TUCOWS INC /PA/
TCX · Services-Computer Processing & Data Preparation · 11.1M shares · +0%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$5M (gross $3M, SBC $8M)
Reference price $22.52 · est. market cap ~$251M — last insider sale, 2025-07-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Domains/fiber/mobile company burning cash on its Ting fiber buildout, with weak liquidity and negative equity.
Strengths
- Recurring domains/wholesale revenue base — qualitative (per 10-K)
- High ROE is a negative-equity artifact, not a strength — qualitative (per 10-K)
Risks
- Cash burn — FCF -$22.9M (12th), ROA -10.4%
- Weak liquidity and negative equity — current ratio 0.61 (17th), D/E -1.16
- Capital-intensive Ting fiber expansion and refinancing risk — qualitative (per 10-K)
Notable findings
- Negative equityNegative book equity (debt/equity -1.16)
- Cash burnNegative free cash flow (-22.9M)
- Weak liquidityCurrent ratio 0.61 (<1)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
46.2%
Return on assets
-10.4%
ROIC
-70.8%
Revenue growth (QoQ)
0.9%
Debt / equity
-1.2×
Current ratio
0.6×
Free cash flow
-$23M
EBITDA
-$20M
Tangible book value
-$314M
Cash & investments
$49M
Cash runway
8q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-12-24 | NOSS ELLIOT | Gift | 20K | — |
| 2025-07-17 | NOSS ELLIOT | Sell | 500 | $22.52 |
| 2025-07-11 | NOSS ELLIOT | Sell | 700 | $22.86 |
| 2025-07-10 | NOSS ELLIOT | Sell | 1.6K | $21.73 |
| 2025-07-10 | NOSS ELLIOT | Sell | 400 | $22.44 |
| 2025-07-09 | NOSS ELLIOT | Sell | 500 | $21.21 |
| 2025-07-08 | NOSS ELLIOT | Sell | 2.5K | $20.81 |
| 2025-07-07 | NOSS ELLIOT | Sell | 2.6K | $20.51 |
| 2025-07-02 | NOSS ELLIOT | Sell | 3.2K | $20.44 |
| 2025-05-15 | NOSS ELLIOT | Sell | 3.0K | $17.75 |
| 2025-05-14 | NOSS ELLIOT | Sell | 500 | $17.35 |
| 2025-05-09 | NOSS ELLIOT | Sell | 100 | $17.69 |
| 2025-05-08 | NOSS ELLIOT | Sell | 1.6K | $17.30 |
| 2025-05-07 | NOSS ELLIOT | Sell | 700 | $16.39 |
| 2025-05-06 | NOSS ELLIOT | Sell | 700 | $16.32 |
| 2025-05-05 | NOSS ELLIOT | Sell | 800 | $16.21 |
| 2025-04-24 | NOSS ELLIOT | Sell | 500 | $17.06 |
| 2025-04-23 | NOSS ELLIOT | Sell | 500 | $16.58 |
| 2025-04-22 | NOSS ELLIOT | Sell | 500 | $16.37 |
| 2025-04-17 | NOSS ELLIOT | Sell | 1.0K | $16.18 |
| 2025-04-14 | NOSS ELLIOT | Sell | 1.0K | $16.24 |
| 2025-04-11 | NOSS ELLIOT | Sell | 1.0K | $15.56 |
| 2025-04-09 | NOSS ELLIOT | Sell | 300 | $15.02 |
| 2025-04-07 | NOSS ELLIOT | Sell | 500 | $15.44 |
| 2025-04-04 | NOSS ELLIOT | Sell | 1.0K | $16.23 |
| 2025-04-03 | NOSS ELLIOT | Sell | 1.0K | $16.57 |
| 2025-04-02 | NOSS ELLIOT | Sell | 200 | $16.98 |
| 2025-02-14 | NOSS ELLIOT | Sell | 2.0K | $15.97 |
| 2025-02-14 | NOSS ELLIOT | Sell | 2.5K | $16.83 |
| 2025-02-14 | NOSS ELLIOT | Sell | 2.0K | $18.00 |
| 2025-02-14 | NOSS ELLIOT | Sell | 1.3K | $18.94 |
| 2025-02-06 | NOSS ELLIOT | Sell | 500 | $15.76 |
| 2025-02-05 | NOSS ELLIOT | Sell | 300 | $15.68 |
| 2025-02-04 | NOSS ELLIOT | Sell | 500 | $15.66 |
| 2025-01-27 | NOSS ELLIOT | Sell | 100 | $17.12 |
| 2025-01-24 | NOSS ELLIOT | Sell | 2.0K | $16.91 |
| 2025-01-23 | NOSS ELLIOT | Sell | 500 | $16.48 |
| 2025-01-22 | NOSS ELLIOT | Sell | 2.0K | $16.22 |
| 2025-01-15 | NOSS ELLIOT | Sell | 200 | $16.57 |
| 2025-01-13 | NOSS ELLIOT | Sell | 100 | $16.32 |
| 2025-01-08 | NOSS ELLIOT | Sell | 1.1K | $16.79 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
- EchoStar
Suppliers (2)
- ICANN
- Verisign
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-02 | 0001437749-26-019571 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001437749-26-015656 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001437749-26-008009 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0001437749-26-003960 ↗ |
| 8-K | 2025-12-05 | 2025-12-01 | 0001437749-25-037049 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001437749-25-033639 ↗ |
| 8-K | 2025-09-10 | 2025-09-08 | 0001437749-25-028784 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001437749-25-025490 ↗ |
| 8-K | 2025-05-22 | 2025-05-20 | 0001437749-25-018181 ↗ |
| 10-Q | 2025-05-08 | 2025-03-31 | 0001437749-25-015557 ↗ |
| 8-K | 2025-04-10 | 2025-04-10 | 0001437749-25-011589 ↗ |
| 8-K | 2025-03-27 | 2025-03-26 | 0001437749-25-009421 ↗ |