Northann Corp.(NCL)Earnings, Financials & Key Ratios
NCL•AMEX
$0.15
$4M mkt cap·Price updated May 7, 2026
AboutNorthann Corp. engages in the manufacture, wholesale, and retail of the 3D printed vinyl flooring panels and other decorative panels in North America, Europe, and internationally. The company offers its products under the Benchwick brand name. Northann Corp. was founded in 2013 and is based in Elk Grove, California.Show more
- Revenue$15M+9.9%
- EBITDA-$1M+74.8%
- Net Income-$4M+38.6%
- EPS (Diluted)-0.17+51.4%
- Gross Margin25.93%+198.3%
- EBITDA Margin-6.7%+77.1%
- Operating Margin-10.91%+68.0%
- Net Margin-28.53%+44.1%
- ROE-275.31%+50.7%
- ROIC-16.41%+64.5%
- Debt/Equity2.56-78.1%
- Interest Coverage-3.55-75.8%
NCL Key Insights
Northann Corp. (NCL) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Trading at only 1.5x book value
- ✓Efficient asset utilization: 1.1x turnover
✗Weaknesses
- ✗High debt to equity ratio of 2.6x
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 6 (bottom 6%)
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Shares diluted 29.5% in last year
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
NCL Price & Volume
Northann Corp. (NCL) stock price & volume — 10-year historical chart
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NCL Growth Metrics
Northann Corp. (NCL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-23.68%
TTM-16.56%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-325.84%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-42.56%
Return on Capital
10 Years-29.43%
5 Years-29.43%
3 Years-59.94%
Last Year-67.41%
NCL Peer Comparison
Northann Corp. (NCL) competitors in Cabinetry, Fixtures and Surfaces — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 MHK | 6.29B | 102.74 | 17.33 | -0.48% | 3.77% | 4.96% | 0.33 | |
 LX | 146.96M | 2.06 | 2.16 | 8.78% | 14.68% | 0.49 | ||
 FND | 5.57B | 51.52 | 26.83 | 5.12% | 4.27% | 8.38% | 1.51 | |
 TILE | 1.59B | 27.55 | 14.06 | 5.41% | 8.37% | 9.62% | 0.22 | |
 AMWD | 575.94M | 39.53 | 6.08 | -7.47% | 1.15% | 1.95% | 0.56 | |
 HD | 320.71B | 322.65 | 22.67 | 3.24% | 8.6% | 110.48% | 1.48 | |
 LOW | 129.29B | 230.88 | 19.48 | 3.12% | 7.71% | |||
 WSM | 22.6B | 183.52 | 20.76 | 1.24% | 13.94% | 51.45% | 0.70 |
Compare NCL vs Peers
Northann Corp. (NCL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NCL Income Statement
Northann Corp. (NCL) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|
| Sales/Revenue | 13.09M | 34.53M | 20.96M | 13.97M | 15.35M | 13M |
| Revenue Growth % | - | 163.67% | -39.3% | -33.33% | 9.86% | -16.56% |
| Cost of Goods Sold | 8.57M | 28.69M | 15.2M | 12.76M | 11.37M | 15.05M |
| COGS % of Revenue | 65.47% | 83.11% | 72.54% | 91.31% | 74.07% | - |
| Gross Profit | 4.52M▲ 0% | 5.83M▲ 29.0% | 5.75M▼ 1.3% | 1.21M▼ 78.9% | 3.98M▲ 227.7% | -2.06M▲ 0% |
| Gross Margin % | 34.53% | 16.89% | 27.46% | 8.69% | 25.93% | -15.83% |
| Gross Profit Growth % | - | 29% | -1.32% | -78.9% | 227.73% | - |
| Operating Expenses | 3.97M | 4.69M | 3.68M | 5.98M | 5.65M | 12.85M |
| OpEx % of Revenue | 30.33% | 13.57% | 17.55% | 42.79% | 36.83% | - |
| Selling, General & Admin | 1.86M | 2.14M | 1.95M | 3.84M | 4.87M | 11.85M |
| SG&A % of Revenue | 14.21% | 6.19% | 9.32% | 27.51% | 31.73% | - |
| Research & Development | 1.87M | 2.33M | 1.47M | 1.9M | 783.36K | 518.88K |
| R&D % of Revenue | 14.3% | 6.76% | 7.01% | 13.59% | 5.1% | - |
| Other Operating Expenses | 238.58K | 213.35K | 256.23K | 235.01K | 0 | 488.69K |
| Operating Income | 549.38K▲ 0% | 1.15M▲ 108.5% | 2.08M▲ 81.3% | -4.76M▼ 329.3% | -1.67M▲ 64.9% | -14.91M▲ 0% |
| Operating Margin % | 4.2% | 3.32% | 9.91% | -34.1% | -10.91% | -114.73% |
| Operating Income Growth % | - | 108.53% | 81.32% | -329.33% | 64.86% | - |
| EBITDA | 1.41M | 1.96M | 2.68M | -4.08M | -1.03M | -14.27M |
| EBITDA Margin % | 10.79% | 5.68% | 12.77% | -29.23% | -6.7% | -109.82% |
| EBITDA Growth % | - | 38.87% | 36.39% | -252.64% | 74.81% | -351.56% |
| D&A (Non-Cash Add-back) | 863.1K | 815.95K | 598.14K | 680.17K | 645.49K | 638.32K |
| EBIT | 549.38K | 885.94K | 1.74M | -4.76M | -3.91M | -17.39M |
| Net Interest Income | -2.11K | -6.57K | -680.58K | -2.36M | -470.78K | -241.37K |
| Interest Income | 0 | 0 | 0 | 0 | 120 | 135 |
| Interest Expense | 2.11K | 6.57K | 680.58K | 2.36M | 470.9K | 241.5K |
| Other Income/Expense | -145.58K | -266.26K | -1.02M | -2.35M | -2.7M | -2.72M |
| Pretax Income | 403.8K▲ 0% | 879.37K▲ 117.8% | 1.06M▲ 20.1% | -7.12M▼ 774.0% | -4.38M▲ 38.5% | -17.63M▲ 0% |
| Pretax Margin % | 3.08% | 2.55% | 5.04% | -50.95% | -28.52% | -135.66% |
| Income Tax | -40.3K | 556.69K | 126.98K | 14.36K | 1.73K | -1.06K |
| Effective Tax Rate % | -9.98% | 63.31% | 12.02% | -0.2% | -0.04% | 0.01% |
| Net Income | 444.1K▲ 0% | 322.68K▼ 27.3% | 929.06K▲ 187.9% | -7.13M▼ 867.7% | -4.38M▲ 38.6% | -17.63M▲ 0% |
| Net Margin % | 3.39% | 0.93% | 4.43% | -51.05% | -28.53% | -135.65% |
| Net Income Growth % | - | -27.34% | 187.92% | -867.72% | 38.59% | -325.84% |
| Net Income (Continuing) | 444.1K | 322.68K | 929.06K | -7.13M | -4.38M | -17.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.02▲ 0% | 0.01▼ 27.5% | 0.04▲ 188.6% | -0.35▼ 966.3% | -0.17▲ 51.4% | -0.14▲ 0% |
| EPS Growth % | - | -27.46% | 188.57% | -966.34% | 51.43% | -42.56% |
| EPS (Basic) | 0.02 | 0.01 | 0.04 | -0.35 | -0.17 | - |
| Diluted Shares Outstanding | 23M | 23M | 23M | 20.28M | 26.27M | 122.83M |
| Basic Shares Outstanding | 23M | 23M | 23M | 20.28M | 26.27M | 122.83M |
| Dividend Payout Ratio | - | - | - | - | - | - |
NCL Balance Sheet
Northann Corp. (NCL) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|
| Total Current Assets | 3.07M | 6.39M | 6.59M | 6.8M | 5.91M | 6.57M |
| Cash & Short-Term Investments | 350.84K | 748.81K | 251.1K | 1.1M | 245.16K | 40.88K |
| Cash Only | 350.84K | 748.81K | 251.1K | 1.1M | 245.16K | 40.88K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 182.31K | 1.33M | 1.43M | 2.62M | 3.11M | 2.46M |
| Days Sales Outstanding | 5.08 | 14.04 | 24.88 | 68.33 | 73.87 | 84.71 |
| Inventory | 2.27M | 2.86M | 4.56M | 2.65M | 2M | 3.48M |
| Days Inventory Outstanding | 96.44 | 36.37 | 109.53 | 75.69 | 64.06 | 68.7 |
| Other Current Assets | 0 | 897.91K | 115.13K | 131.08K | 74.98K | 598.76K |
| Total Non-Current Assets | 7.76M | 8.12M | 7.82M | 6.81M | 7.96M | 8.38M |
| Property, Plant & Equipment | 6.48M | 6.94M | 6.52M | 5.77M | 6.98M | 5.16M |
| Fixed Asset Turnover | 2.02x | 4.98x | 3.22x | 2.42x | 2.20x | 1.97x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.1M | 1.12M | 1.07M | 1.03M | 977.99K | 983.92K |
| Long-Term Investments | 0 | 50K | 0 | 0 | 1.38M | 12.52M |
| Other Non-Current Assets | 177.43K | 9.03K | 227.38K | 9.03K | -1.37M | -10.25M |
| Total Assets | 10.83M▲ 0% | 14.51M▲ 33.9% | 14.41M▼ 0.7% | 13.62M▼ 5.5% | 13.88M▲ 1.9% | 14.95M▲ 0% |
| Asset Turnover | 1.21x | 2.38x | 1.45x | 1.03x | 1.11x | 0.84x |
| Asset Growth % | - | 33.92% | -0.67% | -5.49% | 1.89% | 54.55% |
| Total Current Liabilities | 11.68M | 14.7M | 11.99M | 12.86M | 9.67M | 9M |
| Accounts Payable | 2.76M | 6.39M | 4.73M | 4.54M | 2.6M | 0 |
| Days Payables Outstanding | 117.38 | 81.28 | 113.48 | 129.85 | 83.48 | 69.22 |
| Short-Term Debt | 4.45M | 6.24M | 6.99M | 6.59M | 4.7M | 1.66M |
| Deferred Revenue (Current) | 278.35K | 1.67M | 287 | 1.08M | 0 | 2.36M |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 5.75M |
| Current Ratio | 0.26x | 0.43x | 0.55x | 0.53x | 0.61x | 0.61x |
| Quick Ratio | 0.07x | 0.24x | 0.17x | 0.32x | 0.41x | 0.41x |
| Cash Conversion Cycle | -15.86 | -30.87 | 20.94 | 14.17 | 54.45 | 84.19 |
| Total Non-Current Liabilities | 193.13K | 156.14K | 447.38K | 180.87K | 1.6M | 4.11M |
| Long-Term Debt | 149.17K | 137.9K | 447.38K | 124.91K | 136.95K | 1.18M |
| Capital Lease Obligations | 43.96K | 18.24K | 0 | 55.97K | 1.47M | 4.12M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 2.92M |
| Total Liabilities | 11.87M | 14.86M | 12.44M | 13.04M | 11.28M | 13.11M |
| Total Debt | 4.66M | 6.39M | 7.45M | 6.8M | 6.66M | 2.84M |
| Net Debt | 4.31M | 5.65M | 7.2M | 5.7M | 6.41M | 2.8M |
| Debt / Equity | - | - | 3.78x | 11.68x | 2.56x | 2.56x |
| Debt / EBITDA | 3.30x | 3.26x | 2.79x | - | - | -0.20x |
| Net Debt / EBITDA | 3.05x | 2.88x | 2.69x | - | - | -0.20x |
| Interest Coverage | 260.00x | 174.43x | 3.05x | -2.02x | -3.55x | -72.01x |
| Total Equity | -1.04M▲ 0% | -353K▲ 66.0% | 1.97M▲ 659.1% | 582.61K▼ 70.5% | 2.6M▲ 346.1% | 1.84M▲ 0% |
| Equity Growth % | - | 66.02% | 659.14% | -70.48% | 346.12% | 1166.35% |
| Book Value per Share | -0.05 | -0.02 | 0.09 | 0.03 | 0.10 | 0.02 |
| Total Shareholders' Equity | -1.04M | -353K | 1.97M | 582.61K | 2.6M | 1.84M |
| Common Stock | 20K | 40K | 20K | 21.38K | 55.46K | 179.8K |
| Retained Earnings | 566.89K | 889.57K | 1.82M | -5.31M | -9.69M | -23.39M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.61M | -1.29M | -769.89K | -775.84K | 1.05M | 2.28M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
NCL Cash Flow Statement
Northann Corp. (NCL) cash flow — operating, investing & free cash flow history
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|
| Cash from Operations | -897.9K | 4.55M | -3.65M | -4.68M | -1.23M | -1.23M |
| Operating CF Margin % | -6.86% | 13.19% | -17.41% | -33.49% | -8.04% | - |
| Operating CF Growth % | - | 607.2% | -180.12% | -28.23% | 73.64% | -2704.07% |
| Net Income | 444.1K | 322.68K | 929.06K | -7.13M | -4.38M | -17.63M |
| Depreciation & Amortization | 863.1K | 815.95K | 598.14K | 680.17K | 645.49K | 638.32K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 2.04M | 1.68M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 0 | 13.89K | 313.7K | 13.89K | 2.26M | 8.47M |
| Working Capital Changes | -2.21M | 3.4M | -5.49M | 1.76M | -1.8M | 1.43M |
| Change in Receivables | -113.88K | -1.15M | -211.81K | 0 | -438.77K | -608.79K |
| Change in Inventory | -1.34M | -594.02K | -1.7M | 1.92M | 649.88K | 369.6K |
| Change in Payables | -1.38M | 3.2M | -1.66M | -2.38M | -41.97K | -1.06M |
| Cash from Investing | -758.72K | -1.32M | -150.61K | 0 | -296.36K | -966.14K |
| Capital Expenditures | -758.72K | -1.32M | 0 | -4 | -296.36K | -966.14K |
| CapEx % of Revenue | 5.79% | 3.82% | 17.41% | 0% | 1.93% | - |
| Acquisitions | 0 | 0 | 336.67K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -487.28K | 4 | 0 | 0 |
| Cash from Financing | 2.14M | -3.14M | 2.78M | 5.38M | -1.19M | 3.67M |
| Debt Issued (Net) | 782.43K | 1.77M | 2.78M | -708.14K | -2.32M | -1.58M |
| Equity Issued (Net) | 0 | 0 | 0 | 1000K | 0 | 3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.36M | -4.91M | 0 | 118.88K | 1.14M | -17.91M |
| Net Change in Cash | 13.28K▲ 0% | 397.97K▲ 2896.5% | -493.88K▼ 224.1% | 850.28K▲ 272.2% | -860.05K▼ 201.1% | -46.86K▲ 0% |
| Free Cash Flow | -1.66M▲ 0% | 3.24M▲ 295.3% | 0▼ 100.0% | -4.68M▲ 0% | -1.53M▲ 67.3% | -6.39M▲ 0% |
| FCF Margin % | -12.65% | 9.37% | - | -33.49% | -9.97% | -49.17% |
| FCF Growth % | - | 295.29% | -100% | - | 67.3% | -98.04% |
| FCF per Share | -0.07 | 0.14 | - | -0.23 | -0.06 | -0.06 |
| FCF Conversion (FCF/Net Income) | -2.02x | 14.11x | -3.93x | 0.66x | 0.28x | 0.36x |
| Interest Paid | 0 | 7.74K | 0 | 255.23K | 246.14K | 229.06K |
| Taxes Paid | 0 | 28.53K | 0 | 286.76K | 120.53K | -40.37K |
NCL Key Ratios
Northann Corp. (NCL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|
| Return on Equity (ROE) | - | 114.65% | -558.03% | -275.31% | -955.78% |
| Return on Invested Capital (ROIC) | 20.06% | 21.53% | -46.21% | -16.41% | -16.41% |
| Gross Margin | 16.89% | 27.46% | 8.69% | 25.93% | -15.83% |
| Net Margin | 0.93% | 4.43% | -51.05% | -28.53% | -135.65% |
| Debt / Equity | - | 3.78x | 11.68x | 2.56x | 2.56x |
| Interest Coverage | 174.43x | 3.05x | -2.02x | -3.55x | -72.01x |
| FCF Conversion | 14.11x | -3.93x | 0.66x | 0.28x | 0.36x |
| Revenue Growth | 163.67% | -39.3% | -33.33% | 9.86% | -16.56% |
NCL Frequently Asked Questions
Northann Corp. (NCL) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Northann Corp. (NCL) reported $13.0M in revenue for fiscal year 2024. This represents a 1% decrease from $13.1M in 2020.
Northann Corp. (NCL) grew revenue by 9.9% over the past year. This is steady growth.
Northann Corp. (NCL) reported a net loss of $17.6M for fiscal year 2024.
Dividend & Returns
Northann Corp. (NCL) has a return on equity (ROE) of -275.3%. Negative ROE indicates the company is unprofitable.
Northann Corp. (NCL) had negative free cash flow of $6.4M in fiscal year 2024, likely due to heavy capital investments.
Explore More NCL
Northann Corp. (NCL) financial analysis — history, returns, DCA and operating performance tools
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Revenue History
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Financial Ratios
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