Netcapital Inc. (NCPL)

Nasdaq: NCPL · Finance Services · Boston, MA · filing with the SEC since 2007

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Grade1.9

◀ Past 1.7● Present 2.2▶ Future 1.8

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Netcapital Inc.

Nine metrics read from its own filings, by tense

Headline grade

1.9/10

◀ Past1.740% of the headline

● Present2.235% of the headline

▶ Future1.825% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.7/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.3/10

Has it survived what it has been through?

26 warning events since 2017; the latest 2026-11-09.

weight 45% of this tense · 3rd percentile among 130 sector filers · read for itself

From the record

Netcapital Inc.'s filings since 2017 show 26 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 9 times, the latest 2026-11-09); a warning not to rely on past financial statements (8-K item 4.02, the latest 2026-08-18); an auditor change (8-K item 4.01, 3 times, the latest 2026-10-14); a late-report notice (Form NT 10-K or NT 10-Q, 13 times, the latest 2026-07-29) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

5.2/10

What has it actually done, year after year?

+39% a year over 10 filed years; profitable in 6 of 10.

weight 22% of this tense · 52nd percentile among 104 sector filers · read for its customers

From the record

Netcapital Inc.'s 10 filed years say what it did: revenue went from $45 thousand in fiscal 2016 to $869 thousand in fiscal 2025, up 39% a year; it rose in 6 of 9 years; the deepest fall was 90% from fiscal 2023 to fiscal 2025; net income was positive in 6 of 10 of those years (its annual reports).

What it rests on

revenue growth over the filed span39.0%top 35% of its family
the share of years revenue rosetop 45% of its family
the share of filed years with a profittop 30% of its family
the deepest fall from a revenue peak89.8%bottom 16% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

1.3/10

How has it treated the people who own it?

SI estimate 1.3/10, confidence 35 of 100 (one part).

weight 33% of this tense · 13th percentile among 115 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 13% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 115 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Netcapital Inc.'s shareholder treatment is put at 1.3 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 13% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

2.2/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

3.4/10

Is it financially healthy right now?

ROE -190%: lost 190¢ per shareholder dollar. Leverage 29%: owes 29¢ per asset dollar.

weight 45% of this tense · 34th percentile among 117 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-04-30, Netcapital Inc. lost about 190 cents for every dollar of shareholders' money, and gross profitability: its products earned about 4 cents per dollar of everything the company owns. Leverage: it owed about 29 cents per dollar of assets, and net share issuance: its share count grew 702.4% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 34% of its family
return on equitybottom 10% of its family
gross profit against assetsbottom 49% of its family
the share count against the year beforebottom 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

1.0/10

How strong is its position in its industry?

bottom 10% of 114 in its family; net margin -3255%.

weight 33% of this tense · 10th percentile among 114 sector filers · read for its customers

From the record

Netcapital Inc.'s standing among 114 graded names in its industry family: revenue of $869 thousand in fiscal 2025 ranks in the bottom 10% by size; a net margin of -3255% ranks in the bottom 11%; revenue growth of -45.9% a year over the last 3 filed years ranks in the bottom 9% (its annual reports).

What it rests on

revenue against the family$869,460bottom 10% of its family
net margin-3255.0%bottom 11% of its family
three-year revenue growth-45.9%bottom 9% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

1.3/10

What are the people in charge doing?

SI estimate 1.3/10, confidence 35 of 100 (one part).

weight 22% of this tense · 13th percentile among 92 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the chief executive's years under the title, which ranks in the bottom 13% of 92 in its family; fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title.
What the record cannot read: Fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title.
How it was reasoned: one part: the chief executive's years on the record, the one part on file, ranked among 92 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Netcapital Inc.'s leadership is put at 1.3 of 10 with a confidence of 35 of 100, because read from one part only, the chief executive's years under the title, which ranks in the bottom 13% of 92 in its family; fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

1.8/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.2/10

How much room does it have to grow?

bottom 42% of 108 in its family for room to expand.

weight 33% of this tense · 42nd percentile among 108 sector filers · read for itself

From the record

Netcapital Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $289 thousand against debt of $500 thousand leaves -1% of its assets as net cash, bottom 20% of its family; cash from operations less capital spending is -614.1% of revenue (bottom 12%); a gross margin of 95.4% (top 5%) (its annual report).

What it rests on

cash less debt against assets-1.0%bottom 20% of its family
cash from operations less capital spending against revenue-614.1%bottom 12% of its family
gross margin95.4%top 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

0.5/10

What could actually drive growth from here?

bottom 5% of 100 in its family for growth drivers.

weight 33% of this tense · 5th percentile among 100 sector filers · read for its customers

From the record

Netcapital Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -45.9% a year over the last three filed years against 39% over all 10, slowing (bottom 7% of its family); the newest year grew -82.5% (bottom 3%) (its annual reports). Netcapital Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-84.9 points a yearbottom 7% of its family
the newest year's revenue growth-82.5%bottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

0.6/10

Did its newest year beat what its own record pointed to?

bottom 6% of 78 in its family for expectations against reality.

weight 33% of this tense · 6th percentile among 78 sector filers · read for its shareholders

From the record

Netcapital Inc.'s newest year against its own record: revenue of $869 thousand in fiscal 2025 came in 81.5% below the $5 million its prior three years' pace pointed to (bottom 3% of its family); net income of $28 million against a prior three-year average of $491 thousand (bottom 12%); a net margin of a loss larger than its revenue against -0.7% before (bottom 4%) (its annual reports).

What it rests on

revenue against the prior three years' pace-81.5%bottom 3% of its family
net income against the prior three years' averagefive times below its prior average or morebottom 12% of its family
net margin against its prior averagedown more than 100 pointsbottom 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton NCPL · research, not advice