TUCOWS INC /PA/ TCX
Our mission is to provide simple useful services that help people unlock the power of the Internet.
We accomplish this by reducing the complexity of our customers' experience as they access the Internet (at home or on the go) and while using Internet services such as domain name registration, email and other Internet related services. We are organized into three operating and reporting segments - Ting, Wavelo, and Tucows Domains. Each segment is differentiated primarily by their services, the markets they serve and the regulatory environments in which they operate. The Ting segment contains the operating results of our retail high speed Internet access operations, including its wholly owned subsidiaries - Cedar and Simply Bits. The Wavelo segment includes our platform and professional services offerings, as well as the billing solutions to Internet services providers ("ISPs"). Tucows Domains includes wholesale and retail domain name registration services, as well as value-added services derived through our OpenSRS, Enom, Ascio, EPAG and Hover brands.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $390.3M | $362.3M | $339.3M | $321.1M | $304.3M | $311.2M | $337.1M | $346.0M | $329.4M | $189.8M |
| Cost of revenue | $296.3M | $279.2M | $272.7M | $242.9M | $226.0M | $225.7M | $236.4M | $249.2M | $244.9M | $126.8M |
| Gross profit | $94.0M | $83.0M | $66.7M | $78.2M | $78.3M | $85.5M | $100.8M | $96.8M | $84.5M | $63.1M |
| R&D | $17.8M | $18.6M | $19.2M | $14.2M | $14.3M | $12.4M | $9.7M | $8.7M | $7.3M | $4.5M |
| SG&A | $42.9M | $37.1M | $33.4M | $30.8M | $22.4M | $20.3M | $17.9M | $17.7M | $13.6M | $11.4M |
| Total operating expenses | $117.4M | $148.0M | $130.3M | $109.9M | $86.1M | $78.6M | $71.4M | $67.4M | $57.4M | $38.0M |
| Operating income | -$23.5M | -$65.0M | -$63.7M | -$31.7M | -$7.8M | $6.9M | $29.3M | $29.3M | $27.1M | $25.0M |
| Interest expense | $57.2M | $54.4M | $46.3M | $14.6M | $4.6M | $3.6M | $4.8M | $3.7M | $3.6M | $450.0K |
| Pre-tax income | -$67.3M | -$101.9M | -$103.1M | -$27.8M | $7.3M | $10.8M | $24.6M | $26.2M | $24.1M | $25.1M |
| Income tax | $8.5M | $8.0M | $6.9M | $217.0K | $3.9M | $5.0M | $9.2M | $9.0M | $1.7M | $9.0M |
| Net income | -$75.8M | -$109.9M | -$96.2M | -$27.6M | $3.4M | $5.8M | $15.4M | $17.1M | $22.3M | $16.1M |
| EPS, basic | -6.85 | -10.02 | -8.85 | -2.56 | 0.32 | 0.55 | 1.45 | 1.62 | 2.12 | 1.53 |
| EPS, diluted | — | — | -8.85 | -2.56 | 0.31 | 0.54 | 1.43 | 1.59 | 2.07 | 1.50 |
| Shares, diluted (wtd. avg.) | $11.1M | $11.0M | $10.9M | $10.8M | $10.8M | $10.7M | $10.8M | $10.8M | $10.8M | $10.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $46.8M | $56.9M | $92.7M | $23.5M | $9.1M | $8.3M | $20.4M | $12.6M | $18.0M | $15.1M |
| Receivables | $24.5M | $20.9M | $22.2M | $18.4M | $14.6M | $15.5M | $14.6M | $10.8M | $12.4M | $10.9M |
| Inventory | $3.9M | $4.0M | $6.8M | $7.3M | $3.3M | $1.9M | $3.5M | $3.8M | $2.9M | $1.2M |
| Total current assets | $203.1M | $205.4M | $242.8M | $169.9M | $147.0M | $141.2M | $145.7M | $131.9M | $153.9M | $83.3M |
| Property, plant and equipment | $282.0M | $331.0M | $339.6M | $281.5M | $172.7M | $117.5M | $82.1M | $48.1M | $24.6M | $13.5M |
| Goodwill | $130.4M | $130.4M | $130.4M | $130.4M | $130.4M | $116.3M | $109.8M | $90.1M | $90.1M | $21.0M |
| Other intangibles | $19.7M | $24.8M | $29.5M | $39.8M | $50.4M | $47.4M | $57.7M | $49.4M | $58.4M | $20.0M |
| Total assets | $730.9M | $758.8M | $798.4M | $664.7M | $539.6M | $451.9M | $425.9M | $339.6M | $350.6M | $154.4M |
| Accounts payable | $9.9M | $9.0M | $12.7M | $17.2M | $10.0M | $6.3M | $6.7M | $8.4M | $7.0M | $4.8M |
| Total current liabilities | $330.4M | $199.9M | $201.3M | $188.2M | $173.7M | $163.0M | $156.9M | $165.3M | $178.6M | $84.4M |
| Long-term debt | $190.4M | $195.4M | $211.9M | $239.7M | $191.4M | $122.4M | $114.4M | $65.2M | $77.8M | $10.7M |
| Retained earnings | -$226.0M | -$150.2M | -$40.3M | $55.9M | $83.5M | $80.1M | $76.2M | $60.8M | $42.7M | $20.4M |
| Total equity | -$164.2M | -$95.3M | $9.9M | $96.7M | $115.1M | $104.7M | $94.2M | $79.8M | $60.2M | $37.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$5.8M | -$19.7M | -$4.8M | $19.9M | $29.6M | $36.1M | $40.4M | $37.2M | $31.9M | $22.5M |
| Depreciation and amortisation | $41.6M | $40.3M | $36.4M | $28.2M | $18.0M | $12.6M | $9.0M | $5.7M | $3.7M | $1.8M |
| Stock-based compensation | $7.1M | $7.0M | $8.1M | $7.6M | $4.6M | $3.7M | $2.9M | $2.6M | $1.5M | $799.0K |
| Capital expenditure | $17.1M | $56.5M | $92.1M | $136.7M | $73.2M | $44.4M | $44.1M | $27.9M | $12.9M | $7.9M |
| Investing cash flow | $2.2M | -$56.5M | -$92.6M | -$137.5M | -$102.0M | -$53.3M | -$76.1M | -$29.7M | -$94.1M | -$14.4M |
| Financing cash flow | -$5.4M | $44.5M | $178.8M | $132.0M | $73.1M | $5.1M | $43.5M | -$12.9M | $65.2M | -$680.0K |
| Buybacks | — | — | — | $0 | $0 | $3.3M | $5.0M | $0 | — | $7.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-013073.
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