ValueScreener company report
NASDAQ / Technology / Software - Infrastructure
Share price
10.50 USD Market dataClose of Oct 15, 2026Market capitalisation
117.4M USD Market dataClose of Oct 15, 20261 of 10
What the business is, what it costs, and how it reads on four questions.
Market dataSEC filingComputed
Return on invested capital, after tax
From the FY2025 filing
The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Current ratio
From the FY2025 filing
Price to earnings
FY2025 accounts, priced at the latest close
Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
Free cash flow yield
FY2025 accounts, priced at the latest close
Free cash flow yield is -19.7% at the close of 2026-10-15 on FY2025 figures; the lines are 2.0%, 5.0% and 8.0%, set by convention, and this sits below the lowest.
Today, against the Software - Infrastructure industry (127 companies), -19.7% sits at the 18th percentile; the middle half of that group runs from -8.1% to 7.2%.
Current ratio was 0.61 in FY2025, in the band labelled "Short-term liabilities exceed short-term assets" (below 1.00), on lines anchored on Graham's defensive-investor criteria, suggesting short-term obligations above short-term assets.
Today, against the Software - Infrastructure industry (129 companies), 0.61 sits at the 11th percentile; the middle half of that group runs from 1.00 to 2.21.
These are TCX’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
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The newest filing, what it moved, and when the next one is due.
SEC filingCompany statement
The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 12, 2026, accession 0001437749-26-008009.
3 of 10
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Return on invested capital, after taxWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
Return on equityWhy n/mBook equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number. | n/m ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Return on capital employed, pre-tax | -5.9% ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Return on assets | -10.4% ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Gross margin | 24.1% ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Operating margin | -6.0% ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Net margin | -19.4% ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
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What it owes against what it owns, and whether it can meet what falls due.
SEC filingComputedCompany statement
| Figure | Value, source and document |
|---|---|
Debt to equityWhy n/mFiled shareholders equity is zero or below, so debt measured against it is not a measurement (n/m). | n/m ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Current ratio | 0.61 ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Quick ratio | 0.60 ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
Interest coverageWhy n/mOperating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m). | n/m ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Altman Z-score | -0.14 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
Net debtWhy n/aThe FY2025 balance sheet carries no net debt we could read. | n/a ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
What Tucows Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 12, 2026, 0001437749-26-008009).
| Total assets | 730.9M FiledFY2025 10-K, filed Mar 12, 2026 |
|---|---|
| Total liabilities | 895.1M FiledFY2025 10-K, filed Mar 12, 2026 |
| Shareholders' equity | -164.2M FiledFY2025 10-K, filed Mar 12, 2026 |
| Cash | 46.8M FiledFY2025 10-K, filed Mar 12, 2026 |
| Total debt | n/a FiledFY2025 10-K, filed Mar 12, 2026 |
| Net debt | n/a |
| Current ratio | 0.61 |
| Debt to equity | n/m |
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
5 of 10
What the market charges for it, against its own record and companies like it.
Market dataSEC filingComputed
| Figure | Value, source and document |
|---|---|
Price to earningsWhy n/mEarnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| P/E on trailing twelve months | 183.06x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings |
Price to bookWhy n/mBook equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Price to sales | 0.30x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
Enterprise value to EBITWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
Enterprise value to EBITDAWhy n/mEBITDA is zero or negative, so a multiple of it is not meaningful. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
Price to earnings over growthWhy n/mEarnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Diluted earnings per share | -6.85 USD FiledFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
Graham numberWhy n/mEarnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one. | n/m ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
We publish no fair value or price target of our own. Value TCX on your own assumptions in the DCF workbench, starting from the filed figures.
What the market charges for Tucows Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
| Share price | 10.50 USD |
|---|---|
| Market capitalisation | 117.4M USD |
| Enterprise value to EBITDA | n/m |
| Graham number | n/m |
| Diluted earnings per share, FY2025 | -6.85 USD |
Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 19.64x, median 41.82x, high 232.35x, latest 183.06x. 1,407 trading days with a meaningful ratio, 1,113 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.
Same industry (Software - Infrastructure) and size band (Micro, 50M to 300M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
6 of 10
Whether profit arrives as cash, and what is paid back to shareholders.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
| Free cash flow yield | -19.7% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Free cash flow | -22.9M USD ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Free cash flow margin | -5.9% ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
Dividend yieldWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
Payout ratioWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
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Every figure, the year it is for and the document it was read from.
SEC filingMarket data
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
| Figure | Value | Year | As of |
|---|---|---|---|
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itIncome statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | |||
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itIncome statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tabForm10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| -19.7% | FY2025 | Oct 15, 2026 | |
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Mar 12, 2026 | |
| n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | |||
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itIncome statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tabForm10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one. | |||
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Mar 12, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| 0.61 | FY2025 | Mar 12, 2026 | |
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| 0.30x | FY2025 | Oct 15, 2026 | |
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itIncome statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itIncome statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| -0.14 | FY2025 | Oct 15, 2026 | |
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itIncome statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tabForm10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| -3.23 | FY2025 | Mar 12, 2026 | |
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itIncome statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tabForm10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tabForm10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
| 4/9 | FY2025 | Mar 12, 2026 | |
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itIncome statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tabForm10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tabForm10-KFiledMar 12, 2026PeriodFY2025Accession0001437749-26-008009What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001437749-26-008009, leaves this page and opens in a new tab | |||
The figures are computed from the accounts for fiscal 2025, the newest full year on file. 16 filed fiscal years on record, FY2009 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
10 filed fiscal years, FY2016 to FY2025, read from the annual reports Tucows Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.
| Year | Revenue | Operating income | Net income | EPS, diluted | Free cash flow | Operating margin | Return on equity | Filing |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 390.3M | -23.5M | -75.8M | -6.85 | -22.9M | -6.0% | n/m | 10-K, Mar 12, 20260001437749-26-008009 |
| FY2024 | 362.3M | -65.0M | -109.9M | -10.02 | -76.2M | -17.9% | n/m | 10-K, Mar 13, 20250001437749-25-007558 |
| FY2023 | 339.3M | -63.7M | -96.2M | -8.85 | -96.8M | -18.8% | -974.1% | 10-K, Apr 1, 20240001437749-24-010358 |
| FY2022 | 321.1M | -31.7M | -27.6M | -2.56 | -116.8M | -9.9% | -28.5% | 10-K, Mar 15, 20230001437749-23-006745 |
| FY2021 | 304.3M | -7.8M | 3.4M | 0.31 | -43.5M | -2.5% | 2.9% | 10-K, Mar 1, 20220001437749-22-004915 |
| FY2020 | 311.2M | 6.9M | 5.8M | 0.54 | -8.4M | 2.2% | 5.5% | 10-K, Mar 3, 20210001437749-21-004866 |
| FY2019 | 337.1M | 29.3M | 15.4M | 1.43 | -3.7M | 8.7% | 16.4% | 10-K, Mar 4, 20200001437749-20-004330 |
| FY2018 | 346.0M | 29.3M | 17.1M | 1.59 | 9.3M | 8.5% | 21.5% | 10-K, Mar 5, 20190001437749-19-004069 |
| FY2017 | 329.4M | 27.1M | 22.3M | 2.07 | 19.0M | 8.2% | 37.1% | 10-K, Mar 6, 20180001437749-18-004044 |
| FY2016 | 189.8M | 25.0M | 16.1M | 1.50 | 14.6M | 13.2% | 42.5% | 10-K, Mar 8, 20170001437749-17-003986 |
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
8 of 10
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
| Figure | Value, source and document |
|---|---|
| Beneish M-score | -3.23 ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Piotroski F-score | 4/9 ComputedFY2025 10-K, filed Mar 12, 2026, 0001437749-26-008009 |
| Named tests met | 0 of 30 Computed |
| Beta | 1.06 ComputedClose of Oct 15, 2026 |
Of 30 tests value investors published: 0 met, 21 not met, 9 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
9 of 10
Whether anybody here owns this company.
Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.
10 of 10
What to do with what you have read.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
No card. 30 free days, and nothing is charged unless you choose a plan.
ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.
Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.