Netcapital Inc.
NCPL Nasdaq Finance Services Financials FY2016โFY2025
Last close ยท Oct 23, 2026
$1.33
40.4%
Revenue
Total sales reported in the income statement.
$0.9M
82.4%
vs prior year
Operating margin
Operating income as a share of revenue.
โ957.0%
887.5ย pts
Net income
Profit after all expenses, interest and tax.
โ$28.3M
Free cash flow
Cash from operations minus capital spending.
โ
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ38.7%
31.8ย pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$7.5M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$13.41 EPS (TTM)
What Netcapital Inc. does
No business description yet.
- Legal name
- Netcapital Inc.
- Fiscal year ends
- April 30, 2025
- Latest annual report
- 10-K ยท Aug 12, 2025
- Accession ยท CIK
- 0001641172-25-023248
0001414767
Revenue and margins
Netcapital Inc. had $0.9M of revenue in fiscal 2025, down 82.4% on the year before.
FY16
Revenue $0.0M
FY17
Revenue $0.0M
FY18
Revenue $0.1M
FY19
Revenue $1.0M
FY20
Revenue $1.8M
FY21
Revenue $4.7M
FY22
Revenue $5.5M
FY23
Revenue $8.5M
FY24
Revenue $5.0M
FY25
Revenue $0.9M
Q4 '23
Revenue $3.1M
Q1 '24
Revenue $1.5M
Q2 '24
Revenue $2.0M
Q3 '24
Revenue $1.0M
Q4 '24
Revenue $0.3M
Q1 '25
Revenue $0.1M
Q2 '25
Revenue $0.2M
Q3 '25
Revenue $0.2M
Q4 '25
Revenue $0.4M
Q1 '26
Revenue $0.2M
Q2 '26
Revenue $0.1M
Q3 '26
Revenue $0.1M
FY16
Gross โ
Operating โ1,575.1%
Net โ1,861.7%
FCF โ
FY17
Gross 100.0%
Operating โ2,553.5%
Net โ3,851.6%
FCF โ
FY18
Gross 78.5%
Operating โ172.8%
Net 117.9%
FCF โ
FY19
Gross 97.5%
Operating 61.6%
Net 57.5%
FCF โ
FY20
Gross 99.4%
Operating 65.4%
Net 34.5%
FCF โ
FY21
Gross 83.9%
Operating โ8.5%
Net 31.1%
FCF โ
FY22
Gross 98.0%
Operating โ18.8%
Net 63.9%
FCF โ
FY23
Gross 99.0%
Operating 26.7%
Net 34.8%
FCF โ
FY24
Gross 97.8%
Operating โ69.5%
Net โ100.7%
FCF โ
FY25
Gross 95.4%
Operating โ957.0%
Net โ3,254.9%
FCF โ
Gross
Operating
Net
FCF
Q4 '23
Gross 99.2%
Operating 43.7%
Net 32.5%
FCF โ
Q1 '24
Gross 98.8%
Operating โ49.3%
Net โ32.4%
FCF โ
Q2 '24
Gross 99.0%
Operating 2.6%
Net 16.6%
FCF โ
Q3 '24
Gross 94.4%
Operating โ115.6%
Net โ213.6%
FCF โ
Q4 '24
Gross 96.8%
Operating โ443.7%
Net โ750.8%
FCF โ
Q1 '25
Gross 92.8%
Operating โ1,763.9%
Net โ1,777.2%
FCF โ
Q2 '25
Gross 88.4%
Operating โ1,291.7%
Net โ1,302.3%
FCF โ
Q3 '25
Gross 95.3%
Operating โ1,105.2%
Net โ1,968.9%
FCF โ
Q4 '25
Gross 99.2%
Operating โ476.0%
Net โ5,085.9%
FCF โ
Q1 '26
Gross 96.1%
Operating โ1,728.4%
Net โ1,915.9%
FCF โ
Q2 '26
Gross 96.3%
Operating โ4,147.7%
Net โ4,167.3%
FCF โ
Q3 '26
Gross 98.1%
Operating โ2,305.7%
Net โ1,922.4%
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income โ$0.8M
FY17
Net income โ$0.8M
FY18
Net income $0.1M
FY19
Net income $0.6M
FY20
Net income $0.6M
FY21
Net income $1.5M
FY22
Net income $3.5M
FY23
Net income $3.0M
FY24
Net income โ$5.0M
FY25
Net income โ$28.3M
Q4 '23
Net income $1.0M
Q1 '24
Net income โ$0.5M
Q2 '24
Net income $0.3M
Q3 '24
Net income โ$2.2M
Q4 '24
Net income โ$2.6M
Q1 '25
Net income โ$2.5M
Q2 '25
Net income โ$2.2M
Q3 '25
Net income โ$3.0M
Q4 '25
Net income โ$20.5M
Q1 '26
Net income โ$3.6M
Q2 '26
Net income โ$2.1M
Q3 '26
Net income โ$1.8M
FY16
Diluted EPS $0.00
FY17
Diluted EPS $0.00
FY18
Diluted EPS $0.00
FY19
Diluted EPS $0.00
FY20
Diluted EPS $1.50
FY21
Diluted EPS $0.89
FY22
Diluted EPS $1.27
FY23
Diluted EPS $0.63
FY24
Diluted EPS โ$28.83
FY25
Diluted EPS โ$20.39
Q4 '23
Diluted EPS $0.24
Q1 '24
Diluted EPS โ$4.61
Q2 '24
Diluted EPS $2.52
Q3 '24
Diluted EPS โ$13.60
Q4 '24
Diluted EPS โ$13.14
Q1 '25
Diluted EPS โ$5.10
Q2 '25
Diluted EPS โ$2.34
Q3 '25
Diluted EPS โ$1.57
Q4 '25
Diluted EPS โ$11.38
Q1 '26
Diluted EPS โ$1.27
Q2 '26
Diluted EPS โ$0.44
Q3 '26
Diluted EPS โ$0.32
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital โ1,269.7%
Return on equity โ
Return on assets โ119.1%
FY17
Return on capital โ
Return on equity โ
Return on assets โ229.6%
FY18
Return on capital โ
Return on equity โ
Return on assets 222.0%
FY19
Return on capital 267.0%
Return on equity โ
Return on assets 142.6%
FY20
Return on capital 66.5%
Return on equity โ
Return on assets 41.2%
FY21
Return on capital โ1.5%
Return on equity 19.8%
Return on assets 10.5%
FY22
Return on capital โ3.2%
Return on equity 17.8%
Return on assets 12.2%
FY23
Return on capital 4.6%
Return on equity 9.6%
Return on assets 8.0%
FY24
Return on capital โ6.9%
Return on equity โ13.5%
Return on assets โ12.0%
FY25
Return on capital โ38.7%
Return on equity โ107.1%
Return on assets โ90.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ in fiscal 2025, โ of revenue. Cash from operations minus capital spending.
FY16
Free cash flow โ
FY17
Free cash flow โ
FY18
Free cash flow โ
FY19
Free cash flow โ
FY20
Free cash flow โ
FY21
Free cash flow โ
FY22
Free cash flow โ
FY23
Free cash flow โ
FY24
Free cash flow โ
FY25
Free cash flow โ
FY16
Cash from operations โ$0.0M
Capital spending โ
FY17
Cash from operations โ$0.0M
Capital spending โ
FY18
Cash from operations โ$0.1M
Capital spending โ
FY19
Cash from operations $0.0M
Capital spending โ
FY20
Cash from operations โ$0.0M
Capital spending โ
FY21
Cash from operations โ$3.3M
Capital spending โ
FY22
Cash from operations โ$3.0M
Capital spending โ
FY23
Cash from operations โ$4.6M
Capital spending โ
FY24
Cash from operations โ$4.9M
Capital spending โ
FY25
Cash from operations โ$5.3M
Capital spending โ
Cash from operations
Capital spending
Q4 '23
Cash from operations โ$1.2M
Capital spending โ
Q1 '24
Cash from operations โ$1.5M
Capital spending โ
Q2 '24
Cash from operations โ$0.5M
Capital spending โ
Q3 '24
Cash from operations โ$1.6M
Capital spending โ
Q4 '24
Cash from operations โ$1.3M
Capital spending โ
Q1 '25
Cash from operations โ$2.0M
Capital spending โ
Q2 '25
Cash from operations โ$1.5M
Capital spending โ
Q3 '25
Cash from operations โ$1.2M
Capital spending โ
Q4 '25
Cash from operations โ$0.7M
Capital spending โ
Q1 '26
Cash from operations โ$4.2M
Capital spending โ
Q2 '26
Cash from operations โ$2.6M
Capital spending โ
Q3 '26
Cash from operations โ$0.9M
Capital spending โ
Cash from operations
Capital spending
Dividends, buybacks and share count
Netcapital Inc. returned โ to shareholders in fiscal 2025. The diluted share count rose 702.6%.
FY16
Dividends โ
Buybacks โ
FY17
Dividends โ
Buybacks โ
FY18
Dividends โ
Buybacks โ
FY19
Dividends โ
Buybacks โ
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY16
Diluted shares 0.51B
FY17
Diluted shares 0.51B
FY18
Diluted shares 0.64B
FY19
Diluted shares 0.74B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.00B
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.00B
Balance sheet
Cash, debt and the ratios that show how comfortably Netcapital Inc. can carry it.
FY16
Cash $0.0M
Debt $1.8M
FY17
Cash $0.0M
Debt $2.4M
FY18
Cash $0.0M
Debt $1.1M
FY19
Cash $0.0M
Debt $1.1M
FY20
Cash $0.0M
Debt $1.1M
FY21
Cash $2.5M
Debt $7.7M
FY22
Cash $0.5M
Debt $3.3M
FY23
Cash $0.6M
Debt $2.4M
FY24
Cash $0.9M
Debt $2.4M
FY25
Cash $0.3M
Debt $2.4M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.5M | $0.5M | $0.6M | $0.9M | $0.3M |
| Debt incl. finance leases | $7.7M | $3.3M | $2.4M | $2.4M | $2.4M |
| Debt / equity | 0.5x | 0.1x | 0.1x | 0.1x | 0.2x |
| Interest coverage | โ4.6x | โ8.2x | 24.2x | โ74.8x | โ201.5x |
| Current ratio | 0.5x | 0.5x | 0.5x | 0.3x | 0.1x |
| Quick ratio | 0.5x | 0.5x | 0.5x | 0.3x | 0.1x |
| Total assets | $25.7M | $31.8M | $41.8M | $41.6M | $20.9M |
| Total liabilities | $11.5M | $6.6M | $5.7M | $3.6M | $6.0M |
| Shareholders' equity | $14.2M | $25.2M | $36.2M | $37.9M | $14.9M |
| Net debt (โ = net cash) | $5.2M | $2.8M | $1.8M | $1.5M | $2.1M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | 2 / 8 | 5 / 9 | 6 / 9 | 5 / 9 | 3 / 9 | 4 / 9 | 5 / 9 | 2 / 9 | 1 / 9 |
| Accruals ratio | โ116.0% | โ225.6% | 307.0% | 135.1% | 41.5% | 33.8% | 22.7% | 20.6% | โ0.3% | โ73.5% |
| Altman Z'' | โ26.94 | โ1,676.74 | โ170.96 | โ13.37 | โ2.81 | โ0.13 | 3.44 | 7.08 | 10.17 | โ6.00 |
10 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $0.0M | $0.0M | $0.1M | $1.0M | $1.8M | $4.7M | $5.5M | $8.5M | $5.0M | $0.9M |
| Gross profit | โ | $0.0M | $0.1M | $1.0M | $1.7M | $4.0M | $5.4M | $8.4M | $4.8M | $0.8M |
| Operating income | โ$0.7M | โ$0.5M | โ$0.2M | $0.6M | $1.1M | โ$0.4M | โ$1.0M | $2.3M | โ$3.4M | โ$8.3M |
| Interest expense | $0.1M | $0.1M | $0.1M | $0.0M | $0.0M | $0.1M | $0.1M | $0.1M | $0.0M | $0.0M |
| Pretax income | โ$0.8M | โ$0.8M | $0.1M | $0.6M | $0.4M | $2.1M | $4.0M | $3.8M | โ$7.3M | โ$28.3M |
| Income tax | โ | โ | โ | โ$0.0M | โ$0.1M | $0.6M | $0.5M | $0.9M | โ$2.3M | โ |
| Net income | โ$0.8M | โ$0.8M | $0.1M | $0.6M | $0.6M | $1.5M | $3.5M | $3.0M | โ$5.0M | โ$28.3M |
| Net income to common | โ$0.8M | โ$0.8M | $0.1M | $0.6M | $0.6M | $1.5M | $3.5M | $3.0M | โ$5.0M | โ$28.3M |
| Diluted EPS | $0.00 | $0.00 | $0.00 | $0.00 | $1.50 | $0.89 | $1.27 | $0.63 | โ$28.83 | โ$20.39 |
| Diluted shares | 0.51B | 0.51B | 0.64B | 0.74B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||||
| Cash from operations | โ$0.0M | โ$0.0M | โ$0.1M | $0.0M | โ$0.0M | โ$3.3M | โ$3.0M | โ$4.6M | โ$4.9M | โ$5.3M |
| Depreciation and amortization | $0.4M | $0.4M | โ | โ | โ | โ | โ | โ | โ | โ |
| Stock-based compensation | $0.2M | $0.2M | $0.1M | $0.1M | $0.4M | $0.7M | $1.2M | $0.3M | $1.3M | $0.8M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.5M | $0.5M | $0.6M | $0.9M | $0.3M |
| Total debt | $1.8M | $2.4M | $1.1M | $1.1M | $1.1M | $7.7M | $3.3M | $2.4M | $2.4M | $2.4M |
| Current assets | $0.2M | $0.0M | $0.0M | $0.1M | $0.5M | $4.5M | $2.9M | $2.5M | $1.0M | $0.4M |
| Current liabilities | $0.8M | $2.6M | $0.6M | $0.6M | $1.5M | $9.2M | $6.0M | $5.2M | $3.1M | $5.5M |
| Property and equipment, net | $0.5M | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Intangible assets | โ | โ | โ | โ | โ | $14.8M | $15.5M | $15.9M | $14.7M | $14.7M |
| Total assets | $0.7M | $0.0M | $0.1M | $0.7M | $2.2M | $25.7M | $31.8M | $41.8M | $41.6M | $20.9M |
| Total liabilities | $2.5M | $2.6M | $1.6M | $1.6M | $1.5M | $11.5M | $6.6M | $5.7M | $3.6M | $6.0M |
| Shareholders' equity | โ$1.8M | โ$2.6M | โ$1.5M | โ$0.9M | $0.7M | $14.2M | $25.2M | $36.2M | $37.9M | $14.9M |
| Margins | ||||||||||
| Gross margin | โ | 100.0% | 78.5% | 97.5% | 99.4% | 83.9% | 98.0% | 99.0% | 97.8% | 95.4% |
| Operating margin | โ1,575.1% | โ2,553.5% | โ172.8% | 61.6% | 65.4% | โ8.5% | โ18.8% | 26.7% | โ69.5% | โ957.0% |
| EBITDA margin | โ726.3% | โ780.9% | โ | โ | โ | โ | โ | โ | โ | โ |
| Net margin | โ1,861.7% | โ3,851.6% | 117.9% | 57.5% | 34.5% | 31.1% | 63.9% | 34.8% | โ100.7% | โ3,254.9% |
| Returns | ||||||||||
| Return on capital | โ1,269.7% | โ | โ | 267.0% | 66.5% | โ1.5% | โ3.2% | 4.6% | โ6.9% | โ38.7% |
| Return on capital employed | 1,119.0% | 21.2% | 39.7% | 463.5% | 168.9% | โ2.4% | โ4.0% | 6.2% | โ9.0% | โ54.0% |
| Return on equity | โ | โ | โ | โ | โ | 19.8% | 17.8% | 9.6% | โ13.5% | โ107.1% |
| Return on assets | โ119.1% | โ229.6% | 222.0% | 142.6% | 41.2% | 10.5% | 12.2% | 8.0% | โ12.0% | โ90.6% |
| Return on tangible equity | โ | โ | โ | โ | 89.1% | โ | 36.1% | 14.6% | โ21.5% | โ13,593.3% |
| Growth | ||||||||||
| Revenue growth | โ | โ52.1% | 417.2% | 811.5% | 73.0% | 169.2% | 16.1% | 55.0% | โ41.7% | โ82.4% |
| Net income growth | โ | โ | โ | 344.6% | 3.8% | 143.0% | 138.4% | โ15.7% | โ268.7% | โ |
| EPS growth | โ | โ | โ | โ | โ | โ40.7% | 42.7% | โ50.4% | โ4,676.2% | โ |
| Share count change | โ | 1.2% | 24.5% | 16.3% | โ99.9% | 309.5% | 66.8% | 70.2% | โ96.3% | 702.6% |
| Financial health | ||||||||||
| Debt / equity | โ | โ | โ | โ | 1.6x | 0.5x | 0.1x | 0.1x | 0.1x | 0.2x |
| Interest coverage | โ6.2x | โ4.8x | โ2.8x | 32.2x | 60.7x | โ4.6x | โ8.2x | 24.2x | โ74.8x | โ201.5x |
| Current ratio | 0.2x | 0.0x | 0.1x | 0.1x | 0.3x | 0.5x | 0.5x | 0.5x | 0.3x | 0.1x |
| Quick ratio | 0.2x | 0.0x | 0.1x | 0.1x | 0.3x | 0.5x | 0.5x | 0.5x | 0.3x | 0.1x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 443.0% | 764.2% | 117.1% | 6.4% | 20.3% | 14.4% | 21.5% | 3.2% | 26.8% | 87.1% |
| Quality scores | ||||||||||
| Piotroski F-score | โ | 2.0 | 5.0 | 6.0 | 5.0 | 3.0 | 4.0 | 5.0 | 2.0 | 1.0 |
| Altman Z'' | โ26.9 | โ1,676.7 | โ171.0 | โ13.4 | โ2.8 | โ0.1 | 3.4 | 7.1 | 10.2 | โ6.0 |
| Accruals ratio | โ116.0% | โ225.6% | 307.0% | 135.1% | 41.5% | 33.8% | 22.7% | 20.6% | โ0.3% | โ73.5% |
Source: SEC EDGAR XBRL filings (CIK 0001414767). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ not investment advice. Check the original filings before relying on any figure.