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TUCOWS INC /PA/

TCX Clue Score33
Ontario, Canada Fiscal year ends December CIK 0000909494
$9.14 -5.38% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $9.14 −88.34% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue189.8Operating income25.0Net income16.1EPS, diluted1.50Fiscal year 2017Revenue329.4 +73.5%Operating income27.1Net income22.3 +39.0%EPS, diluted2.07 +38.0%Fiscal year 2018Revenue346.0 +5.0%Operating income29.3Net income17.1 −23.3%EPS, diluted1.59 −23.2%Fiscal year 2019Revenue337.1 −2.6%Operating income29.3Net income15.4 −10.1%EPS, diluted1.43 −10.1%Fiscal year 2020Revenue311.2 −7.7%Operating income6.9Net income5.8 −62.5%EPS, diluted0.54 −62.2%Fiscal year 2021Revenue304.3 −2.2%Operating income−7.8Net income3.4 −41.7%EPS, diluted0.31 −42.6%Fiscal year 2022Revenue321.1 +5.5%Operating income−31.7Net income−27.6 −919.6%EPS, diluted−2.56 −925.8%Fiscal year 2023Revenue339.3 +5.7%Operating income−63.7Net income−96.2EPS, diluted−8.85Fiscal year 2024Revenue362.3 +6.8%Operating income−65.0Net income−109.9Fiscal year 2025Revenue390.3 +7.7%Operating income−23.5Net income−75.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 189.8 329.4 346.0 337.1 311.2 304.3 321.1 339.3 362.3 390.3
Growth +73.5% +5.0% −2.6% −7.7% −2.2% +5.5% +5.7% +6.8% +7.7%
Operating income 25.0 27.1 29.3 29.3 6.9 −7.8 −31.7 −63.7 −65.0 −23.5
Net income 16.1 22.3 17.1 15.4 5.8 3.4 −27.6 −96.2 −109.9 −75.8
Growth +39.0% −23.3% −10.1% −62.5% −41.7% −919.6%
EPS, diluted 1.50 2.07 1.59 1.43 0.54 0.31 −2.56 −8.85 n/a n/a
Growth +38.0% −23.2% −10.1% −62.2% −42.6% −925.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin33.2%Operating margin13.2%Net margin8.5%Free cash flow margin7.7%Fiscal year 2017Gross margin25.7%Operating margin8.2%Net margin6.8%Free cash flow margin5.8%Fiscal year 2018Gross margin28.0%Operating margin8.5%Net margin5.0%Free cash flow margin2.7%Fiscal year 2019Gross margin29.9%Operating margin8.7%Net margin4.6%Free cash flow margin−1.1%Fiscal year 2020Gross margin27.5%Operating margin2.2%Net margin1.9%Free cash flow margin−2.7%Fiscal year 2021Gross margin25.7%Operating margin−2.6%Net margin1.1%Free cash flow margin−14.3%Fiscal year 2022Gross margin24.4%Operating margin−9.9%Net margin−8.6%Free cash flow margin−36.4%Fiscal year 2023Gross margin19.6%Operating margin−18.8%Net margin−28.3%Free cash flow margin−28.5%Fiscal year 2024Gross margin22.9%Operating margin−17.9%Net margin−30.3%Free cash flow margin−21.0%Fiscal year 2025Gross margin24.1%Operating margin−6.0%Net margin−19.4%Free cash flow margin−5.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 33.2% 25.7% 28.0% 29.9% 27.5% 25.7% 24.4% 19.6% 22.9% 24.1%
Operating margin 13.2% 8.2% 8.5% 8.7% 2.2% −2.6% −9.9% −18.8% −17.9% −6.0%
Net margin 8.5% 6.8% 5.0% 4.6% 1.9% 1.1% −8.6% −28.3% −30.3% −19.4%
Free cash flow margin 7.7% 5.8% 2.7% −1.1% −2.7% −14.3% −36.4% −28.5% −21.0% −5.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow22.5Capital expenditure−7.9Free cash flow14.6Buybacks−7.2Fiscal year 2017Operating cash flow31.9Capital expenditure−12.9Free cash flow19.0 +29.9%Fiscal year 2018Operating cash flow37.2Capital expenditure−27.9Free cash flow9.3 −51.0%Buybacks0.0Fiscal year 2019Operating cash flow40.4Capital expenditure−44.1Free cash flow−3.7 −139.7%Buybacks−5.0Fiscal year 2020Operating cash flow36.1Capital expenditure−44.4Free cash flow−8.4Buybacks−3.3Fiscal year 2021Operating cash flow29.6Capital expenditure−73.2Free cash flow−43.5Buybacks0.0Fiscal year 2022Operating cash flow19.9Capital expenditure−136.7Free cash flow−116.8Buybacks0.0Fiscal year 2023Operating cash flow−4.8Capital expenditure−92.1Free cash flow−96.8Fiscal year 2024Operating cash flow−19.7Capital expenditure−56.5Free cash flow−76.2Fiscal year 2025Operating cash flow−5.8Capital expenditure−17.1Free cash flow−22.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 22.5 31.9 37.2 40.4 36.1 29.6 19.9 −4.8 −19.7 −5.8
Capital expenditure −7.9 −12.9 −27.9 −44.1 −44.4 −73.2 −136.7 −92.1 −56.5 −17.1
Free cash flow 14.6 19.0 9.3 −3.7 −8.4 −43.5 −116.8 −96.8 −76.2 −22.9
Growth +29.9% −51.0% −139.7%
Buybacks −7.2 n/a 0.0 −5.0 −3.3 0.0 0.0 n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash15.1Total debt10.7Net cash (debt)4.4Shareholders’ equity37.8Debt to equity0.28Fiscal year 2017Cash18.0Total debt77.8Net cash (debt)−59.7Shareholders’ equity60.2Debt to equity1.29Fiscal year 2018Cash12.6Total debt65.2Net cash (debt)−52.5Shareholders’ equity79.8Debt to equity0.82Fiscal year 2019Cash20.4Total debt114.4Net cash (debt)−94.0Shareholders’ equity94.2Debt to equity1.21Fiscal year 2020Cash8.3Total debt122.4Net cash (debt)−114.1Shareholders’ equity104.7Debt to equity1.17Fiscal year 2021Cash9.1Total debt191.4Net cash (debt)−182.3Shareholders’ equity115.1Debt to equity1.66Fiscal year 2022Cash23.5Total debt239.7Net cash (debt)−216.2Shareholders’ equity96.7Debt to equity2.48Fiscal year 2023Cash92.7Total debt211.9Net cash (debt)−119.2Shareholders’ equity9.9Debt to equity21.46Fiscal year 2024Cash56.9Total debt195.4Net cash (debt)−138.5Shareholders’ equity−95.3Fiscal year 2025Cash46.8Total debt190.4Net cash (debt)−143.6Shareholders’ equity−164.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 15.1 18.0 12.6 20.4 8.3 9.1 23.5 92.7 56.9 46.8
Total debt 10.7 77.8 65.2 114.4 122.4 191.4 239.7 211.9 195.4 190.4
Net cash (debt) 4.4 −59.7 −52.5 −94.0 −114.1 −182.3 −216.2 −119.2 −138.5 −143.6
Shareholders’ equity 37.8 60.2 79.8 94.2 104.7 115.1 96.7 9.9 −95.3 −164.2
Debt to equity 0.28 1.29 0.82 1.21 1.17 1.66 2.48 21.46 n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
22.5 31.9 37.2 40.4 36.1 29.6 19.9 −4.8 −19.7 −5.8
Growth +41.7% +16.7% +8.5% −10.6% −17.9% −32.9% −124.0%
Investment
−7.9 −12.9 −27.9 −44.1 −44.4 −73.2 −136.7 −92.1 −56.5 −17.1
calc 14.6 19.0 9.3 −3.7 −8.4 −43.5 −116.8 −96.8 −76.2 −22.9
Growth +29.9% −51.0% −139.7%
calc 1.36 1.76 0.86 −0.34 −0.78 −4.02 −10.85 −8.91 −6.95 −2.07
−14.4 −94.1 −29.7 −76.1 −53.3 −102.0 −137.5 −92.6 −56.5 2.2
Financing
−0.7 65.2 −12.9 43.5 5.1 73.1 132.0 178.8 44.5 −5.4
−7.2 n/a 0.0 −5.0 −3.3 0.0 0.0 n/a n/a n/a

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.