Quarterly Income Statements for Tucows

This table shows Tucows' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -23 -23 -26 -19 -22 -42 -15 -16 -23 -22 -18
Consolidated Net Income / (Loss)		 -23 -23 -26 -19 -22 -42 -15 -16 -23 -22 -18
Net Income / (Loss) Continuing Operations		 -23 -23 -26 -19 -22 -42 -15 -16 -23 -22 -18
Total Pre-Tax Income 		-24 -25 -25 -17 -19 -41 -13 -13 -21 -20 -16
Total Operating Income		 -17 -16 -17 -8.60 -10 -30 -2.03 -2.88 -9.58 -8.99 -4.31
Total Gross Profit		 17 18 18 21 22 22 24 22 24 24 24
Total Revenue		 87 87 87 89 92 93 95 98 99 99 97
Operating Revenue		 87 87 87 89 92 93 95 98 99 99 97
Total Cost of Revenue		 70 69 69 69 70 71 71 76 74 75 73
Operating Cost of Revenue		 70 69 69 69 70 71 71 76 74 75 73
Total Operating Expenses		 34 34 35 29 32 52 26 25 34 33 28
Selling, General & Admin Expense		 9.40 7.78 9.82 9.19 11 6.58 9.24 9.66 9.65 14 9.83
Marketing Expense		 17 19 19 15 15 11 11 12 12 14 12
Research & Development Expense		 4.82 5.00 5.02 4.52 4.62 4.47 4.41 4.34 4.68 4.38 4.43
Depreciation Expense		 0.14 9.45 1.44 0.95 0.96 0.10 0.92 0.83 0.79 0.99 1.20
Other Special Charges / (Income)		 - - - 0.00 0.00 - 0.00 -1.79 -3.97 - 0.88
Total Other Income / (Expense), net		 -6.43 -8.59 -8.19 -8.79 -9.18 -11 -11 -10 -11 -11 -11
Interest & Investment Income		 -11 - -12 -13 -13 - -14 -14 -14 -14 -14
Other Income / (Expense), net		 4.31 4.06 3.69 3.77 3.92 3.04 2.68 3.13 2.92 2.73 2.46
Income Tax Expense		 -0.82 -1.32 1.77 1.22 3.07 1.92 2.17 2.27 2.46 1.62 2.39
Basic Earnings per Share		 ($2.09) ($2.13) ($2.42) ($1.70) ($2.03) ($3.87) ($1.37) ($1.41) ($2.08) ($1.99) ($1.63)
Weighted Average Basic Shares Outstanding		 10.87M 10.86M 10.92M 10.95M 10.98M 10.97M 11.03M 11.06M 11.08M 11.07M 11.12M
Weighted Average Diluted Shares Outstanding		 10.90M 10.93M 10.95M 10.98M 11.00M 11.03M 11.06M 11.08M 11.10M 11.13M 11.15M
Weighted Average Basic & Diluted Shares Outstanding		 10.90M 10.93M 10.95M 10.98M 11.00M 11.03M 11.06M 11.08M 11.10M 11.13M 11.15M

Annual Cash Flow Statements for Tucows

This table details how cash moves in and out of Tucows' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -0.55 7.38 2.94 -5.41 7.76 -12 0.79 14 81 -32 -8.99
Net Cash From Operating Activities		 17 23 32 37 40 36 30 20 -4.77 -20 -5.76
Net Cash From Continuing Operating Activities		 17 23 32 37 40 36 30 20 -4.77 -20 -5.76
Net Income / (Loss) Continuing Operations		 11 16 22 17 15 5.78 3.36 -28 -96 -110 -76
Consolidated Net Income / (Loss)		 11 16 22 17 15 5.78 3.36 -28 -96 -110 -76
Depreciation Expense		 1.40 1.82 3.73 5.72 8.96 13 18 28 47 46 46
Amortization Expense		 0.26 0.98 8.67 9.54 11 12 9.59 11 3.33 4.48 4.66
Non-Cash Adjustments To Reconcile Net Income		 4.13 1.52 -0.46 1.55 2.43 9.97 0.56 3.18 41 36 27
Changes in Operating Assets and Liabilities, net		 -0.39 2.11 -2.25 3.27 2.98 -4.09 -1.86 4.75 -0.10 4.07 -8.09
Net Cash From Investing Activities		 3.29 -14 -94 -30 -76 -53 -102 -137 -93 -56 2.16
Net Cash From Continuing Investing Activities		 3.29 -14 -94 -30 -76 -53 -102 -137 -93 -56 2.16
Purchase of Property, Plant & Equipment		 -2.97 -7.92 -13 -28 -44 -44 -73 -137 -92 -56 -17
Acquisitions		 -0.36 -6.53 -81 -1.77 -32 -8.84 -27 -0.78 -0.53 -0.58 -0.21
Sale of Property, Plant & Equipment		 - - - - 0.00 0.00 0.51 0.00 0.00 0.54 19
Net Cash From Financing Activities		 -21 -0.68 65 -13 43 5.12 73 132 179 44 -5.39
Net Cash From Continuing Financing Activities		 -21 -0.68 65 -13 43 5.12 73 132 179 44 -5.39
Repayment of Debt		 0.00 -10 -21 -20 -8.77 -0.03 -0.30 -0.75 -82 -17 -5.42
Repurchase of Preferred Equity		 - - - - - 0.00 0.00 88 -11 0.00 0.00
Issuance of Debt		 3.50 17 87 7.00 57 8.00 69 48 280 63 0.00
Other Financing Activities, net		 -0.50 -0.22 -1.24 -0.34 -0.15 0.43 4.43 -3.05 -8.19 -1.97 0.03
Cash Interest Paid		 0.17 0.42 3.59 3.71 4.79 3.57 4.49 10 25 38 44
Cash Income Taxes Paid		 3.13 3.77 7.82 6.80 7.94 8.93 8.83 3.88 4.93 7.65 5.65

Quarterly Cash Flow Statements for Tucows

This table details how cash moves in and out of Tucows' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -37 -17 -26 -27 39 -18 -18 14 2.15 -6.51 -2.31
Net Cash From Operating Activities		 -6.94 9.00 -5.68 -4.71 -4.56 -4.80 -11 6.57 1.53 -2.61 3.52
Net Cash From Continuing Operating Activities		 -6.94 9.00 -5.68 -4.71 -4.56 -4.80 -11 6.57 1.53 -2.61 3.52
Net Income / (Loss) Continuing Operations		 -23 -23 -26 -19 -22 -42 -15 -16 -23 -22 -18
Consolidated Net Income / (Loss)		 -23 -23 -26 -19 -22 -42 -15 -16 -23 -22 -18
Depreciation Expense		 9.28 20 12 11 11 11 12 12 11 11 11
Amortization Expense		 3.51 -6.43 1.07 1.08 1.16 2.50 1.17 1.17 1.17 1.15 1.15
Non-Cash Adjustments To Reconcile Net Income		 5.56 3.04 5.63 5.84 4.58 17 1.71 1.39 17 7.85 7.24
Changes in Operating Assets and Liabilities, net		 -2.50 15 2.45 -4.40 1.26 7.50 -11 7.99 -4.61 -1.02 2.27
Net Cash From Investing Activities		 -23 -15 -14 -16 -15 -11 -4.47 6.99 3.54 -3.90 -5.83
Net Cash From Continuing Investing Activities		 -23 -15 -14 -16 -15 -11 -4.47 6.99 3.54 -3.90 -5.83
Purchase of Property, Plant & Equipment		 -23 -15 -14 -16 -15 -12 -5.44 -3.47 -3.85 -4.36 -5.53
Acquisitions		 -0.03 -0.11 -0.10 -0.00 -0.48 0.00 0.00 -0.21 0.01 - -0.88
Sale of Property, Plant & Equipment		 - - 0.00 - - - 0.97 11 7.39 0.45 0.58
Net Cash From Financing Activities		 -7.64 -12 -5.50 -6.52 58 -1.93 -2.50 0.03 -2.92 - 0.00
Net Cash From Continuing Financing Activities		 -7.64 -12 -5.50 -6.52 58 -1.93 -2.50 0.03 -2.92 - 0.00
Repayment of Debt		 -60 -12 -5.50 -6.52 -2.53 -1.98 -2.50 - -2.92 - 0.00
Cash Interest Paid		 5.48 8.93 9.01 8.50 11 9.11 18 8.48 8.46 8.51 8.38
Cash Income Taxes Paid		 1.37 1.59 0.70 2.13 2.45 2.38 1.30 2.09 1.14 1.12 4.01

Annual Balance Sheets for Tucows

This table presents Tucows' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 129 154 351 340 426 452 540 665 798 759 731
Total Current Assets		 68 83 154 132 146 141 147 170 243 205 203
Cash & Equivalents		 7.72 15 18 13 20 8.31 9.11 23 93 57 47
Restricted Cash		 - - - - - - - 0.00 3.64 4.63 5.32
Accounts Receivable		 7.17 11 12 11 15 16 15 18 22 21 24
Prepaid Expenses		 50 56 117 103 13 17 21 17 17 22 29
Other Current Assets		 0.00 0.17 - 0.00 92 97 96 101 99 101 97
Plant, Property, & Equipment, net		 7.13 13 25 48 82 118 173 281 340 331 282
Total Noncurrent Assets		 54 58 172 160 198 193 220 213 216 222 246
Goodwill		 21 21 90 90 110 116 130 130 130 130 130
Intangible Assets		 14 20 58 49 58 47 50 40 29 25 20
Other Noncurrent Operating Assets		 11 11 24 20 31 29 37 41 54 67 96
Total Liabilities & Shareholders' Equity		 129 154 351 340 426 452 540 665 798 759 731
Total Liabilities		 100 114 289 260 332 347 425 568 789 854 895
Total Current Liabilities		 78 84 179 165 157 163 174 188 201 200 330
Accounts Payable		 4.17 4.79 7.03 8.45 6.67 6.33 10 17 13 40 35
Current Deferred Revenue		 57 63 129 117 123 127 124 123 127 136 132
Other Current Liabilities		 2.03 - 0.00 2.26 2.37 2.80 7.24 7.44 6.01 24 27
Other Current Nonoperating Liabilities		 - - - - - - - - - 0.00 137
Total Noncurrent Liabilities		 22 29 111 94 175 184 251 380 587 654 565
Long-Term Debt		 0.00 8.02 59 46 114 122 191 239 433 482 481
Noncurrent Deferred Revenue		 15 15 32 27 26 25 24 22 21 21 21
Noncurrent Deferred & Payable Income Tax Liabilities		 4.88 4.83 20 21 25 25 23 16 2.97 2.96 2.96
Other Noncurrent Operating Liabilities		 1.58 1.06 0.72 0.25 9.64 13 14 103 130 148 59
Total Equity & Noncontrolling Interests		 26 38 60 80 94 105 115 97 9.88 -95 -164
Total Preferred & Common Equity		 26 38 60 80 94 105 115 97 9.88 -95 -164
Total Common Equity		 26 38 60 80 94 105 115 97 9.88 -95 -164
Common Stock		 23 17 18 20 18 22 31 40 48 56 62
Retained Earnings		 4.38 20 43 61 76 80 83 56 -40 -150 -226
Accumulated Other Comprehensive Income / (Loss)		 -1.11 0.10 0.00 -0.81 0.47 2.34 0.34 0.78 1.73 -0.96 -0.06

Quarterly Balance Sheets for Tucows

This table presents Tucows' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 814 780 758 799 742 742 735 729
Total Current Assets		 266 214 189 222 194 212 209 200
Cash & Equivalents		 111 67 39 75 38 52 54 44
Restricted Cash		 3.14 4.03 4.05 4.30 5.12 4.64 4.62 5.36
Accounts Receivable		 24 20 18 19 24 24 28 28
Prepaid Expenses		 19 16 21 16 22 24 23 21
Other Current Assets		 101 101 101 101 105 107 100 101
Plant, Property, & Equipment, net		 331 350 354 356 322 305 288 276
Total Noncurrent Assets		 217 216 215 222 225 225 239 254
Goodwill		 130 130 130 130 130 130 130 130
Intangible Assets		 32 28 27 26 24 22 21 19
Other Noncurrent Operating Assets		 52 56 56 63 71 73 87 104
Total Liabilities & Shareholders' Equity		 814 780 758 799 742 742 735 729
Total Liabilities		 784 796 791 852 850 864 880 911
Total Current Liabilities		 188 208 204 199 193 201 195 337
Accounts Payable		 12 13 11 9.13 29 36 32 33
Current Deferred Revenue		 128 133 134 135 141 141 137 136
Other Current Liabilities		 5.92 6.21 6.09 6.18 23 24 25 26
Other Current Nonoperating Liabilities		 - - - - - - - 142
Total Noncurrent Liabilities		 595 588 587 653 657 663 685 573
Long-Term Debt		 444 429 423 483 481 482 480 482
Noncurrent Deferred Revenue		 22 22 22 21 22 21 22 22
Noncurrent Deferred & Payable Income Tax Liabilities		 6.12 2.97 2.97 2.97 2.96 2.97 2.96 2.96
Other Noncurrent Operating Liabilities		 124 135 139 146 152 157 180 66
Total Equity & Noncontrolling Interests		 30 -16 -33 -53 -108 -122 -144 -181
Total Preferred & Common Equity		 30 -16 -33 -53 -108 -122 -144 -181
Total Common Equity		 30 -16 -33 -53 -108 -122 -144 -181
Common Stock		 47 50 52 54 57 59 60 63
Retained Earnings		 -17 -67 -85 -108 -165 -181 -204 -244
Accumulated Other Comprehensive Income / (Loss)		 0.14 0.43 0.13 0.54 -0.36 0.36 -0.43 -0.19

Annual Metrics And Ratios for Tucows

This table displays calculated financial ratios and metrics derived from Tucows' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 10,448,283.00 10,577,549.00 10,615,925.00 10,572,244.00 10,606,267.00 10,699,567.00 10,793,390.00 10,895,180.00 - 11,103,919.00
DEI Adjusted Shares Outstanding		 0.00 10,448,283.00 10,577,549.00 10,615,925.00 10,572,244.00 10,606,267.00 10,699,567.00 10,793,390.00 10,895,180.00 - 11,103,919.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 1.45 2.07 1.61 1.46 0.54 0.31 -2.55 -8.83 - -6.83
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 17.19% 10.56% 73.54% 5.04% -2.56% -7.69% -2.21% 5.52% 5.67% 6.76% 7.74%
EBITDA Growth		 77.18% 43.51% 41.14% 12.64% 8.47% -20.69% 1.71% -33.64% -84.83% -107.83% 7,874.60%
EBIT Growth		 87.88% 41.22% 8.13% 7.96% -1.68% -51.02% -17.28% -212.16% -249.68% -8.54% 76.21%
NOPAT Growth		 75.32% 40.32% 56.73% -23.51% -4.29% -79.81% -196.88% -516.21% -101.04% -2.14% 63.88%
Net Income Growth		 78.44% 41.26% 38.96% -23.25% -10.14% -62.50% -41.75% -919.59% -248.91% -14.20% 30.99%
EPS Growth		 85.19% 50.00% 38.00% -23.19% -10.06% -62.24% -42.59% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 88.99% 34.17% 41.70% 16.66% 8.52% -10.65% -17.86% -32.94% -124.00% -313.85% 70.84%
Free Cash Flow Firm Growth		 23,300.23% -62.48% -1,253.36% 113.03% -583.26% 27.10% -195.90% 53.22% -111.26% 69.78% -258.43%
Invested Capital Growth		 -8.14% 43.37% 233.52% 9.58% 42.18% 16.45% 35.12% 5.21% 11.19% -6.25% 23.56%
Revenue Q/Q Growth		 3.88% 2.56% 14.54% -1.43% 0.10% -4.65% 4.00% -1.10% 2.43% 1.72% 1.45%
EBITDA Q/Q Growth		 11.81% 4.26% 25.61% 0.28% 1.54% -9.46% 1.05% -26.14% 7.58% -101.86% 104.53%
EBIT Q/Q Growth		 11.62% 3.22% 24.82% -1.42% -2.13% -24.60% -10.14% -1,468.47% -8.09% -41.22% 63.05%
NOPAT Q/Q Growth		 11.53% -1.26% 61.59% -28.69% 12.54% -67.70% 30.85% -57.93% -5.12% -26.82% 47.04%
Net Income Q/Q Growth		 12.19% -1.70% 60.11% -28.30% 9.54% -43.71% -49.22% -71.32% -11.51% -21.05% 21.24%
EPS Q/Q Growth		 9.89% 1.35% 59.23% -28.05% 10.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 13.94% 23.26% 18.66% -8.40% 6.68% -24.26% 42.95% -27.77% 56.12% -232.02% 27.54%
Free Cash Flow Firm Q/Q Growth		 70.50% 440.87% 9.95% -53.57% -7.55% -118.13% -40.92% 46.63% 10.58% 8.10% -332.89%
Invested Capital Q/Q Growth		 12.80% -4.06% 1.28% 2.07% 4.07% 6.98% 15.30% -0.58% -3.72% -7.20% 44.92%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 30.32% 33.22% 25.66% 27.97% 29.89% 27.47% 25.73% 24.37% 19.65% 22.92% 24.07%
EBITDA Margin		 11.51% 14.95% 12.16% 13.03% 14.51% 12.47% 12.97% 8.15% 1.17% -0.07% 9.96%
Operating Margin		 10.49% 13.20% 8.22% 8.47% 8.70% 2.22% -2.55% -9.86% -18.76% -17.95% -6.02%
EBIT Margin		 10.54% 13.47% 8.39% 8.62% 8.70% 4.62% 3.91% -4.15% -13.74% -13.97% -3.08%
Profit (Net Income) Margin		 6.62% 8.46% 6.78% 4.95% 4.57% 1.86% 1.11% -8.59% -28.35% -30.33% -19.43%
Tax Burden Percent		 63.39% 63.98% 92.74% 65.51% 62.67% 53.67% 46.27% 99.22% 93.33% 107.84% 112.64%
Interest Burden Percent		 99.12% 98.24% 87.10% 87.64% 83.75% 74.87% 61.16% 208.43% 221.09% 201.34% 559.24%
Effective Tax Rate		 36.61% 36.02% 7.26% 34.49% 37.33% 46.33% 53.73% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 43.49% 52.38% 32.14% 15.25% 11.53% 1.83% -1.40% -7.33% -13.61% -13.63% -4.52%
ROIC Less NNEP Spread (ROIC-NNEP)		 44.24% 51.45% 21.82% 11.50% 7.41% 3.83% 3.35% -10.08% -32.44% -30.71% -16.56%
Return on Net Nonoperating Assets (RNNOA)		 -8.50% -6.65% 11.53% 9.03% 6.18% 3.98% 4.46% -18.71% -166.99% 270.83% 62.96%
Return on Equity (ROE)		 34.99% 45.73% 43.67% 24.28% 17.70% 5.81% 3.06% -26.04% -180.60% 257.21% 58.43%
Cash Return on Invested Capital (CROIC)		 51.98% 16.74% -75.59% 6.11% -23.31% -13.37% -31.28% -12.41% -24.21% -7.17% -25.60%
Operating Return on Assets (OROA)		 14.20% 18.03% 10.95% 8.65% 7.67% 3.27% 2.40% -2.21% -6.37% -6.50% -1.62%
Return on Assets (ROA)		 8.92% 11.33% 8.84% 4.97% 4.02% 1.32% 0.68% -4.58% -13.15% -14.11% -10.18%
Return on Common Equity (ROCE)		 33.36% 41.75% 41.87% 24.09% 17.70% 5.81% 3.06% -26.04% -180.60% 257.21% 58.43%
Return on Equity Simple (ROE_SIMPLE)		 43.20% 42.49% 37.08% 21.48% 16.35% 5.52% 2.92% -28.52% 0.00% 115.28% 0.00%
Net Operating Profit after Tax (NOPAT)		 11 16 25 19 18 3.71 -3.60 -22 -45 -46 -16
NOPAT Margin		 6.65% 8.44% 7.62% 5.55% 5.45% 1.19% -1.18% -6.90% -13.13% -12.56% -4.21%
Net Nonoperating Expense Percent (NNEP)		 -0.74% 0.93% 10.32% 3.75% 4.12% -2.00% -4.75% 2.75% 18.84% 17.08% 12.04%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -6.60% -10.06% -11.77% -5.19%
Cost of Revenue to Revenue		 69.68% 66.78% 74.34% 72.03% 70.11% 72.53% 74.27% 75.63% 80.35% 77.08% 75.93%
SG&A Expenses to Revenue		 6.21% 6.01% 4.13% 5.12% 5.30% 6.51% 7.35% 9.60% 9.84% 10.23% 10.99%
R&D to Revenue		 2.62% 2.37% 2.20% 2.53% 2.88% 3.99% 4.70% 4.42% 5.66% 5.14% 4.56%
Operating Expenses to Revenue		 19.83% 20.02% 17.44% 19.49% 21.19% 25.25% 28.28% 34.22% 38.40% 40.86% 30.09%
Earnings before Interest and Taxes (EBIT)		 18 26 28 30 29 14 12 -13 -47 -51 -12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 20 28 40 45 49 39 39 26 3.97 -0.25 39
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 9.74 12.31 7.99 6.93 7.49 7.79 3.79 29.79 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.00 1.94 2.25 1.84 1.94 2.52 2.95 1.14 0.87 0.52 0.64
Price to Earnings (P/E)		 0.00 24.24 33.77 37.21 42.42 135.71 266.60 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 4.13% 2.96% 2.69% 2.36% 0.74% 0.38% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 10.17 6.66 5.23 3.98 4.11 3.65 1.87 1.82 1.88 1.69
Enterprise Value to Revenue (EV/Rev)		 0.00 1.93 2.43 1.99 2.21 2.88 3.54 1.80 1.85 1.68 1.74
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 12.92 20.00 15.29 15.25 23.12 27.28 22.13 158.38 0.00 17.44
Enterprise Value to EBIT (EV/EBIT)		 0.00 14.34 28.98 23.11 25.44 62.43 90.56 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 22.87 31.89 35.89 40.59 241.65 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 16.28 25.11 18.53 18.48 24.86 36.32 29.16 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 71.58 0.00 89.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.12 0.25 1.25 0.81 1.21 1.16 1.66 2.47 43.87 -5.06 -2.93
Long-Term Debt to Equity		 0.00 0.20 0.96 0.58 1.21 1.16 1.66 2.47 43.87 -5.06 -2.93
Financial Leverage		 -0.19 -0.13 0.53 0.79 0.83 1.04 1.33 1.86 5.15 -8.82 -3.80
Leverage Ratio		 3.92 4.04 4.94 4.89 4.40 4.41 4.51 5.69 13.73 -18.23 -5.74
Compound Leverage Factor		 3.89 3.96 4.30 4.29 3.68 3.30 2.76 11.85 30.37 -36.70 -32.10
Debt to Total Capital		 10.65% 20.04% 55.63% 44.74% 54.65% 53.76% 62.37% 71.20% 97.77% 124.64% 151.80%
Short-Term Debt to Total Capital		 10.65% 4.37% 13.23% 12.74% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 15.67% 42.41% 32.00% 54.65% 53.76% 62.37% 71.20% 97.77% 124.64% 151.80%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 9.24% 6.03% 0.82% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 80.11% 73.93% 43.55% 55.26% 45.35% 46.24% 37.63% 28.80% 2.23% -24.64% -51.80%
Debt to EBITDA		 0.18 0.36 1.92 1.43 2.32 3.14 4.83 9.12 109.08 -1,912.98 12.38
Net Debt to EBITDA		 -0.21 -0.17 1.47 1.15 1.90 2.92 4.55 8.15 84.32 -1,660.83 11.04
Long-Term Debt to EBITDA		 0.00 0.28 1.46 1.02 2.32 3.14 4.83 9.12 109.08 -1,912.98 12.38
Debt to NOPAT		 0.31 0.64 3.06 3.36 6.17 32.79 -53.03 -10.78 -9.72 -10.59 -29.27
Net Debt to NOPAT		 -0.37 -0.30 2.34 2.70 5.06 30.55 -49.94 -9.63 -7.52 -9.20 -26.10
Long-Term Debt to NOPAT		 0.00 0.50 2.33 2.40 6.17 32.79 -53.03 -10.78 -9.72 -10.59 -29.27
Altman Z-Score		 0.00 3.90 2.82 2.91 2.42 2.34 2.06 0.89 0.45 0.12 0.00
Noncontrolling Interest Sharing Ratio		 4.67% 8.71% 4.13% 0.81% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.87 0.99 0.86 0.80 0.93 0.87 0.85 0.90 1.21 1.03 0.61
Quick Ratio		 0.19 0.31 0.17 0.14 0.22 0.15 0.14 0.22 0.57 0.39 0.22
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 14 5.12 -59 7.69 -37 -27 -80 -38 -79 -24 -93
Operating Cash Flow to CapEx		 565.39% 284.28% 246.59% 133.27% 91.63% 81.20% 40.79% 14.54% -5.18% -35.31% 0.00%
Free Cash Flow to Firm to Interest Expense		 85.83 11.38 -16.56 2.09 -7.80 -7.51 -17.37 0.00 -5.40 0.00 0.00
Operating Cash Flow to Interest Expense		 105.50 50.02 8.94 10.09 8.47 9.99 6.42 0.00 -0.33 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 86.84 32.42 5.32 2.52 -0.77 -2.31 -9.32 0.00 -6.60 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.35 1.34 1.30 1.00 0.88 0.71 0.61 0.53 0.46 0.47 0.52
Accounts Receivable Turnover		 24.60 20.98 28.27 29.81 26.55 20.68 20.21 19.47 16.71 16.82 17.20
Inventory Turnover		 184.39 119.90 117.89 74.19 65.37 84.67 87.75 46.00 38.76 51.90 0.00
Fixed Asset Turnover		 39.30 18.45 17.31 9.52 5.18 3.12 2.10 1.41 1.09 1.08 1.27
Accounts Payable Turnover		 30.89 28.32 41.46 32.22 31.27 34.73 27.66 17.87 18.27 25.75 7.85
Days Sales Outstanding (DSO)		 14.84 17.40 12.91 12.24 13.75 17.65 18.06 18.74 21.84 21.70 21.22
Days Inventory Outstanding (DIO)		 1.98 3.04 3.10 4.92 5.58 4.31 4.16 7.94 9.42 7.03 0.00
Days Payable Outstanding (DPO)		 11.82 12.89 8.80 11.33 11.67 10.51 13.20 20.43 19.98 14.17 46.50
Cash Conversion Cycle (CCC)		 5.00 7.55 7.20 5.84 7.66 11.45 9.02 6.25 11.28 14.56 -25.29
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 25 36 120 132 187 218 295 310 345 323 402
Invested Capital Turnover		 6.54 6.20 4.22 2.75 2.11 1.54 1.19 1.06 1.04 1.08 1.07
Increase / (Decrease) in Invested Capital		 -2.23 11 84 12 56 31 77 15 35 -22 77
Enterprise Value (EV)		 0.00 367 801 690 746 897 1,076 580 629 607 678
Market Capitalization		 0.00 368 741 638 653 784 897 366 294 189 249
Book Value per Share		 $2.40 $3.62 $5.69 $7.51 $8.91 $9.87 $10.76 $8.96 $0.91 ($8.66) ($14.79)
Tangible Book Value per Share		 ($0.83) ($0.30) ($8.34) ($5.62) ($6.93) ($5.57) ($6.14) ($6.81) ($13.77) ($22.76) ($28.31)
Total Capital		 33 51 138 144 208 226 306 336 443 387 317
Total Debt		 3.50 10 77 65 114 122 191 239 433 482 481
Total Long-Term Debt		 0.00 8.02 59 46 114 122 191 239 433 482 481
Net Debt		 -4.22 -4.86 59 52 93 113 180 213 335 419 429
Capital Expenditures (CapEx)		 2.97 7.92 13 28 44 44 73 137 92 56 -2.36
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -15 -14 -24 -28 -32 -30 -36 -42 -55 -56 -179
Debt-free Net Working Capital (DFNWC)		 -6.89 1.09 -6.41 -15 -11 -22 -27 -18 41 5.53 -127
Net Working Capital (NWC)		 -10 -1.15 -25 -33 -11 -22 -27 -18 41 5.53 -127
Net Nonoperating Expense (NNE)		 0.05 -0.04 2.79 2.08 2.99 -2.06 -6.96 5.41 52 64 59
Net Nonoperating Obligations (NNO)		 -4.22 -4.86 59 52 93 113 180 213 335 419 566
Total Depreciation and Amortization (D&A)		 1.67 2.81 12 15 20 24 28 40 51 50 51
Debt-free, Cash-free Net Working Capital to Revenue		 -8.51% -7.39% -7.42% -7.99% -9.38% -9.66% -11.76% -13.01% -16.18% -15.46% -45.97%
Debt-free Net Working Capital to Revenue		 -4.02% 0.57% -1.95% -4.34% -3.33% -6.99% -8.77% -5.69% 12.21% 1.53% -32.62%
Net Working Capital to Revenue		 -6.05% -0.60% -7.50% -9.66% -3.33% -6.99% -8.77% -5.69% 12.21% 1.53% -32.62%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.04 $1.53 $2.12 $1.62 $1.45 $0.55 $0.32 $0.00 ($8.85) ($10.02) ($6.85)
Adjusted Weighted Average Basic Shares Outstanding		 10.97M 10.52M 10.54M 10.60M 10.62M 10.59M 10.66M 0.00 10.86M 10.97M 11.07M
Adjusted Diluted Earnings per Share		 $1.00 $1.50 $2.07 $1.59 $1.43 $0.54 $0.31 $0.00 ($8.85) $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 11.36M 10.71M 10.79M 10.79M 10.77M 10.69M 10.82M 0.00 10.86M 11.03M 11.13M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 10.69M 10.49M 10.59M 10.64M 10.62M 10.62M 10.76M 0.00 10.93M 11.03M 11.13M
Normalized Net Operating Profit after Tax (NOPAT)		 12 16 25 19 18 4.47 -5.28 -22 -45 -25 -13
Normalized NOPAT Margin		 6.73% 8.46% 7.66% 5.55% 5.47% 1.44% -1.73% -6.80% -13.13% -7.02% -3.34%
Pre Tax Income Margin		 10.45% 13.23% 7.31% 7.56% 7.29% 3.46% 2.39% -8.65% -30.37% -28.12% -17.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 113.83 56.81 7.75 8.09 6.15 3.98 2.57 0.00 -3.18 0.00 0.00
NOPAT to Interest Expense		 71.81 35.61 7.04 5.21 3.86 1.03 -0.78 0.00 -3.04 0.00 0.00
EBIT Less CapEx to Interest Expense		 95.17 39.21 4.12 0.52 -3.09 -8.33 -13.16 0.00 -9.45 0.00 0.00
NOPAT Less CapEx to Interest Expense		 53.15 18.02 3.41 -2.36 -5.39 -11.28 -16.52 0.00 -9.31 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 207.64% 44.69% 0.00% 0.00% 32.38% 56.81% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Tucows

This table displays calculated financial ratios and metrics derived from Tucows' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 10,862,785.00 10,895,180.00 10,928,623.00 10,950,656.00 10,977,814.00 - 11,032,586.00 11,057,112.00 11,078,410.00 11,103,919.00 11,128,972.00
DEI Adjusted Shares Outstanding		 10,862,785.00 10,895,180.00 10,928,623.00 10,950,656.00 10,977,814.00 - 11,032,586.00 11,057,112.00 11,078,410.00 11,103,919.00 11,128,972.00
DEI Earnings Per Adjusted Shares Outstanding		 -2.10 -2.15 -2.42 -1.70 -2.03 - -1.37 -1.41 -2.08 -1.98 -1.63
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 11.43% 10.20% 8.74% 5.23% 6.12% 7.06% 8.18% 10.11% 6.78% 5.99% 2.16%
EBITDA Growth		 -101.36% -19.22% 92.82% 124.79% 7,788.00% -1,178.39% 13,854.08% 71.66% 3.85% 145.91% -23.76%
EBIT Growth		 -175.21% -40.81% 0.64% 45.18% 52.33% -122.68% 105.03% 105.15% -8.71% 76.62% -386.38%
NOPAT Growth		 -83.00% -23.87% 4.42% 34.38% 41.47% -85.39% 87.69% 66.51% 4.68% 69.87% -111.85%
Net Income Growth		 -185.33% -73.85% -38.78% 39.93% 2.09% -81.72% 42.86% 15.95% -3.24% 48.13% -19.65%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 -587.41% 210.34% -8.13% -196.66% 34.20% -153.26% -98.15% 239.46% 133.61% 45.63% 131.32%
Free Cash Flow Firm Growth		 7.26% -88.01% -615,743.21% 89.71% 104.79% 101.44% 119.09% 1,572.35% 2,205.16% -6,042.28% -804.23%
Invested Capital Growth		 14.83% 11.19% 12.69% -0.96% -2.74% -6.25% -3.22% -12.01% -20.38% 23.56% 19.45%
Revenue Q/Q Growth		 2.35% -0.01% 0.57% 2.25% 3.21% 0.87% 1.62% 4.07% 0.10% 0.11% -2.04%
EBITDA Q/Q Growth		 -102.21% 2,796.00% -107.73% 7,873.47% -24.31% -336.49% 197.77% -2.98% -54.21% 5.69% 62.38%
EBIT Q/Q Growth		 -45.88% 6.35% -6.58% 62.35% -26.85% -337.48% 102.41% -61.46% -2,775.50% 5.90% 70.49%
NOPAT Q/Q Growth		 -31.04% 6.21% -2.60% 47.96% -16.87% -197.10% 93.19% -41.61% -232.65% 6.09% 52.11%
Net Income Q/Q Growth		 26.47% -2.64% -13.31% 29.75% -19.85% -90.50% 64.37% -3.33% -47.21% 4.30% 17.81%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 -337.05% 229.80% -163.07% 17.08% 3.06% -5.06% -134.64% 158.36% -76.64% -269.95% 235.17%
Free Cash Flow Firm Q/Q Growth		 -124.13% 21.10% -8.49% 94.64% 204.23% -76.26% 805.40% 313.73% 63.19% -228.97% 19.12%
Invested Capital Q/Q Growth		 2.84% -3.72% -1.33% 1.38% 0.98% -7.20% 1.24% -7.83% -8.63% 44.92% -2.13%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 19.26% 20.49% 20.94% 23.27% 24.04% 23.32% 24.87% 22.46% 24.53% 24.46% 24.96%
EBITDA Margin		 -0.09% 2.33% -0.11% 8.52% 6.25% -14.69% 14.25% 13.28% 6.08% 6.41% 10.63%
Operating Margin		 -19.74% -18.52% -18.89% -9.61% -10.89% -32.06% -2.15% -2.92% -9.72% -9.12% -4.46%
EBIT Margin		 -14.78% -13.84% -14.67% -5.40% -6.64% -28.80% 0.68% 0.25% -6.76% -6.35% -1.91%
Profit (Net Income) Margin		 -26.18% -26.88% -30.28% -20.80% -24.16% -45.62% -16.00% -15.88% -23.36% -22.33% -18.73%
Tax Burden Percent		 96.52% 94.67% 107.18% 107.02% 115.99% 104.73% 116.70% 116.94% 111.94% 107.95% 115.22%
Interest Burden Percent		 183.54% 205.08% 192.58% 359.84% 313.69% 151.28% -2,007.28% -5,370.28% 308.66% 325.54% 849.46%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -13.66% -13.43% -14.26% -6.81% -7.68% -24.34% -1.66% -2.39% -8.37% -6.85% -3.39%
ROIC Less NNEP Spread (ROIC-NNEP)		 -17.69% -17.85% -19.42% -10.54% -11.87% -30.07% -5.11% -5.78% -12.33% -10.04% -6.37%
Return on Net Nonoperating Assets (RNNOA)		 -69.72% -91.86% -176.34% -394.50% 375.92% 265.23% 32.68% 30.00% 51.47% 38.17% 22.26%
Return on Equity (ROE)		 -83.38% -105.29% -190.61% -401.31% 368.24% 240.89% 31.02% 27.62% 43.10% 31.32% 18.88%
Cash Return on Invested Capital (CROIC)		 -26.46% -24.21% -25.65% -10.83% -7.38% -7.17% -7.30% 3.10% 12.77% -25.60% -22.72%
Operating Return on Assets (OROA)		 -6.71% -6.42% -6.95% -2.37% -2.93% -13.40% 0.33% 0.13% -3.39% -3.33% -1.02%
Return on Assets (ROA)		 -11.89% -12.47% -14.35% -9.11% -10.67% -21.23% -7.76% -8.01% -11.71% -11.70% -9.99%
Return on Common Equity (ROCE)		 -83.38% -105.29% -190.61% -401.31% 368.24% 240.89% 31.02% 27.62% 43.10% 31.32% 18.88%
Return on Equity Simple (ROE_SIMPLE)		 -287.13% 0.00% 649.76% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -12 -11 -12 -6.02 -7.03 -21 -1.42 -2.02 -6.70 -6.30 -3.01
NOPAT Margin		 -13.82% -12.96% -13.22% -6.73% -7.62% -22.44% -1.50% -2.05% -6.80% -6.38% -3.12%
Net Nonoperating Expense Percent (NNEP)		 4.03% 4.41% 5.16% 3.73% 4.19% 5.73% 3.45% 3.39% 3.97% 3.19% 2.98%
Return On Investment Capital (ROIC_SIMPLE)		 - -2.54% -2.80% -1.54% -1.64% -5.40% -0.38% -0.56% -2.00% -1.99% -1.00%
Cost of Revenue to Revenue		 80.74% 79.51% 79.06% 76.73% 75.96% 76.68% 75.13% 77.54% 75.47% 75.54% 75.04%
SG&A Expenses to Revenue		 10.81% 8.94% 11.23% 10.27% 12.44% 7.06% 9.77% 9.81% 9.79% 14.52% 10.17%
R&D to Revenue		 5.54% 5.75% 5.74% 5.06% 5.00% 4.81% 4.66% 4.41% 4.75% 4.44% 4.58%
Operating Expenses to Revenue		 39.00% 39.01% 39.83% 32.89% 34.93% 55.39% 27.02% 25.38% 34.25% 33.57% 29.42%
Earnings before Interest and Taxes (EBIT)		 -13 -12 -13 -4.83 -6.13 -27 0.65 0.25 -6.66 -6.27 -1.85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.08 2.02 -0.10 7.62 5.77 -14 13 13 5.99 6.33 10
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 7.38 29.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.67 0.87 0.58 0.60 0.64 0.52 0.50 0.58 0.53 0.64 0.49
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.54 1.82 1.64 1.71 1.81 1.88 1.89 2.12 2.26 1.69 1.59
Enterprise Value to Revenue (EV/Rev)		 1.66 1.85 1.61 1.68 1.77 1.68 1.69 1.70 1.63 1.74 1.59
Enterprise Value to EBITDA (EV/EBITDA)		 148.91 158.38 124.53 67.66 43.34 0.00 47.70 34.24 32.99 17.44 17.48
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 69.16
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 64.01 15.69 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 14.78 43.87 -26.89 -12.80 -9.10 -5.06 -4.44 -3.96 -3.33 -2.93 -2.66
Long-Term Debt to Equity		 14.78 43.87 -26.89 -12.80 -9.10 -5.06 -4.44 -3.96 -3.33 -2.93 -2.66
Financial Leverage		 3.94 5.15 9.08 37.43 -31.68 -8.82 -6.39 -5.19 -4.17 -3.80 -3.50
Leverage Ratio		 10.76 13.73 22.95 88.79 -70.04 -18.23 -12.26 -9.70 -7.78 -5.74 -5.08
Compound Leverage Factor		 19.75 28.17 44.19 319.49 -219.70 -27.58 246.00 520.67 -24.03 -18.69 -43.15
Debt to Total Capital		 93.66% 97.77% 103.86% 108.47% 112.35% 124.64% 129.07% 133.79% 142.87% 151.80% 160.25%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 93.66% 97.77% 103.86% 108.47% 112.35% 124.64% 129.07% 133.79% 142.87% 151.80% 160.25%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 6.34% 2.23% -3.86% -8.47% -12.35% -24.64% -29.07% -33.79% -42.87% -51.80% -60.25%
Debt to EBITDA		 120.25 109.08 95.63 48.59 33.18 -1,912.98 36.76 25.65 25.26 12.38 13.52
Net Debt to EBITDA		 88.86 84.32 79.43 43.38 27.58 -1,660.83 33.46 22.64 22.17 11.04 12.13
Long-Term Debt to EBITDA		 120.25 109.08 95.63 48.59 33.18 -1,912.98 36.76 25.65 25.26 12.38 13.52
Debt to NOPAT		 -10.47 -9.72 -9.74 -10.36 -13.46 -10.59 -13.59 -15.36 -15.47 -29.27 -26.75
Net Debt to NOPAT		 -7.74 -7.52 -8.09 -9.25 -11.19 -9.20 -12.37 -13.56 -13.58 -26.10 -23.99
Long-Term Debt to NOPAT		 -10.47 -9.72 -9.74 -10.36 -13.46 -10.59 -13.59 -15.36 -15.47 -29.27 -26.75
Altman Z-Score		 0.61 0.59 0.43 0.42 0.43 0.23 0.32 0.34 0.27 0.03 -0.04
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.41 1.21 1.03 0.93 1.11 1.03 1.01 1.06 1.07 0.61 0.59
Quick Ratio		 0.72 0.57 0.41 0.28 0.47 0.39 0.32 0.38 0.42 0.22 0.21
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -58 -46 -50 -2.68 2.79 0.66 9.52 39 64 -83 -67
Operating Cash Flow to CapEx		 -30.73% 61.75% -39.65% -29.50% -31.44% -41.10% -251.64% 0.00% 0.00% -66.78% 71.19%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.45 0.46 0.47 0.44 0.44 0.47 0.49 0.50 0.50 0.52 0.53
Accounts Receivable Turnover		 17.03 16.71 15.80 16.92 16.53 16.82 16.87 17.94 16.42 17.20 15.12
Inventory Turnover		 38.82 38.76 43.60 41.53 43.97 51.90 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 1.13 1.09 1.06 1.04 1.04 1.08 1.10 1.15 1.20 1.27 1.31
Accounts Payable Turnover		 17.57 18.27 18.73 23.90 26.62 25.75 13.50 12.29 14.22 7.85 9.61
Days Sales Outstanding (DSO)		 21.43 21.84 23.11 21.58 22.08 21.70 21.64 20.34 22.23 21.22 24.15
Days Inventory Outstanding (DIO)		 9.40 9.42 8.37 8.79 8.30 7.03 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 20.78 19.98 19.49 15.27 13.71 14.17 27.03 29.69 25.67 46.50 37.97
Cash Conversion Cycle (CCC)		 10.06 11.28 11.99 15.09 16.67 14.56 -5.39 -9.35 -3.44 -25.29 -13.83
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 358 345 340 345 348 323 329 303 277 402 393
Invested Capital Turnover		 0.99 1.04 1.08 1.01 1.01 1.08 1.10 1.17 1.23 1.07 1.09
Increase / (Decrease) in Invested Capital		 46 35 38 -3.34 -9.82 -22 -11 -41 -71 77 64
Enterprise Value (EV)		 550 629 558 590 631 607 624 643 627 678 624
Market Capitalization		 222 294 202 212 229 189 186 218 206 249 191
Book Value per Share		 $2.77 $0.91 ($1.46) ($3.02) ($4.83) ($8.66) ($9.81) ($11.01) ($13.00) ($14.79) ($16.29)
Tangible Book Value per Share		 ($12.19) ($13.77) ($15.99) ($17.37) ($19.08) ($22.76) ($23.77) ($24.78) ($26.67) ($28.31) ($29.76)
Total Capital		 474 443 413 390 430 387 372 360 336 317 301
Total Debt		 444 433 429 423 483 482 481 482 480 481 482
Total Long-Term Debt		 444 433 429 423 483 482 481 482 480 481 482
Net Debt		 328 335 356 378 401 419 438 425 421 429 433
Capital Expenditures (CapEx)		 23 15 14 16 15 12 4.47 -7.20 -3.54 3.90 4.95
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -36 -55 -65 -59 -57 -56 -42 -46 -44 -179 -187
Debt-free Net Working Capital (DFNWC)		 78 41 5.74 -15 23 5.53 1.52 11 14 -127 -137
Net Working Capital (NWC)		 78 41 5.74 -15 23 5.53 1.52 11 14 -127 -137
Net Nonoperating Expense (NNE)		 11 12 15 13 15 22 14 14 16 16 15
Net Nonoperating Obligations (NNO)		 328 335 356 378 401 419 438 425 421 566 575
Total Depreciation and Amortization (D&A)		 13 14 13 12 12 13 13 13 13 13 12
Debt-free, Cash-free Net Working Capital to Revenue		 -10.86% -16.18% -18.73% -16.70% -15.95% -15.46% -11.28% -12.04% -11.52% -45.97% -47.59%
Debt-free Net Working Capital to Revenue		 23.51% 12.21% 1.66% -4.35% 6.38% 1.53% 0.41% 2.93% 3.74% -32.62% -34.93%
Net Working Capital to Revenue		 23.51% 12.21% 1.66% -4.35% 6.38% 1.53% 0.41% 2.93% 3.74% -32.62% -34.93%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($2.09) ($2.13) ($2.42) ($1.70) ($2.03) ($3.87) ($1.37) ($1.41) ($2.08) ($1.99) ($1.63)
Adjusted Weighted Average Basic Shares Outstanding		 10.87M 10.86M 10.92M 10.95M 10.98M 10.97M 11.03M 11.06M 11.08M 11.07M 11.12M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 10.90M 10.93M 10.95M 10.98M 11.00M 11.03M 11.06M 11.08M 11.10M 11.13M 11.15M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 10.90M 10.93M 10.95M 10.98M 11.00M 11.03M 11.06M 11.08M 11.10M 11.13M 11.15M
Normalized Net Operating Profit after Tax (NOPAT)		 -12 -11 -12 -6.02 -7.03 -21 -1.42 -3.27 -1.97 -6.30 -2.40
Normalized NOPAT Margin		 -13.82% -12.96% -13.22% -6.73% -7.62% -22.44% -1.50% -3.32% -2.00% -6.38% -2.48%
Pre Tax Income Margin		 -27.13% -28.39% -28.25% -19.44% -20.83% -43.56% -13.71% -13.58% -20.86% -20.68% -16.26%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Tucows Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tucows' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Tucows' net income appears to be on an upward trend, with a most recent value of -$75.82 million in 2025, falling from $11.37 million in 2015. The previous period was -$109.86 million in 2024. See where experts think Tucows is headed by visiting Tucows' forecast page.

Tucows' total operating income in 2025 was -$23.48 million, based on the following breakdown:
  • Total Gross Profit: $93.95 million
  • Total Operating Expenses: $117.44 million

Over the last 10 years, Tucows' total revenue changed from $171.69 million in 2015 to $390.30 million in 2025, a change of 127.3%.

Tucows' total liabilities were at $895.11 million at the end of 2025, a 4.8% increase from 2024, and a 797.2% increase since 2015.

In the past 10 years, Tucows' cash and equivalents has ranged from $7.72 million in 2015 to $92.69 million in 2023, and is currently $46.76 million as of their latest financial filing in 2025.

Over the last 10 years, Tucows' book value per share changed from 2.40 in 2015 to -14.79 in 2025, a change of -716.0%.


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Financial statements for NASDAQ:TCX last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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