Demonstrações financeiras detalhadas de Tucows Inc. (TCX): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Tucows Inc. registou receitas de $390.3M no último exercício, com um CAGR de 5 anos de 4.6%.
Margens dos últimos 12 meses: margem bruta 24.9%, margem operacional -5.0%, margem líquida -21.2%.
Ao preço atual de $10.21, TCX apresenta lucros negativos (P/L não significativo) e um ROE de 48.45%. A capitalização de mercado é de $114M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $189.8M | $329.4M | $346.0M | $337.1M | $311.2M | $304.3M | $321.1M | $339.3M | $362.3M | $390.3M |
| Custo da Receita | $126.8M | $244.9M | $249.2M | $236.4M | $225.7M | $226.0M | $242.9M | $230.5M | $279.2M | $300.1M |
| Lucro Bruto | $63.1M | $84.5M | $96.8M | $100.8M | $85.5M | $78.3M | $78.2M | $108.9M | $83.0M | $90.2M |
| P&D | $4.5M | $7.3M | $8.7M | $9.7M | $12.4M | $14.3M | $14.2M | $622000 | $18.6M | $17.8M |
| Despesas Gerais e Administrativas | $32.2M | $43.0M | $50.8M | $52.1M | $54.5M | $61.8M | $84.8M | $101.2M | $96.5M | $91.3M |
| Despesas Operacionais | $38.1M | $57.4M | $67.2M | $71.4M | $78.6M | $86.1M | $109.9M | $172.5M | $148.0M | $105.2M |
| Lucro Operacional | $25.0M | $27.1M | $29.3M | $29.3M | $6.9M | -$7.8M | -$31.7M | -$63.7M | -$65.0M | -$15.1M |
| EBITDA | $28.3M | $39.8M | $44.7M | $48.6M | $38.4M | $39.9M | $26.4M | -$12.2M | -$1.8M | $230.3M |
| Despesas com Juros | $449838 | $3.6M | $3.7M | $4.8M | $3.6M | $4.6M | $14.6M | $41.8M | $54.4M | $57.2M |
| Lucro Antes de Impostos | $25.1M | $24.1M | $26.2M | $24.6M | $10.8M | $7.3M | -$27.8M | -$103.1M | -$101.9M | -$67.3M |
| Imposto | $9.0M | $1.7M | $9.0M | $9.2M | $5.0M | $3.9M | -$217000 | -$6.9M | $8.0M | $8.5M |
| Lucro Líquido | $16.1M | $22.3M | $17.1M | $15.4M | $5.8M | $3.4M | -$27.6M | -$96.2M | -$109.9M | -$75.8M |
| LPA | $1.53 | $2.12 | $1.62 | $1.45 | $0.55 | $0.32 | $-2.56 | $-8.85 | $-10.02 | $-6.85 |
| LPA Diluído | $1.50 | $2.07 | $1.59 | $1.43 | $0.54 | $0.31 | $-2.56 | $-8.85 | $-10.02 | $-6.85 |
| Ações em Circulação (Diluídas) | $10.7M | $10.8M | $10.8M | $10.8M | $10.7M | $10.8M | $10.8M | $10.9M | $11.0M | $11.1M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $98.6M | $98.7M | $96.7M | $100.6M |
| Lucro Bruto | $24.2M | $24.1M | $24.1M | $25.8M |
| Lucro Operacional | -$2.8M | -$9.1M | -$2.2M | -$5.5M |
| EBITDA | $5.3M | $5.6M | $27.3M | $8.4M |
| Lucro Líquido | -$23.0M | -$22.0M | -$18.1M | -$20.5M |
| LPA | $-2.08 | $-1.98 | $-1.63 | $-1.84 |
| LPA Diluído | $-2.08 | $-1.98 | $-1.63 | $-1.84 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $15.1M | $18.0M | $12.6M | $20.4M | $8.3M | $9.1M | $23.5M | $92.7M | $56.9M | $46.8M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $11.1M | $12.4M | $12.3M | $16.4M | $16.8M | $18.8M | $26.0M | $24.3M | $21.1M | $24.6M |
| Estoque | $1.2M | $2.9M | $3.8M | $3.5M | $1.9M | $3.3M | $7.3M | $6.8M | $4.0M | $3.9M |
| Ativos Circulantes | $83.3M | $153.9M | $131.9M | $145.7M | $141.2M | $147.0M | $169.9M | $242.8M | $205.4M | $203.1M |
| Imobilizado | $13.5M | $24.6M | $48.1M | $93.5M | $128.8M | $190.2M | $302.0M | $367.1M | $366.7M | $345.3M |
| Ágio | $21.0M | $90.1M | $90.1M | $109.8M | $116.3M | $130.4M | $130.4M | $130.4M | $130.4M | $130.4M |
| Ativos Intangíveis | $20.0M | $58.4M | $49.4M | $57.7M | $47.4M | $50.4M | $39.8M | $29.5M | $24.8M | $19.7M |
| Ativos Totais | $154.4M | $350.7M | $339.6M | $425.9M | $451.9M | $539.6M | $664.7M | $798.4M | $758.8M | $730.9M |
| Contas a Pagar | $4.8M | $7.0M | $8.4M | $6.7M | $6.3M | $10.0M | $17.2M | $12.7M | $9.0M | $9.9M |
| Dívida de Curto Prazo | $2.2M | $18.3M | $18.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Passivos Circulantes | $84.4M | $178.6M | $165.3M | $156.9M | $163.0M | $173.7M | $188.2M | $201.3M | $199.9M | $330.4M |
| Dívida de Longo Prazo | $8.0M | $58.6M | $46.2M | $113.5M | $121.7M | $190.7M | $238.9M | $433.2M | $482.1M | $481.2M |
| Passivos Totais | $116.6M | $290.4M | $259.8M | $331.7M | $347.2M | $424.5M | $568.1M | $788.6M | $854.1M | $895.1M |
| Reservas | $20.4M | $42.7M | $60.8M | $76.2M | $80.1M | $83.5M | $55.9M | -$40.3M | -$150.2M | -$226.0M |
| Patrimônio Líquido | $37.8M | $60.2M | $79.8M | $94.2M | $104.7M | $115.1M | $96.7M | $9.9M | -$95.3M | -$164.2M |
| Dívida Total | $10.2M | $76.9M | $64.6M | $124.3M | $132.7M | $205.8M | $256.0M | $456.9M | $513.1M | $544.8M |
| Dívida Líquida | -$4.9M | $58.9M | $52.0M | $103.9M | $124.4M | $196.6M | $232.5M | $364.2M | $456.2M | $498.0M |
| Capital de Giro | -$1.1M | -$24.7M | -$33.4M | -$11.2M | -$21.8M | -$26.7M | -$18.3M | $41.4M | $5.5M | -$127.3M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $54.1M | $46.8M | $49.7M | $44.2M |
| Ativos Totais | $735.5M | $730.9M | $729.2M | $727.7M |
| Passivos Totais | $879.5M | $895.1M | $910.6M | $928.5M |
| Patrimônio Líquido | -$144.1M | -$164.2M | -$181.3M | -$200.8M |
| Dívida Total | $534.2M | $544.8M | $695.5M | $712.2M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $16.1M | $22.3M | $17.1M | $15.4M | $5.8M | $3.4M | -$27.6M | -$96.2M | -$109.9M | -$75.8M |
| Depreciação e Amortização | $2.8M | $12.1M | $15.0M | $19.3M | $24.1M | $28.0M | $39.6M | $47.3M | $45.6M | $46.2M |
| Compensação em Ações | $799434 | $1.5M | $2.6M | $2.9M | $3.7M | $4.6M | $7.6M | $8.1M | $7.0M | $7.1M |
| Variação Capital de Giro | $1.5M | $1.9M | $1.8M | $2.0M | $90000 | -$2.0M | $5.0M | $12.5M | $4.0M | -$7.8M |
| Fluxo de Caixa Operacional | $21.6M | $31.9M | $37.2M | $40.4M | $36.1M | $29.6M | $19.9M | -$4.8M | -$19.7M | -$5.8M |
| CapEx | -$14.4M | -$15.9M | -$28.5M | -$47.6M | -$44.5M | -$73.9M | -$137.5M | -$92.6M | -$56.5M | -$17.1M |
| Aquisições | 0 | -$78.2M | -$1.2M | -$28.4M | -$8.8M | -$26.5M | 0 | 0 | 0 | 0 |
| Recompra de Ações | -$7.2M | -$1.5M | -$445000 | -$5.0M | -$3.3M | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | $7.2M | $16.0M | $8.7M | -$7.3M | -$8.4M | -$44.3M | -$117.6M | -$97.4M | -$76.2M | -$22.9M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $1.5M | -$2.6M | $3.5M | $1.9M |
| CapEx | -$3.9M | -$4.4M | -$5.5M | -$5.1M |
| Fluxo de Caixa Livre | -$2.3M | -$7.0M | -$2.0M | -$3.1M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $1.4M | $2.9M | $1.1M | $1.2M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +73.5% | +5.0% | -2.6% | -7.7% | -2.2% | +5.5% | +5.7% | +6.8% | +7.7% |
| Crescimento Lucro Líquido (anual) | | +39.0% | -23.3% | -10.1% | -62.5% | -41.7% | -919.6% | -248.9% | -14.2% | +31.0% |
| Crescimento LPA (anual) | | +38.6% | -23.6% | -10.5% | -62.1% | -41.8% | -900.0% | -245.7% | -13.2% | +31.6% |
| Variação de Ações (anual) | | +0.7% | +0.0% | -0.2% | -0.7% | +1.2% | -0.4% | +0.9% | +1.0% | +0.9% |
| Crescimento FCF (anual) | | +122.4% | -45.5% | -183.2% | -16.2% | -425.8% | -165.4% | +17.2% | +21.7% | +70.0% |
| Margem Bruta | 33.2% | 25.7% | 28.0% | 29.9% | 27.5% | 25.7% | 24.4% | 32.1% | 22.9% | 23.1% |
| Margem Operacional | 13.2% | 8.2% | 8.5% | 8.7% | 2.2% | -2.6% | -9.9% | -18.8% | -17.9% | -3.9% |
| Margem EBITDA | 14.9% | 12.1% | 12.9% | 14.4% | 12.3% | 13.1% | 8.2% | -3.6% | -0.5% | 59.0% |
| Margem Líquida | 8.5% | 6.8% | 5.0% | 4.6% | 1.9% | 1.1% | -8.6% | -28.3% | -30.3% | -19.4% |
| Margem FCF | 3.8% | 4.9% | 2.5% | -2.2% | -2.7% | -14.6% | -36.6% | -28.7% | -21.0% | -5.9% |
| Taxa Efetiva de Imposto | 36.0% | 7.3% | 34.5% | 37.3% | 46.3% | 53.7% | 0.8% | 6.7% | -7.8% | -12.6% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $0.67 | $1.48 | $0.81 | $-0.67 | $-0.79 | $-4.10 | $-10.92 | $-8.96 | $-6.95 | $-2.07 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $10.5M | $10.5M | $10.6M | $10.6M | $10.6M | $10.7M | $10.8M | $10.9M | $11.0M | $11.1M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 48.45% |
| Retorno sobre capital investido | -3.66% |
| Retorno sobre ativos | -11.49% |
| Margem bruta | 24.90% |
| Margem operacional | -4.98% |
| Margem líquida | -21.20% |
Saúde financeira
| Dívida / Patrimônio | -3.55 |
| Liquidez corrente | 0.57 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 23.04 | 33.04 | 37.07 | 42.61 | 134.35 | 261.94 | -13.25 | -3.05 | -1.71 | -3.27 |
| P/VP | 9.81 | 12.26 | 7.98 | 6.97 | 7.47 | 7.77 | 3.78 | 29.70 | -1.97 | -1.51 |
| P/V | 1.95 | 2.24 | 1.84 | 1.95 | 2.51 | 2.94 | 1.14 | 0.86 | 0.52 | 0.64 |
| Margem Bruta | 33.2% | 25.7% | 28.0% | 29.9% | 27.5% | 25.7% | 24.4% | 32.1% | 22.9% | 23.1% |
| Margem Operacional | 13.2% | 8.2% | 8.5% | 8.7% | 2.2% | -2.6% | -9.9% | -18.8% | -17.9% | -3.9% |
| Margem Líquida | 8.5% | 6.8% | 5.0% | 4.6% | 1.9% | 1.1% | -8.6% | -28.3% | -30.3% | -19.4% |