TUCOWS INC /PA/
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $390.3M | $362.3M | $339.3M | $321.1M | $304.3M | $311.2M |
| Operating income | −$23.5M | −$65.0M | −$63.7M | −$31.7M | −$7.8M | $6.9M |
| Net income | −$75.8M | −$109.9M | −$96.2M | −$27.6M | $3.4M | $5.8M |
| Total assets | $730.9M | $758.8M | $798.4M | $664.7M | $539.6M | $451.9M |
| Total liabilities | — | — | — | — | — | — |
| Equity | −$164.2M | −$95.3M | $9.9M | $96.7M | $115.1M | $104.7M |
| EPS (diluted) | $-6.85 | $-10.02 | $-8.85 | $-2.56 | $0.31 | $0.54 |
| Shares out. | 11.0M | 10.9M | 10.8M | 10.8M | 10.6M | 10.6M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −6.0%
- Net margin
- −19.4%
- Return on equity
- 46.2%
- Return on assets
- −10.4%
- Return on capital (ROCE)
- −5.9%
- Liabilities / assets
- —
- Debt / equity
- —
- Book value / share
- $-14.88
- Revenue growth (YoY)
- 7.7%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Accruals / assets
- −9.6%clean
- Piotroski F-Score
- 4/8mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 2 severe● 3 warning● 3 good- Negative shareholder equity
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Negative operating cash flow
- Strong return on equity (>15%)
- Revenue is growing year-over-year
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Kmissed a reporting deadline ↗Mar 15, 2024
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Noss ElliotDirector | Dec 24, 2025 | Gift | 20,250 | $0.00 |
| Noss ElliotOfficer — Chief Executive Officer | Jul 17, 2025 | Sell | 500 | $22.52 |
| Noss ElliotOfficer — Chief Executive Officer | Jul 10, 2025 | Sell | 400 | $22.44 |
| Noss ElliotOfficer — Chief Executive Officer | Jul 7, 2025 | Sell | 2,600 | $20.51 |
| Noss ElliotOfficer — Chief Executive Officer | Jul 2, 2025 | Sell | 3,200 | $20.44 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 575,413 | 26.6 | +0.9% |
| Apr 30, 2026 | 569,976 | 25.6 | +1.4% |
| Apr 15, 2026 | 562,235 | 19.1 | -3.7% |
| Mar 31, 2026 | 583,669 | 15.1 | +6.2% |
| Mar 13, 2026 | 549,482 | 12.1 | +5.1% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operationsFeb 12, 2026
- Debt acceleration / triggering eventDec 5, 2025
- Other material eventSep 10, 2025
- Shareholder voteMay 22, 2025
- Director / officer changeApr 10, 2025
- Item 5.08Mar 27, 2025
- Results of operationsFeb 14, 2025
- Other material eventFeb 14, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- 10-QFORM 10-QMay 7, 2026
- ARSFORM ARSApr 23, 2026
- DEF 14AFORM DEF 14AApr 23, 2026
- DEFC14AFORM DEFC14AApr 22, 2026
- 10-KFORM 10-KMar 12, 2026
- 5FORM 5Feb 13, 2026
- 5FORM 5Feb 13, 2026
- 8-KFORM 8-KFeb 12, 2026
- 4FORM 4Jan 12, 2026
- 8-KFORM 8-KDec 5, 2025
- 4FORM 4Dec 2, 2025
- 10-QFORM 10-QNov 6, 2025
- 8-KFORM 8-KSep 10, 2025
- 4FORM 4Sep 10, 2025
- 10-QFORM 10-QAug 7, 2025
Event-driven situations (1)
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