Netcapital Inc Financials

NCPLW

Source SEC Filings (10-K/10-Q) Updated Oct 31, 2025 Currency USD FYE April

Financial Health Signals

Financial Profile 30/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Netcapital Inc has an operating margin of -957.1%, meaning the company retains $-957 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -69.5% the prior year.

Growth

Netcapital Inc's revenue declined 82.4% year-over-year, from $5.0M to $869K. This contraction results in a growth score of 0/100.

Leverage

100

Netcapital Inc carries a low D/E ratio of 0.02, meaning only $0.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Netcapital Inc's current ratio of 1.04 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 22/100, which could limit financial flexibility.

Piotroski F-Score Weak

3/9

Netcapital Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.19x

For every $1 of reported earnings, Netcapital Inc generates $0.19 in operating cash flow (-$5.3M OCF vs -$28.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-201.5x

Netcapital Inc earns $-201.5 in operating income for every $1 of interest expense (-$8.3M vs $41K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Netcapital Inc (NCPLW) financial statements, including the 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).

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Key Financial Metrics

Revenue

$869K

YoY-82.4%

5Y CAGR-13.1%

10Y CAGR+25.0%

Netcapital Inc generated $869K in revenue in fiscal year 2025. This represents a decrease of 82.4% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$28.3M

YoY-467.6%

Netcapital Inc reported -$28.3M in net income in fiscal year 2025. This represents a decrease of 467.6% from the prior year.

EPS (Diluted)

$-20.39

YoY+29.3%

Netcapital Inc earned $-20.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 29.3% from the prior year.

Cash & Debt

$4.6M

YoY+433.5%

5Y CAGR+39.2%

10Y CAGR+127.9%

Netcapital Inc held $4.6M in cash against $500K in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY-88.4%

Netcapital Inc had 5M shares outstanding in fiscal year 2025. This represents a decrease of 88.4% from the prior year.

Gross Margin

95.4%

YoY-2.5pp

5Y CAGR-4.0pp

Netcapital Inc's gross margin was 95.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.5 percentage points from the prior year.

Operating Margin

-957.1%

YoY-887.6pp

5Y CAGR-1022.5pp

Netcapital Inc's operating margin was -957.1% in fiscal year 2025, reflecting core business profitability. This is down 887.6 percentage points from the prior year.

Net Margin

-3255.1%

YoY-3154.3pp

5Y CAGR-3289.5pp

10Y CAGR-2736.3pp

Netcapital Inc's net profit margin was -3255.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3154.3 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

NCPLW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$869K-82.4%	$5.0M-41.7%	$8.5M+55.0%	$5.5M+16.1%	$4.7M+169.2%	$1.8M
Cost of Revenue	$40K-62.7%	$108K+27.1%	$85K-22.8%	$110K-85.5%	$759K+6736.2%	$11K
Gross Profit	$829K-82.9%	$4.8M-42.4%	$8.4M+56.6%	$5.4M+35.6%	$4.0M+127.4%	$1.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$5.2M+52.2%	$3.4M+96.9%	$1.7M+8.7%	$1.6M+244.6%	$465K+539.1%	$73K
Operating Income	-$8.3M-141.7%	-$3.4M-251.5%	$2.3M+320.3%	-$1.0M-156.8%	-$402K-135.0%	$1.1M
Interest Expense	$41K-10.2%	$46K-51.0%	$94K-25.7%	$126K+44.7%	$87K+362.6%	$19K
Income Tax	N/A	-$2.3M-373.9%	$854K+57.0%	$544K-11.3%	$613K+575.2%	-$129K
Net Income	-$28.3M-467.6%	-$5.0M-268.7%	$3.0M-15.7%	$3.5M+138.4%	$1.5M+143.0%	$605K
EPS (Diluted)	$-20.39+29.3%	$-28.83	$0.63-50.4%	$1.27+42.7%	$0.89	$1.50

Metric	Q2'25	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23
Revenue	$51K-73.1%	$190K+24.5%	$153K-10.5%	$171K+19.9%	$142K-86.4%	$1.0M-48.9%	$2.0M+34.3%	$1.5M
Cost of Revenue	$2K-74.7%	$7K+3.5%	$7K-63.8%	$20K+93.6%	$10K-82.6%	$59K+192.4%	$20K+11.5%	$18K
Gross Profit	$49K-73.1%	$183K+25.5%	$146K-3.5%	$151K+14.2%	$132K-86.6%	$984K-51.3%	$2.0M+34.6%	$1.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.2M-23.3%	$1.6M+70.2%	$922K-38.2%	$1.5M+8.1%	$1.4M+26.3%	$1.1M+68.4%	$649K-17.7%	$788K
Operating Income	-$2.1M+35.5%	-$3.3M-94.7%	-$1.7M+23.4%	-$2.2M+12.2%	-$2.5M-108.1%	-$1.2M-2407.8%	$52K+107.0%	-$749K
Interest Expense	$12K-66.2%	$36K+247.6%	$10K+8.1%	$10K-8.2%	$10K-12.2%	$12K+12.8%	$11K-20.6%	$13K
Income Tax	N/A	N/A	N/A	N/A	N/A	-$1.7M-425.3%	-$326K-9.1%	-$299K
Net Income	-$2.1M+41.5%	-$3.6M-21.1%	-$3.0M-35.4%	-$2.2M+12.1%	-$2.5M-13.5%	-$2.2M-755.9%	$340K+169.1%	-$492K
EPS (Diluted)	$-0.44+65.4%	$-1.27+19.1%	$-1.57+32.9%	$-2.34	$-5.10+62.5%	$-13.60-639.7%	$2.52+154.7%	$-4.61

NCPLW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$28.4M-31.4%	$41.4M-4.6%	$43.4M+27.1%	$34.2M+20.0%	$28.5M+503.7%	$4.7M
Current Assets	$5.0M+439.7%	$925K-67.3%	$2.8M-40.5%	$4.8M+24.3%	$3.8M+181.4%	$1.4M
Cash & Equivalents	$4.6M+433.5%	$855K-17.0%	$1.0M-59.7%	$2.6M+24.1%	$2.1M+135.6%	$874K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$20K	N/A	$1.4M-37.1%	$2.2M+61.7%	$1.3M+22103.6%	$6K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.3M+34.9%	$3.9M-20.9%	$5.0M+10.2%	$4.5M-41.6%	$7.7M+92.6%	$4.0M
Current Liabilities	$4.8M+40.0%	$3.4M-23.2%	$4.5M+11.3%	$4.0M-24.7%	$5.3M+107.0%	$2.6M
Long-Term Debt	$500K0.0%	$500K0.0%	$500K+1.6%	$492K-79.4%	$2.4M	N/A
Total Equity	$23.1M-38.3%	$37.5M-2.5%	$38.5M+29.7%	$29.7M+42.9%	$20.8M+2818.9%	$711K
Retained Earnings	-$31.5M-1436.6%	-$2.0M-141.2%	$5.0M+93.1%	$2.6M+454.1%	$465K+119.1%	-$2.4M

Metric	Q2'25	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23
Total Assets	$25.4M-10.5%	$28.4M-28.7%	$39.9M-4.9%	$41.9M+1.2%	$41.4M-6.1%	$44.1M-1.2%	$44.7M+2.9%	$43.4M
Current Assets	$2.0M-59.8%	$5.0M+642.0%	$673K-52.5%	$1.4M+53.1%	$925K-84.7%	$6.1M+54.4%	$3.9M+38.5%	$2.8M
Cash & Equivalents	$1.7M-63.1%	$4.6M+642.7%	$614K-54.4%	$1.3M+57.5%	$855K-60.6%	$2.2M+310.7%	$529K-48.7%	$1.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$12K-37.6%	$20K	N/A	$17K-87.3%	$135K-96.4%	$3.7M+27.7%	$2.9M+114.0%	$1.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.0M-24.6%	$5.3M+7.6%	$4.9M+8.8%	$4.5M+15.2%	$3.9M+2.6%	$3.8M-31.0%	$5.6M+11.7%	$5.0M
Current Liabilities	$3.5M-27.0%	$4.8M+8.5%	$4.4M+9.9%	$4.0M+17.5%	$3.4M+3.0%	$3.3M-34.0%	$5.1M+13.0%	$4.5M
Long-Term Debt	$496K-0.8%	$500K0.0%	$500K0.0%	$500K0.0%	$500K0.0%	$500K0.0%	$500K0.0%	$500K
Total Equity	$21.4M-7.3%	$23.1M-33.9%	$35.0M-6.5%	$37.4M-0.3%	$37.5M-6.9%	$40.3M+3.0%	$39.1M+1.7%	$38.5M
Retained Earnings	-$33.6M-6.8%	-$31.5M-332.5%	-$7.3M-70.4%	-$4.3M-108.4%	-$2.0M-166.3%	$3.1M-41.9%	$5.3M+6.8%	$5.0M

NCPLW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$5.3M-9.4%	-$4.9M-5.7%	-$4.6M-53.6%	-$3.0M+7.5%	-$3.3M-90101.7%	-$4K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	-$20K-110.0%	$200K+162.7%	-$319K-231.9%	$242K	N/A
Financing Cash Flow	$4.8M-8.2%	$5.2M+15.1%	$4.5M+240.4%	$1.3M-75.8%	$5.5M+127346.4%	-$4K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23
Operating Cash Flow	-$2.6M+38.8%	-$4.2M-262.2%	-$1.2M+21.8%	-$1.5M+24.3%	-$2.0M-21.2%	-$1.6M-236.3%	-$482K+67.1%	-$1.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	$0	$0	N/A	$0
Financing Cash Flow	-$300K-103.5%	$8.5M+1868.7%	$431K-78.2%	$2.0M+1.2%	$2.0M-40.1%	$3.3M	$0-100.0%	$1.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NCPLW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	95.4%-2.5pp	97.8%-1.2pp	99.0%+1.0pp	98.0%+14.1pp	83.9%-15.5pp	99.4%
Operating Margin	-957.1%-887.6pp	-69.5%-96.3pp	26.8%+45.6pp	-18.8%-10.3pp	-8.5%-73.9pp	65.4%
Net Margin	-3255.1%-3154.3pp	-100.7%-135.5pp	34.8%-29.1pp	63.9%+32.8pp	31.1%-3.4pp	34.5%
Return on Equity	N/A	N/A	7.7%-4.1pp	11.8%+4.7pp	7.1%-77.9pp	85.0%
Return on Assets	-99.5%-87.5pp	-12.0%-18.8pp	6.8%-3.4pp	10.3%+5.1pp	5.2%-7.7pp	12.8%
Current Ratio	1.04+0.8	0.27-0.4	0.63-0.6	1.18+0.5	0.72+0.2	0.53
Debt-to-Equity	0.020.0	0.010.0	0.010.0	0.02-0.1	0.11-5.5	5.63
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23
Gross Margin	96.3%+0.2pp	96.1%+0.8pp	95.3%+6.9pp	88.4%-4.4pp	92.8%-1.5pp	94.3%-4.7pp	99.0%+0.2pp	98.8%
Operating Margin	-4149.6%-2420.8pp	-1728.8%-623.4pp	-1105.4%+186.2pp	-1291.5%+472.0pp	-1763.5%-1648.0pp	-115.6%-118.1pp	2.6%+51.8pp	-49.3%
Net Margin	-4169.3%-2253.0pp	-1916.3%+52.9pp	-1969.2%-667.0pp	-1302.1%+474.7pp	-1776.9%-1563.3pp	-213.6%-230.2pp	16.6%+49.0pp	-32.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	0.9%-1.9pp	2.8%
Return on Assets	-8.4%+4.4pp	-12.8%-5.3pp	-7.5%-2.2pp	-5.3%+0.8pp	-6.1%-1.0pp	-5.1%-5.8pp	0.8%+1.9pp	-1.1%
Current Ratio	0.57-0.5	1.04+0.9	0.15-0.2	0.35+0.1	0.27-1.5	1.82+1.0	0.78+0.1	0.63
Debt-to-Equity	0.020.0	0.020.0	0.010.0	0.010.0	0.010.0	0.010.0	0.010.0	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Netcapital Inc's annual revenue?

Netcapital Inc (NCPLW) 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 (NCPLW) revenue declined by 82.4% year-over-year, from $5.0M to $869K in fiscal year 2025.

Is Netcapital Inc profitable?

No, Netcapital Inc (NCPLW) reported a net income of -$28.3M in fiscal year 2025, with a net profit margin of -3255.1%.

What is Netcapital Inc's earnings per share (EPS)?

Netcapital Inc (NCPLW) reported diluted earnings per share of $-20.39 for fiscal year 2025. This represents a 29.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Netcapital Inc have?

As of fiscal year 2025, Netcapital Inc (NCPLW) had $4.6M in cash and equivalents against $500K in long-term debt.

What is Netcapital Inc's gross margin?

Netcapital Inc (NCPLW) 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 operating margin?

Netcapital Inc (NCPLW) had an operating margin of -957.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Netcapital Inc's net profit margin?

Netcapital Inc (NCPLW) had a net profit margin of -3255.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Netcapital Inc's operating cash flow?

Netcapital Inc (NCPLW) generated -$5.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Netcapital Inc's total assets?

Netcapital Inc (NCPLW) had $28.4M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Netcapital Inc have outstanding?

Netcapital Inc (NCPLW) had 5M shares outstanding as of fiscal year 2025.

What is Netcapital Inc's current ratio?

Netcapital Inc (NCPLW) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.

What is Netcapital Inc's debt-to-equity ratio?

Netcapital Inc (NCPLW) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Netcapital Inc's return on assets (ROA)?

Netcapital Inc (NCPLW) had a return on assets of -99.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Netcapital Inc's cash runway?

Based on fiscal year 2025 data, Netcapital Inc (NCPLW) had $4.6M in cash against an annual operating cash burn of $5.3M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Netcapital Inc's Piotroski F-Score?

Netcapital Inc (NCPLW) has a Piotroski F-Score of 3 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Netcapital Inc's earnings high quality?

Netcapital Inc (NCPLW) has an earnings quality ratio of 0.19x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Netcapital Inc cover its interest payments?

Netcapital Inc (NCPLW) has an interest coverage ratio of -201.5x, meaning it can struggle to cover its interest obligations. 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.

How financially healthy is Netcapital Inc?

Netcapital Inc (NCPLW) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.