Detailed financial statements for Netcapital Inc. (NCPL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Netcapital Inc. is a financial technology firm primarily known for its SEC-registered funding platform, Netcapital.com. This online portal facilitates capital raising for private enterprises while simultaneously providing a global investment avenue for individuals. Beyond its core platform, the company offers an extensive suite of support services.
Analysis Summary
Netcapital Inc. reported revenue of $869460 in the most recent fiscal year, growing at a 5-year CAGR of -13.1%.
Trailing-twelve-month margins: gross margin -11.4%, operating margin -13.0%, net margin -38.0%.
At the current price of $0.42, NCPL has negative trailing earnings (P/E not meaningful) and an ROE of -138.80%. Market capitalisation stands at $3M.
Balance sheet quality for NCPL: current ratio of 0.1. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44878 | $21508 | $111171 | $1.0M | $1.8M | $4.7M | $5.5M | $8.5M | $5.0M | $869460 |
| Cost of Revenue | $496924 | $381060 | $23885 | $25198 | $11105 | $759158 | $110115 | $85038 | $108060 | $40344 |
| Gross Profit | -$452046 | -$359552 | $87286 | $988414 | $1.7M | $4.0M | $5.4M | $8.4M | $4.8M | $829116 |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $255192 | $189491 | $279340 | $357231 | $595231 | $4.4M | $6.4M | $6.1M | $8.3M | $5.3M |
| Operating Expenses | $255192 | $189491 | $279340 | $363981 | $595231 | $4.4M | $6.4M | $6.1M | $8.3M | $9.1M |
| Operating Income | -$707238 | -$549043 | -$192054 | $624433 | $1.1M | -$401501 | -$1.0M | $2.3M | -$3.4M | -$8.3M |
| EBITDA | -$341178 | -$331755 | $200619 | $606033 | $443730 | $2.2M | $4.2M | $4.0M | -$7.2M | -$28.2M |
| Interest Expense | -$113636 | -$115301 | $69490 | $19408 | $18879 | $87333 | $126372 | $93842 | $45990 | $48226 |
| Pre-tax Income | -$835874 | -$828121 | $131129 | $586625 | $424851 | $2.1M | $4.0M | $3.8M | -$7.3M | -$28.3M |
| Income Tax | 0 | 0 | 0 | $3745 | -$180000 | $613000 | $544000 | $854000 | -$2.3M | 0 |
| Net Income | -$835874 | -$828121 | $131129 | $582880 | $604851 | $1.5M | $3.5M | $3.0M | -$5.0M | -$28.3M |
| EPS | $-3.30 | $-3.26 | $0.41 | $1.57 | $1.50 | $82.60 | $91.70 | $44.10 | $-28.70 | $-20.39 |
| EPS (Diluted) | $-3.30 | $-3.26 | $0.41 | $1.57 | $1.50 | $62.30 | $88.90 | $44.10 | $-28.70 | $-20.39 |
| Shares Outstanding (Diluted) | $253000 | $254000 | $318830 | $370860 | $402284 | $1.6M | $2.7M | $4.7M | $172937 | $1.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -52.1% | +416.9% | +811.8% | +73.0% | +169.2% | +16.1% | +55.0% | -41.7% | -82.4% | |
| Net Income Growth (YoY) | +0.9% | +115.8% | +344.5% | +3.8% | +143.0% | +138.4% | -15.7% | -268.7% | -467.6% | |
| EPS Growth (YoY) | +1.2% | +112.6% | +282.9% | -4.5% | +5406.7% | +11.0% | -51.9% | -165.1% | +29.0% | |
| Shares Change (YoY) | +0.4% | +25.5% | +16.3% | +8.5% | +309.5% | +66.8% | +70.2% | -96.3% | +702.4% | |
| Gross Margin | -1007.3% | -1671.7% | 78.5% | 97.5% | 99.4% | 83.9% | 98.0% | 99.0% | 97.8% | 95.4% |
| Operating Margin | -1575.9% | -2552.7% | -172.8% | 61.6% | 65.4% | -8.5% | -18.8% | 26.7% | -69.5% | -952.4% |
| EBITDA Margin | -760.2% | -1542.5% | 180.5% | 59.8% | 25.3% | 46.0% | 76.2% | 47.1% | -145.1% | -3245.4% |
| Net Margin | -1862.5% | -3850.3% | 118.0% | 57.5% | 34.5% | 31.1% | 63.9% | 34.8% | -100.7% | -3255.0% |
| Effective Tax Rate | -0.0% | -0.0% | 0.0% | 0.6% | -42.4% | 29.4% | 13.4% | 22.4% | 31.9% | -0.0% |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -138.80% |
| Return on Invested Capital | -40.00% |
| Return on Assets | -107.95% |
| Gross Margin | -11.43% |
| Operating Margin | -1299.26% |
| Net Margin | -3804.10% |
Financial Health
| Debt / Equity | 0.11 |
| Current Ratio | 0.26 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -46.67 | -55.83 | 1195.12 | 249.68 | 410.67 | 9.75 | 6.87 | 1.83 | -0.32 | -0.10 |
| P/B | -21.84 | -17.84 | -105.27 | -168.02 | 364.87 | 70.97 | 66.55 | 10.41 | 0.04 | 0.19 |
| P/S | 868.18 | 2149.34 | 1405.28 | 143.42 | 141.32 | 213.14 | 306.47 | 44.33 | 0.32 | 3.22 |
| Gross Margin | -1007.3% | -1671.7% | 78.5% | 97.5% | 99.4% | 83.9% | 98.0% | 99.0% | 97.8% | 95.4% |
| Operating Margin | -1575.9% | -2552.7% | -172.8% | 61.6% | 65.4% | -8.5% | -18.8% | 26.7% | -69.5% | -952.4% |
| Net Margin | -1862.5% | -3850.3% | 118.0% | 57.5% | 34.5% | 31.1% | 63.9% | 34.8% | -100.7% | -3255.0% |
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Explore sector: Financial Services · Financial - Capital Markets
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