Netcapital Inc. (NCPL) Balance Sheet

NASDAQ: NCPLAssets, liabilities, debt and equity over 10 years.

NCPL balance sheet, FY2025

April 30, 2025 · U.S. dollars

$20.9M assets = $6.0M liabilities + $14.9M equity

Both columns are drawn to the same scale: what NCPL owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NCPL financial health

Current ratio0.07

Tight · current assets cover current liabilities 0.07×

Debt / equity0.18

Low leverage · $0.18 of debt for each $1 of equity

Equity / assets71.3%

Equity-funded · of assets funded by shareholders

Cash / debt10.8%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles70.3%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

NCPL balance sheet trends, FY2014–FY2025

Netcapital Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$1,623FY2014	$20.9MFY2025	+186.2%/yr
Total liabilities	$712,134FY2014	$6.0MFY2025	+26.7%/yr
Shareholders’ equity	−$710,511FY2014	$14.9MFY2025	—
Cash & short-term investments	$1,623FY2014	$289,428FY2025	+77.9%/yr
Total debt	$17,050FY2014	$2.7MFY2025	+75.4%/yr
Net cash (debt)	−$15,427FY2014	−$2.4MFY2025	−$2.4M
Working capital	−$284,226FY2014	−$5.1MFY2025	−$4.8M
Book value per share	$8.61FY2021	$7.73FY2023	−5.2%/yr
Current ratio	0.01FY2014	0.07FY2025	+0.07
Debt / equity	1.56FY2020	0.18FY2025	−1.38
Shares outstanding	1.6MFY2021	4.7MFY2023	+68.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NCPL assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NCPL liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NCPL debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NCPL balance sheet

Netcapital Inc. annual balance sheet
	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2014
Assets
Cash & short-term investments	$289,428	$863,182	$569,441	$473,925	$2.5M	$11,206	$19,110	$1,655	$3,324	$1,623
Cash & equivalents	$289,428	$863,182	$569,441	$473,925	$2.5M	$11,206	$19,110	$1,655	$3,324	$1,623
Short-term investments	—	−$202,000	—	—	—	—	—	—	—	—
Receivables	$78,649	$156,049	$1.4M	$2.4M	$1.4M	$0	$21,000	$6,750	$5,002	$0
Inventory	$0	$1	$1	$0	$0	$0	−$15,000	$0	$0	$0
Other current assets	$31,535	$23,303	$583,029	$5,694	$653,861	$645,555	$40,699	$35,000	$11,422	$0
Total current assets	$399,612	$1.0M	$2.5M	$2.9M	$4.5M	$656,761	$65,809	$43,405	$19,748	$1,623
Property, plant & equipment (net)	$0	$0	$0	$15.5M	$14.8M	−$143,455	$0	$0	$539,832	$0
Goodwill & intangible assets	$14.7M	$14.7M	$15.9M	$15.5M	$14.8M	$143,455	$0	$0	$0	$0
Long-term investments	$5.7M	$25.6M	$23.2M	$13.1M	$6.4M	$1.4M	$647,317	$23,000	$0	$0
Other non-current assets	$56,300	$208,300	$208,300	$0	$0	$149,755	$6,300	$32,000	$0	$0
Total assets	$20.9M	$41.6M	$41.8M	$31.8M	$25.7M	$2.2M	$719,426	$98,405	$19,748	$1,623
Liabilities
Accounts payable	$2.9M	$793,325	$653,535	$914,585	$4.2M	$295,432	$295,432	$295,667	$301,899	—
Short-term debt	$2.2M	$1.9M	$2.3M	$3.6M	$2.9M	$1.1M	$118,284	$136,387	$1.9M	$17,050
Deferred revenue	$330	$466	$661	$2,532	$622	$656	$15,711	$885	$1,533	$3,217
Total current liabilities	$5.5M	$3.1M	$5.2M	$6.0M	$9.2M	$1.5M	$584,684	$582,396	$2.6M	$285,849
Long-term debt	$500,000	$500,000	$500,000	$495,073	$2.4M	$0	$1.0M	$1.0M	$0	$0
Other long-term liabilities	$0	$0	$0	$0	$0	$1.4M	$0	$0	$1.7M	$426,285
Total liabilities	$6.0M	$3.6M	$5.7M	$6.5M	$11.5M	$1.5M	$1.6M	$1.6M	$2.6M	$712,134
Shareholders' equity
Common stock & paid-in capital	$202,192	$22,880	$6,441	$2,934	$2,178	$831,269	$752,519	$731,694	$530,000	$500,000
Retained earnings (deficit)	−$27.8M	$479,563	$5.5M	$2.5M	−$992,622	−$2.5M	−$3.1M	−$3.7M	−$3.8M	−$1.6M
Accumulated other comprehensive income	—	$122,123	$183,186	$244,249	$0	—	—	—	—	—
Total shareholders' equity	$14.9M	$37.9M	$36.2M	$25.2M	$14.2M	$679,156	−$865,258	−$1.5M	−$2.6M	−$710,511
Key figures
Total debt	$2.7M	$2.4M	$2.8M	$4.1M	$5.3M	$1.1M	$1.1M	$1.1M	$1.9M	$17,050
Net cash (debt)	−$2.4M	−$1.6M	−$2.2M	−$3.7M	−$2.9M	−$1.0M	−$1.1M	−$1.1M	−$1.9M	−$15,427
Working capital	−$5.1M	−$2.1M	−$2.6M	−$3.1M	−$4.7M	−$877,581	−$518,875	−$538,991	−$2.6M	−$284,226
Tangible book value	$208,195	$23.2M	$20.3M	$9.7M	−$625,411	$535,701	−$865,258	−$1.5M	−$2.6M	−$710,511
Book value per share	—	—	$7.73	$9.18	$8.61	—	—	—	—	—
Shares outstanding	—	—	4.7M	2.7M	1.6M	—	—	—	—	—
Current ratio	0.07	0.33	0.49	0.48	0.49	0.43	0.11	0.07	0.01	0.01
Quick ratio	0.07	0.33	0.38	0.48	0.42	0.01	0.07	0.01	0.00	0.01
Debt / equity	0.18	0.06	0.08	0.16	0.38	1.56	—	—	—	—
Equity / assets	71.3%	91.3%	86.5%	79.5%	55.1%	30.7%	−120.3%	−1,508.0%	−13,118.8%	−43,777.6%

Netcapital Inc. quarterly balance sheet
	Jan '26	Oct '25	Jul '25	Apr '25	Jan '25	Oct '24	Jul '24	Apr '24	Jan '24	Oct '23	Jul '23	Apr '23
Assets
Cash & short-term investments	$715,443	$1.7M	$4.6M	$289,428	$614,304	$1.3M	$855,181	$863,182	$2.2M	$528,827	$1.0M	$569,441
Cash & equivalents	$715,443	$1.7M	$4.6M	$289,428	$614,304	$1.3M	$855,181	$863,182	$2.2M	$528,827	$1.0M	$569,441
Short-term investments	—	—	—	—	—	—	−$240,080	—	—	−$240,080	−$240,080	—
Receivables	$12,902	$23,512	$20,000	$78,649	$22,400	$39,151	$21,600	$156,049	$3.7M	$3.1M	$1.4M	$1.4M
Inventory	$0	$0	$0	$0	$0	$0	−$20,000	$0	$1	−$20,000	$0	$1
Other current assets	$313,576	$298,907	$409,661	$31,535	$36,115	$30,120	$68,160	$23,304	$158,464	$333,058	$444,837	$583,029
Total current assets	$1.0M	$2.0M	$5.0M	$399,612	$672,819	$1.4M	$924,941	$1.0M	$6.1M	$3.9M	$2.8M	$2.5M
Property, plant & equipment (net)	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill & intangible assets	$19.2M	$17.5M	$17.5M	$14.7M	$14.7M	$14.7M	$14.7M	$14.7M	$15.8M	$15.8M	$15.8M	$15.9M
Long-term investments	$5.8M	$5.9M	$5.9M	$5.7M	$24.3M	$25.6M	$25.6M	$25.6M	$22.1M	$24.7M	$24.5M	$23.2M
Other non-current assets	$56,300	$56,300	$56,300	$56,300	$208,300	$208,300	$208,300	$208,300	$208,300	$208,300	$208,300	$208,300
Total assets	$26.1M	$25.4M	$28.4M	$20.9M	$39.9M	$41.9M	$41.4M	$41.6M	$44.1M	$44.7M	$43.4M	$41.8M
Liabilities
Accounts payable	$1.7M	$1.3M	$1.9M	$2.9M	$2.2M	$1.8M	$1.2M	$793,325	$904,040	$888,112	$662,185	$653,535
Short-term debt	$1.9M	$1.9M	$2.5M	—	$1.9M	$1.9M	$1.9M	$1.9M	$1.9M	$1.9M	$1.9M	$2.3M
Deferred revenue	$270	$300	$315	—	$360	$409	$445	$466	$487	$508	$600	$661
Total current liabilities	$4.0M	$3.5M	$4.8M	$5.5M	$4.4M	$4.0M	$3.4M	$3.1M	$3.3M	$5.1M	$4.5M	$5.2M
Long-term debt	$492,443	$495,840	$500,000	$500,000	$500,000	$500,000	$500,000	$500,000	$500,000	$500,000	$500,000	$500,000
Other long-term liabilities	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total liabilities	$4.5M	$4.0M	$5.3M	$6.0M	$4.9M	$4.5M	$3.9M	$3.6M	$3.8M	$5.6M	$5.0M	$5.7M
Shareholders' equity
Common stock & paid-in capital	$6,848	$4,918	$4,720	—	$2,113	$1,842	$579	$145,004	$139,355	$9,459	$9,434	$6,441
Retained earnings (deficit)	−$35.4M	−$33.6M	−$31.5M	−$27.8M	−$7.3M	−$4.3M	−$2.0M	$479,563	$3.1M	$5.3M	$5.0M	$5.5M
Accumulated other comprehensive income	—	—	$199,999	—	$122,123	$122,123	$122,264	$122,123	$122,124	$122,124	$183,187	$183,186
Total shareholders' equity	$21.6M	$21.4M	$23.1M	$14.9M	$35.0M	$37.4M	$37.5M	$37.9M	$40.3M	$39.1M	$38.5M	$36.2M
Key figures
Total debt	$2.4M	$2.4M	$3.0M	$500,000	$2.4M	$2.4M	$2.4M	$2.4M	$2.4M	$2.4M	$2.4M	$2.8M
Net cash (debt)	−$1.7M	−$735,936	$1.5M	−$210,572	−$1.8M	−$1.1M	−$1.6M	−$1.6M	−$263,025	−$1.9M	−$1.4M	−$2.2M
Working capital	−$2.9M	−$1.5M	$186,766	−$5.1M	−$3.8M	−$2.6M	−$2.5M	−$2.1M	$2.7M	−$1.1M	−$1.6M	−$2.6M
Tangible book value	$2.5M	$3.9M	$5.6M	$208,195	$20.3M	$22.7M	$22.8M	$23.2M	$24.5M	$23.3M	$22.6M	$20.3M
Book value per share	$3.85	$4.46	$8.05	$6.80	$18.26	—	—	$3.22	$3.51	$4.15	$5.15	$5.61
Shares outstanding	5.6M	4.8M	2.9M	2.2M	1.9M	—	—	11.8M	11.5M	9.4M	7.5M	6.4M
Current ratio	0.26	0.57	1.04	0.07	0.15	0.35	0.27	0.33	1.82	0.78	0.63	0.49
Quick ratio	0.18	0.49	0.95	0.07	0.14	0.34	0.26	0.33	1.77	0.71	0.53	0.38
Debt / equity	0.11	0.11	0.13	0.03	0.07	0.06	0.06	0.06	0.06	0.06	0.06	0.08
Equity / assets	82.9%	84.3%	81.3%	71.3%	87.6%	89.2%	90.5%	91.3%	91.3%	87.6%	88.6%	86.5%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed August 12, 2025); data from EODHD.

NCPL financial position

At the end of fiscal 2025 (April 30, 2025), Netcapital had total assets of $20.9 million (down 49.7% from a year earlier), total liabilities of $6.0 million and shareholders' equity of $14.9 million. It held $0.3 million in cash and short-term investments against $2.7 million of debt, net debt of $2.4 million. Its current ratio was 0.07. In the latest quarter (ended January 31, 2026) total assets were $26.1 million and equity $21.6 million.

Related: NCPL income statement, NCPL cash flow statement, NCPL key metrics. See the NCPL stock overview for the latest quote and news.

NCPL balance sheet FAQ

What are Netcapital's total assets?

Netcapital reported total assets of $20.9 million at the end of fiscal 2025 (April 30, 2025), compared with $41.6 million a year earlier.

How much debt does Netcapital have?

Netcapital had $2.7 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.18.

How much cash does Netcapital have?

Netcapital held $0.3 million in cash and short-term investments at the end of fiscal 2025; with $2.7 million of debt that is net debt of $2.4 million.

What is Netcapital's book value?

Netcapital's shareholders' equity (book value) was $14.9 million at the end of fiscal 2025.

What is Netcapital's current ratio?

Netcapital had current assets of $0.4 million and current liabilities of $5.5 million, a current ratio of 0.07 (current liabilities exceed current assets).

How much goodwill does Netcapital have?

Netcapital carried $14.7 million of goodwill and intangible assets, 70.3% of total assets, at the end of fiscal 2025.