Tucows Inc. /PA/ (TCX) intrinsic value & 10-year financials
Tucows Inc. /PA/ (TCX) has a Graham intrinsic value of $6.55 per share. At $10.17 on Oct 17, 2026, the stock trades 55% above that value. Over the last 10 fiscal years revenue grew 8.3% a year to $390.3M, with an average return on invested capital of -3.2%.
- Graham intrinsic value
- $6.55
- Share price (Oct 17, 2026)
- $10.17
- Price vs Graham value
- 55% above
- Market cap
- $112.5M
- Revenue (FY2025)
- $390.3M
- Revenue growth (10-yr CAGR)
- 8.3%
- ROIC (10-yr avg)
- -3.2%
- Free cash flow (FY2025)
- -$22.9M
TCX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $390.3M | -$75.8M | — | -$22.9M | -6.0% | -44.2% |
| FY2024 | $362.3M | -$109.9M | — | -$76.2M | -17.9% | -60.1% |
| FY2023 | $339.3M | -$96.2M | -$8.85 | -$96.8M | -18.8% | -25.1% |
| FY2022 | $321.1M | -$27.6M | -$2.56 | -$116.8M | -9.9% | -9.9% |
| FY2021 | $304.3M | $3.4M | $0.31 | -$43.5M | -2.6% | -1.4% |
| FY2020 | $311.2M | $5.8M | $0.54 | -$8.4M | 2.2% | 1.7% |
| FY2019 | $337.1M | $15.4M | $1.43 | -$3.7M | 8.7% | 11.1% |
| FY2018 | $346.0M | $17.1M | $1.59 | $9.3M | 8.5% | 15.2% |
| FY2017 | $329.4M | $22.3M | $2.07 | $19.0M | 8.2% | 32.8% |
| FY2016 | $189.8M | $16.1M | $1.50 | $13.7M | 13.2% | 47.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TUCOWS INC /PA/ is a consistent compounder, expanding top-line revenue at 8.3% annually over the past decade.
TUCOWS INC /PA/ has historically struggled to out-earn its cost of capital, averaging just -3.2% ROIC.
Over the decade, TUCOWS INC /PA/ shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TUCOWS INC /PA/ is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $6.55 per share.