NETCAPITAL INC.
NCPL · Other · $1.3M mkt cap · FY2025 filings · · No moat ·
Doesn't clear the bar
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $4.7M to $869460, decreasing; diluted EPS 0.89 to -20.39, decreasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.
Median gross margin 97.8% over 9y, stable.
Median ROIC -2.8%, above the 12% hurdle in 25% of years.
Net debt/EBITDA n/ax, interest coverage -202x.
Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- Not reported
- Unavailable — insufficient owner-earnings data
- Unavailable — insufficient growth-model data
- $0.60
- No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Score records captured Sep 4, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
14 years of fundamentals
The business, in plain English
NETCAPITAL INC. booked $869460 of revenue in FY2025 in the Other sector and kept 95.4% of it as gross profit — a high-margin business by that measure. After every other cost, −3255.0% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $8127 (FY2013) to $869460 (FY2025) — about 47.6% a year compounded over 12 years.
It earned −38.7% on invested capital in the latest filed year, FY2025. Across the full 8-year measurable filed record, median ROIC was −2.8%. Over the v3 recent window (8 measurable filed years), median ROIC was −2.8%. The Returns on Capital filter above scores it 9/100.
The balance sheet carried $2.4M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.
Put together: Pricing Power is the strongest of the five filters (94/100) and Returns on Capital the weakest (9/100), which is how NCPL lands at 39/100 — a None moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Exact FY and FY-1 financing invested-capital inputs are required.. Exact FY and FY-1 Operating Invested Capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Score history begins Sep 4, 2026 — the record builds forward from here.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
None yet — NCPL has read No moat for every logged capture since Sep 4, 2026.
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for NCPL.
Other context
#63 of 99 scored Other companies, ranked by Moat Score.
Nearest peers by Moat Score
- #61ABIT Athena Bitcoin Global39.4 out of 100, No moatNo moat
- #62FRHC FREEDOM HOLDING CORP.39.3 out of 100, No moatNo moat
- #64AGPU Axe Compute Inc38.8 out of 100, No moatNo moat
- #65DXR Daxor Corporation38.3 out of 100, No moatNo moat
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Common questions about NCPL
- Does NETCAPITAL INC. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores NETCAPITAL INC. (NCPL) 38.9 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 20, pricing power 94, returns on capital 9, balance-sheet safety 28, capital allocation 44.
- How has NCPL's Moat Score changed over time?
- The record logs 1 reading since Sep 4, 2026; the latest reads 38.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.