Tucows Inc. (TCX) 10-Year Financial Performance & Capital Metrics

TCX • • Industrial / General

TechnologyInfrastructure SoftwareCommunications & Network InfrastructureCommunications Platforms

AboutTucows Inc. provides network access, domain name registration, email, mobile telephony, and other Internet services in Canada, the United States, and Europe. It operates through three segments: Fiber Internet Services, Mobile Services, and Domain Services. The Fiber Internet Services segment provides fixed high-speed Internet access services to individuals and small businesses primarily through the Ting website, and other billing solutions to small internet service providers. The Mobile Services segment offers mobile phones and retail telephony services; and professional services, including implementation, training, consulting, and software development and modification services, as well as operates Mobile Services Enabler platform that provides network access, provisioning, and billing services. The Domain Services segment provides wholesale and retail domain name registration services; portfolio services; and value-added services, such as hosted email, Internet security services, Internet hosting, WHOIS privacy, publishing tools, and other value-added services for end-users under the OpenSRS, eNom, Ascio, and Hover brands. The company was formerly known as Infonautics, Inc. and changed its name to Tucows Inc. in August 2001. Tucows Inc. was incorporated in 1992 and is headquartered in Toronto, Canada.Show more

Revenue $362M +6.8%
EBITDA -$19M -14.0%
Net Income -$110M -14.2%
EPS (Diluted) -10.02 -13.2%
Gross Margin 22.92% -28.6%
EBITDA Margin -5.35% -6.8%
Operating Margin -17.95% +4.3%
Net Margin -30.33% -7.0%
ROE -
ROIC -11.52% +1.7%
Debt/Equity -
Interest Coverage -1.19 +21.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading near 52-week high

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.39%

5Y1.45%

3Y5.98%

TTM8.03%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-6.07%

EPS CAGR

10Y-

5Y-

3Y-

TTM-5.31%

ROCE

10Y Avg9.71%

5Y Avg-6.1%

3Y Avg-10.21%

Latest-11.25%

Peer Comparison

Communications Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZENVZenvia Inc.	25.72M	0.89	-0.30	18.83%	-10.99%	-16.25%	100%	0.17
TCXTucows Inc.	272.16M	24.51	-2.45	6.76%	-25.02%
SANGSangoma Technologies Corporation	160.06M	4.83	-32.20	-4.28%	-3%	-2.76%	20.58%	0.22
BANDBandwidth Inc.	386.46M	13.53	-56.38	24.52%	-1.54%	-2.97%	18.09%	1.61
FIVNFive9, Inc.	1.49B	19.01	-111.82	14.44%	2.77%	4.03%	5.28%	1.98

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	172.94M	189.82M	329.42M	346.01M	337.14M	311.2M	304.34M	321.14M	339.34M	362.27M
Revenue Growth %	0.17%	0.1%	0.74%	0.05%	-0.03%	-0.08%	-0.02%	0.06%	0.06%	0.07%
Cost of Goods Sold+	119.74M	126.77M	244.9M	249.24M	236.37M	225.72M	226.04M	242.89M	230.48M	279.25M
COGS % of Revenue	0.69%	0.67%	0.74%	0.72%	0.7%	0.73%	0.74%	0.76%	0.68%	0.77%
Gross Profit+	53.2M	63.05M	84.52M	96.77M	100.78M	85.48M	78.29M	78.25M	108.86M	83.03M
Gross Margin %	0.31%	0.33%	0.26%	0.28%	0.3%	0.27%	0.26%	0.24%	0.32%	0.23%
Gross Profit Growth %	0.31%	0.19%	0.34%	0.14%	0.04%	-0.15%	-0.08%	-0%	0.39%	-0.24%
Operating Expenses+	34.19M	38.06M	57.43M	67.19M	71.44M	78.57M	86.07M	109.91M	172.51M	148.04M
OpEx % of Revenue	0.2%	0.2%	0.17%	0.19%	0.21%	0.25%	0.28%	0.34%	0.51%	0.41%
Selling, General & Admin	29.2M	32.16M	43.02M	50.77M	52.15M	54.54M	61.84M	84.78M	101.21M	96.45M
SG&A % of Revenue	0.17%	0.17%	0.13%	0.15%	0.15%	0.18%	0.2%	0.26%	0.3%	0.27%
Research & Development	4.5M	4.49M	7.26M	8.75M	9.72M	12.43M	14.31M	14.19M	622K	18.63M
R&D % of Revenue	0.03%	0.02%	0.02%	0.03%	0.03%	0.04%	0.05%	0.04%	0%	0.05%
Other Operating Expenses	85.87K	516.21K	560.66K	518K	9.57M	11.6M	9.91M	10.94M	70.68M	32.97M
Operating Income+	18.02M	25.05M	27.08M	29.32M	29.34M	6.92M	-7.77M	-31.66M	-63.65M	-65.01M
Operating Margin %	0.1%	0.13%	0.08%	0.08%	0.09%	0.02%	-0.03%	-0.1%	-0.19%	-0.18%
Operating Income Growth %	0.87%	0.39%	0.08%	0.08%	0%	-0.76%	-2.12%	-3.07%	-1.01%	-0.02%
EBITDA+	19.68M	27.82M	39.21M	44.29M	48.63M	30.97M	20.22M	7.92M	-17.01M	-19.39M
EBITDA Margin %	0.11%	0.15%	0.12%	0.13%	0.14%	0.1%	0.07%	0.02%	-0.05%	-0.05%
EBITDA Growth %	0.76%	0.41%	0.41%	0.13%	0.1%	-0.36%	-0.35%	-0.61%	-3.15%	-0.14%
D&A (Non-Cash Add-back)	1.67M	2.78M	12.13M	14.96M	19.29M	24.05M	27.99M	39.58M	46.64M	45.62M
EBIT	18.1M	25.56M	27.64M	29.78M	29.34M	14.37M	11.89M	-13.2M	-58.83M	-47.44M
Net Interest Income+	-159.03K	-450K	-3.57M	-3.69M	-4.77M	-3.61M	-4.62M	-14.46M	-41.77M	-51.27M
Interest Income	0	0	0	0	0	0	0	132K	0	3.16M
Interest Expense	159.03K	449.84K	3.57M	3.69M	4.77M	3.61M	4.62M	14.59M	41.77M	54.43M
Other Income/Expense	-73.15K	65.92K	-3.01M	-3.17M	-4.77M	3.84M	15.04M	3.87M	-39.42M	-36.86M
Pretax Income+	17.94M	25.11M	24.07M	26.16M	24.57M	10.76M	7.27M	-27.79M	-103.07M	-101.87M
Pretax Margin %	0.1%	0.13%	0.07%	0.08%	0.07%	0.03%	0.02%	-0.09%	-0.3%	-0.28%
Income Tax+	6.57M	9.05M	1.75M	9.02M	9.17M	4.99M	3.91M	-217K	-6.87M	7.99M
Effective Tax Rate %	0.63%	0.64%	0.93%	0.66%	0.63%	0.54%	0.46%	0.99%	0.93%	1.08%
Net Income+	11.37M	16.07M	22.33M	17.14M	15.4M	5.78M	3.36M	-27.57M	-96.2M	-109.86M
Net Margin %	0.07%	0.08%	0.07%	0.05%	0.05%	0.02%	0.01%	-0.09%	-0.28%	-0.3%
Net Income Growth %	0.78%	0.41%	0.39%	-0.23%	-0.1%	-0.62%	-0.42%	-9.2%	-2.49%	-0.14%
Net Income (Continuing)	11.37M	16.07M	22.33M	17.14M	15.4M	5.78M	3.36M	-27.57M	-96.2M	-109.86M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	3.04B	3.09B	3.09B	0	0	0	0	0	0	0
EPS (Diluted)+	1.00	1.50	2.07	1.59	1.43	0.54	0.31	-2.56	-8.85	-10.02
EPS Growth %	0.85%	0.5%	0.38%	-0.23%	-0.1%	-0.62%	-0.43%	-9.26%	-2.46%	-0.13%
EPS (Basic)	1.04	1.53	2.12	1.62	1.45	0.55	0.32	-2.56	-8.85	-10.02
Diluted Shares Outstanding	11.36M	10.71M	10.79M	10.79M	10.77M	10.69M	10.82M	10.77M	10.86M	10.97M
Basic Shares Outstanding	10.97M	10.52M	10.54M	10.6M	10.62M	10.59M	10.66M	10.77M	10.86M	10.97M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	71.11M	83.28M	153.86M	131.93M	145.68M	141.2M	147M	169.92M	242.76M	205.38M
Cash & Short-Term Investments	7.72M	15.11M	18.05M	12.64M	20.39M	8.31M	9.11M	23.5M	92.69M	56.9M
Cash Only	7.72M	15.11M	18.05M	12.64M	20.39M	8.31M	9.11M	23.5M	92.69M	56.9M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	9.46M	11.15M	12.38M	12.26M	16.36M	16.84M	18.83M	26.03M	23.62M	21.09M
Days Sales Outstanding	19.98	21.43	13.71	12.93	17.72	19.75	22.58	29.59	25.41	21.25
Inventory	903.77K	1.21M	2.94M	3.77M	3.46M	1.88M	3.28M	7.28M	6.79M	3.98M
Days Inventory Outstanding	2.75	3.49	4.39	5.53	5.34	3.03	5.29	10.95	10.75	5.2
Other Current Assets	0	172.89K	14.19M	0	91.98M	97.33M	94.81M	96.1M	102.27M	106.09M
Total Non-Current Assets+	58.02M	71.13M	196.79M	207.65M	280.24M	310.7M	392.59M	494.83M	555.67M	553.41M
Property, Plant & Equipment	7.13M	13.45M	24.62M	48.06M	93.46M	128.77M	190.18M	301.98M	367.11M	366.69M
Fixed Asset Turnover	24.27x	14.11x	13.38x	7.20x	3.61x	2.42x	1.60x	1.06x	0.92x	0.99x
Goodwill	21.01M	21.01M	90.05M	90.05M	109.82M	116.3M	130.41M	130.41M	130.41M	130.41M
Intangible Assets	14.47M	19.97M	58.41M	49.4M	57.65M	47.44M	50.41M	39.79M	29.48M	24.75M
Long-Term Investments	0	0	0	0	0	0	2.01M	2.01M	2.01M	2.01M
Other Non-Current Assets	11.04M	10.99M	23.7M	20.14M	19.32M	17.96M	19.56M	20.63M	26.65M	29.55M
Total Assets+	129.13M	154.41M	350.65M	339.57M	425.92M	451.9M	539.6M	664.75M	798.43M	758.8M
Asset Turnover	1.34x	1.23x	0.94x	1.02x	0.79x	0.69x	0.56x	0.48x	0.43x	0.48x
Asset Growth %	0.03%	0.2%	1.27%	-0.03%	0.25%	0.06%	0.19%	0.23%	0.2%	-0.05%
Total Current Liabilities+	78.26M	84.43M	178.56M	165.35M	156.91M	162.97M	173.68M	188.19M	201.34M	199.85M
Accounts Payable	4.17M	4.79M	7.03M	8.45M	6.67M	6.33M	10.02M	17.17M	12.68M	9.01M
Days Payables Outstanding	12.7	13.78	10.47	12.37	10.3	10.23	16.17	25.8	20.07	11.78
Short-Term Debt	3.5M	2.23M	18.29M	18.4M	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	64.3M	70.31M	145.66M	132.6M	0	99K	3.2M	1.99M	127.97M	1.27M
Current Ratio	0.91x	0.99x	0.86x	0.80x	0.93x	0.87x	0.85x	0.90x	1.21x	1.03x
Quick Ratio	0.90x	0.97x	0.85x	0.78x	0.91x	0.85x	0.83x	0.86x	1.17x	1.01x
Cash Conversion Cycle	10.03	11.14	7.63	6.09	12.75	12.55	11.7	14.73	16.08	14.67
Total Non-Current Liabilities+	24.54M	32.17M	111.88M	94.45M	174.82M	184.24M	250.82M	379.9M	587.21M	654.25M
Long-Term Debt	0	8.02M	58.63M	46.2M	113.5M	121.73M	190.75M	238.93M	544.64M	482.07M
Capital Lease Obligations	0	0	0	0	9.42M	9.18M	11.85M	12.44M	18.25M	25.9M
Deferred Tax Liabilities	4.88M	4.83M	19.83M	20.93M	25.47M	24.69M	22.57M	15.72M	0	2.96M
Other Non-Current Liabilities	3.26M	3.33M	1.55M	366K	216K	3.73M	1.97M	90.58M	2.97M	122.16M
Total Liabilities	102.8M	116.6M	290.44M	259.8M	331.72M	347.2M	424.5M	568.09M	788.55M	854.1M
Total Debt+	3.5M	10.25M	76.92M	64.6M	124.34M	132.67M	205.75M	256.01M	568.29M	513.12M
Net Debt	-4.22M	-4.86M	58.87M	51.96M	103.95M	124.36M	196.65M	232.51M	475.6M	456.22M
Debt / Equity	0.00x	0.00x	0.02x	0.81x	1.32x	1.27x	1.79x	2.65x	57.55x	-
Debt / EBITDA	0.18x	0.37x	1.96x	1.46x	2.56x	4.28x	10.18x	32.33x	-	-
Net Debt / EBITDA	-0.21x	-0.17x	1.50x	1.17x	2.14x	4.02x	9.73x	29.36x	-	-
Interest Coverage	113.29x	55.68x	7.59x	7.95x	6.15x	1.92x	-1.68x	-2.17x	-1.52x	-1.19x
Total Equity+	3.06B	3.12B	3.15B	79.78M	94.19M	104.7M	115.09M	96.66M	9.88M	-95.3M
Equity Growth %	84.93%	0.02%	0.01%	-0.97%	0.18%	0.11%	0.1%	-0.16%	-0.9%	-10.65%
Book Value per Share	269.62	291.58	291.50	7.39	8.74	9.79	10.64	8.98	0.91	-8.69
Total Shareholders' Equity	26.33M	37.82M	60.21M	79.78M	94.19M	104.7M	115.09M	96.66M	9.88M	-95.3M
Common Stock	14.53M	14.46M	15.37M	15.82M	16.63M	20.8M	28.52M	31.87M	34.37M	36.58M
Retained Earnings	4.38M	20.4M	42.68M	60.81M	76.21M	80.11M	83.47M	55.9M	-40.3M	-150.16M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.11M	99.15K	99.15M	-810K	473K	2.34M	343K	784K	1.73M	-964K
Minority Interest	3.04B	3.09B	3.09B	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	13.35M	21.65M	31.9M	37.21M	40.38M	36.08M	29.64M	19.88M	-4.77M	-19.75M
Operating CF Margin %	0.08%	0.11%	0.1%	0.11%	0.12%	0.12%	0.1%	0.06%	-0.01%	-0.05%
Operating CF Growth %	0.5%	0.62%	0.47%	0.17%	0.09%	-0.11%	-0.18%	-0.33%	-1.24%	-3.14%
Net Income	11.37M	16.07M	22.33M	17.14M	15.4M	5.78M	3.36M	-27.57M	-96.2M	-109.86M
Depreciation & Amortization	1.67M	2.78M	12.13M	14.96M	19.29M	24.05M	27.99M	39.58M	47.26M	45.62M
Stock-Based Compensation	526.02K	799.43K	1.46M	2.57M	2.88M	3.72M	4.59M	7.6M	8.13M	7.02M
Deferred Taxes	134.86K	1.19M	-3.34M	1.04M	1.28M	-3.94M	-1.33M	-6.98M	-13.04M	854K
Other Non-Cash Items	308.04K	-709.75K	-2.6M	-297K	-436K	6.38M	-2.98M	2.21M	36.6M	32.63M
Working Capital Changes	-663.66K	1.52M	1.92M	1.79M	1.96M	90K	-2M	5.04M	12.47M	4M
Change in Receivables	-220.19K	-3.75M	1.01M	1.54M	-3.1M	627K	-586K	-7.18M	3M	2.27M
Change in Inventory	-442.81K	-307.01K	-1.73M	-831K	318K	945K	-787K	-4.01M	361K	2.81M
Change in Payables	249.93K	390.89K	-3.83M	171K	-1.22M	-902K	4.07M	6.75M	-5.32M	-3.39M
Cash from Investing+	3.29M	-14.45M	-94.11M	-29.68M	-76.09M	-53.28M	-101.98M	-137.49M	-92.58M	-56.49M
Capital Expenditures	-2.97M	-14.45M	-15.88M	-28.48M	-44.07M	-44.44M	-73.17M	-136.71M	-92.06M	-56.46M
CapEx % of Revenue	0.02%	0.08%	0.05%	0.08%	0.13%	0.14%	0.24%	0.43%	0.27%	0.16%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	6.62M	-6.53M	-2.94M	-565K	-3.57M	-72K	-264K	-782K	-528K	-33K
Cash from Financing+	-17.19M	179.6K	65.16M	-12.94M	43.46M	5.12M	73.14M	132.01M	178.84M	44.5M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	803.14K	-513.85K	-398K	104K	-794K	397K	4.43M	-3.04M	-8.19M	-2.01M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	10.38M	7.2M	16.02M	8.72M	-7.25M	-8.43M	-44.31M	-117.62M	-97.35M	-76.2M
FCF Margin %	0.06%	0.04%	0.05%	0.03%	-0.02%	-0.03%	-0.15%	-0.37%	-0.29%	-0.21%
FCF Growth %	0.27%	-0.31%	1.22%	-0.46%	-1.83%	-0.16%	-4.26%	-1.65%	0.17%	0.22%
FCF per Share	0.91	0.67	1.48	0.81	-0.67	-0.79	-4.10	-10.92	-8.96	-6.95
FCF Conversion (FCF/Net Income)	1.17x	1.35x	1.43x	2.17x	2.62x	6.25x	8.81x	-0.72x	0.05x	0.18x
Interest Paid	173.2K	420K	3.59M	3.71M	4.79M	3.57M	4.49M	10.29M	24.74M	37.96M
Taxes Paid	3.13M	3.77M	7.82M	6.8M	7.94M	8.93M	8.83M	3.88M	4.93M	7.65M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.73%	0.52%	0.71%	1.06%	17.7%	5.81%	3.06%	-26.04%	-180.6%	-
Return on Invested Capital (ROIC)	0.88%	0.61%	0.64%	1.32%	13.34%	2.43%	-2.16%	-7.41%	-11.72%	-11.52%
Gross Margin	30.76%	33.22%	25.66%	27.97%	29.89%	27.47%	25.73%	24.37%	32.08%	22.92%
Net Margin	6.58%	8.46%	6.78%	4.95%	4.57%	1.86%	1.11%	-8.59%	-28.35%	-30.33%
Debt / Equity	0.00x	0.00x	0.02x	0.81x	1.32x	1.27x	1.79x	2.65x	57.55x	-
Interest Coverage	113.29x	55.68x	7.59x	7.95x	6.15x	1.92x	-1.68x	-2.17x	-1.52x	-1.19x
FCF Conversion	1.17x	1.35x	1.43x	2.17x	2.62x	6.25x	8.81x	-0.72x	0.05x	0.18x
Revenue Growth	17.11%	9.76%	73.54%	5.04%	-2.56%	-7.69%	-2.21%	5.52%	5.67%	6.76%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Network Expenses	-	-	-	17.14M	18.79M	25.32M	33.01M	46.63M	70.41M	69.5M
Network Expenses Growth	-	-	-	-	9.62%	34.74%	30.37%	41.27%	51.02%	-1.30%
Domain Name Services	110.76M	116.04M	240.71M	-	-	-	-	-	-	-
Domain Name Services Growth	-	4.77%	107.44%	-	-	-	-	-	-	-
Network Access Services	-	73.78M	88.71M	-	-	-	-	-	-	-
Network Access Services Growth	-	-	20.24%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Tucows Inc. (TCX) reported $384.7M in revenue for fiscal year 2024. This represents a 296% increase from $97.1M in 2011.

Tucows Inc. (TCX) grew revenue by 6.8% over the past year. This is steady growth.

Tucows Inc. (TCX) reported a net loss of $96.3M for fiscal year 2024.

Dividend & Returns

Tucows Inc. (TCX) had negative free cash flow of $32.6M in fiscal year 2024, likely due to heavy capital investments.

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Tucows Inc. (TCX) 10-Year Financial Performance & Capital Metrics

TCX • • Industrial / General

TechnologyInfrastructure SoftwareCommunications & Network InfrastructureCommunications Platforms

Revenue $362M +6.8%
EBITDA -$19M -14.0%
Net Income -$110M -14.2%
EPS (Diluted) -10.02 -13.2%
Gross Margin 22.92% -28.6%
EBITDA Margin -5.35% -6.8%
Operating Margin -17.95% +4.3%
Net Margin -30.33% -7.0%
ROE -
ROIC -11.52% +1.7%
Debt/Equity -
Interest Coverage -1.19 +21.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading near 52-week high

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y9.39%

5Y1.45%

3Y5.98%

TTM8.03%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-6.07%

EPS CAGR

10Y-

5Y-

3Y-

TTM-5.31%

ROCE

10Y Avg9.71%

5Y Avg-6.1%

3Y Avg-10.21%

Latest-11.25%

Peer Comparison

Communications Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZENVZenvia Inc.	25.72M	0.89	-0.30	18.83%	-10.99%	-16.25%	100%	0.17
TCXTucows Inc.	272.16M	24.51	-2.45	6.76%	-25.02%
SANGSangoma Technologies Corporation	160.06M	4.83	-32.20	-4.28%	-3%	-2.76%	20.58%	0.22
BANDBandwidth Inc.	386.46M	13.53	-56.38	24.52%	-1.54%	-2.97%	18.09%	1.61
FIVNFive9, Inc.	1.49B	19.01	-111.82	14.44%	2.77%	4.03%	5.28%	1.98

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	172.94M	189.82M	329.42M	346.01M	337.14M	311.2M	304.34M	321.14M	339.34M	362.27M
Revenue Growth %	0.17%	0.1%	0.74%	0.05%	-0.03%	-0.08%	-0.02%	0.06%	0.06%	0.07%
Cost of Goods Sold+	119.74M	126.77M	244.9M	249.24M	236.37M	225.72M	226.04M	242.89M	230.48M	279.25M
COGS % of Revenue	0.69%	0.67%	0.74%	0.72%	0.7%	0.73%	0.74%	0.76%	0.68%	0.77%
Gross Profit+	53.2M	63.05M	84.52M	96.77M	100.78M	85.48M	78.29M	78.25M	108.86M	83.03M
Gross Margin %	0.31%	0.33%	0.26%	0.28%	0.3%	0.27%	0.26%	0.24%	0.32%	0.23%
Gross Profit Growth %	0.31%	0.19%	0.34%	0.14%	0.04%	-0.15%	-0.08%	-0%	0.39%	-0.24%
Operating Expenses+	34.19M	38.06M	57.43M	67.19M	71.44M	78.57M	86.07M	109.91M	172.51M	148.04M
OpEx % of Revenue	0.2%	0.2%	0.17%	0.19%	0.21%	0.25%	0.28%	0.34%	0.51%	0.41%
Selling, General & Admin	29.2M	32.16M	43.02M	50.77M	52.15M	54.54M	61.84M	84.78M	101.21M	96.45M
SG&A % of Revenue	0.17%	0.17%	0.13%	0.15%	0.15%	0.18%	0.2%	0.26%	0.3%	0.27%
Research & Development	4.5M	4.49M	7.26M	8.75M	9.72M	12.43M	14.31M	14.19M	622K	18.63M
R&D % of Revenue	0.03%	0.02%	0.02%	0.03%	0.03%	0.04%	0.05%	0.04%	0%	0.05%
Other Operating Expenses	85.87K	516.21K	560.66K	518K	9.57M	11.6M	9.91M	10.94M	70.68M	32.97M
Operating Income+	18.02M	25.05M	27.08M	29.32M	29.34M	6.92M	-7.77M	-31.66M	-63.65M	-65.01M
Operating Margin %	0.1%	0.13%	0.08%	0.08%	0.09%	0.02%	-0.03%	-0.1%	-0.19%	-0.18%
Operating Income Growth %	0.87%	0.39%	0.08%	0.08%	0%	-0.76%	-2.12%	-3.07%	-1.01%	-0.02%
EBITDA+	19.68M	27.82M	39.21M	44.29M	48.63M	30.97M	20.22M	7.92M	-17.01M	-19.39M
EBITDA Margin %	0.11%	0.15%	0.12%	0.13%	0.14%	0.1%	0.07%	0.02%	-0.05%	-0.05%
EBITDA Growth %	0.76%	0.41%	0.41%	0.13%	0.1%	-0.36%	-0.35%	-0.61%	-3.15%	-0.14%
D&A (Non-Cash Add-back)	1.67M	2.78M	12.13M	14.96M	19.29M	24.05M	27.99M	39.58M	46.64M	45.62M
EBIT	18.1M	25.56M	27.64M	29.78M	29.34M	14.37M	11.89M	-13.2M	-58.83M	-47.44M
Net Interest Income+	-159.03K	-450K	-3.57M	-3.69M	-4.77M	-3.61M	-4.62M	-14.46M	-41.77M	-51.27M
Interest Income	0	0	0	0	0	0	0	132K	0	3.16M
Interest Expense	159.03K	449.84K	3.57M	3.69M	4.77M	3.61M	4.62M	14.59M	41.77M	54.43M
Other Income/Expense	-73.15K	65.92K	-3.01M	-3.17M	-4.77M	3.84M	15.04M	3.87M	-39.42M	-36.86M
Pretax Income+	17.94M	25.11M	24.07M	26.16M	24.57M	10.76M	7.27M	-27.79M	-103.07M	-101.87M
Pretax Margin %	0.1%	0.13%	0.07%	0.08%	0.07%	0.03%	0.02%	-0.09%	-0.3%	-0.28%
Income Tax+	6.57M	9.05M	1.75M	9.02M	9.17M	4.99M	3.91M	-217K	-6.87M	7.99M
Effective Tax Rate %	0.63%	0.64%	0.93%	0.66%	0.63%	0.54%	0.46%	0.99%	0.93%	1.08%
Net Income+	11.37M	16.07M	22.33M	17.14M	15.4M	5.78M	3.36M	-27.57M	-96.2M	-109.86M
Net Margin %	0.07%	0.08%	0.07%	0.05%	0.05%	0.02%	0.01%	-0.09%	-0.28%	-0.3%
Net Income Growth %	0.78%	0.41%	0.39%	-0.23%	-0.1%	-0.62%	-0.42%	-9.2%	-2.49%	-0.14%
Net Income (Continuing)	11.37M	16.07M	22.33M	17.14M	15.4M	5.78M	3.36M	-27.57M	-96.2M	-109.86M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	3.04B	3.09B	3.09B	0	0	0	0	0	0	0
EPS (Diluted)+	1.00	1.50	2.07	1.59	1.43	0.54	0.31	-2.56	-8.85	-10.02
EPS Growth %	0.85%	0.5%	0.38%	-0.23%	-0.1%	-0.62%	-0.43%	-9.26%	-2.46%	-0.13%
EPS (Basic)	1.04	1.53	2.12	1.62	1.45	0.55	0.32	-2.56	-8.85	-10.02
Diluted Shares Outstanding	11.36M	10.71M	10.79M	10.79M	10.77M	10.69M	10.82M	10.77M	10.86M	10.97M
Basic Shares Outstanding	10.97M	10.52M	10.54M	10.6M	10.62M	10.59M	10.66M	10.77M	10.86M	10.97M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	71.11M	83.28M	153.86M	131.93M	145.68M	141.2M	147M	169.92M	242.76M	205.38M
Cash & Short-Term Investments	7.72M	15.11M	18.05M	12.64M	20.39M	8.31M	9.11M	23.5M	92.69M	56.9M
Cash Only	7.72M	15.11M	18.05M	12.64M	20.39M	8.31M	9.11M	23.5M	92.69M	56.9M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	9.46M	11.15M	12.38M	12.26M	16.36M	16.84M	18.83M	26.03M	23.62M	21.09M
Days Sales Outstanding	19.98	21.43	13.71	12.93	17.72	19.75	22.58	29.59	25.41	21.25
Inventory	903.77K	1.21M	2.94M	3.77M	3.46M	1.88M	3.28M	7.28M	6.79M	3.98M
Days Inventory Outstanding	2.75	3.49	4.39	5.53	5.34	3.03	5.29	10.95	10.75	5.2
Other Current Assets	0	172.89K	14.19M	0	91.98M	97.33M	94.81M	96.1M	102.27M	106.09M
Total Non-Current Assets+	58.02M	71.13M	196.79M	207.65M	280.24M	310.7M	392.59M	494.83M	555.67M	553.41M
Property, Plant & Equipment	7.13M	13.45M	24.62M	48.06M	93.46M	128.77M	190.18M	301.98M	367.11M	366.69M
Fixed Asset Turnover	24.27x	14.11x	13.38x	7.20x	3.61x	2.42x	1.60x	1.06x	0.92x	0.99x
Goodwill	21.01M	21.01M	90.05M	90.05M	109.82M	116.3M	130.41M	130.41M	130.41M	130.41M
Intangible Assets	14.47M	19.97M	58.41M	49.4M	57.65M	47.44M	50.41M	39.79M	29.48M	24.75M
Long-Term Investments	0	0	0	0	0	0	2.01M	2.01M	2.01M	2.01M
Other Non-Current Assets	11.04M	10.99M	23.7M	20.14M	19.32M	17.96M	19.56M	20.63M	26.65M	29.55M
Total Assets+	129.13M	154.41M	350.65M	339.57M	425.92M	451.9M	539.6M	664.75M	798.43M	758.8M
Asset Turnover	1.34x	1.23x	0.94x	1.02x	0.79x	0.69x	0.56x	0.48x	0.43x	0.48x
Asset Growth %	0.03%	0.2%	1.27%	-0.03%	0.25%	0.06%	0.19%	0.23%	0.2%	-0.05%
Total Current Liabilities+	78.26M	84.43M	178.56M	165.35M	156.91M	162.97M	173.68M	188.19M	201.34M	199.85M
Accounts Payable	4.17M	4.79M	7.03M	8.45M	6.67M	6.33M	10.02M	17.17M	12.68M	9.01M
Days Payables Outstanding	12.7	13.78	10.47	12.37	10.3	10.23	16.17	25.8	20.07	11.78
Short-Term Debt	3.5M	2.23M	18.29M	18.4M	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	64.3M	70.31M	145.66M	132.6M	0	99K	3.2M	1.99M	127.97M	1.27M
Current Ratio	0.91x	0.99x	0.86x	0.80x	0.93x	0.87x	0.85x	0.90x	1.21x	1.03x
Quick Ratio	0.90x	0.97x	0.85x	0.78x	0.91x	0.85x	0.83x	0.86x	1.17x	1.01x
Cash Conversion Cycle	10.03	11.14	7.63	6.09	12.75	12.55	11.7	14.73	16.08	14.67
Total Non-Current Liabilities+	24.54M	32.17M	111.88M	94.45M	174.82M	184.24M	250.82M	379.9M	587.21M	654.25M
Long-Term Debt	0	8.02M	58.63M	46.2M	113.5M	121.73M	190.75M	238.93M	544.64M	482.07M
Capital Lease Obligations	0	0	0	0	9.42M	9.18M	11.85M	12.44M	18.25M	25.9M
Deferred Tax Liabilities	4.88M	4.83M	19.83M	20.93M	25.47M	24.69M	22.57M	15.72M	0	2.96M
Other Non-Current Liabilities	3.26M	3.33M	1.55M	366K	216K	3.73M	1.97M	90.58M	2.97M	122.16M
Total Liabilities	102.8M	116.6M	290.44M	259.8M	331.72M	347.2M	424.5M	568.09M	788.55M	854.1M
Total Debt+	3.5M	10.25M	76.92M	64.6M	124.34M	132.67M	205.75M	256.01M	568.29M	513.12M
Net Debt	-4.22M	-4.86M	58.87M	51.96M	103.95M	124.36M	196.65M	232.51M	475.6M	456.22M
Debt / Equity	0.00x	0.00x	0.02x	0.81x	1.32x	1.27x	1.79x	2.65x	57.55x	-
Debt / EBITDA	0.18x	0.37x	1.96x	1.46x	2.56x	4.28x	10.18x	32.33x	-	-
Net Debt / EBITDA	-0.21x	-0.17x	1.50x	1.17x	2.14x	4.02x	9.73x	29.36x	-	-
Interest Coverage	113.29x	55.68x	7.59x	7.95x	6.15x	1.92x	-1.68x	-2.17x	-1.52x	-1.19x
Total Equity+	3.06B	3.12B	3.15B	79.78M	94.19M	104.7M	115.09M	96.66M	9.88M	-95.3M
Equity Growth %	84.93%	0.02%	0.01%	-0.97%	0.18%	0.11%	0.1%	-0.16%	-0.9%	-10.65%
Book Value per Share	269.62	291.58	291.50	7.39	8.74	9.79	10.64	8.98	0.91	-8.69
Total Shareholders' Equity	26.33M	37.82M	60.21M	79.78M	94.19M	104.7M	115.09M	96.66M	9.88M	-95.3M
Common Stock	14.53M	14.46M	15.37M	15.82M	16.63M	20.8M	28.52M	31.87M	34.37M	36.58M
Retained Earnings	4.38M	20.4M	42.68M	60.81M	76.21M	80.11M	83.47M	55.9M	-40.3M	-150.16M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.11M	99.15K	99.15M	-810K	473K	2.34M	343K	784K	1.73M	-964K
Minority Interest	3.04B	3.09B	3.09B	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	13.35M	21.65M	31.9M	37.21M	40.38M	36.08M	29.64M	19.88M	-4.77M	-19.75M
Operating CF Margin %	0.08%	0.11%	0.1%	0.11%	0.12%	0.12%	0.1%	0.06%	-0.01%	-0.05%
Operating CF Growth %	0.5%	0.62%	0.47%	0.17%	0.09%	-0.11%	-0.18%	-0.33%	-1.24%	-3.14%
Net Income	11.37M	16.07M	22.33M	17.14M	15.4M	5.78M	3.36M	-27.57M	-96.2M	-109.86M
Depreciation & Amortization	1.67M	2.78M	12.13M	14.96M	19.29M	24.05M	27.99M	39.58M	47.26M	45.62M
Stock-Based Compensation	526.02K	799.43K	1.46M	2.57M	2.88M	3.72M	4.59M	7.6M	8.13M	7.02M
Deferred Taxes	134.86K	1.19M	-3.34M	1.04M	1.28M	-3.94M	-1.33M	-6.98M	-13.04M	854K
Other Non-Cash Items	308.04K	-709.75K	-2.6M	-297K	-436K	6.38M	-2.98M	2.21M	36.6M	32.63M
Working Capital Changes	-663.66K	1.52M	1.92M	1.79M	1.96M	90K	-2M	5.04M	12.47M	4M
Change in Receivables	-220.19K	-3.75M	1.01M	1.54M	-3.1M	627K	-586K	-7.18M	3M	2.27M
Change in Inventory	-442.81K	-307.01K	-1.73M	-831K	318K	945K	-787K	-4.01M	361K	2.81M
Change in Payables	249.93K	390.89K	-3.83M	171K	-1.22M	-902K	4.07M	6.75M	-5.32M	-3.39M
Cash from Investing+	3.29M	-14.45M	-94.11M	-29.68M	-76.09M	-53.28M	-101.98M	-137.49M	-92.58M	-56.49M
Capital Expenditures	-2.97M	-14.45M	-15.88M	-28.48M	-44.07M	-44.44M	-73.17M	-136.71M	-92.06M	-56.46M
CapEx % of Revenue	0.02%	0.08%	0.05%	0.08%	0.13%	0.14%	0.24%	0.43%	0.27%	0.16%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	6.62M	-6.53M	-2.94M	-565K	-3.57M	-72K	-264K	-782K	-528K	-33K
Cash from Financing+	-17.19M	179.6K	65.16M	-12.94M	43.46M	5.12M	73.14M	132.01M	178.84M	44.5M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	803.14K	-513.85K	-398K	104K	-794K	397K	4.43M	-3.04M	-8.19M	-2.01M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	10.38M	7.2M	16.02M	8.72M	-7.25M	-8.43M	-44.31M	-117.62M	-97.35M	-76.2M
FCF Margin %	0.06%	0.04%	0.05%	0.03%	-0.02%	-0.03%	-0.15%	-0.37%	-0.29%	-0.21%
FCF Growth %	0.27%	-0.31%	1.22%	-0.46%	-1.83%	-0.16%	-4.26%	-1.65%	0.17%	0.22%
FCF per Share	0.91	0.67	1.48	0.81	-0.67	-0.79	-4.10	-10.92	-8.96	-6.95
FCF Conversion (FCF/Net Income)	1.17x	1.35x	1.43x	2.17x	2.62x	6.25x	8.81x	-0.72x	0.05x	0.18x
Interest Paid	173.2K	420K	3.59M	3.71M	4.79M	3.57M	4.49M	10.29M	24.74M	37.96M
Taxes Paid	3.13M	3.77M	7.82M	6.8M	7.94M	8.93M	8.83M	3.88M	4.93M	7.65M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.73%	0.52%	0.71%	1.06%	17.7%	5.81%	3.06%	-26.04%	-180.6%	-
Return on Invested Capital (ROIC)	0.88%	0.61%	0.64%	1.32%	13.34%	2.43%	-2.16%	-7.41%	-11.72%	-11.52%
Gross Margin	30.76%	33.22%	25.66%	27.97%	29.89%	27.47%	25.73%	24.37%	32.08%	22.92%
Net Margin	6.58%	8.46%	6.78%	4.95%	4.57%	1.86%	1.11%	-8.59%	-28.35%	-30.33%
Debt / Equity	0.00x	0.00x	0.02x	0.81x	1.32x	1.27x	1.79x	2.65x	57.55x	-
Interest Coverage	113.29x	55.68x	7.59x	7.95x	6.15x	1.92x	-1.68x	-2.17x	-1.52x	-1.19x
FCF Conversion	1.17x	1.35x	1.43x	2.17x	2.62x	6.25x	8.81x	-0.72x	0.05x	0.18x
Revenue Growth	17.11%	9.76%	73.54%	5.04%	-2.56%	-7.69%	-2.21%	5.52%	5.67%	6.76%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Network Expenses	-	-	-	17.14M	18.79M	25.32M	33.01M	46.63M	70.41M	69.5M
Network Expenses Growth	-	-	-	-	9.62%	34.74%	30.37%	41.27%	51.02%	-1.30%
Domain Name Services	110.76M	116.04M	240.71M	-	-	-	-	-	-	-
Domain Name Services Growth	-	4.77%	107.44%	-	-	-	-	-	-	-
Network Access Services	-	73.78M	88.71M	-	-	-	-	-	-	-
Network Access Services Growth	-	-	20.24%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Tucows Inc. (TCX) reported $384.7M in revenue for fiscal year 2024. This represents a 296% increase from $97.1M in 2011.

Tucows Inc. (TCX) grew revenue by 6.8% over the past year. This is steady growth.

Tucows Inc. (TCX) reported a net loss of $96.3M for fiscal year 2024.

Dividend & Returns

Tucows Inc. (TCX) had negative free cash flow of $32.6M in fiscal year 2024, likely due to heavy capital investments.