What is the 13F Pro Quality Score for TCX?

13F Pro ranks TUCOWS INC /PA/ (TCX) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View TCX's current score at https://13fpro.ai/research/TCX (free sign-up required for the full ranking).

Where does 13F Pro source TCX data?

All TUCOWS INC /PA/ fundamentals and ownership data come directly from SEC EDGAR. TUCOWS INC /PA/ files with the SEC under CIK 909494. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is TCX in?

TUCOWS INC /PA/ (TCX) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

How often is TCX research updated on 13F Pro?

TCX's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

TUCOWS INC /PA/(TCX)Stock Analysis

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13F Pro Quality Score

32.9/100

Rank #2,247 of 2,879 stocks

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

56.8/100

Profitability

20.0/100

Balance Sheet

17.8/100

Earnings Quality

30.0/100

Free Cash Flow

24.4/100

Institutional Flow

52.9/100

Revenue Scale

33.1/100

Dilution Risk

41.6/100

TCX Stock Analysis & AI Quality Score

AI stock analysis and institutional research for TUCOWS INC /PA/ (TCX), a Technology sector company. 13F Pro's AI-powered ranking engine scores TCX at 32.9/100 on a 32-signal composite quality model, placing it at rank #2,247 of 2,879 stocks — the bottom half of the AI-ranked universe. Areas of concern include balance sheet strength (17.8) and profitability (20.0), which score below median versus the broader universe. Shareholder dilution risk is elevated at 41.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), TUCOWS INC /PA/ reports quarterly revenue of $96.7M, net income of $-18.1M, an operating margin of -4.5%. Top institutional holders of TCX by reported 13-F value include EdgePoint Investment Group, Blacksheep Fund Management Ltd, EverSource Wealth Advisors,, based on the most recent SEC filings. TCX trades on the Nasdaq exchange and files with the SEC under CIK 909494. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate TCX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for TUCOWS INC /PA/ directly from SEC EDGAR. TUCOWS INC /PA/'s 13F Pro composite quality score has ranged between 19 and 34 since 2023, currently 32.9 — an improving long-term trajectory across 22 quarterly and live scoring snapshots.

✦

Fun facts about TUCOWS INC /PA/

Quirks, history, and lore behind TCX — the kind of stuff that makes a stock memorable.

1
The Basics
Canadian internet services company · listed on Nasdaq · operates across domain registration, mobile services, and fiber internet · a rare small-cap that does a bit of everything online.
2
The Numbers
Annual revenue in the range of $300–400 million — not a giant, but it manages millions of domain names and hundreds of thousands of internet subscribers.
3
The History
Founded in the late 1990s during the dot-com boom, it originally made its name as a domain registrar and software platform for other registrars — the picks-and-shovels play of the early internet.
4
The Secret
It quietly became one of North America's largest retail internet providers by acquiring fiber and DSL networks — surprising for a company most people associate with domain names.
5
The Lore
Its OpenSRS platform underpins domain registration for countless other companies — meaning millions of people use its infrastructure without ever knowing it exists.
6
The Giveaway
The name sounds like a baby bovine and a Wild West town had a child — this Toronto-based registrar-turned-ISP has been wrangling the internet since the dial-up days.

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Revenue

Q1 2026

$96.7M

Net Income

Q1 2026

$-18.1M

Free Cash Flow

Q1 2026

$-2.0M

Operating Margin

Q1 2026

-4.5%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+7.7% YoY

$390.3MFY 2025

FY20 $311.2MFY23 $339.3MFY24 $362.3MFY25 $390.3M

Net Income

+31.0% YoY

$-75.8MFY 2025

FY20 $5.8MFY23 $-96.2MFY24 $-109.9MFY25 $-75.8M

Operating Income

+63.9% YoY

$-23.5MFY 2025

FY20 $6.9MFY23 $-63.7MFY24 $-65.0MFY25 $-23.5M

EPS (Diluted)

—FY 2025

FY20 $0.54FY23 $-8.85FY24 —FY25 —

Total Assets

-3.7% YoY

$730.9MFY 2025

FY20 $451.9MFY23 $798.4MFY24 $758.8MFY25 $730.9M

Total Debt

-2.6% YoY

$190.4MFY 2025

FY20 $122.4MFY23 $211.9MFY24 $195.4MFY25 $190.4M

Op. Cash Flow

+70.8% YoY

$-5.8MFY 2025

FY20 $36.1MFY23 $-4.8MFY24 $-19.7MFY25 $-5.8M

Metric	FY 2025	FY 2024	FY 2023	FY 2020	FY 2019	FY 2018
Revenue	$390.3M +7.7%	$362.3M +6.8%	$339.3M +9.0%	$311.2M -7.7%	$337.1M -2.6%	$346.0M
Net Income	$-75.8M +31.0%	$-109.9M -14.2%	$-96.2M -1765.7%	$5.8M -62.5%	$15.4M -10.1%	$17.1M
Operating Income	$-23.5M +63.9%	$-65.0M -2.1%	$-63.7M -1020.2%	$6.9M -76.4%	$29.3M +0.1%	$29.3M
EPS (Diluted)	—	—	$-8.85 -1738.9%	$0.54 -62.2%	$1.43 -10.1%	$1.59
Total Assets	$730.9M -3.7%	$758.8M -5.0%	$798.4M +76.7%	$451.9M +6.1%	$425.9M +25.4%	$339.6M
Total Debt	$190.4M -2.6%	$195.4M -7.8%	$211.9M +73.1%	$122.4M +7.0%	$114.4M +75.6%	$65.2M
Operating Cash Flow	$-5.8M +70.8%	$-19.7M -313.9%	$-4.8M -113.2%	$36.1M -10.6%	$40.4M +8.5%	$37.2M

AI Insight: TCX Financial Trends

Tucows posts eight consecutive quarters of operating losses while negative equity deepens to -$181M, signaling sustained structural stress.

• Revenue grew modestly from $89M in Q2 2024 to a peak of $99M in Q3–Q4 2025, then slipped back to $97M in Q1 2026.

• Operating losses persisted every quarter, ranging from -$2M in Q1 2025 to -$30M in Q4 2024, with no quarter reaching breakeven.

• Negative equity deteriorated continuously from -$33M in Q2 2024 to -$181M in Q1 2026, a $148M erosion over eight quarters.

• Operating cash flow turned positive at $7M in Q2 2025 and $4M in Q1 2026, offering rare but inconsistent relief from otherwise negative readings.

⚠ Total debt stood at $190M in Q4 2025 against deeply negative equity of -$164M; leverage headroom appears critically thin.

⚠ Net losses spiked to -$42M in Q4 2024 before improving; watch whether Q4 seasonality drives another outsized loss in future periods.

⚠ Operating cash flow returned to $4M in Q1 2026 after -$3M in Q4 2025 — monitor whether this positive trend can sustain.

AI Insight: TCX Ratio Trends

Tucows remains deeply unprofitable across all periods, though Q4 2024's severe loss spike appears to be an isolated event rather than a structural deterioration.

• Operating margin hit a trough of -32.1% in Q4 2024, then rebounded sharply to -2.1% in Q1 2025 — suggesting a large one-off charge.

• TTM operating margin of -6.6% and NPM of -20.1% confirm persistent, broad-based losses with no quarter yet reaching breakeven.

• ROA deteriorated from -8.2% in Q1 2025 to -12.5% in Q3 2025, before partially recovering to -9.9% in Q1 2026.

⚠ Q4 2024's -45.6% NPM spike warrants scrutiny — if the underlying charge recurs, losses could re-accelerate materially.

⚠ ROE, ROIC, and D/E are entirely absent across all periods, masking leverage and capital efficiency risk.

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Available Research

13F Pro tracks comprehensive data for TUCOWS INC /PA/ including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of TCX

EdgePoint Investment Group Inc.
$36.4M2,118,575 sh
Blacksheep Fund Management Ltd
$18.7M1,091,985 sh
EverSource Wealth Advisors, LLC
$11.2M186,260 sh
Universal- Beteiligungs- und Servicegesellschaft mbH
$9.2M533,873 sh
BlackRock, Inc.
$8.9M516,163 sh
VANGUARD CAPITAL MANAGEMENT LLC
$6.2M361,244 sh
GEODE CAPITAL MANAGEMENT, LLC
$3.4M198,550 sh
STATE STREET CORP
$3.2M184,484 sh
Baader Bank Aktiengesellschaft
$2.8M163,270 sh
RENAISSANCE TECHNOLOGIES LLC
$2.3M135,851 sh

Fund	Value	Shares
EdgePoint Investment Group Inc.	$36.4M	2,118,575
Blacksheep Fund Management Ltd	$18.7M	1,091,985
EverSource Wealth Advisors, LLC	$11.2M	186,260
Universal- Beteiligungs- und Servicegesellschaft mbH	$9.2M	533,873
BlackRock, Inc.	$8.9M	516,163
VANGUARD CAPITAL MANAGEMENT LLC	$6.2M	361,244
GEODE CAPITAL MANAGEMENT, LLC	$3.4M	198,550
STATE STREET CORP	$3.2M	184,484
Baader Bank Aktiengesellschaft	$2.8M	163,270
RENAISSANCE TECHNOLOGIES LLC	$2.3M	135,851

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Is TCX a good stock to buy?

13F Pro's AI-powered analysis of TUCOWS INC /PA/ (TCX) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for TCX are available on the TCX stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own TCX?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling TCX. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of TUCOWS INC /PA/'s investment landscape.