Netcapital Inc. (NCPL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-330.5%

-$3.62

vs $1.57 price

Levered DCF

-$5.93

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-4.36

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-0.1×	-0.32×	1.83×	6.87×	9.75×	410.67×	249.68×	1,195.12×
P/B	0.19×	0.04×	10.41×	66.55×	70.97×	364.87×	-168.02×	-105.27×
P/S	3.22×	0.32×	44.33×	306.47×	213.14×	141.32×	143.42×	1,405.28×
EV / EBITDA	-0.18×	-0.44×	94.7×	324.97×	392.42×	560.82×	241.7×	784.38×
Gross margin	95.4%	97.8%	99.0%	98.0%	83.9%	99.4%	97.5%	78.5%
Operating margin	-952.4%	-69.5%	26.7%	-18.8%	-8.5%	65.4%	61.6%	-172.8%
Net margin	-3255.0%	-100.7%	34.8%	63.9%	31.1%	34.5%	57.5%	118.0%
Current ratio	0.07×	0.33×	0.49×	0.48×	0.49×	0.43×	0.11×	0.07×
Debt / equity	0.18×	0.06×	0.08×	0.16×	0.38×	1.56×	-1.29×	-0.77×
Interest coverage	-171.71×	-74.85×	24.21×	-8.16×	-4.6×	60.77×	32.17×	-2.76×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-189.9%	-13.1%	8.2%	13.9%	10.4%	89.1%	-67.4%	-8.8%
Return on invested capital	-47.1%	-5.8%	4.5%	-3.0%	-1.5%	66.1%	245.2%	55.3%
Return on assets	-135.4%	-12.0%	7.1%	11.0%	5.7%	27.3%	81.0%	133.3%
Free cash flow yield	-190.5%	-303.7%	-1.2%	-0.2%	-0.3%	-0.0%	0.0%	-0.0%
Earnings yield	-1009.6%	-310.4%	0.8%	0.2%	0.1%	0.2%	0.4%	0.1%
Enterprise value	$5.2M	$3.2M	$378.7M	$1.7B	$1B	$248.9M	$146.5M	$157.4M
Net debt / EBITDA	-0.08×	-0.22×	0.55×	0.71×	1.11×	2.36×	1.81×	5.66×
Cash conversion cycle (days)	-26,576	-2,668	-2,745	-2,869	-1,891	-9,710	-4,272	-4,496