TCXNasdaqServices-Computer Processing & Data PreparationFiscal year ends December 31
TUCOWS INC /PA/
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$9.36−0.81 (-7.96%)
Close on Oct 19, 2026
- Market cap
- $104.35M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
24.1%−3.4 pts over 5 years
Operating margin
-6.0%−8.2 pts over 5 years
Net margin
-19.4%−21.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.7% | +6.7% | +4.6% | +8.6% | |
| Gross profit | +13.2% | +6.3% | +1.9% | +6.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 50.1% | 5.8% | 58.4% | |
| Return on assets | 11.3% | 1.3% | -10.2% | |
| Current ratio | 0.99 | 0.87 | 0.61 | |
| Debt to equity | – | – | -1.78 | |
| Net debt to EBITDA | – | – | -12.27× | |
| Interest coverage | – | – | -0.4× | |
| Inventory turnover | 119.9× | 84.7× | 75.5× | |
| Capex to revenue | 4.2% | 14.3% | 4.4% | |
| Diluted shares | 11M | 11M | 11M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Tucows generated $79.79M from operations and spent $375.51M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$79.79M
Used
$375.51M
Capital expenditure$375.51M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-19.4%
×Asset turnover0.52×
×Equity multiplier-5.74×
=Return on equity, FY202558.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -19.4% | 0.52× | -5.74× | 58.4% |
| FY2024 | -30.3% | 0.47× | -18.23× | 257.2% |
| FY2023 | -28.3% | 0.46× | 13.73× | -180.6% |
| FY2022 | -8.6% | 0.53× | 5.69× | -26.0% |
| FY2021 | 1.1% | 0.61× | 4.51× | 3.1% |
| FY2020 | 1.9% | 0.71× | 4.41× | 5.8% |
| FY2019 | 4.6% | 0.88× | 4.40× | 17.7% |
| FY2018 | 5.0% | 1.00× | 4.93× | 24.5% |
| FY2017 | 6.8% | 1.30× | 5.15× | 45.6% |
| FY2016 | 8.5% | 1.34× | 4.42× | 50.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$75.82M
- Cash generatingOperating cash flow above zero-$5.76M
- Return on assets improvedROA up on the prior year-13.8% → -10.0%
- Earnings backed by cashOperating cash flow above net income-$5.76M vs -$75.82M
- Less leverageLong-term debt to assets fell37.9% → 39.9%
- Better liquidityCurrent ratio rose1.03 → 0.61
- No dilutionShare count did not rise11M → 11M
- Gross margin improvedGross margin up on the prior year22.92% → 24.07%
- More efficientAsset turnover rose0.45 → 0.51