Netcapital (NCPL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 28, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Mar 19, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NCPL SEC filings page.
Netcapital Inc. (NCPL) reported $740K in revenue over the twelve months to Jan 31, 2026, down 9.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Netcapital has shifted from a profitable small operation to a shrinking, cash-consuming business with severe short-term balance-sheet pressure.
Revenue fell89.8% from FY2023 to FY2025, yet operating cash outflow remained near$5M in both periods; cash needs did not contract with activity, implying the remaining cost base is poorly matched to its smaller scale. The FY2025 net loss of$28.3M was far larger than operating cash outflow of$5.3M , so reported earnings were heavily affected by items that did not immediately leave cash.
FY2025 gross profit was
Long-term debt was only
Financial Health Signals
Netcapital Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Netcapital Inc. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
Netcapital Inc. reported an operating loss of $8.3M against $41K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Netcapital Inc. generated $94K in revenue in Q3 2026. This represents a decrease of 38.2% from the same quarter a year earlier. Against the prior quarter it is up 84.7%.
Netcapital Inc. reported a net loss of $1.8M in Q3 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Netcapital Inc. earned -$0.32 per diluted share (EPS) in Q3 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q3 2026.
Cash & Balance Sheet
Netcapital Inc. held $715K in cash against $492K in long-term debt as of Q3 2026.
Not reported for Q3 2026.
Not reported for Q3 2026.
Margins & Returns
Netcapital Inc.'s gross margin was 98.1% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is up 2.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.7 percentage points.
Netcapital Inc.'s quarterly ROE was -8.4% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.5 percentage points.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
None of these metrics is reported for Q3 2026.
NCPL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $94K-38.2% | $51K-70.0% | $190K+33.6% | $404K+16.4% | $153K-85.4% | $171K-91.6% | $142K-90.6% | $347K-88.9% |
| Cost of Revenue | $2K-74.5% | $2K-90.5% | $7K-27.5% | $3K-71.0% | $7K-87.8% | $20K-1.8% | $10K-43.4% | $11K-53.1% |
| Gross Profit | $93K-36.4% | $49K-67.4% | $183K+38.4% | $401K+19.2% | $146K-85.2% | $151K-92.5% | $132K-91.2% | $336K-89.1% |
| SG&A Expenses | $880K-5.9% | $1.2M-19.4% | $1.6M+14.5% | $1.4M+61.2% | $934K-14.5% | $1.5M+130.1% | $1.4M+75.1% | $898K+79.8% |
| Operating Income | -$2.2Mn/m | -$2.1Mn/m | -$3.3Mn/m | -$1.9Mn/m | -$1.7Mn/m | -$2.2M-4317.6% | -$2.5Mn/m | -$1.5M-213.3% |
| Interest Expense | $24K+132.0% | $12K+27.1% | $36K+244.7% | $11K+6.3% | $10K-12.9% | $10K-9.1% | $10K-21.3% | $10K-39.7% |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% |
| Net Income | -$1.8Mn/m | -$2.1Mn/m | -$3.6Mn/m | -$20.5Mn/m | -$3.0Mn/m | -$2.2M-753.8% | -$2.5Mn/m | -$2.6M-357.9% |
| EPS (Basic) | -$0.32 | -$0.44 | -$1.27 | -$13.46 | -$1.57 | -$2.34 | -$5.10 | -$0.16 |
| EPS (Diluted) | -$0.32 | -$0.44 | -$1.27 | -$13.46 | -$1.57 | -$2.34 | -$5.10 | -$0.16 |
| Diluted Shares (Avg) | 6M | 5M | 3M | N/A | 2M | 947,459 | 495,319 | N/A |
Not reported in any period shown, so not listed: R&D Expenses, EBITDA.
NCPL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $26.1M-34.7% | $25.4M-39.3% | $28.4M-31.4% | $20.9M-49.7% | $39.9M-9.6% | $41.9M-6.1% | $41.4M-4.6% | $41.6M-0.6% |
| Current Assets | $1.0M+54.9% | $2.0M+41.7% | $5.0M+439.7% | $400K-61.7% | $673K-88.9% | $1.4M-63.9% | $925K-67.3% | $1.0M-59.0% |
| Cash & Equivalents | $715K+16.5% | $1.7M+25.1% | $4.6M+433.5% | $289K-66.5% | $614K-71.7% | $1.3M+154.7% | $855K-17.0% | $863K+51.6% |
| Accounts Receivable | $1K | $12K-27.3% | $20K | $79K-41.7% | N/A | $17K-99.4% | N/A | $135K-90.3% |
| Total Liabilities | $4.5M-9.6% | $4.0M-11.7% | $5.3M+34.9% | $6.0M+65.8% | $4.9M+28.6% | $4.5M-18.4% | $3.9M-20.9% | $3.6M-36.1% |
| Current Liabilities | $4.0M-10.5% | $3.5M-13.0% | $4.8M+40.0% | $5.5M+76.3% | $4.4M+32.9% | $4.0M-20.2% | $3.4M-23.2% | $3.1M-39.6% |
| Non-Current Liabilities | $492K-1.5% | $496K-0.8% | $500K0.0% | $500K0.0% | $500K0.0% | $500K0.0% | $500K0.0% | $500K0.0% |
| Long-Term Debt | $492K-1.5% | $496K-0.8% | $500K0.0% | $500K0.0% | $500K0.0% | $500K0.0% | $500K0.0% | $500K0.0% |
| Total Equity | $21.6M-38.2% | $21.4M-42.7% | $23.1M-38.3% | $14.9M-60.7% | $35.0M-13.2% | $37.4M-4.4% | $37.5M-2.5% | $37.9M+4.9% |
| Retained Earnings | -$35.4Mn/m | -$33.6Mn/m | -$31.5Mn/m | -$27.8M-5901.5% | -$7.3M-335.7% | -$4.3M-180.3% | -$2.0M-141.2% | $480K-91.2% |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Goodwill.
NCPL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$869Kn/m | -$2.6Mn/m | -$4.2Mn/m | -$725Kn/m | -$1.2Mn/m | -$1.5Mn/m | -$2.0Mn/m | -$1.3Mn/m |
| Stock-Based Compensation | $369K+164.4% | $139K0.0% | $516K+270.3% | N/A | $139K-50.3% | $139K-50.3% | $139K-71.2% | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0n/m |
| Financing Cash Flow | $0-100.0% | -$300K-115.2% | $8.5M+334.0% | $400K+7945.6% | $431K-86.8% | $2.0Mn/m | $2.0M+1.6% | $5Kn/m |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
NCPL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.1%+2.8pp | 96.3%+7.9pp | 96.1%+3.3pp | 99.2%+2.4pp | 95.3%+1.0pp | 88.4%-10.6pp | 92.8%-6.0pp | 96.8%-2.4pp |
| Operating Margin | -2304.6% | -4149.6% | -1728.8% | -476.0% | -1105.4% | -1291.5% | -1763.5% | -443.7% |
| Net Margin | -1921.5% | -4169.3% | -1916.3% | -5085.6% | -1969.1% | -1302.1% | -1776.9% | -750.8% |
| Return on Equity | -8.4%+0.2pp | -9.9%-4.0pp | -15.8%-9.0pp | -137.8%-131.0pp | -8.6%-3.1pp | -5.9%-6.8pp | -6.7%-5.5pp | -6.9%-9.7pp |
| Return on Assets | -7.0%+0.6pp | -8.4%-3.1pp | -12.8%-6.7pp | -98.3%-92.0pp | -7.5%-2.5pp | -5.3%-6.1pp | -6.1%-5.0pp | -6.3%-8.7pp |
| Current Ratio | 0.26+0.1x | 0.57+0.2x | 1.04+0.8x | 0.07-0.3x | 0.15-1.7x | 0.35-0.4x | 0.27-0.4x | 0.33-0.2x |
| Debt-to-Equity | 0.020.0x | 0.020.0x | 0.020.0x | 0.030.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x |
| Liabilities-to-Equity | 0.21+0.1x | 0.19+0.1x | 0.23+0.1x | 0.40+0.3x | 0.140.0x | 0.120.0x | 0.100.0x | 0.10-0.1x |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.010.0x | 0.020.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.01-0.1x |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: The current ratio is below 1.0 (0.07), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Netcapital Inc. NCPL | FY2025 | $869K | -$28.3M | N/A | $8.8M | — |
| Garden Stage Limited GSIW | FY2026 | $7.3M | -$13.8M | N/A | $13.4M | 54/100 |
| Abits Group Inc ABTS | FY2025 | $9.1M | -$2.9M | -31.4% | $3.7M | 55/100 |
| Magic Empire Global Limited MEGL | FY2025 | $1.5M | -$1.1M | -72.1% | $21.7M | 36/100 |
Where Netcapital Inc. Ranks
Frequently Asked Questions
What is Netcapital Inc.'s annual revenue?
Netcapital Inc. (NCPL) reported $869K in total revenue for fiscal year 2025. This represents a -82.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Netcapital Inc.'s revenue growing?
Netcapital Inc. (NCPL) revenue declined by 82.4% year-over-year, from $5.0M to $869K in fiscal year 2025.
Is Netcapital Inc. profitable?
No, Netcapital Inc. (NCPL) reported a net loss of $28.1M over the trailing 12 months to January 31, 2026. In fiscal year 2025 it reported a net loss of $28.3M.
How much debt does Netcapital Inc. have?
As of fiscal year 2025, Netcapital Inc. (NCPL) had $289K in cash and equivalents against $500K in long-term debt.
What is Netcapital Inc.'s gross margin?
Netcapital Inc. (NCPL) had a gross margin of 95.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Netcapital Inc.'s return on equity (ROE)?
Netcapital Inc. (NCPL) has a return on equity of -189.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Netcapital Inc.'s operating cash flow?
Netcapital Inc. (NCPL) recorded an outflow of $5.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Netcapital Inc.'s total assets?
Netcapital Inc. (NCPL) had $20.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Netcapital Inc.'s current ratio?
Netcapital Inc. (NCPL) had a current ratio of 0.07 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Netcapital Inc.'s debt-to-equity ratio?
Netcapital Inc. (NCPL) had a debt-to-equity ratio of 0.03 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Netcapital Inc.'s liabilities-to-equity ratio?
Netcapital Inc. (NCPL) had a liabilities-to-equity ratio of 0.40 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Netcapital Inc.'s return on assets (ROA)?
Netcapital Inc. (NCPL) had a return on assets of -135.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Netcapital Inc.'s P/E ratio?
Netcapital Inc. (NCPL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to January 31, 2026). The market capitalization is $8.8M as of Oct 28, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Netcapital Inc.'s price-to-sales ratio?
Netcapital Inc. (NCPL) trades at 11.9x sales, its market capitalization divided by $740K revenue, trailing 12 months to January 31, 2026. The market capitalization is $8.8M as of Oct 28, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Netcapital Inc.'s Piotroski F-Score?
Netcapital Inc. (NCPL) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Can Netcapital Inc. cover its interest payments?
Netcapital Inc. (NCPL) reported an operating loss of $8.3M against $41K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.