Netcapital (NCPL)


Market Price (10/9/2026): $1.34 | Market Cap: $7.5 MilSector: Financials | Industry: Diversified Capital Markets

Netcapital (NCPL)


Market Price (10/9/2026): $1.34
Market Cap: $7.5 Mil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Equity Crowdfunding Platforms, and Private Capital Access Platforms.

Weak multi-year price returns
2Y Excs Rtn is -54%, 3Y Excs Rtn is -178%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -9.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1296%

Expensive valuation multiples
P/SPrice/Sales ratio is 9.9x

Stock price has recently run up significantly
6M Rtn6 month market price return is 258%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -31%, Rev Chg QQuarterly Revenue Change % is -38%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 184%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1134%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1134%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 411%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -386%

High stock price volatility
Vol 12M is 255%

Key risks
NCPL key risks include [1] a going concern warning due to severe financial distress and a high risk of bankruptcy, Show more.

0 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Equity Crowdfunding Platforms, and Private Capital Access Platforms.
1 Weak multi-year price returns
2Y Excs Rtn is -54%, 3Y Excs Rtn is -178%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -9.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1296%
3 Expensive valuation multiples
P/SPrice/Sales ratio is 9.9x
4 Stock price has recently run up significantly
6M Rtn6 month market price return is 258%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -31%, Rev Chg QQuarterly Revenue Change % is -38%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 184%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1134%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1134%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 411%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -386%
10 High stock price volatility
Vol 12M is 255%
11 Key risks
NCPL key risks include [1] a going concern warning due to severe financial distress and a high risk of bankruptcy, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/8/2026

Netcapital (NCPL) stock has gained about 145% since 6/30/2026 because of the following key factors:

1. Strategic Acquisitions and Focus on AI-Powered Solutions.

Netcapital announced a non-binding Letter of Intent (LOI) to acquire Resmac Mortgage Banking Assets from RezyFi, Inc., on June 4, 2026. Additionally, prior to the end of fiscal Q1 2027 (July 31, 2026), the company acquired assets to accelerate its AI-powered strategy. These company-specific initiatives likely fueled investor optimism regarding future growth and strategic direction.

2. Nasdaq Compliance Period Extension.

On August 10, 2026, Netcapital received an extension of 180 calendar days, until February 1, 2027, to regain compliance with Nasdaq's minimum bid price requirement. This regulatory relief in fiscal Q2 2027 mitigated immediate delisting concerns, providing a degree of stability for the stock.

Show more
Updated on 10/8/2026

Netcapital (NCPL) stock has gained about 145% since 6/30/2026 because of the following key factors:

1. Strategic Acquisitions and Focus on AI-Powered Solutions.

Netcapital announced a non-binding Letter of Intent (LOI) to acquire Resmac Mortgage Banking Assets from RezyFi, Inc., on June 4, 2026. Additionally, prior to the end of fiscal Q1 2027 (July 31, 2026), the company acquired assets to accelerate its AI-powered strategy. These company-specific initiatives likely fueled investor optimism regarding future growth and strategic direction.

2. Nasdaq Compliance Period Extension.

On August 10, 2026, Netcapital received an extension of 180 calendar days, until February 1, 2027, to regain compliance with Nasdaq's minimum bid price requirement. This regulatory relief in fiscal Q2 2027 mitigated immediate delisting concerns, providing a degree of stability for the stock.

3. Positive Analyst Sentiment and Technical Momentum.

Analyst forecasts contributed to positive sentiment, with an average stock forecast for NCPL at $2.3 USD, representing a potential upside of 265.1%, and a consensus "Buy" recommendation from seven analysts. Furthermore, as of October 1, 2026, the stock was upgraded to a "Strong Buy Candidate" due to positive short and long-term moving averages and had risen 175.26% over the preceding two weeks.

4. Speculative Low-Float Trading Dynamics.

A significant portion of the stock's gains, including a 41.28% increase on October 7, 2026, was attributed to speculative, low-float trading. As a micro-cap stock with a small publicly tradable float, relatively modest order flow could substantially move the price, attracting additional momentum-oriented and algorithmic buying. This market-specific dynamic drove sharp price increases, often independent of broader market trends.

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Stock Movement Drivers

Fundamental Drivers

The 144.3% change in NCPL stock from 6/30/2026 to 10/8/2026 was primarily driven by a 144.3% change in the company's P/S Multiple.
(LTM values as of)630202610082026Change
Stock Price ($)0.541.31144.3%
Change Contribution By: 
Total Revenues ($ Mil)110.0%
P/S Multiple4.19.9144.3%
Shares Outstanding (Mil)660.0%
Cumulative Contribution144.3%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/8/2026
ReturnCorrelation
NCPL144.3% 
Market (SPY)3.6%14.9%
Sector (XLF)1.2%-0.9%

Fundamental Drivers

The 306.1% change in NCPL stock from 3/31/2026 to 10/8/2026 was primarily driven by a 306.1% change in the company's P/S Multiple.
(LTM values as of)331202610082026Change
Stock Price ($)0.321.31306.1%
Change Contribution By: 
Total Revenues ($ Mil)110.0%
P/S Multiple2.49.9306.1%
Shares Outstanding (Mil)660.0%
Cumulative Contribution306.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/8/2026
ReturnCorrelation
NCPL306.1% 
Market (SPY)19.3%10.7%
Sector (XLF)10.2%-3.6%

Fundamental Drivers

The -45.4% change in NCPL stock from 9/30/2025 to 10/8/2026 was primarily driven by a -48.8% change in the company's Shares Outstanding (Mil).
(LTM values as of)930202510082026Change
Stock Price ($)2.401.31-45.4%
Change Contribution By: 
Total Revenues ($ Mil)11-19.4%
P/S Multiple7.59.932.2%
Shares Outstanding (Mil)36-48.8%
Cumulative Contribution-45.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/8/2026
ReturnCorrelation
NCPL-45.4% 
Market (SPY)17.1%12.1%
Sector (XLF)1.9%0.7%

Fundamental Drivers

The -95.4% change in NCPL stock from 9/30/2023 to 10/8/2026 was primarily driven by a -98.1% change in the company's Shares Outstanding (Mil).
(LTM values as of)930202310082026Change
Stock Price ($)28.701.31-95.4%
Change Contribution By: 
Total Revenues ($ Mil)91-91.5%
P/S Multiple0.49.92717.8%
Shares Outstanding (Mil)06-98.1%
Cumulative Contribution-95.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/8/2026
ReturnCorrelation
NCPL-95.4% 
Market (SPY)87.3%10.0%
Sector (XLF)70.7%4.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NCPL Return--43%-86%-86%-68%141%-99%
Peers Return100%27%-1%18%19%-10%219%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
NCPL Win Rate-50%17%25%33%60% 
Peers Win Rate67%67%62%58%54%42% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
NCPL Max Drawdown---92%-91%-92%-87% 
Peers Max Drawdown-23%-34%-34%-39%-29%-37% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: GOLD, IOND, PWCM, VIP, LPLA.
[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 10/8/2026 (YTD)

How Low Can It Go

EventNCPLS&P 500
2025 US Tariff Shock
  % Loss-30.7%-18.8%
  % Gain to Breakeven44.3%23.1%
  Time to Breakeven52 days79 days
2024 Yen Carry Trade Unwind
  % Loss-53.6%-7.8%
  % Gain to Breakeven115.3%8.5%
  Time to Breakeven328 days18 days
2023 SVB Regional Banking Crisis
  % Loss-35.2%-6.7%
  % Gain to Breakeven54.3%7.1%
  Time to Breakeven3 days31 days

Compare to GOLD, IOND, PWCM, VIP, LPLA

In The Past

Netcapital's stock fell -30.7% during the 2025 US Tariff Shock. Such a loss loss requires a 44.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventNCPLS&P 500
2025 US Tariff Shock
  % Loss-30.7%-18.8%
  % Gain to Breakeven44.3%23.1%
  Time to Breakeven52 days79 days
2024 Yen Carry Trade Unwind
  % Loss-53.6%-7.8%
  % Gain to Breakeven115.3%8.5%
  Time to Breakeven328 days18 days
2023 SVB Regional Banking Crisis
  % Loss-35.2%-6.7%
  % Gain to Breakeven54.3%7.1%
  Time to Breakeven3 days31 days

Compare to GOLD, IOND, PWCM, VIP, LPLA

In The Past

Netcapital's stock fell -30.7% during the 2025 US Tariff Shock. Such a loss loss requires a 44.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Netcapital (NCPL)

Netcapital Inc. (NCPL) is a fintech company that aims to democratize private market investing and support the growth of emerging businesses. Its primary offering is the Netcapital.com platform, an online private investment portal designed to connect entrepreneurs seeking capital with a diverse base of investors. This platform enables companies to raise funds digitally, while offering investors access to exclusive pre-IPO investment opportunities.

Beyond capital raising, Netcapital.com enhances investor value by providing a secondary transfer mechanism, which allows for potential liquidity in privately held shares. The company also offers advisory services, providing strategic guidance to businesses across various sectors, including biotechnology, technology, and public policy. These services cater to companies looking for expert advice to build and grow their operations.

Furthermore, Netcapital operates as an active incubator and accelerator, taking equity stakes in disruptive start-ups. This allows the company to directly support and nurture innovative businesses from their early stages. Through its comprehensive approach, Netcapital serves both entrepreneurs and growing companies in need of funding and strategic support, as well as investors looking for access to the private equity market and potential early-stage growth opportunities.

AI Analysis | Feedback

  • A private market stock exchange for growth companies, offering pre-IPO investments and secondary trading.
  • AngelList, but for a broader range of companies from early-stage to pre-IPO, with a secondary market for private shares.
  • Kickstarter, but for equity investments in private companies, not just creative projects.

AI Analysis | Feedback

  • Online Private Investment Platform: An online platform (netcapital.com) connecting entrepreneurs with investors to facilitate digital capital raising.
  • Secondary Transfer Platform: A feature within netcapital.com that provides potential liquidity for privately held shares.
  • Advisory Services: Offers strategic advice and guidance to companies across various verticals, including biotechnology, technology, and public policy.
  • Incubator and Accelerator Program: Supports disruptive start-ups by acting as an incubator and accelerator, often taking equity stakes.
  • Pre-IPO Investment Access: Provides investors with opportunities to invest in private, early-stage companies through its platform.

AI Analysis | Feedback

Netcapital (NCPL) serves both businesses and individuals through its platform and services. Based on its operations, its major customers fall into the following categories:

  1. Companies/Entrepreneurs Seeking Capital: These are businesses, ranging from startups to growth-stage companies, that utilize Netcapital.com to raise capital digitally. They seek funding to build and grow their operations.
  2. Investors: This category includes both individual (retail) and institutional investors who use the Netcapital.com platform to access pre-IPO investment opportunities and potentially facilitate liquidity in privately held shares via the secondary transfer platform.
  3. Companies Seeking Advisory Services: These are businesses across various verticals, including biotechnology, technology, and public policy, that engage Netcapital for strategic advice and other advisory services.

AI Analysis | Feedback

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AI Analysis | Feedback

Rich Wheeless, Chief Executive Officer

Rich Wheeless was appointed CEO of Netcapital Inc. in December 2025. He brings over 20 years of financial leadership and corporate management experience across both public and private enterprises. Prior to Netcapital, he served as the Chief Executive Officer of a publicly traded logistics and warehousing solutions company. His background includes managerial positions at Fortune 30 companies Johnson & Johnson and Cardinal Health. Wheeless began his career in the private equity division of Citigroup, demonstrating expertise in mergers and acquisitions, corporate finance, and turnarounds.

Coreen Kraysler, Chief Financial Officer

Coreen Kraysler has served as Netcapital Inc.'s Chief Financial Officer since September 2017. She is a CFA Charterholder with over 30 years of investment experience. Kraysler was formerly a Senior Vice President and Principal at Independence Investments, where she managed several Morningstar 5-star rated mutual funds and institutional accounts. She also held the role of Vice President, Equity Analyst on the Large and Midcap Value teams at Eaton Vance.

Jason Frishman, Founder

Jason Frishman is the Founder of Netcapital Funding Portal Inc. He established Netcapital to address systemic inefficiencies in how early-stage companies access capital. Frishman previously served as the Chief Executive Officer of Netcapital Funding Portal Inc. and remains a mentor and advisor for early-stage companies, holding advisory positions within the financial technology ecosystem. He also has a background in life sciences, having conducted research in medical oncology at Dana Farber Cancer Institute and cognitive neuroscience at the University of Miami.

Cecilia Lenk, Director and Chief Executive Officer, Netcapital Advisors Inc.

Cecilia Lenk previously served as CEO of Netcapital Inc. from July 2017 to January 2023 and is currently the Chief Executive Officer of Netcapital Advisors Inc., a wholly owned subsidiary. She has a strong entrepreneurial background, having founded and sold a technology firm that developed a patented online research platform. Lenk's career experience spans technology and healthcare, including a role as VP of Technology and Digital Design at Decision Resources Inc.

Kevin Kilduff, General Counsel

Kevin Kilduff serves as the General Counsel for Netcapital Inc.

AI Analysis | Feedback

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Key Risks to Netcapital Inc. (NCPL)

  1. Regulatory and Compliance Environment: As a fintech company operating an online private investment platform and expanding into blockchain and tokenized assets, Netcapital Inc. is highly susceptible to complex and evolving securities regulations from bodies like the SEC and FINRA. Non-compliance could result in significant penalties, operational restrictions, or reputational damage. For example, the company has recently received a notice of non-compliance with Nasdaq's minimum bid price listing rules, indicating a risk of delisting if compliance is not regained. The less stringent regulation and informality in parts of the alternative market also increase risks for investors, which could reflect poorly on platforms facilitating such investments.

  2. Illiquidity and High Investment Risk of Private Securities: A core aspect of Netcapital's business involves facilitating investments in, and taking equity stakes in, private and early-stage companies. Such investments are inherently illiquid, meaning investors may find it challenging to sell their shares quickly or easily. Furthermore, early-stage ventures face a high risk of failure, potentially leading to a complete loss of investment for those participating on the platform and for Netcapital through its incubator activities. This fundamental illiquidity and the elevated risk of capital loss can deter potential investors and negatively impact the platform's attractiveness and long-term viability.

  3. Competition and Challenges in Attracting and Retaining Entrepreneurs and Investors: Netcapital operates within a competitive fintech landscape, contending with other crowdfunding platforms, venture capital firms, and traditional financing methods. The company's success depends on its ability to continuously attract both companies seeking capital and investors willing to fund private ventures. Recent financial disclosures indicate significant revenue declines and ongoing operating losses, suggesting challenges in effectively differentiating its platform and maintaining a sufficient volume of quality deals and engaged investors in a crowded market. The overall sentiment of trading Netcapital stock also suggests that many investors are alarmed.

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AI Analysis | Feedback

The clear emerging threat for Netcapital is the increasing development and adoption of **decentralized finance (DeFi) and blockchain-based security token platforms**. Netcapital operates an online platform for digital capital raising and provides secondary transfer opportunities for privately held shares. Blockchain technology and the tokenization of assets offer a decentralized, potentially more efficient, and globally accessible alternative for companies to raise capital and for investors to trade private equity without relying on traditional centralized intermediaries. If companies can directly issue security tokens representing equity on a blockchain and these can be traded on decentralized exchanges, it could bypass the need for platforms like Netcapital for both primary capital raising and secondary market liquidity.

AI Analysis | Feedback

Addressable Markets for Netcapital (NCPL) Main Products and Services

Netcapital Inc. operates in several significant addressable markets, primarily focused on facilitating private investments, offering advisory services, and acting as an incubator and accelerator for startups. The market sizes for its main products and services are outlined below, along with the relevant regions.

Online Private Investment Platform (Crowdfunding and Private Capital Markets)

  • The global equity crowdfunding market was valued at approximately USD 2.14 billion in 2024 and is projected to reach USD 7.62 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period. Another estimate places the global market at USD 2.65 billion in 2024, expecting it to reach USD 3.25 billion by 2033 with a CAGR of 2.3% from 2025 to 2033. North America held 43% of the global Equity Crowdfunding Platforms Market in 2024.
  • The U.S. equity crowdfunding market estimates generally indicate nearly USD 1 billion, including Regulation CF and Regulation A+ transactions. As part of the broader U.S. crowdfunding market, it was estimated at USD 361.7 million in 2024 and is anticipated to reach USD 2.04 billion by 2035, growing at a CAGR of approximately 17.05% from 2025 to 2035. Equity-based crowdfunding is noted as the most lucrative and fastest-growing segment within the U.S. crowdfunding market.
  • The broader global private capital market, which encompasses private equity, debt, real estate, and venture capital, reached an estimated USD 22 trillion in assets under management (AUM) by the end of 2023. Globally, private market AUM totaled approximately USD 15 trillion in 2024 and is projected to exceed USD 18 trillion by 2027.
  • In the U.S. private capital market, domiciled funds held around USD 7.26 trillion in AUM as of September 2025, representing more than half (52%) of global assets in private market funds.

Advisory Services

  • The global startup advisory services market is valued at approximately USD 10 billion and is projected to expand at a CAGR of 15%. More specifically, the global accounting services for startup market was estimated at USD 44.17 billion in 2025 and is projected to reach USD 107.97 billion by 2033, with a CAGR of 11.9% from 2026 to 2033.
  • For the U.S. accounting services for startup market, the size was estimated at USD 14.34 billion in 2025 and is projected to reach USD 39.09 billion by 2033, growing at a CAGR of 13.5% from 2026 to 2033. North America accounted for 39.9% of the global share in the accounting services for startup market in 2025.
  • The wider global business advisory services market was valued at approximately USD 30.2 billion in 2024 and is anticipated to grow to USD 76.4 billion by 2033, with a CAGR of 9.8% from 2025 to 2033. North America dominates this market, accounting for approximately 41% of global revenue in 2024.

Incubator and Accelerator (Venture Capital Market)

  • The global venture capital investment market was valued at USD 396.7 billion in 2025 and is estimated to reach USD 1,590.6 billion by 2034, showing a CAGR of 16.68% during 2026-2034. Another report valued the market at USD 503.27 billion in 2025, with a projection to grow to USD 2,669.87 billion by 2034 at a CAGR of 20.5%.
  • The U.S. venture capital investment market reached USD 154.0 billion in 2025 and is expected to reach USD 409.6 billion by 2034, demonstrating an 11.48% CAGR from 2026 to 2034. In terms of assets under management, the U.S. venture capital market is expected to grow from USD 1.30 trillion in 2024 to USD 1.94 trillion by 2029. North America dominated the global venture capital investment market with a 63.38% share in 2025, and the U.S. is expected to lead the North American market with revenue of about USD 375.44 billion in 2026. In 2025, the U.S. venture capital market reached USD 229 billion, representing about two-thirds of the total global capital invested by VC firms.

AI Analysis | Feedback

Netcapital Inc. (NCPL) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from strategic shifts and expansions within its fintech operations:

  1. Growth in Funding Portal Activity: The company expects continued growth in its online private investment platform, netcapital.com, driven by increased offering activity and a rise in investments from participating investors. For instance, in Q3 2024, an increase in offering activity on the platform led to higher portal and listing fees. Similarly, Q2 2024 saw significant year-over-year revenue growth from the funding portal, aided by successful large issuers.
  2. Launch and Expansion of Broker-Dealer Subsidiary: A significant driver is the recently approved broker-dealer subsidiary, Netcapital Securities, Inc., which received FINRA approval on November 22, 2024. Management has indicated a strategic pivot towards this broker-dealer focus, anticipating revenue contributions from its activities, which are expected to include private securities placements and equity capital raises, in upcoming quarters.
  3. Expansion into Cryptocurrency and Blockchain Financing: Netcapital is strategically expanding its offerings to include cryptocurrency and blockchain financing. This move is aimed at attracting new clients seeking alternative funding sources and broadening the investor base to include those interested in investing their crypto holdings. The acquisition of Rivetz further solidifies their capability to participate in the growing market for compliant blockchain-based digital assets, which is expected to diversify revenue streams. The company aims to become a leader in emerging retail opportunities for tokenized commodities.
  4. Strategic Shift to a Scalable Fintech Platform Model: The company is undergoing a major strategic shift from its previous "consulting-for-equity" model towards a more scalable fintech platform and a broker-dealer focus. This strategic re-focus is intended to generate more predictable and sustainable revenue by moving away from less scalable, equity-based consulting services, as evidenced by a decline in such revenues as management prioritizes the new broker-dealer subsidiary.

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Share Issuance

  • Netcapital issued 980,000 shares of its common stock as consideration for the acquisition of Iverson Design's assets on January 6, 2026.
  • On July 16, 2025, Netcapital announced a registered direct offering of 641,712 shares of common stock at $4.675 per share, aiming for approximately $3 million in gross proceeds, with potential for an additional $2.9 million from the exercise of concurrent unregistered short-term warrants.
  • In July 2023, Netcapital closed a public offering of 1,725,000 shares of common stock at $0.70 per share, generating gross proceeds of $1,207,500.

Inbound Investments

  • Activist investor Strategic EP, LLC disclosed a significant ownership position in Netcapital Inc. in December 2025.
  • Netcapital secured a $5 million securities purchase agreement with institutional investors in July 2025, involving the sale of common stock and unregistered warrants.

Outbound Investments

  • On January 6, 2026, Netcapital acquired the assets of Iverson Design, LLC, including its proprietary AI-driven design, animation, and real-time rendering technologies.
  • In December 2025, Netcapital acquired substantially all of Rivetz Corp.'s assets for approximately $0.63 million to enhance its blockchain technology capabilities and expand into cryptocurrency and blockchain financing.
  • Netcapital Advisors, the company's consulting group, takes equity positions in select companies with disruptive technologies.

Capital Expenditures

  • The net proceeds from a public offering that closed in July 2023 were allocated, in part, for general corporate purposes and capital expenditures.

Better Bets vs. Netcapital (NCPL)

Peer Outperformance in Diversified Capital Markets

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Share of Diversified Capital Markets constituents that NCPL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
56%
of 34 industry peers · -44.0% return
3Y
9%
of 22 industry peers · -95.0% return
5Y
—
insufficient peer history
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Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NCPLGOLDIONDPWCMVIPLPLAMedian
NameNetcapit.Gold.com Ionic Di.PowerCom.Vulcan I.LPL Fina. 
Mkt Price1.1441.6379.600.951.39331.3521.51
Mkt Cap0.0----26.413.2
Rev LTM1-17895119,61051
Op Inc LTM-10-23-28-231,777-10
FCF LTM-8--107-40-20-931-40
FCF 3Y Avg-6---21-24-275-22
CFO LTM-8--97-15-20-252-20
CFO 3Y Avg-6---12-17291-9

Growth & Margins

NCPLGOLDIONDPWCMVIPLPLAMedian
NameNetcapit.Gold.com Ionic Di.PowerCom.Vulcan I.LPL Fina. 
Rev Chg LTM-9.0%--16.3%-14.1%38.8%3.7%
Rev Chg 3Y Avg-30.5%--101.5%-8.4%28.2%9.9%
Rev Chg Q-38.2%-17.0%9.8%-73.7%35.2%9.8%
QoQ Delta Rev Chg LTM-7.3%-4.1%2.2%-15.7%7.4%2.2%
Op Inc Chg LTM-20.2%---283.1%-50.1%-2.1%-35.1%
Op Inc Chg 3Y Avg-428.2%---5.6%1.9%1.9%
Op Mgn LTM-1,295.9%-13.0%-321.5%-45.2%9.1%-45.2%
Op Mgn 3Y Avg-761.9%----30.1%12.0%-30.1%
QoQ Delta Op Mgn LTM-161.4%-20.4%-44.0%-14.6%0.1%-14.6%
CFO/Rev LTM-1,134.0%--54.5%-176.7%-39.7%-1.3%-54.5%
CFO/Rev 3Y Avg-641.8%---124.8%-29.6%2.6%-77.2%
FCF/Rev LTM-1,134.0%--60.1%-460.3%-40.1%-4.7%-60.1%
FCF/Rev 3Y Avg-641.8%---228.0%-39.3%-1.3%-133.7%

Valuation

NCPLGOLDIONDPWCMVIPLPLAMedian
NameNetcapit.Gold.com Ionic Di.PowerCom.Vulcan I.LPL Fina. 
Mkt Cap0.0----26.413.2
P/S8.7----1.35.0
P/Op Inc-0.7----14.97.1
P/EBIT-0.2----14.97.3
P/E-0.2----26.313.0
P/CFO-0.8-----104.8-52.8
Total Yield-382.6%----4.2%-189.2%
Dividend Yield0.0%----0.4%0.2%
FCF Yield 3Y Avg-235.0%-----1.2%-118.1%
D/E0.4----0.30.3
Net D/E0.3----0.20.3

Returns

NCPLGOLDIONDPWCMVIPLPLAMedian
NameNetcapit.Gold.com Ionic Di.PowerCom.Vulcan I.LPL Fina. 
1M Rtn127.3%-10.1%-2.9%-19.0%-29.4%-5.4%-7.7%
3M Rtn124.4%2.4%26.6%-56.9%-43.3%6.5%4.4%
6M Rtn211.1%-2.7%26.6%-56.9%-43.3%5.5%1.4%
12M Rtn-51.3%59.4%26.6%-56.9%-43.3%2.3%-20.5%
3Y Rtn-95.7%58.4%26.6%-56.9%-43.3%41.7%-8.4%
1M Excs Rtn134.0%-15.1%2.7%-22.1%-29.7%-6.9%-11.0%
3M Excs Rtn137.7%5.7%24.0%-59.4%-45.8%2.1%3.9%
6M Excs Rtn199.1%-16.5%12.7%-70.8%-57.1%-8.4%-12.5%
12M Excs Rtn-63.7%54.0%10.9%-72.7%-59.0%-11.0%-35.0%
3Y Excs Rtn-168.3%-20.1%-57.3%-141.2%-127.5%-39.1%-92.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Fees from online services1    
Consulting services0    
Consulting revenue 001 
Consulting services for equity securities 373 
Game website revenue 000 
Listing fees 010 
Portal 1% equity fee 0   
Portal fees 101 
Single segment    5
Total15855


Price Behavior

Price Behavior
Market Price$1.31 
Market Cap ($ Bil)0.0 
First Trading Date07/13/2022 
Distance from 52W High-47.2% 
   50 Days200 Days
DMA Price$0.68$0.61
DMA Trenddownup
Distance from DMA92.5%114.8%
 3M1YR
Volatility339.8%255.6%
Downside Capture5.39150.15
Upside Capture515.1757.25
Correlation (SPY)13.9%11.8%
NCPL Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta8.648.295.522.842.511.22
Up Beta9.29-2.441.97-1.372.281.12
Down Beta28.1822.999.194.695.372.58
Up Capture851%1896%942%888%73%-3%
Bmk +ve Days6162766132424
Stock +ve Days12232856104328
Down Capture-333%27%135%148%145%104%
Bmk -ve Days16263760120328
Stock -ve Days10193670146407

[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 NCPL
NCPL-42.8%255.1%0.76-
Sector ETF (XLF)2.1%14.8%-0.080.7%
Equity (SPY)16.7%13.0%0.9112.0%
Gold (GLD)3.4%29.6%0.113.6%
Commodities (DBC)45.0%20.9%1.67-6.9%
Real Estate (VNQ)2.8%13.7%-0.050.5%
Bitcoin (BTCUSD)-31.7%44.2%-0.739.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NCPL
NCPL-61.4%171.3%0.07-
Sector ETF (XLF)9.4%18.3%0.386.6%
Equity (SPY)14.0%17.1%0.6312.1%
Gold (GLD)18.2%18.9%0.782.6%
Commodities (DBC)10.3%19.6%0.401.9%
Real Estate (VNQ)1.3%18.8%-0.047.0%
Bitcoin (BTCUSD)13.7%52.2%0.436.0%

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 NCPL
NCPL-37.8%171.3%0.07-
Sector ETF (XLF)12.9%22.1%0.536.6%
Equity (SPY)15.4%17.9%0.7312.1%
Gold (GLD)11.6%16.4%0.582.6%
Commodities (DBC)8.3%18.1%0.371.9%
Real Estate (VNQ)4.2%20.7%0.167.0%
Bitcoin (BTCUSD)63.6%66.2%1.036.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity0.2 Mil
Short Interest: % Change Since 8312026-86.0%
Average Daily Volume9.5 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity5.6 Mil
Short % of Basic Shares4.1%

Earnings Returns History

Updated 9/25/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
12/15/2025-2.7%-20.8%-34.8%
9/22/2025-1.7%-0.4%0.4%
3/17/2025-1.6%-4.3%3.7%
12/16/2024-14.1%-1.5%-7.3%
9/16/2024-28.5%-39.9%-44.4%
7/30/2024-16.5%-50.3%-46.3%
3/19/2024-8.2%-4.2%-2.9%
12/14/2023-0.4%-7.0%-45.2%
...
SUMMARY STATS   
# Positive202
# Negative111311
Median Positive3.1% 2.1%
Median Negative-8.2%-7.0%-34.8%
Max Positive5.3% 3.7%
Max Negative-36.8%-50.3%-46.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
12/15/2025-2.7%-20.8%-34.8%
9/22/2025-1.7%-0.4%0.4%
3/17/2025-1.6%-4.3%3.7%
12/16/2024-14.1%-1.5%-7.3%
9/16/2024-28.5%-39.9%-44.4%
7/30/2024-16.5%-50.3%-46.3%
3/19/2024-8.2%-4.2%-2.9%
12/14/2023-0.4%-7.0%-45.2%
9/14/2023-8.2%-19.8%-26.4%
7/27/2023-0.6%-2.9%-26.5%
3/17/20230.9%-6.3%-8.0%
12/13/2022-36.8%-43.2%-43.2%
9/13/20225.3%-22.8%-35.8%
SUMMARY STATS   
# Positive202
# Negative111311
Median Positive3.1% 2.1%
Median Negative-8.2%-7.0%-34.8%
Max Positive5.3% 3.7%
Max Negative-36.8%-50.3%-46.3%

SEC Filings

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Report DateFiling DateFiling
01/31/202603/19/202610-Q
10/31/202512/15/202510-Q
07/31/202509/22/202510-Q
04/30/202508/12/202510-K
01/31/202503/17/202510-Q
10/31/202412/16/202410-Q
07/31/202409/16/202410-Q
04/30/202407/29/202410-K
01/31/202403/18/202410-Q
10/31/202312/14/202310-Q
07/31/202309/14/202310-Q
04/30/202307/26/202310-K
01/31/202303/16/202310-Q
10/31/202212/12/202210-Q
07/31/202209/12/202210-Q
04/30/202208/08/202210-K
Collapse to Preview
Report DateFiling DateFiling
01/31/202603/19/202610-Q
10/31/202512/15/202510-Q
07/31/202509/22/202510-Q
04/30/202508/12/202510-K
01/31/202503/17/202510-Q
10/31/202412/16/202410-Q
07/31/202409/16/202410-Q
04/30/202407/29/202410-K
01/31/202403/18/202410-Q
10/31/202312/14/202310-Q
07/31/202309/14/202310-Q
04/30/202307/26/202310-K
01/31/202303/16/202310-Q
10/31/202212/12/202210-Q
07/31/202209/12/202210-Q
04/30/202208/08/202210-K
01/31/202203/17/202210-Q
10/31/202112/14/202110-Q
07/31/202109/14/202110-Q
04/30/202108/31/202110-K
01/31/202103/22/202110-Q
10/31/202012/15/202010-Q
07/31/202009/21/202010-Q
04/30/202008/11/202010-K
01/31/202003/16/202010-Q
10/31/201912/16/201910-Q
07/31/201909/13/201910-Q
04/30/201908/05/201910-K
Core Cache Last Updated: 10/8/2026