Tucows Inc. (TCX) Key Metrics
TCX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $113.7M
- Enterprise value
- $638.7M
- P/E (TTM)
- — 10-yr median 40.5
- Forward P/E
- 30.5
- PEG ratio
- 1.89
- Price / sales
- 0.3 10-yr median 1.9
- Price / book
- 2.4 10-yr median 8.0
- EV / EBITDA
- 22.2 10-yr median 20.6
- Dividend yield
- —
- Beta
- 0.92
TCX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTCX valuation Price multiples at each fiscal year-end price.
Price / sales+22.5%
0.6
2025 · hover or tap a bar for each year
20162025
EV / EBITDA
20.7
2025 · hover or tap a bar for each year
20162025
Free cash flow yield+31.3 pts
−9.2%
2025 · hover or tap a bar for each year
20162025
TCX returns How much profit the business earns on the capital it uses.
Return on invested capital+10.6 pts
−3.4%
2025 · hover or tap a bar for each year
20162025
Return on assets+3.9 pts
−10.2%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+15.2 pts
−5.9%
2025 · hover or tap a bar for each year
20162025
Asset turnover+12.6%
0.52
2025 · hover or tap a bar for each year
20162025
TCX per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+6.8%
$35.26
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$6.85
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$2.07
2025 · hover or tap a bar for each year
20162025
Book value per share
−$14.84
2025 · hover or tap a bar for each year
20162025
Shares outstanding+0.9%
11.1M
2025 · hover or tap a bar for each year
20162025
TCX financial health Debt, liquidity and how easily interest is covered.
Net debt+$41.8M
$498.0M
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA
13.79
2025 · hover or tap a bar for each year
20162025
Current ratio−40.2%
0.61
2025 · hover or tap a bar for each year
20162025
Interest coverage
-0.3
2025 · hover or tap a bar for each year
20162025
Debt / assets+10.2%
0.75
2025 · hover or tap a bar for each year
20162025
TCX efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−2 days
21 days
2025 · hover or tap a bar for each year
20162025
Days of inventory−2 days
5 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−3 days
11 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−1 days
15 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−11.2 pts
4.4%
2025 · hover or tap a bar for each year
20162025
TCX valuation history
Fiscal year-endToday10-year median
TCX returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TCX debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TCX cash returned to shareholders
DividendsBuybacksFree cash flow
TCX price vs earnings per share
Share price at year-endEPS (right axis)
TCX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $248.1M | $188.0M | $293.3M | $365.3M | $906.7M | $790.1M | $665.5M | $648.3M | $756.1M | $377.7M |
| Enterprise value | $746.2M | $644.2M | $657.5M | $597.8M | $1.10B | $914.4M | $769.5M | $700.3M | $815.0M | $372.8M |
| P/E ratio | — | — | — | — | 269.5 | 136.8 | 43.2 | 37.8 | 33.9 | 23.5 |
| Price / sales | 0.6 | 0.5 | 0.9 | 1.1 | 3.0 | 2.5 | 2.0 | 1.9 | 2.3 | 2.0 |
| Price / book | — | — | 29.7 | 3.8 | 7.9 | 7.5 | 7.1 | 8.1 | 12.6 | 10.0 |
| Price / free cash flow | — | — | — | — | — | — | — | 74.3 | 47.2 | 52.4 |
| Price / operating cash flow | — | — | — | 18.4 | 30.6 | 21.9 | 16.5 | 17.4 | 23.7 | 17.4 |
| EV / sales | 1.9 | 1.8 | 1.9 | 1.9 | 3.6 | 2.9 | 2.3 | 2.0 | 2.5 | 2.0 |
| EV / EBITDA | 20.7 | — | — | 22.7 | 27.7 | 23.8 | 15.8 | 15.7 | 20.5 | 13.2 |
| EV / free cash flow | — | — | — | — | — | — | — | 80.3 | 50.9 | 51.8 |
| Earnings yield | −30.6% | −58.4% | −32.8% | −7.5% | 0.4% | 0.7% | 2.3% | 2.6% | 3.0% | 4.3% |
| Free cash flow yield | −9.2% | −40.5% | −33.2% | −32.2% | −4.9% | −1.1% | −1.1% | 1.3% | 2.1% | 1.9% |
| Dividend yield | — | — | — | — | 0.5% | 0.1% | 0.1% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | 15.6% | 0.0% | 0.5% | 0.5% | 0.8% | 0.1% | 0.2% | 1.9% |
| Share price at fiscal year-end | $22.42 | $17.14 | $27.00 | $33.92 | $83.82 | $73.89 | $61.78 | $60.06 | $70.05 | $35.25 |
| Per share | ||||||||||
| Revenue per share | $35.26 | $33.03 | $31.23 | $29.82 | $28.13 | $29.11 | $31.30 | $32.06 | $30.52 | $17.72 |
| Earnings per share | −$6.85 | −$10.02 | −$8.85 | −$2.56 | $0.31 | $0.54 | $1.43 | $1.59 | $2.07 | $1.50 |
| Operating cash flow per share | −$0.52 | −$1.80 | −$0.44 | $1.85 | $2.74 | $3.37 | $3.75 | $3.45 | $2.96 | $2.02 |
| Free cash flow per share | −$2.07 | −$6.95 | −$8.96 | −$10.92 | −$4.10 | −$0.79 | −$0.67 | $0.81 | $1.48 | $0.67 |
| Cash per share | $4.22 | $5.19 | $8.53 | $2.18 | $0.84 | $0.78 | $1.89 | $1.17 | $1.67 | $1.41 |
| Book value per share | −$14.84 | −$8.69 | $0.91 | $8.98 | $10.64 | $9.79 | $8.74 | $7.39 | $5.58 | $3.53 |
| Tangible book value per share | −$28.40 | −$22.84 | −$13.81 | −$6.83 | −$6.08 | −$5.52 | −$6.80 | −$5.53 | −$8.18 | −$0.30 |
| Dividends per share | — | — | — | — | $0.41 | $0.09 | $0.04 | — | $0.00 | $0.00 |
| Capex per share | $1.55 | $5.15 | $8.52 | $12.77 | $6.84 | $4.16 | $4.42 | $2.64 | $1.47 | $1.35 |
| Debt per share | $49.22 | $46.79 | $42.06 | $23.77 | $19.02 | $12.41 | $11.54 | $5.98 | $7.13 | $0.96 |
| Shares outstanding | 11.1M | 11.0M | 10.9M | 10.8M | 10.8M | 10.7M | 10.8M | 10.8M | 10.8M | 10.7M |
| Change in shares outstanding | +0.9% | +1.0% | +0.9% | −0.4% | +1.2% | −0.7% | −0.2% | +0.0% | +0.7% | −5.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | −180.6% | −26.0% | 3.1% | 5.8% | 17.7% | 24.5% | 45.6% | 50.1% |
| Return on invested capital (ROIC) | −3.4% | −14.0% | −14.3% | −7.8% | −1.4% | 1.7% | 11.1% | 15.3% | 33.0% | 58.2% |
| Return on assets (ROA) | −10.2% | −14.1% | −13.1% | −4.6% | 0.7% | 1.3% | 4.0% | 5.0% | 8.8% | 11.3% |
| Return on tangible assets | −13.1% | −18.2% | −15.1% | −5.6% | 0.9% | 2.0% | 6.0% | 8.6% | 11.0% | 14.2% |
| Free cash flow margin | −5.9% | −21.0% | −28.7% | −36.6% | −14.6% | −2.7% | −2.2% | 2.5% | 4.9% | 3.8% |
| Income quality (OCF / net income) | — | — | — | — | 8.81 | 6.25 | 2.62 | 2.17 | 1.43 | 1.35 |
| Financial health | ||||||||||
| Total debt | $544.8M | $513.1M | $456.9M | $256.0M | $205.8M | $132.7M | $124.3M | $64.6M | $76.9M | $10.2M |
| Cash & short-term investments | $46.8M | $56.9M | $92.7M | $23.5M | $9.1M | $8.3M | $20.4M | $12.6M | $18.0M | $15.1M |
| Net debt | $498.0M | $456.2M | $364.2M | $232.5M | $196.6M | $124.4M | $103.9M | $52.0M | $58.9M | −$4.9M |
| Debt / equity | — | — | 46.27 | 2.65 | 1.79 | 1.27 | 1.32 | 0.81 | 1.28 | 0.27 |
| Debt / assets | 0.75 | 0.68 | 0.57 | 0.39 | 0.38 | 0.29 | 0.29 | 0.19 | 0.22 | 0.07 |
| Net debt / EBITDA | 13.79 | — | — | 8.81 | 4.93 | 3.24 | 2.14 | 1.16 | 1.48 | −0.17 |
| Current ratio | 0.61 | 1.03 | 1.21 | 0.90 | 0.85 | 0.87 | 0.93 | 0.80 | 0.86 | 0.99 |
| Quick ratio | 0.60 | 1.01 | 1.17 | 0.86 | 0.83 | 0.85 | 0.91 | 0.78 | 0.85 | 0.97 |
| Interest coverage | -0.3 | -1.2 | -1.5 | -2.2 | -1.7 | 1.9 | 6.2 | 8.0 | 7.6 | 55.7 |
| Working capital | −$127.3M | $5.5M | $41.4M | −$18.3M | −$26.7M | −$21.8M | −$11.2M | −$33.4M | −$24.7M | −$1.1M |
| Invested capital | $333.8M | $360.9M | $374.1M | $329.2M | $311.7M | $229.1M | $198.1M | $131.7M | $119.1M | $33.0M |
| Tangible asset value | −$314.3M | −$250.5M | −$150.0M | −$73.5M | −$65.7M | −$59.0M | −$73.3M | −$59.7M | −$88.3M | −$3.2M |
| Net current asset value | −$692.0M | −$648.7M | −$545.8M | −$398.2M | −$277.5M | −$206.0M | −$186.0M | −$127.9M | −$136.6M | −$33.3M |
| Graham number | — | — | — | — | $8.63 | $10.91 | $16.77 | $16.25 | $16.11 | $10.91 |
| Graham net-net per share | −$74.81 | −$71.06 | −$62.06 | −$48.42 | −$36.94 | −$30.43 | −$27.60 | −$21.87 | −$24.24 | −$8.64 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $4.4M | $985,000 | $395,000 | — | $0 | $0 |
| Share buybacks (net) | $0 | $0 | $45.7M | $0 | $387,000 | $3.3M | $5.0M | $445,000 | $1.5M | $7.2M |
| Dividend payout ratio | — | — | — | — | 131.7% | 17.1% | 2.6% | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | 5.1% | 9.1% | 99.7% |
| Capex / revenue | 4.4% | 15.6% | 27.3% | 42.8% | 24.3% | 14.3% | 14.1% | 8.2% | 4.8% | 7.6% |
| Capex / operating cash flow | — | — | — | 691.7% | 249.5% | 123.4% | 118.0% | 76.6% | 49.8% | 66.7% |
| Capex / depreciation | 0.37 | 1.24 | 1.96 | 3.47 | 2.64 | 1.85 | 2.47 | 1.90 | 1.31 | 5.20 |
| Stock-based compensation / revenue | 1.8% | 1.9% | 2.4% | 2.4% | 1.5% | 1.2% | 0.9% | 0.7% | 0.4% | 0.4% |
| R&D / revenue | 4.6% | 5.1% | 0.2% | 4.4% | 4.7% | 4.0% | 2.9% | 2.5% | 2.2% | 2.4% |
| SG&A / revenue | 11.0% | 26.6% | 29.8% | 26.4% | 20.3% | 17.5% | 15.5% | 14.7% | 13.1% | 16.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 21.4 | 22.9 | 27.1 | 25.5 | 21.4 | 19.5 | 15.5 | 13.0 | 13.0 | 19.8 |
| Days of inventory on hand | 4.8 | 7.0 | 11.1 | 7.9 | 4.2 | 4.3 | 5.6 | 4.9 | 3.1 | 3.0 |
| Days payables outstanding | 11.5 | 14.2 | 23.6 | 20.4 | 13.2 | 10.5 | 11.7 | 11.3 | 8.8 | 12.9 |
| Cash conversion cycle (days) | 14.6 | 15.7 | 14.6 | 13.0 | 12.4 | 13.3 | 9.4 | 6.6 | 7.3 | 10.0 |
| Receivables turnover | 17.08 | 15.95 | 13.47 | 14.32 | 17.06 | 18.74 | 23.56 | 28.09 | 28.01 | 18.42 |
| Payables turnover | 31.75 | 25.75 | 15.44 | 17.87 | 27.66 | 34.73 | 31.27 | 32.22 | 41.46 | 28.32 |
| Inventory turnover | 76.49 | 51.90 | 32.76 | 46.00 | 87.75 | 84.67 | 65.37 | 74.19 | 117.88 | 119.90 |
| Asset turnover | 0.52 | 0.47 | 0.46 | 0.53 | 0.61 | 0.71 | 0.88 | 1.00 | 1.30 | 1.34 |
| Average receivables | $22.9M | $22.7M | $25.2M | $22.4M | $17.8M | $16.6M | $14.3M | $12.3M | $11.8M | $10.3M |
| Average payables | $9.5M | $10.8M | $14.9M | $13.6M | $8.2M | $6.5M | $7.6M | $7.7M | $5.9M | $4.5M |
| Average inventory | $3.9M | $5.4M | $7.0M | $5.3M | $2.6M | $2.7M | $3.6M | $3.4M | $2.1M | $1.1M |
| Intangibles / total assets | 20.5% | 20.4% | 20.0% | 25.6% | 33.5% | 36.2% | 39.3% | 41.1% | 42.3% | 26.5% |
Computed from TCX's annual financial statements (latest annual report filed March 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TCX valuation and financial ratios
Tucows earned a return on invested capital of −3.4% in fiscal 2025. It ended the year with $544.8 million of debt and $46.8 million in cash and short-term investments, net debt of $498.0 million. The share count rose 3.3% from 10.7M to 11.1M over 9 years.
See the TCX income statement, the TCX chart for price history, or the TCX stock overview for the latest quote and news.
TCX key metrics FAQ
What is Tucows's EV/EBITDA?
Tucows's enterprise value was 20.7 times EBITDA at the end of fiscal 2025 (enterprise value $746.2 million, EBITDA $36.1 million); the current EV/EBITDA is 22.2.
What is Tucows's ROIC?
Tucows's return on invested capital was −3.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Tucows have?
Tucows had total debt of $544.8 million at the end of fiscal 2025 and $498.0 million of net debt (13.79 times EBITDA).
What is Tucows's free cash flow yield?
Tucows generated -$22.9 million of free cash flow in fiscal 2025, a free cash flow yield of −9.2% on its market value at year-end ($248.1 million).
What is Tucows's current ratio?
Tucows's current ratio was 0.61 at the end of fiscal 2025: current assets were 0.61 times current liabilities.