For the twelve months ended Jan 31, 2026, Netcapital Inc. reported $739.5K of revenue and -$28.13M of net income.
NCPL revenue was $94.3K in fiscal Q3 2026 (ended Jan 31, 2026), down 38.2% from a year earlier and up 84.7% from the prior quarter. For the full fiscal 2025 it was $869.5K, down 82.4% from fiscal 2024. Compound annual growth was -13.1% over 5 years and +25.0% over 10 years. It rose in 6 of the last 10 fiscal years.
NCPL net income was -$1.81M in fiscal Q3 2026 (ended Jan 31, 2026), compared with -$3.01M a year earlier. For the full fiscal 2025 it was -$28.30M, compared with -$4.99M in fiscal 2024.
NCPL diluted EPS was -$0.32 in fiscal Q3 2026 (ended Jan 31, 2026). For the full fiscal 2025 it was -$20.39.
| Line item | Apr 30, 2025 | Apr 30, 2024 | Apr 30, 2023 | Apr 30, 2022 | Apr 30, 2021 | Apr 30, 2020 | Apr 30, 2019 | Apr 30, 2018 | Apr 30, 2017 | Apr 30, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $869.5K | $4.95M | $8.49M | $5.48M | $4.72M | $1.75M | $1.01M | $111.2K | $21.5K | $44.9K |
| Cost of revenue | $40.3K | $108.1K | $85.0K | $110.1K | $759.2K | $11.1K | $25.2K | $23.9K | - | $115.9K |
| Gross profit | $829.1K | $4.84M | $8.41M | $5.37M | $3.96M | $1.74M | $988.4K | $87.3K | $21.5K | -$71.0K |
| Selling, general and admin | $5.22M | $3.43M | $1.74M | $1.60M | $465.0K | $72.7K | $54.2K | $66.8K | $25.2K | $255.2K |
| Operating income | -$8.32M | -$3.44M | $2.27M | -$1.03M | -$401.5K | $1.15M | $624.4K | -$192.1K | -$549.0K | -$707.2K |
| Interest expense | $41.3K | $46.0K | $93.8K | $126.4K | $87.3K | $18.9K | $19.4K | $69.5K | $115.3K | $113.6K |
| Pre-tax income | -$28.30M | -$7.33M | - | - | - | - | - | - | - | - |
| Income tax | - | -$2.34M | $854.0K | $544.0K | $613.0K | -$129.0K | -$3.7K | - | - | - |
| Net income | -$28.30M | -$4.99M | $2.95M | $3.50M | $1.47M | $604.9K | $582.9K | $131.1K | -$828.1K | -$835.9K |
| EPS, basic | -$20.39 | -$28.83 | $44.10 | $91.70 | $82.60 | $105.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| EPS, diluted | -$20.39 | -$28.83 | $44.10 | $88.90 | $62.30 | $105.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Diluted shares | 1.4M | 172,937 | 66,820.914 | 39,264 | 23,532.786 | 5,746.914 | 10.6M | 9.1M | 7.3M | 7.2M |
| Line item | Apr 30, 2025 | Apr 30, 2024 | Apr 30, 2023 | Apr 30, 2022 | Apr 30, 2021 | Apr 30, 2020 | Apr 30, 2019 | Apr 30, 2018 | Apr 30, 2017 | Apr 30, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $289.4K | $863.2K | $569.4K | $473.9K | $2.47M | $11.2K | $19.1K | $1.7K | $17.5K | $843 |
| Receivables | $78.6K | $134.8K | $1.39M | $2.43M | $1.36M | - | $6.0K | $6.8K | - | - |
| Current assets | $399.6K | $1.04M | $2.54M | $2.91M | $4.48M | $476.8K | $65.8K | $43.4K | $19.7K | $155.9K |
| Total assets | $20.90M | $41.56M | $41.82M | $31.76M | $25.72M | $2.21M | $719.4K | $98.4K | $19.7K | $701.7K |
| Current liabilities | $5.50M | $3.12M | $5.16M | $6.03M | $9.15M | $1.53M | $584.7K | $582.4K | $2.61M | $764.9K |
| Short-term debt | $2.68M | $2.42M | $2.79M | $2.79M | $5.33M | $1.06M | $1.12M | $1.14M | $1.83M | $1.83M |
| Total debt | $500.0K | $500.0K | $500.0K | $500.0K | $2.39M | $7.9K | - | - | - | - |
| Total liabilities | $6.00M | $3.62M | $5.66M | $6.55M | $11.54M | $1.53M | $1.58M | $1.58M | $2.61M | $2.49M |
| Shareholders' equity | $14.91M | $37.94M | $36.16M | $25.24M | $14.18M | $679.2K | -$865.3K | -$1.48M | -$2.59M | -$1.78M |
| Line item | Apr 30, 2025 | Apr 30, 2024 | Apr 30, 2023 | Apr 30, 2022 | Apr 30, 2021 | Apr 30, 2020 | Apr 30, 2019 | Apr 30, 2018 | Apr 30, 2017 | Apr 30, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$5.34M | -$4.88M | -$4.62M | -$3.01M | -$3.25M | -$3.6K | $30.6K | -$50.2K | -$14.2K | -$21.7K |
| Investing cash flow | - | -$20.0K | $200.0K | -$319.2K | $242.0K | - | - | - | - | - |
| Financing cash flow | $4.77M | $5.19M | $4.51M | $1.33M | $5.47M | -$4.3K | -$13.1K | $48.5K | $16.7K | $17.3K |
| Stock-based compensation | $757.5K | $1.32M | $269.6K | $1.18M | $680.6K | $356.3K | $65.2K | $130.2K | $164.3K | $198.9K |
| Line item | Apr 30, 2025 | Apr 30, 2024 | Apr 30, 2023 | Apr 30, 2022 | Apr 30, 2021 | Apr 30, 2020 | Apr 30, 2019 | Apr 30, 2018 | Apr 30, 2017 | Apr 30, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -82.4% | -41.7% | 55.0% | 16.1% | 169.2% | 73.0% | 811.8% | 416.9% | -52.1% | -52.1% |
| Net income growth, YoY | - | - | -15.7% | 138.4% | 143.0% | 3.8% | 344.5% | - | - | - |
| Gross margin | 95.4% | 97.8% | 99.0% | 98.0% | 83.9% | 99.4% | 97.5% | 78.5% | 100.0% | -158.2% |
| Operating margin | -957.1% | -69.5% | 26.7% | -18.8% | -8.5% | 65.4% | 61.6% | -172.8% | -2552.7% | -1575.9% |
| Net margin | -3255.0% | -100.7% | 34.8% | 63.9% | 31.1% | 34.5% | 57.5% | 118.0% | -3850.3% | -1862.5% |
| Return on equity | -189.9% | -13.1% | 8.2% | 13.9% | 10.4% | 89.1% | - | - | - | - |
| Return on assets | -135.4% | -12.0% | 7.1% | 11.0% | 5.7% | 27.3% | 81.0% | 133.3% | -4193.4% | -119.1% |
| Current ratio | 0.07 | 0.33 | 0.49 | 0.48 | 0.49 | 0.31 | 0.11 | 0.07 | 0.01 | 0.20 |
| Debt to equity | 0.03 | 0.01 | 0.01 | 0.02 | 0.17 | 0.01 | - | - | - | - |
| Line item | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.3K | $51.1K | $190.1K | $404.0K | $152.7K | $170.5K | $142.2K | $347.2K | $1.04M | $2.04M | $1.52M | $3.11M |
| Cost of revenue | $1.8K | $1.9K | $7.4K | $3.2K | $7.2K | $19.8K | $10.2K | $11.0K | $58.9K | $20.1K | $18.1K | $23.4K |
| Gross profit | $92.5K | $49.2K | $182.6K | $400.8K | $145.5K | $150.7K | $132.0K | $336.2K | $983.9K | $2.02M | $1.50M | $3.09M |
| Selling, general and admin | $874.5K | $1.20M | $1.57M | $1.42M | $921.6K | $1.50M | $1.38M | $897.6K | $1.09M | $648.6K | $788.3K | $499.3K |
| Operating income | -$2.17M | -$2.12M | -$3.29M | -$1.92M | -$1.69M | -$2.20M | -$2.51M | -$1.54M | -$1.21M | $52.2K | -$749.0K | $1.36M |
| Interest expense | $24.1K | $12.2K | $36.1K | $10.8K | $10.4K | $9.6K | $10.5K | $10.2K | $11.9K | $10.6K | $13.3K | $16.9K |
| Pre-tax income | -$1.81M | -$2.13M | -$3.64M | -$20.55M | -$3.01M | -$2.22M | -$2.53M | -$2.61M | -$3.94M | - | - | - |
| Income tax | - | - | - | - | - | - | - | $0 | -$1.71M | -$326.3K | -$299.0K | $355.0K |
| Net income | -$1.81M | -$2.13M | -$3.64M | -$20.55M | -$3.01M | -$2.22M | -$2.53M | -$2.61M | -$2.23M | $339.6K | -$491.7K | $1.01M |
| EPS, basic | -$0.32 | -$0.44 | -$1.27 | - | -$1.57 | -$2.34 | -$5.10 | - | -$13.60 | $2.52 | -$4.61 | - |
| EPS, diluted | -$0.32 | -$0.44 | -$1.27 | - | -$1.57 | -$2.34 | -$5.10 | - | -$13.60 | $2.52 | -$4.61 | - |
| Diluted shares | 5.6M | 4.8M | 2.9M | - | 1.9M | 947,459 | 495,319 | - | 163,807 | 134,796 | 106,732 | - |
| Line item | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $715.4K | $1.68M | $4.56M | $289.4K | $614.3K | $1.35M | $855.2K | $863.2K | $2.17M | $528.8K | $1.03M | $569.4K |
| Receivables | $1.2K | $12.5K | $20.0K | $78.6K | - | $17.2K | - | $134.8K | $3.70M | $2.90M | $1.35M | $1.39M |
| Current assets | $1.04M | $2.01M | $4.99M | $399.6K | $672.8K | $1.42M | $924.9K | $1.04M | $6.05M | $3.92M | $2.83M | $2.54M |
| Total assets | $26.06M | $25.44M | $28.43M | $20.90M | $39.90M | $41.94M | $41.44M | $41.56M | $44.14M | $44.68M | $43.43M | $41.82M |
| Current liabilities | $3.96M | $3.51M | $4.81M | $5.50M | $4.43M | $4.03M | $3.43M | $3.12M | $3.33M | $5.05M | $4.47M | $5.16M |
| Short-term debt | $2.42M | $2.42M | $3.02M | $2.68M | $2.42M | $2.42M | $2.42M | $2.42M | $2.44M | $2.44M | $2.44M | $2.79M |
| Total debt | $492.4K | $495.8K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K |
| Total liabilities | $4.46M | $4.00M | $5.31M | $6.00M | $4.93M | $4.53M | $3.93M | $3.62M | $3.83M | $5.55M | $4.97M | $5.66M |
| Shareholders' equity | $21.60M | $21.44M | $23.13M | $14.91M | $34.97M | $37.41M | $37.51M | $37.94M | $40.30M | $39.13M | $38.47M | $36.16M |
| Line item | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$868.7K | -$2.58M | -$4.21M | -$724.6K | -$1.16M | -$1.49M | -$1.96M | -$1.31M | -$1.62M | -$481.8K | -$1.46M | -$1.20M |
| Investing cash flow | - | - | - | - | - | - | - | $0 | $0 | - | - | $0 |
| Financing cash flow | $0 | -$300.0K | $8.49M | $399.7K | $431.1K | $1.98M | $1.96M | $5.0K | $3.26M | $0 | $1.93M | $0 |
| Stock-based compensation | $368.5K | $139.4K | $516.1K | $339.4K | $139.4K | $139.4K | $139.4K | $280.5K | $280.5K | $280.5K | $483.4K | $140.6K |
| Line item | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -38.2% | -70.0% | 33.6% | 16.4% | -85.4% | -91.6% | -90.6% | -88.9% | -53.9% | 14.8% | 13.4% | 68.8% |
| Net income growth, YoY | - | - | - | - | - | - | - | - | - | 85.4% | - | 102.5% |
| Gross margin | 98.1% | 96.3% | 96.1% | 99.2% | 95.3% | 88.4% | 92.8% | 96.8% | 94.4% | 99.0% | 98.8% | 99.2% |
| Operating margin | -2304.6% | -4149.6% | -1728.8% | -476.0% | -1105.4% | -1291.5% | -1763.5% | -443.7% | -115.6% | 2.6% | -49.3% | 43.7% |
| Net margin | -1921.5% | -4169.3% | -1916.3% | -5085.6% | -1969.1% | -1302.1% | -1776.9% | -750.8% | -213.6% | 16.6% | -32.3% | 32.5% |
| Current ratio | 0.26 | 0.57 | 1.04 | 0.07 | 0.15 | 0.35 | 0.27 | 0.33 | 1.82 | 0.78 | 0.63 | 0.49 |
| Debt to equity | 0.02 | 0.02 | 0.02 | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Source: XBRL data Netcapital Inc. files with the SEC, latest filing dated Mar 19, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures and share counts are restated for stock splits the filings show: 1-for-70, first reported Sep 16, 2024.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| NCPL | $739.5K | -9.0% | -$28.13M | -3804.1% | $15.8M |
| AXP | $77.59B | +10.2% | $12.26B | 15.8% | $216.90B |
| SPGI | $17.21B | +18.2% | $4.99B | 29.0% | $137.23B |
| MCO | $8.18B | +9.0% | $2.88B | 35.3% | $88.05B |
| NU | $15.77B | +37.0% | $2.87B | 18.2% | $58.66B |
| RKT | $11.46B | +90.4% | $1.30B | 11.4% | $41.01B |
| COIN | $5.63B | -26.6% | -$701.62M | -12.5% | $34.98B |
| AFRM | $4.59B | +32.7% | $2.01B | 43.9% | $22.36B |
| SYF | $19.31B | +2.6% | $3.33B | 17.3% | $22.33B |