Tucows Inc. (TCX) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Tucows Inc. $5.69, price $10.49, upside -45.8%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $8.57 – $91.18 · the $10.49 price screens above the $5.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Tucows Inc. provides domain name registration, email, and other internet related services in North America and Europe. It operates through three segments: Ting, Wavelo, and Tucows Domains. The Ting segment provides gigabit fiber and fixed wireless internet services to consumer and business customers.
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Tucows Inc. provides domain name registration, email, and other internet related services in North America and Europe. It operates through three segments: Ting, Wavelo, and Tucows Domains. The Ting segment provides gigabit fiber and fixed wireless internet services to consumer and business customers. The Wavelo segment offers full-service platforms and professional services that support communication services providers, including subscription and billing management, network orchestration and provisioning, and individual developer tools, as well as billing solutions to internet services providers under the Platypus brand. The Tucows Domains segment provides wholesale and retail domain name registration services under the OpenSRS, eNom, Ascio, EPAG, and Hover brands, as well as value added services, such as hosted email, internet security services, WHOIS privacy, and other value-added services. The company offers its services primarily through an internet-based distribution network of internet service providers, web hosting companies, and other providers of internet services to end-users. Tucows Inc. was founded in 1992 and is headquartered in Toronto, Canada.
Stock analysis
Tucows Inc. (TCX) currently trades at $10.49, while our model-based Fair Value estimate is $5.69, implying the stock looks roughly 84.4% overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.
Quality & growth
The Quality Score stands at 39/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Tucows Inc. reported revenue of $390M in FY2025 versus $304M in FY2021, a compound +6.4%/yr. Reported net income was −$75.8M in FY2025.
Key figures
Market cap $146M · P/S ratio 0.37 · EPS (TTM) $−7.11 · Net margin −19.4% · Return on equity −1,012% · Return on assets (EBIT) −5.0% · Operating margin −3.3% · Revenue (TTM) $392M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).
What moves the price
The share trades about 58% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −19% fair-value upside, at −46%, TCX screens richer than that median.
Fair Value models
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.22/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+7.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
Start year 2020 (pandemic). Over 10 years: +8.5% a year
Revenue growth 29 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.4%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
2.2% (2020) → −3.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 377 stocks
Beats the industry median on 1/9 measures
Overall it trails its industry peers.
Valuation
Quality Score35 · Bottom 25%
Fair Value upside−46% · Below median
Profitability
Return on equity (TTM)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets−2% · Below median
Net margin (TTM)−20% · Bottom 25%
Operating margin (TTM)−3% · Below median
Growth and dividend
Revenue growth2% · Below median
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (TTM)0.37× · Cheapest 25%
EV/EBITDA22.7× · Pricier than median
PEG1.89× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 18
FUTURE (revenue growth)11· sector 49
PAST (return on equity)0· sector 19
HEALTH (low debt)0· sector 97
DIVIDEND (yield)0· sector 33
VALUE 0: the price sits above our fair-value range.
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Tucows Inc. Fair Value". https://www.fairvalue-calculator.com/stock/TCX
Frequently asked questions
Is Tucows Inc. (TCX) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $5.69 versus a price of $10.49, about −46% upside (overvalued).
What is the fair value of TCX?
Our model-based fair value for Tucows Inc. is $5.69 (as of Sep 23, 2026), built from audited fundamentals. The current price: $10.49.
What is the quality score of TCX?
Tucows Inc. has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Tucows Inc. (TCX)?
Our model-based price target is the fair value of $5.69 (as of Sep 23, 2026) from 1 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Tucows Inc. stock forecast for 2026?
Our models put fair value at $5.69, about −46% upside versus a price of $10.49 (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of Tucows Inc. (TCX)?
Tucows Inc. reported trailing-twelve-month revenue of about $392M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Tucows Inc. (TCX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tucows Inc. it is $5.69 per share (as of Sep 23, 2026), against a price of $10.49. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Tucows Inc. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, TCX trades above its calculated fair value: price $10.49, fair value $5.69, a gap of about −46% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TCX?
No. The price is what the market pays today ($10.49); the fair value is what the company's own numbers justify ($5.69). For Tucows Inc. the two are $4.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tucows Inc. worth?
The market values Tucows Inc. at about $146M (market capitalisation, as of Sep 23, 2026). Per share that is $10.49; our models calculate a fair value of $5.69 per share.
What is the PEG ratio of TCX?
The PEG ratio of Tucows Inc. is 1.89 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Tucows Inc. (TCX)?
Balance-sheet figures for Tucows Inc. (as of Sep 23, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is TCX from its 52-week high?
Tucows Inc. trades at $10.49, about 58% below its 52-week high of $24.90 and 22% above the low of $8.57 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $5.69 is for.
Which stocks are comparable to Tucows Inc.?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Tucows Inc. stock attractive at the current price?
The data as of Sep 23, 2026: price $10.49, calculated fair value $5.69 (−46%), Quality Score 39/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TCX calculated?
We run Tucows Inc. through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $5.69, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Tucows Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Tucows Inc. (TCX)?
The closing price on Sep 23, 2026 was $10.49. Our model-based fair value is $5.69, about −46% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tucows Inc. right now?
Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Tucows Inc.
How large is the market capitalisation of Tucows Inc. (TCX)?
The market capitalisation of Tucows Inc. is $146M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Tucows Inc. (TCX)?
The price-to-sales ratio of Tucows Inc. is 0.37 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tucows Inc. (TCX)?
Earnings per share at Tucows Inc. are $−7.11. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Tucows Inc. (TCX)?
The net margin of Tucows Inc. is −19.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Tucows Inc. (TCX)?
The return on equity (ROE) of Tucows Inc. is −1,012% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Tucows Inc. (TCX)?
On an EBIT basis the return on assets of Tucows Inc. is −5.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Tucows Inc. (TCX)?
The operating margin of Tucows Inc. is −3.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tucows Inc. (TCX)?
Revenue at Tucows Inc. is growing +2.2% versus a year earlier (3y avg +6.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Tucows Inc. (TCX)?
Earnings per share at Tucows Inc. are growing +90.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Tucows Inc. (TCX) generate?
The free cash flow of Tucows Inc. is −$22.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Tucows Inc. (TCX) carry?
The net debt of Tucows Inc. is $498M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Sep 23, 2026