Tucows Inc. (TCX) Stock

Tucows Inc. (TCX) is a Technology stock trading at $10.40 (as of 2026-09-01), with a market capitalization of $115.95M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Tucows 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.

Understand Tucows Inc.: how it makes money

Tucows sells domain name registrations, retail fiber internet (Ting), and legacy mobile services, collecting recurring fees from domain renewals and monthly connectivity bills. Domains drive roughly 80% of revenue, while Ting fiber is a smaller but scaling asset and mobile is fading.

The domain business is a toll-road: Tucows collects a per-name fee on each renewal, and the completed Radix registry migration shifts part of that revenue from reseller margin to direct, contract-anchored registry fees.

Revenue by segment (latest quarter)
Domains & Wavelo$0.1B
Fiber Internet (Ting)$0.0B
Mobile$0.0B

Business quality (Weak): Operating margin is negative at roughly -4%, gross margin sits at 25%, and ROE is deeply negative. The group is not yet self-sustaining at the operating level, though recurring domain cash flow partially offsets Ting's still-investment-stage losses.

Bull case

  • Radix migration resets unit economics: The Radix registry migration is complete, with the full quarterly wholesale benefit expected in Q2, converting a slice of domain revenue from a thin reseller margin to a direct, contract-anchored registry fee.
  • Ting scaling past break-even: Ting's revenue rose 19% and its adjusted EBITDA loss narrowed to $0.4 million, suggesting the fiber customer base is approaching the point where incremental addresses add profit rather than cost.
  • Domains cash flow underpins the group: Domains produced $11.6 million of adjusted EBITDA, modestly above the prior year, providing the recurring cash that funds Ting's buildout and corporate overhead.

Bear case

  • Wavelow revenue is eroding: Wavelow gross profit and adjusted EBITDA both declined year over year, and because Wavelo services sit inside the $80 million Domains line, softness there drags the entire segment's growth.
  • Legacy mobile compounding losses: Legacy mobile obligations drove higher corporate losses and remain challenged on both revenue and cost, keeping consolidated operating margin negative at roughly -4% even before new investments.
  • Ting fate still unresolved: Ting's strategic process remains open with no substantive update provided, leaving investors without clarity on whether the fiber asset (20% of revenue) continues under Tucows or exits in a transaction.
Valuation — source: SEC EDGAR (first-party)
Price$10.40
Market Cap$115.95M
Price / Sales0.30
FCF Yield-19.7%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$390.30M
Net Margin-19.4%
Revenue Growth (YoY)2.2%
EPS Growth (YoY)19.0%
FCF Growth (YoY)-88.0%
Financial Health — source: SEC EDGAR
Altman Z-Score-0.14 (distress)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Technology)31.8
Industry P/E (Business Services)28.3
Company
SectorTechnology
IndustryBusiness Services
CEODavid Woroch
Employees765
CountryCA
IPO Date1996-04-30

Tucows Inc. earnings call transcripts

  • TCX Q1 FY26 earnings call transcript (reported 2026-05-07) · analysis

All TCX earnings calls

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TCX earnings history · TCX institutional & insider holders · TCX KPIs & operating metrics · TCX financials · TCX investor presentations & press releases · TCX SEC filings · TCX peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-01.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.