Northann (NCL)
Market Price (3/30/2026): $0.14 | Market Cap: $2.1 MilSector: Consumer Discretionary | Industry: Household Appliances
Northann (NCL)
Market Price (3/30/2026): $0.14Market Cap: $2.1 MilSector: Consumer DiscretionaryIndustry: Household Appliances
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84% | Weak multi-year price returns2Y Excs Rtn is -119%, 3Y Excs Rtn is -161% | Penny stockMkt Price is 0.1 |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management, Sustainable & Green Buildings, and Sustainable Consumption. Themes include Green Building Materials, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -112% | |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 266% | ||
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10% | ||
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 62% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -50% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -824% | ||
| High stock price volatilityVol 12M is 670% | ||
| Key risksNCL key risks include [1] a "going concern" qualification and potential delisting from the NYSE American due to financial and filing non-compliance, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84% |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management, Sustainable & Green Buildings, and Sustainable Consumption. Themes include Green Building Materials, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -119%, 3Y Excs Rtn is -161% |
| Penny stockMkt Price is 0.1 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -112% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 266% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 62% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -50% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -824% |
| High stock price volatilityVol 12M is 670% |
| Key risksNCL key risks include [1] a "going concern" qualification and potential delisting from the NYSE American due to financial and filing non-compliance, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Northann (NCL) stock has lost about 65% since 11/30/2025 because of the following key factors:
1. Continued poor financial performance, evidenced by a reported loss per share in the third quarter of 2025. Northann Corp. reported a US$0.072 loss per share for the third quarter of 2025, released on November 17, 2025, a stark contrast to the US$0.16 profit per share in the same period of 2024. The company's P/E ratio also stands at a negative -0.07 as of March 8, 2026, highlighting its unprofitability.
2. Significant issues with NYSE listing compliance and a "going concern" audit qualification. Northann Corp. received a Notice of Non-Compliance with NYSE listing standards on December 12, 2025. This followed a Filing Delinquency Notification in April 2025 for its delayed 2024 annual report. Furthermore, on July 2, 2025, the company disclosed that its 2024 fiscal year audit opinion included a "going concern" qualification from its independent registered public accounting firm, raising doubts about its ability to continue operations. While an extension was granted until June 2027 to regain compliance, these issues signal deep-seated financial and operational instability.
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1. Continued poor financial performance, evidenced by a reported loss per share in the third quarter of 2025. Northann Corp. reported a US$0.072 loss per share for the third quarter of 2025, released on November 17, 2025, a stark contrast to the US$0.16 profit per share in the same period of 2024. The company's P/E ratio also stands at a negative -0.07 as of March 8, 2026, highlighting its unprofitability.
2. Significant issues with NYSE listing compliance and a "going concern" audit qualification. Northann Corp. received a Notice of Non-Compliance with NYSE listing standards on December 12, 2025. This followed a Filing Delinquency Notification in April 2025 for its delayed 2024 annual report. Furthermore, on July 2, 2025, the company disclosed that its 2024 fiscal year audit opinion included a "going concern" qualification from its independent registered public accounting firm, raising doubts about its ability to continue operations. While an extension was granted until June 2027 to regain compliance, these issues signal deep-seated financial and operational instability.
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Stock Movement Drivers
Fundamental Drivers
The -66.1% change in NCL stock from 11/30/2025 to 3/29/2026 was primarily driven by a -66.1% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.41 | 0.14 | -66.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 13 | 0.0% |
| P/S Multiple | 0.5 | 0.2 | -66.1% |
| Shares Outstanding (Mil) | 15 | 15 | 0.0% |
| Cumulative Contribution | -66.1% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NCL | -66.1% | |
| Market (SPY) | -5.3% | 10.4% |
| Sector (XLY) | -10.4% | 7.4% |
Fundamental Drivers
The -87.3% change in NCL stock from 8/31/2025 to 3/29/2026 was primarily driven by a -84.9% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.10 | 0.14 | -87.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12 | 13 | 8.2% |
| P/S Multiple | 1.1 | 0.2 | -84.9% |
| Shares Outstanding (Mil) | 12 | 15 | -22.3% |
| Cumulative Contribution | -87.3% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NCL | -87.3% | |
| Market (SPY) | 0.6% | 9.4% |
| Sector (XLY) | -8.5% | 6.3% |
Fundamental Drivers
The -91.3% change in NCL stock from 2/28/2025 to 3/29/2026 was primarily driven by a -80.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.60 | 0.14 | -91.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16 | 13 | -16.6% |
| P/S Multiple | 0.3 | 0.2 | -47.3% |
| Shares Outstanding (Mil) | 3 | 15 | -80.2% |
| Cumulative Contribution | -91.3% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NCL | -91.3% | |
| Market (SPY) | 9.8% | 5.5% |
| Sector (XLY) | -1.3% | 4.9% |
Fundamental Drivers
nullnull
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NCL | ||
| Market (SPY) | 69.4% | 5.1% |
| Sector (XLY) | 49.0% | 4.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NCL Return | - | - | -68% | -82% | -87% | -47% | -100% |
| Peers Return | 21% | -45% | 29% | 25% | -18% | -14% | -24% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| NCL Win Rate | - | - | 33% | 42% | 42% | 33% | |
| Peers Win Rate | 52% | 35% | 54% | 50% | 46% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| NCL Max Drawdown | - | - | -68% | -89% | -94% | -47% | |
| Peers Max Drawdown | -15% | -51% | -17% | -15% | -33% | -16% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MHK, TILE, FND, CULP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
NCL has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.
| Event | XLY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.3% | -25.4% |
| % Gain to Breakeven | 67.4% | 34.1% |
| Time to Breakeven | 680 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -33.9% | -33.9% |
| % Gain to Breakeven | 51.3% | 51.3% |
| Time to Breakeven | 82 days | 148 days |
| 2018 Correction | ||
| % Loss | -21.9% | -19.8% |
| % Gain to Breakeven | 28.1% | 24.7% |
| Time to Breakeven | 105 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -60.1% | -56.8% |
| % Gain to Breakeven | 150.8% | 131.3% |
| Time to Breakeven | 779 days | 1,480 days |
Compare to MHK, TILE, FND, CULP
In The Past
SPDR Select Sector Fund's stock fell -40.3% during the 2022 Inflation Shock from a high on 11/19/2021. A -40.3% loss requires a 67.4% gain to breakeven.
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About Northann (NCL)
We bring additive manufacturing, commonly known as 3D printing, and the volume production of innovative building solutions, to your home or business. Our robust portfolio of manufacturing solutions relies upon the use of ink, coating, resin, sound padding, glue and other raw materials to create a wide variety of flooring, decking and other products for customers throughout North America (mainly the United States and Canada), Europe and other regions under the brand name “Benchwick.” We believe that additive manufacturing is one of the most exciting and eco-friendly technologies in the market today. Previously, the U.S. Department of Energy estimated that, compared to traditional manufacturing, additive manufacturing might slash waste and materials cost by nearly 90% and cut manufacturing energy use by half(1). As of 2019, the additive manufacturing industry was valued at over $14 billion and was expected to grow to $23 billion this year(2). Innovation has always been our core value. Our commitment to new approaches in designing and manufacturing drives us to create new ways to improve how our core customers live and work. Crazy Industry invests substantial resources in research and product development and is committed to rapidly building new products and customizable and functional solutions to delight our customers. Crazy Industry’s product development team is committed to product design and development, and they focus their efforts on enhancing function, use, performance and flexibility of our products. As of the date of this prospectus, our subsidiaries, NBS, NCP and Crazy Industry, own a portfolio of over 60 granted or pending patents. The products reflect the evolving needs of our core customer’s home and business needs. We strive to make the products customizable, functional and affordable. Presently, NCP manufactures four proprietary solutions in vinyl flooring using innovative 3D printing technology: Infinite Glass, DSE, TruBevel and MattMaster. Each solution offers distinct functionalities and aesthetic finishes. Our revenue mainly consists of wholesale and retail of the vinyl flooring products, which are primarily marketed and sold in the United States and Canada. During the fiscal years ended December 31, 2022, 2021 and 2020, 99.52%, 100% and 99.92% of our revenue came from vinyl flooring products and other decorative panels. During the six months ended June 30, 2023, 100% of our revenue came from vinyl flooring products and other decorative panels. NBS has also licensed some of its patents to other manufacturers with the goal to promote the technologies covered by those patents in the flooring industry. We believe that a wider market acceptance of 3D printed flooring will help establish the “Benchwick” brand further and to penetrate the markets and encourages innovation and changes to an already developed and static industry. During the fiscal years ended December 31, 2022 and 2021, 0.48% and 0.08% of our revenue came from patent licensing. We did not have revenue from patent licensing during the fiscal year ended December 31, 2020 or the six months ended June 30, 2023. We serve customers in North America (mainly the United States and Canada), Europe and other regions. During the fiscal year ended December 31, 2022, 85.50% of our revenue came from customers in the United States and 12.95% came from customers in Canada. During the fiscal year ended December 31, 2021, 91.53% of our revenue came from customers in the United States and 7.55% came from customers in Canada. During the fiscal year ended December 31, 2020, 69.65% of our revenue came from customers in the United States and 22.03% came from customers in Canada. During the six months ended June 30, 2023, 96.63% of our revenue came from customers in the United States and 2.67% came from customers in Canada. During the six months ended June 30, 2023 and the fiscal years ended December 31, 2022, 2021 and 2020, 0.70%, 0.49%, 0.84% and 8.32% of our revenue came from customers in Europe and less than 1% of the revenue came from customers in other regions. (1) Additive Manufacturing Building the Future Spotlight (energy.gov), by U.S. Department of Energy, Office of Technology Transitions, original published in April 2019 and updated in July 2019, https://www.energy.gov/sites/ default/files/2019/07/f64/2019-OTT-Additive-Manufacturing-Spotlight_0.pdf. (2) Additive Manufacturing Building the Future Spotlight (energy.gov), by U.S. Department of Energy, Office of Technology Transitions, original published in April 2019 and updated in July 2019, In June 2020, Dotfloor was established in California. Dotfloor operates dotfloor.com, our online store that offers our vinyl flooring products to retail customers in the United States. Our principal executive office is located at c/o Northann Distribution Center Inc, 9820 Dino Drive, Suite 110, CA 95624. The telephone number of our principal executive offices is (916) 573 3803. Our registered agent in the United States is Vcorp Services. LLC, located at 701 S. Carson Street, Suite 200, Carson City, NV.
AI Analysis | Feedback
- Think of Northann as the "Tesla for floors", using advanced 3D printing technology to innovate in the traditional flooring industry.
- Northann is like the "Dyson of flooring", applying proprietary 3D printing technology to create advanced, customizable, and more functional vinyl flooring products.
AI Analysis | Feedback
- Vinyl Flooring Products: Northann manufactures and sells proprietary vinyl flooring solutions (Infinite Glass, DSE, TruBevel, and MattMaster) using innovative 3D printing technology, which constitute almost all of its revenue.
- Decorative Panels: The company also generates a small portion of its revenue from other decorative panels alongside its primary vinyl flooring products.
- Patent Licensing: Northann licenses its patents related to 3D printed flooring technology to other manufacturers, though this accounts for a very small percentage of its revenue in some fiscal years.
AI Analysis | Feedback
Northann (NCL) serves both wholesale and retail channels, selling vinyl flooring products and other decorative panels for both home and business needs. The provided text does not identify specific major customer companies by name. Instead, it indicates a customer base that includes both individuals and businesses involved in various capacities.
Based on the company description, Northann's customers can be categorized as:
- Individual Consumers: These are retail customers purchasing flooring products for personal use in their homes or small businesses, primarily through Northann's online store, Dotfloor.com.
- Building and Renovation Professionals: This category includes contractors, builders, and interior designers who purchase Northann's products wholesale for use in residential or commercial construction, renovation, and design projects.
- Resellers and Distributors: These are wholesale businesses, such as flooring retailers, home improvement stores, or specialized distributors, that acquire Northann's products in bulk to resell to their own customer base.
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Lin Li, Chief Executive Officer, President, Chairman of the Board, Secretary and Treasurer
Mr. Li is the founder of Northann, established in 2013. During his career, he has successfully built several businesses that have generated over one billion dollars in revenue. At Northann, he developed the industry-leading 3D printing ecosystem in the home improvement sector. He holds a B.S. degree from Sichuan International Studies University.
Sunny S. Prasad, Interim Chief Financial Officer
Mr. Prasad was appointed as the interim CFO of Northann Corp. He is a seasoned accountant with over three decades of experience as an accountant and auditor with various professional audit firms. Since 2014, he has served as the Managing Partner at Sana Tax Corporation. Mr. Prasad obtained his Bachelor of Science in Accountancy in 2008 from National University in Sacramento, California.
Kurt Winn, Chief Operating Officer and Board Director
Mr. Winn is a key contributing member of Northann Corporation's leadership team, where he is responsible for creating operational strategy and directing the production of Northann's products for global markets. He also oversees the formation and direction of the sales team's training and development programs and manages both day-to-day tactical and long-term strategic business activities. Mr. Winn holds a B.S. degree in Business Management from Arizona State University.
AI Analysis | Feedback
The key risks to Northann's business include:
- High Revenue Concentration in Vinyl Flooring Products and Limited Geographic Markets: Northann's revenue is almost entirely derived from the wholesale and retail of vinyl flooring products, accounting for 99.52% to 100% of revenue in recent fiscal periods. Furthermore, the vast majority of this revenue comes from customers in the United States and Canada (e.g., 96.63% from the U.S. and 2.67% from Canada during the six months ended June 30, 2023). This high concentration exposes the company to significant risks associated with market fluctuations, changes in consumer preferences, or increased competition specifically within the vinyl flooring segment and these particular regions.
- Reliance on Proprietary Additive Manufacturing Technology and Intellectual Property Protection: Northann's business model is built upon its "innovative 3D printing technology" and its portfolio of over 60 granted or pending patents. The company invests substantial resources in research and product development to maintain its technological edge. The risk lies in the continuous need to innovate, the potential for competitors to develop superior or alternative technologies, and the challenges of effectively protecting its intellectual property. The expiration of key patents or successful challenges to their intellectual property could significantly undermine their competitive advantage and profitability.
- Competition within the Flooring Industry: Northann operates in a flooring industry described as "already developed and static." While their additive manufacturing aims to disrupt this market, they face competition from established players who may adapt by developing their own innovative solutions, leverage existing distribution networks, or offer lower-cost traditional alternatives. This competition could limit Northann's market penetration, pricing power, and overall growth potential.
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Northann (NCL) operates in the vinyl flooring market across North America and Europe. The addressable markets for its main products are as follows:
-
United States Vinyl Flooring Market: The market size for vinyl floor covering in the United States is projected to be USD 12.57 billion in 2025, USD 13.57 billion in 2026, and is expected to reach USD 19.01 billion by 2031, with a compound annual growth rate (CAGR) of 6.97% from 2026 to 2031.
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Canada Vinyl Flooring Market: The Canada vinyl flooring market generated a revenue of USD 1,332.9 million in 2022 and is expected to reach USD 1,955.5 million by 2030.
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Europe Vinyl Flooring Market: The Europe vinyl flooring market was valued at USD 12.38 billion in 2025 and is projected to reach USD 21.73 billion by 2034, growing from USD 13.18 billion in 2026 at a CAGR of 6.45% during the forecast period.
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Northann (NCL) is anticipated to drive future revenue growth over the next 2-3 years through several key strategic initiatives and inherent strengths:
- Expansion into Major North American Retail Channels: Northann's core product lines are set to enter one of North America's largest retail conglomerates. This strategic move is expected to significantly expand its physical footprint, accelerate revenue growth, and strengthen brand equity. This initiative is a central part of the company's 2026 strategic roadmap.
- Continued Disruptive Product Innovation and Advanced Manufacturing: The company places a strong emphasis on disruptive product design and advanced manufacturing, aiming to transform the traditionally low-innovation interior surface industry. Northann invests substantial resources in research and product development, committed to rapidly building new products and customizable solutions, supported by a portfolio of over 60 granted or pending patents. The CEO's letter highlighted combining capital-market discipline with disruptive product innovation.
- Strengthening "Benchwick" Brand Equity and Market Penetration of 3D Printed Flooring: Northann believes that wider market acceptance of its 3D printed flooring solutions will help establish its "Benchwick" brand and further penetrate markets. The expansion into major retail channels is also expected to play a crucial role in strengthening brand equity.
- Growth in Direct-to-Consumer Sales via Dotfloor.com: Since its establishment in June 2020, Dotfloor operates Northann's online store, dotfloor.com, offering vinyl flooring products directly to retail customers in the United States. This multi-channel distribution strategy is poised to contribute to revenue growth by reaching a broader customer base.
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Share Issuance
- Northann completed its Initial Public Offering (IPO) in October 2023, raising $6,000,000 in gross proceeds through the issuance of 1,200,000 shares of common stock at $5 per share.
- In December 2025, Northann issued a combined 3,300,000 unregistered common shares as compensation for strategic advisory agreements.
- The company also issued 12,500,000 unregistered common shares in December 2025 to acquire proprietary supply chain management software from Kingsford Consultancy Ltd.
- A 1-for-8 reverse stock split of common and series A preferred stock was implemented, effective October 7, 2025, with the aim of increasing the per-share price and maintaining its NYSE American listing.
Inbound Investments
- Northann received $6,000,000 in gross proceeds from its Initial Public Offering in October 2023.
Outbound Investments
- Northann acquired proprietary supply chain management software from Kingsford Consultancy Ltd. in December 2025, with the transaction compensated through the issuance of 12,500,000 unregistered common shares.
- The company also entered into agreements in December 2025 to acquire and develop other software assets, with payment made by issuing unregistered common stock.
Capital Expenditures
- Northann's capital expenditures were reported as approximately $0.76 million in 2022, $1.32 million in 2023, $0.49 million in 2024, and $0.30 million in 2025.
- Proceeds from the 2023 IPO were designated for the acquisition of facilities and equipment in the United States, among other uses like product development and working capital.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Northann Stock (+49%): Strategic Advisory Agreements Spark Rally | 12/25/2025 | |
| With Northann Stock Sliding, Have You Assessed The Risk? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to NCL.
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| 02272026 | MBLY | Mobileye Global | Dip Buy | DB | Cash/EquityDip Buyer with High Net Cash % EquityBuying dips for companies with significant net cash as a % of market cap along with meaningful cash flow generation | 0.0% | 0.0% | 0.0% |
| 02202026 | SAH | Sonic Automotive | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -5.9% | -5.9% | -6.1% |
| 02132026 | MAT | Mattel | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 2.9% | 2.9% | 0.0% |
| 02132026 | SONO | Sonos | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -0.7% | -0.7% | -4.6% |
| 02062026 | DECK | Deckers Outdoor | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.6% | 1.6% | -0.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 24.73 |
| Mkt Cap | 1.4 |
| Rev LTM | 1,387 |
| Op Inc LTM | 164 |
| FCF LTM | 64 |
| FCF 3Y Avg | 117 |
| CFO LTM | 168 |
| CFO 3Y Avg | 153 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.5% |
| Rev Chg 3Y Avg | -2.8% |
| Rev Chg Q | 2.4% |
| QoQ Delta Rev Chg LTM | 0.6% |
| Op Mgn LTM | 4.7% |
| Op Mgn 3Y Avg | 5.5% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 8.2% |
| CFO/Rev 3Y Avg | 10.7% |
| FCF/Rev LTM | 1.4% |
| FCF/Rev 3Y Avg | 3.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.4 |
| P/S | 0.5 |
| P/EBIT | 9.2 |
| P/E | 12.4 |
| P/CFO | 5.6 |
| Total Yield | 3.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.5% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -21.4% |
| 3M Rtn | -19.8% |
| 6M Rtn | -34.3% |
| 12M Rtn | -37.5% |
| 3Y Rtn | -46.6% |
| 1M Excs Rtn | -13.9% |
| 3M Excs Rtn | -10.5% |
| 6M Excs Rtn | -30.5% |
| 12M Excs Rtn | -50.8% |
| 3Y Excs Rtn | -107.3% |
Price Behavior
Price Behavior
| Market Price | $0.14 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 10/19/2023 | |
| Distance from 52W High | -98.7% | |
| 50 Days | 200 Days | |
| DMA Price | $0.17 | $0.73 |
| DMA Trend | down | down |
| Distance from DMA | -18.2% | -80.8% |
| 3M | 1YR | |
| Volatility | 124.6% | 673.5% |
| Downside Capture | 3.05 | 3.43 |
| Upside Capture | 170.54 | 153.11 |
| Correlation (SPY) | 14.6% | 5.6% |
NCL Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.16 | 1.68 | 1.91 | 7.92 | 1.86 | -0.18 |
| Up Beta | 2.99 | 3.43 | 0.63 | 4.67 | 0.04 | 1.81 |
| Down Beta | 2.10 | -0.59 | 1.66 | 0.85 | 0.39 | -0.81 |
| Up Capture | 284% | 137% | -49% | 1090% | 194% | -3% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 12 | 21 | 27 | 49 | 111 | 266 |
| Down Capture | 397% | 336% | 390% | 366% | 173% | 112% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 9 | 20 | 33 | 73 | 135 | 315 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NCL | |
|---|---|---|---|---|
| NCL | -91.5% | 669.5% | 0.73 | - |
| Sector ETF (XLY) | 4.6% | 23.6% | 0.13 | 5.1% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 5.5% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 6.6% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 1.2% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | -3.9% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 8.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NCL | |
|---|---|---|---|---|
| NCL | -67.3% | 448.3% | 0.44 | - |
| Sector ETF (XLY) | 5.6% | 23.7% | 0.20 | 4.8% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 5.1% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 5.8% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | -0.0% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | -0.4% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 6.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NCL | |
|---|---|---|---|---|
| NCL | -42.8% | 448.3% | 0.44 | - |
| Sector ETF (XLY) | 11.6% | 21.9% | 0.49 | 4.8% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 5.1% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 5.8% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | -0.0% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | -0.4% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 6.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/19/2025 | 10-Q |
| 03/31/2025 | 07/18/2025 | 10-Q |
| 12/31/2024 | 07/01/2025 | 10-K |
| 09/30/2024 | 11/19/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/20/2024 | 10-Q |
| 12/31/2023 | 04/16/2024 | 10-K |
| 09/30/2023 | 11/20/2023 | 10-Q |
| 06/30/2023 | 08/24/2023 | S-1/A |
| 03/31/2023 | 07/14/2023 | S-1 |
| 09/30/2022 | 02/10/2023 | DRS/A |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zhang, Jing | Direct | Sell | 11202025 | 0.15 | 63,740 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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