Total assets have eroded significantly from $44.7 million in 2024Q2 to $26.1 million in 2026Q3, exacerbated by the recent disappearance of $17.5 million in goodwill.
| Total Current Assets | 1.04M | 399.61K | 1.04M | 2.54M | 2.91M | 4.48M | 656.76K | 65.81K | 43.41K | 19.75K | 155.85K |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 313.58K | 0 | 0 | 0 | 0 | 0 | 180K | 0 | 0 | 0 | 2.02K |
| Total Non-Current Assets | 25.02M | 20.5M | 40.51M | 39.28M | 28.85M | 21.23M | 1.56M | 653.62K | 55K | 0 | 545.85K |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 15.54M | 14.8M | -143.46K | 0 | 0 | 0 | 539.83K |
| Fixed Asset Turnover | - | - | - | - | 0.35x | 0.32x | - | - | - | - | 0.08x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 14.7M | 14.73M | 15.88M | 15.54M | 14.8M | 143.46K | 0 | 0 | 0 | 0 |
| Long-Term Investments | 23.32M | 5.8M | 25.57M | 23.2M | 13.1M | 6.42M | 1.41M | 647.32K | 23K | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 26.06M | 20.9M | 41.56M | 41.82M | 31.76M | 25.72M | 2.21M | 719.43K | 98.41K | 19.75K | 701.7K |
| Asset Turnover | 0.03x | 0.04x | 0.12x | 0.20x | 0.17x | 0.18x | 0.79x | 1.41x | 1.13x | 1.09x | 0.06x |
| Asset Growth % | -155.12% | -49.7% | -0.63% | 31.67% | 23.51% | 1061.78% | 207.68% | 631.09% | 398.3% | -97.19% | - |
| Total Current Liabilities | 3.96M | 5.5M | 3.12M | 5.16M | 6.03M | 9.15M | 1.53M | 584.68K | 582.4K | 2.61M | 764.91K |
| Accounts Payable | 1.67M | 2.94M | 793.33K | 653.53K | 914.59K | 4.15M | 295.43K | 295.43K | 295.67K | 301.9K | 322.07K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 2.18M | 1.92M | 2.29M | 3.65M | 2.94M | 1.06M | 118.28K | 136.39K | 1.87M | 108.04K |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 3.96M | 0 | 0 | 1.66M | 977K | 433K | 0 | 0 | 0 | 434.23K | 332.79K |
| Current Ratio | 0.26x | 0.07x | 0.33x | 0.49x | 0.48x | 0.49x | 0.43x | 0.11x | 0.07x | 0.01x | 0.20x |
| Quick Ratio | 0.26x | 0.07x | 0.33x | 0.49x | 0.48x | 0.49x | 0.43x | 0.11x | 0.07x | 0.01x | 0.20x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 492.44K | 500K | 500K | 500K | 495.07K | 2.39M | 0 | 1M | 1M | 0 | 1.72M |
| Long-Term Debt | 492.44K | 500K | 500K | 500K | 495.07K | 2.39M | 0 | 1M | 1M | 0 | 1.72M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 4.46M | 6M | 3.62M | 5.66M | 6.52M | 11.54M | 1.53M | 1.58M | 1.58M | 2.61M | 2.49M |
| Total Debt | 492.44K | 2.68M | 2.42M | 2.79M | 4.14M | 5.33M | 1.06M | 1.12M | 1.14M | 1.87M | 1.83M |
| Net Debt | -223K | 2.39M | 1.56M | 2.22M | 3.67M | 2.85M | 1.05M | 1.1M | 1.13M | 1.87M | 1.83M |
| Debt / Equity | 0.02x | 0.18x | 0.06x | 0.08x | 0.16x | 0.38x | 1.56x | - | - | - | - |
| Debt / EBITDA | -0.05x | - | - | 1.18x | 0.99x | 2.46x | - | 1.85x | 5.66x | - | - |
| Net Debt / EBITDA | 0.02x | - | - | 0.94x | 0.88x | 1.32x | - | 1.81x | 5.66x | - | - |
| Interest Coverage | -1476.28x | -585.85x | -158.29x | 41.59x | 33.03x | 24.85x | 23.50x | 31.23x | 2.89x | -6.18x | -6.36x |
| Total Equity | 21.6M | 14.91M | 37.94M | 36.16M | 25.24M | 14.18M | 679.16K | -865.26K | -1.48M | -2.59M | -1.78M |
| Equity Growth % | -179.97% | -60.71% | 4.93% | 43.26% | 78% | 1987.67% | 178.49% | 41.69% | 42.72% | -45.22% | - |
| Book Value per Share | 3.85 | 10.74 | 219.39 | 7.73 | 9.18 | 8.61 | 1.69 | -2.33 | -4.65 | -10.20 | -7.05 |
| Total Shareholders' Equity | 21.6M | 14.91M | 37.94M | 36.16M | 25.24M | 14.18M | 679.16K | -865.26K | -1.48M | -2.59M | -1.78M |
| Common Stock | 6.85K | 202.19K | 22.88K | 6.44K | 2.93K | 2.18K | 831.27K | 752.52K | 731.69K | 530K | 508K |
| Retained Earnings | -35.41M | -27.82M | 479.56K | 5.47M | 2.51M | -992.62K | -2.46M | -3.07M | -3.65M | -3.78M | -2.95M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 122.12K | 0 | 244.25K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
As reported in recent financial statements, NCPL's total assets have declined from $44.7 million in 2024Q2 to $26.1 million by 2026Q3, reflecting a persistent contraction that suggests the company is struggling to maintain its capital base amidst ongoing operational losses and significant value impairment.
The consistent decline in total assets, coupled with the rapid accumulation of a $35.4 million deficit in retained earnings, indicates a business model that is currently consuming its own capital to survive. This trajectory suggests that the company's underlying value is being systematically depleted, leaving little room for error in future capital allocation.
Based on the provided balance sheet data, 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 cash management.
The sharp decline in cash reserves, which fell from $4.6 million in 2026Q1 to $715.4K in 2026Q3, highlights an urgent liquidity crunch that likely necessitates dilutive capital raises. Investors should monitor the company's ability to maintain operations, as the current buffer appears insufficient to support the existing cost structure for an extended period.
According to historical balance sheet filings, NCPL's asset composition is heavily skewed by goodwill, which reached $17.5 million in 2026Q2 before disappearing from the 2026Q3 report, suggesting a significant write-down that reflects the diminished economic reality of the company's past acquisitions.
The removal of goodwill from the balance sheet indicates that management has recognized the failure of previous growth initiatives to generate expected returns. This adjustment underscores the risk that the remaining asset base may still be overvalued relative to the company's current, severely limited revenue-generating capacity.
As disclosed in recent financial reports, NCPL's equity has contracted from a peak of $40.3 million in 2024Q3 to $21.6 million in 2026Q3, a trend driven by the compounding effect of massive net losses and the resulting depletion of retained earnings.
The shift from positive retained earnings to a $35.4 million deficit highlights a sustained period of value destruction that has significantly impaired shareholder equity. This erosion suggests that the company's capital structure is increasingly fragile, leaving shareholders exposed to the risks of further dilution or potential restructuring.
Quick answers to the most common questions about buying NCPL stock.
As of 2025, Netcapital Inc. (NCPL) had total assets of $20.9M including $0.4M in current assets.
Netcapital Inc. (NCPL) carries total debt of $2.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Netcapital Inc. (NCPL) has total shareholders' equity (book value) of $14.9M ($10.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Netcapital Inc. (NCPL) reported a current ratio of 0.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.