NCPL Nasdaq Finance Services Financials FY2016βFY2025
Netcapital Inc. had $0.9M of revenue in fiscal 2025, down 82.4% on the year before. Over five years, revenue changed β13.1% a year on average.
Last close Β· Oct 23, 2026
$1.33
40.4%Hi! I read Netcapital Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β82.4%
No. Sales fell 82.4% last year.
Does it make a profit?
β3,254.9%
No. It lost money last year.
How healthy are the accounts?
1 / 9
Weak. It passes 1 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Netcapital Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
October 26, 2026
Monday Β· today
| Date | Results for | Time | Source |
|---|---|---|---|
| Mar 19, 2026 | Q3 '26 | After the market closes | 10-Q β |
| Dec 15, 2025 | Q2 '26 | After the market closes | 10-Q β |
| Sep 22, 2025 | Q1 '26 | After the market closes | 8-K β |
| Aug 12, 2025 | Q4 '25 | Time not announced | 8-K β |
| Mar 17, 2025 | Q3 '25 | Time not announced | 8-K β |
| Dec 16, 2024 | Q2 '25 | After the market closes | 8-K β |
| Sep 16, 2024 | Q1 '25 | After the market closes | 8-K β |
| Jul 29, 2024 | Q4 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Netcapital Inc. had $0.9M of revenue in fiscal 2025, down 82.4% on the year before. Over five years, revenue changed β13.1% a year on average. Its operating margin was β957.0%, down 887.5Β pts: of every 100 in sales, about β957 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Netcapital Inc. lost $28.3M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Netcapital Inc. owes $2.1M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Netcapital Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β4.6x | β8.2x | 24.2x | β74.8x | β201.5x |
| 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 (β = net cash) | $5.2M | $2.8M | $1.8M | $1.5M | $2.1M |
KIRA Β· Its return on capital was β38.7%: every 100 invested in the business earned about β39 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Netcapital Inc. passes 1 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 8 | 5 / 9 | 6 / 9 | 5 / 9 | 3 / 9 | 4 / 9 | 5 / 9 | 2 / 9 | 1 / 9 |
| Accruals ratio | β116.0% | β225.6% | 307.0% | 135.1% | 41.5% | 33.8% | 22.7% | 20.6% | β0.3% | β73.5% |
| Altman Z'' | β26.94 | β1,676.74 | β170.96 | β13.37 | β2.81 | β0.13 | 3.44 | 7.08 | 10.17 | β6.00 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β | $0.0M | $0.1M | $1.0M | $1.7M | $4.0M | $5.4M | $8.4M | $4.8M | $0.8M |
| Operating income | β$0.7M | β$0.5M | β$0.2M | $0.6M | $1.1M | β$0.4M | β$1.0M | $2.3M | β$3.4M | β$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 | β$0.8M | β$0.8M | $0.1M | $0.6M | $0.4M | $2.1M | $4.0M | $3.8M | β$7.3M | β$28.3M |
| Income tax | β | β | β | β$0.0M | β$0.1M | $0.6M | $0.5M | $0.9M | β$2.3M | β |
| Net income | β$0.8M | β$0.8M | $0.1M | $0.6M | $0.6M | $1.5M | $3.5M | $3.0M | β$5.0M | β$28.3M |
| Net income to common | β$0.8M | β$0.8M | $0.1M | $0.6M | $0.6M | $1.5M | $3.5M | $3.0M | β$5.0M | β$28.3M |
| Diluted EPS | $0.00 | $0.00 | $0.00 | $0.00 | $1.50 | $0.89 | $1.27 | $0.63 | β$28.83 | β$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 | β$0.0M | β$0.0M | β$0.1M | $0.0M | β$0.0M | β$3.3M | β$3.0M | β$4.6M | β$4.9M | β$5.3M |
| Depreciation and amortization | $0.4M | $0.4M | β | β | β | β | β | β | β | β |
| 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 | β | β | β | β | β | β | β | β | β |
| Intangible assets | β | β | β | β | β | $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 | β$1.8M | β$2.6M | β$1.5M | β$0.9M | $0.7M | $14.2M | $25.2M | $36.2M | $37.9M | $14.9M |
| Margins | ||||||||||
| Gross margin | β | 100.0% | 78.5% | 97.5% | 99.4% | 83.9% | 98.0% | 99.0% | 97.8% | 95.4% |
| Operating margin | β1,575.1% | β2,553.5% | β172.8% | 61.6% | 65.4% | β8.5% | β18.8% | 26.7% | β69.5% | β957.0% |
| EBITDA margin | β726.3% | β780.9% | β | β | β | β | β | β | β | β |
| Net margin | β1,861.7% | β3,851.6% | 117.9% | 57.5% | 34.5% | 31.1% | 63.9% | 34.8% | β100.7% | β3,254.9% |
| Returns | ||||||||||
| Return on capital | β1,269.7% | β | β | 267.0% | 66.5% | β1.5% | β3.2% | 4.6% | β6.9% | β38.7% |
| Return on capital employed | 1,119.0% | 21.2% | 39.7% | 463.5% | 168.9% | β2.4% | β4.0% | 6.2% | β9.0% | β54.0% |
| Return on equity | β | β | β | β | β | 19.8% | 17.8% | 9.6% | β13.5% | β107.1% |
| Return on assets | β119.1% | β229.6% | 222.0% | 142.6% | 41.2% | 10.5% | 12.2% | 8.0% | β12.0% | β90.6% |
| Return on tangible equity | β | β | β | β | 89.1% | β | 36.1% | 14.6% | β21.5% | β13,593.3% |
| Growth | ||||||||||
| Revenue growth | β | β52.1% | 417.2% | 811.5% | 73.0% | 169.2% | 16.1% | 55.0% | β41.7% | β82.4% |
| Net income growth | β | β | β | 344.6% | 3.8% | 143.0% | 138.4% | β15.7% | β268.7% | β |
| EPS growth | β | β | β | β | β | β40.7% | 42.7% | β50.4% | β4,676.2% | β |
| Share count change | β | 1.2% | 24.5% | 16.3% | β99.9% | 309.5% | 66.8% | 70.2% | β96.3% | 702.6% |
| Financial health | ||||||||||
| Debt / equity | β | β | β | β | 1.6x | 0.5x | 0.1x | 0.1x | 0.1x | 0.2x |
| Interest coverage | β6.2x | β4.8x | β2.8x | 32.2x | 60.7x | β4.6x | β8.2x | 24.2x | β74.8x | β201.5x |
| 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 | β | 2.0 | 5.0 | 6.0 | 5.0 | 3.0 | 4.0 | 5.0 | 2.0 | 1.0 |
| Altman Z'' | β26.9 | β1,676.7 | β171.0 | β13.4 | β2.8 | β0.1 | 3.4 | 7.1 | 10.2 | β6.0 |
| Accruals ratio | β116.0% | β225.6% | 307.0% | 135.1% | 41.5% | 33.8% | 22.7% | 20.6% | β0.3% | β73.5% |
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 β not investment advice. Check the original filings before relying on any figure.
