Tucows (TCX) Invested Capital (2010 - 2026)
Tucows' Invested Capital came in at $92.87 million for Q2 2026, down 44.7% from $167.95 million a year earlier and down 16.6% from the prior quarter.
Powered by 
Analysis
Tucows (TCX) Invested Capital (2010 - 2026) Analysis & Trends
For FY2025, Tucows' Invested Capital was $127.45 million, down 33.7% from FY2024.
- Invested Capital has declined in each of the last three years, with a five-year compound annual growth rate of -10.9% (FY2020 to FY2025).
- Going back by year, Invested Capital was $192.35 million in FY2024 (-17.4%), $232.77 million in FY2023 (-30.6%), $335.59 million in FY2022 (+9.7%) and $305.84 million in FY2021 (+35.1%).
- The Q2 2026 figure represents the lowest quarterly Invested Capital since Q4 2016.
- Year-over-year, Invested Capital has declined for 14 consecutive quarters, with an average decline of 25.5% over the last eight quarters.
- The fastest year-over-year change in Invested Capital over five years came in Q2 2022 (growth of 125.9%), and the weakest in Q2 2023 (a decline of 50.5%).
- Business Quant data shows TCX's Invested Capital at $111.31 million (Q1 2026), $127.45 million (Q4 2025) and $146.58 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,808.57 Bn | 3,731.72 Bn | 60.48 Bn | 482.68 Bn |
| 2 | International Business Machines | 212.61 Bn | 163.51 Bn | 9.91 Bn | 96.53 Bn |
| 3 | Cloudflare | 113.06 Bn | 96.59 Bn | 499.52 Mn | 2.91 Bn |
| 4 | Equinix | 99.89 Bn | 88.44 Bn | 1.40 Bn | 34.07 Bn |
| 5 | Nebius | 58.77 Bn | 32.20 Bn | 448.70 Mn | 18.89 Bn |
| 6 | CoreWeave | 48.80 Bn | 35.89 Bn | 1.70 Bn | 8.69 Bn |
| 7 | Verisign | 25.94 Bn | 23.15 Bn | 384.60 Mn | 80.30 Mn |
| 8 | Nutanix | 19.35 Bn | 11.04 Bn | 651.35 Mn | - |
| 9 | Akamai Technologies | 15.35 Bn | 8.76 Bn | 613.75 Mn | 6.45 Bn |
| 10 | Tucows | 105.81 Mn | -83.50 Mn | 25.78 Mn | 92.87 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 92.87 Mn |
| Mar 31, 2026 | 111.31 Mn |
| Dec 31, 2025 | 127.45 Mn |
| Sep 30, 2025 | 146.58 Mn |
| Jun 30, 2025 | 167.95 Mn |
| Mar 31, 2025 | 180.38 Mn |
| Dec 31, 2024 | 192.35 Mn |
| Sep 30, 2024 | 233.57 Mn |
| Jun 30, 2024 | 191.62 Mn |
| Mar 31, 2024 | 207.85 Mn |
| Dec 31, 2023 | 232.77 Mn |
| Sep 30, 2023 | 252.10 Mn |
| Jun 30, 2023 | 280.40 Mn |
| Mar 31, 2023 | 315.68 Mn |
| Dec 31, 2022 | 335.59 Mn |
| Sep 30, 2022 | 344.39 Mn |
| Jun 30, 2022 | 566.40 Mn |
| Mar 31, 2022 | 322.20 Mn |
| Dec 31, 2021 | 305.84 Mn |
| Sep 30, 2021 | 263.16 Mn |
API Access
Tucows Invested Capital API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=invested-capital&ticker=TCX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "ticker": "TCX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=invested-capital&ticker=TCX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();