Tucows

TCX

Software - Infrastructure · Technology

Price

$10.22

+0.28 (+2.82%)

Market Cap

$113.9M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+2.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 10.8M (2021) → 11.1M (2025)

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

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-19.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$18M/ year

→ Flat (-4% vs prior year)

4.6% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

21.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~6 years

$50M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$50M cash & investments at current burn rate

Growth context

Tucows is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

25.0%

Thin — 25.0% gross margin

Operating Margin

-2.3%

Losing money on operations — -2.3%

ROCE

-0.5%

Weak — -0.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+6.2%

Slow sales growth (6.2% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-2.1%

Burning cash (-2.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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