Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -107.1%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3M | $3M | $2M | $445M | $1.7B | $1.3B | $248M | $145M | $156M | $36M | $35M |
| Enterprise Value | $5M | $5M | $3M | $448M | $1.7B | $1.3B | $249M | $146M | $157M | $37M | $37M |
| P/E Ratio → | -0.03 | — | — | 2.16 | 7.09 | 12.92 | 410.67 | 249.68 | 1195.12 | — | — |
| P/S Ratio | 3.41 | 3.22 | 0.32 | 52.42 | 315.93 | 280.89 | 141.32 | 143.42 | 1405.28 | 1653.34 | 789.25 |
| P/B Ratio | 0.05 | 0.19 | 0.04 | 12.32 | 68.61 | 93.53 | 364.87 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | 4757.42 | — | — | — |
| P/OCF | — | — | — | — | — | — | — | 4757.42 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.98 | 0.64 | 52.69 | 316.60 | 281.49 | 141.91 | 144.51 | 1415.49 | 1740.26 | 829.98 |
| EV / EBITDA | — | — | — | 188.96 | 415.73 | 612.41 | — | 241.70 | 784.38 | — | — |
| EV / EBIT | — | — | — | 114.66 | 415.73 | 612.41 | 560.82 | 241.70 | 784.38 | — | — |
| EV / FCF | — | — | — | — | — | — | — | 4793.39 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 95.4% | 95.4% | 97.8% | 99.0% | 98.0% | 83.9% | 99.4% | 97.5% | 78.5% | -1671.7% | -1007.3% |
| Operating Margin | -952.4% | -952.4% | -69.5% | 26.7% | -18.8% | -8.5% | 65.4% | 61.6% | -172.8% | -2552.7% | -1575.9% |
| Net Profit Margin | -3255.0% | -3255.0% | -100.7% | 34.8% | 63.9% | 31.1% | 34.5% | 57.5% | 118.0% | -3850.3% | -1862.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -107.1% | -107.1% | -13.5% | 9.6% | 17.8% | 19.8% | 89.1% | — | — | — | — |
| ROA | -90.6% | -90.6% | -12.0% | 8.0% | 12.2% | 10.5% | 41.2% | 142.5% | 222.0% | -229.6% | -119.1% |
| ROIC | -21.4% | -21.4% | -6.5% | 5.0% | -3.2% | -2.8% | 86.5% | 185.1% | — | — | — |
| ROCE | -30.8% | -30.8% | -9.2% | 7.3% | -4.9% | -4.7% | 281.9% | 463.4% | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.06 | 0.08 | 0.16 | 0.38 | 1.56 | — | — | — | — |
| Debt / EBITDA | — | — | — | 1.18 | 0.99 | 2.46 | — | 1.85 | 5.66 | — | — |
| Net Debt / Equity | — | 0.16 | 0.04 | 0.06 | 0.15 | 0.20 | 1.54 | — | — | — | — |
| Net Debt / EBITDA | — | — | — | 0.94 | 0.88 | 1.32 | — | 1.81 | 5.66 | — | — |
| Debt / FCF | — | — | — | — | — | — | — | 35.97 | — | — | — |
| Interest Coverage | -585.85 | -585.85 | -158.29 | 41.59 | 33.03 | 24.85 | 23.50 | 31.23 | 2.89 | -6.18 | -6.36 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.07 | 0.07 | 0.33 | 0.49 | 0.48 | 0.49 | 0.43 | 0.11 | 0.07 | 0.01 | 0.20 |
| Quick Ratio | 0.07 | 0.07 | 0.33 | 0.49 | 0.48 | 0.49 | 0.43 | 0.11 | 0.07 | 0.01 | 0.20 |
| Cash Ratio | 0.05 | 0.05 | 0.28 | 0.11 | 0.08 | 0.27 | 0.01 | 0.03 | 0.00 | 0.00 | 0.00 |
| Asset Turnover | — | 0.04 | 0.12 | 0.20 | 0.17 | 0.18 | 0.79 | 1.41 | 1.13 | 1.09 | 0.06 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 46.3% | 14.1% | 7.7% | 0.2% | 0.4% | 0.1% | — | — |
| FCF Yield | — | — | — | — | — | — | — | 0.0% | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $1M | $172937 | $5M | $3M | $2M | $402284 | $370860 | $318830 | $254000 | $253000 |
Imminent liquidity and solvency
According to current market data, NCPL trades at a price-to-sales multiple of 3.67, a valuation that appears disconnected from the company's 82% revenue contraction and suggests investors are pricing the equity as a distressed option on regulatory licenses rather than a viable, growing financial services platform.
The lack of positive earnings or EBITDA renders traditional valuation metrics like P/E or EV/EBITDA inapplicable, forcing a reliance on P/S which remains elevated relative to the company's deteriorating fundamentals. This premium suggests the market may be assigning residual value to the firm's SEC-registered infrastructure, though such an assumption warrants extreme caution given the rapid depletion of the company's cash reserves.
As reported in recent financial statements, NCPL maintains gross margins near 95%, yet this operational efficiency is entirely offset by an operating margin of -952.43%, indicating that the company's fixed cost structure is fundamentally misaligned with its current, significantly diminished level of transaction-based revenue generation.
While the high gross margin confirms the scalability of the digital portal model in theory, the persistent negative operating margins demonstrate that the company has failed to achieve the necessary volume to cover its overhead. Investors should monitor whether management can implement a radical cost-cutting program, as the current decoupling of expenses from revenue suggests a business model that is not currently self-sustaining.
Based on historical financial data, NCPL's ROIC has remained consistently negative, reaching -7.1% in 2026Q3, which highlights a persistent inability to generate returns on invested capital that exceed the company's cost of funding or even maintain the integrity of the capital base over time.
The trend of decaying returns on invested capital reflects the erosion of shareholder equity and the failure of past capital allocation decisions to drive profitable growth. This consistent destruction of capital suggests that the firm's current strategy is not creating value, and any future recovery would require a fundamental pivot in how the company deploys its limited remaining resources.
As disclosed in recent filings, NCPL's current ratio has deteriorated to a precarious 0.26 as of 2026Q3, signaling that the company lacks the liquid assets necessary to cover its short-term obligations without immediate external financing or a radical shift in its current cash management strategy.
The rapid decline in liquidity, coupled with a cash position of approximately $289,428, suggests that the company is facing an imminent solvency risk that may necessitate dilutive capital raises. This liquidity profile leaves virtually no margin for error, and stakeholders should be prepared for potential going-concern disclosures if the current burn rate is not immediately addressed.
The most commonly misapplied metric for NCPL is the price-to-sales ratio, which obscures the company's severe liquidity constraints and the fact that the current revenue base is insufficient to support the firm's fixed-cost structure, making traditional growth-based valuation models entirely inappropriate for this specific business model.
Investors should instead focus on the cash-to-burn ratio and the trend in operating cash flow, as these metrics provide a more accurate assessment of the company's survival prospects. Relying on revenue multiples in a distressed, capital-intensive fintech environment risks ignoring the fundamental reality that the company's primary challenge is not growth, but rather the preservation of its remaining capital.
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Quick answers to the most common questions about buying NCPL stock.
Netcapital Inc.'s current P/E ratio is -0.0x. The historical average is 7.4x.
Netcapital Inc.'s return on equity (ROE) is -107.1%. The historical average is 2.6%.
Based on historical data, Netcapital Inc. is trading at a P/E of -0.0x. Compare with industry peers and growth rates for a complete picture.
Netcapital Inc. has 95.4% gross margin and -952.4% operating margin.