Netcapital Inc. (NCPL) intrinsic value & 10-year financials
Netcapital Inc. (NCPL) has a Graham intrinsic value of $20.93 per share. At $2.17 on Oct 17, 2026, the stock trades 90% below that value. Over the last 10 fiscal years revenue grew 39.0% a year to $869.5K, with an average return on invested capital of -102.8%.
- Graham intrinsic value
- $20.93
- Share price (Oct 17, 2026)
- $2.17
- Price vs Graham value
- 90% below
- Market cap
- $3.0M
- Revenue (FY2025)
- $869.5K
- Revenue growth (10-yr CAGR)
- 39.0%
- ROIC (10-yr avg)
- -102.8%
- Free cash flow (FY2025)
- —
NCPL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $869.5K | -$28.3M | -$20.39 | — | -957.1% | -99.7% |
| FY2024 | $5.0M | -$5.0M | -$0.41 | — | -69.5% | -6.0% |
| FY2023 | $8.5M | $3.0M | $0.63 | — | 26.7% | 5.2% |
| FY2022 | $5.5M | $3.5M | $1.27 | — | -18.8% | -3.7% |
| FY2021 | $4.7M | $1.5M | $0.89 | — | -8.5% | -2.1% |
| FY2020 | $1.8M | $604.9K | $0.00 | — | 65.4% | -950.1% |
| FY2019 | $1.0M | $582.9K | $0.00 | — | 61.6% | -52.8% |
| FY2018 | $111.2K | $131.1K | $0.00 | — | -172.8% | -6.4% |
| FY2017 | $21.5K | -$828.1K | $0.00 | — | -2552.7% | 40.2% |
| FY2016 | $44.9K | -$835.9K | $0.00 | — | -1575.9% | 46.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Netcapital Inc. is a consistent compounder, expanding top-line revenue at 39.0% annually over the past decade.
Netcapital Inc. has historically struggled to out-earn its cost of capital, averaging just -8.8% ROIC.
Netcapital Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Netcapital Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $20.93 per share.