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Netclass Technology Inc (NTCL) stock

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NASDAQ: NTCL Nasdaq Application Software

E Fundamentals grade

Netclass Technology Inc is a US-listed company in the application software industry. Its financial year ends in September.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Netclass Technology Inc is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: cash-flow, stock-pay or share-count figures missing or out of date. We'll show the comparison once resolved.

Netclass Technology Inc valuation: adjust assumptions and compare models →

Value diary

Our note on each quarter Netclass Technology files

Where Netclass Technology stands after its latest Filing

Revenue for the twelve months was $10m. That puts it 160 of 183 for growth among the application software companies we cover. The diluted share count is up 14.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 3 financial-health checks.

Our model value for Netclass Technology is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Netclass Technology Inc's trailing-twelve-month revenue fell 2.9% year on year, with a free-cash-flow margin of -58.4%. Where it stands out: change in growth rate of +6.0pp ranks 33 of 184 application software companies we cover. Where it lags: days sales outstanding of 208 days ranks 157 of 162 application software companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 91% year over year while revenue fell 3% — the balance sheet is expanding 94 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 2.9% over the last 12 months.
  • Loss-making. Operating margin is -111.5%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 98.8 points on a year ago.
  • Burning cash. Free cash flow was -58.4% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 31.2% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 14.2% in a year.

Price chart

  • 1 day-6.2%
  • 1 week-44.2%
  • 1 month-80.6%
  • This year-97.8%
  • 1 year-99.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.8M
Operating margin
-111.5%
Net margin
-110.4%
EPS (TTM, diluted)
$-0.60

Growth

Revenue growth
−2.9%
Change in growth rate
+6.0 pts
Share count change
+14.2%

Cash

Free cash flow (TTM)
-$5.7M
FCF margin
-58.4%
Stock pay % of revenue
31.2%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for NTCL from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Netclass Technology Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: cash-flow, stock-pay or share-count figures missing or out of date.

Valuation multiples over time Market data may be delayed

At fiscal year end 2025
Share price$73.00
Market value$1.3bn
+ Net debt (− = net cash)−$171978
Enterprise value$1.3bn
Multiples
Price / sales 134.0x
Price / earnings —
Price / free cash flow —
EV / EBITDA —

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Netclass Technology Inc: too few analysts cover it.

Positioning

Short interest
1.0%
of tradable shares
Days to cover
0.02
at average volume
Short interest, 1 month
+57%
to October 15, 2026
Held by institutions
0%
of shares
Held by insiders
9.1%
of shares
Employees
46
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 20252026 to date
Return
NTCL−94%−98%
Industry peers (median)−20%−14%
S&P 500+18%+11%
Months that ended higher
NTCL25%27%
S&P 50075%46%
Largest fall from a high during the year
NTCL−99%−100%
S&P 500−19%−9%

Worst fall since December 13, 2024: 100% from May 6, 2025 to November 2, 2026. Getting back needed a 436408% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.38 – $145.50
From 52-week high
−99.7%
vs 50-day average
−76.7%
vs 200-day average
−97.4%
Volatility (1 year)
220%
Beta vs S&P 500
-0.84

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Netclass Technology Inc in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Netclass Technology Inc
$9M $9.5M $10M $10.5M $11M $11.5M FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY22 Q4: $9.3M Revenue (TTM), FY23 Q4: $11.1M Revenue (TTM), FY24 Q4: $10.1M Revenue (TTM), FY25 Q4: $9.8M $9.8M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY22 Q4 $9.3M
FY23 Q4 $11.1M
FY24 Q4 $10.1M
FY25 Q4 $9.8M
Operating margin (TTM) Netclass Technology Inc
-150% -100% -50% 0% 50% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY22 Q4: 0.5% Operating margin (TTM), FY23 Q4: 3.5% Operating margin (TTM), FY24 Q4: -12.8% Operating margin (TTM), FY25 Q4: -111.5% -111.5%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY22 Q4 0.5%
FY23 Q4 3.5%
FY24 Q4 -12.8%
FY25 Q4 -111.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025
Income
Revenue 9 11 10 10
Gross profit 3 2 2 2
EBITDA 0 0 −1 −11
Operating income 0 0 −1 −11
Net income 0 0 −1 −11
Diluted EPS $0.01 $0.01 −$0.09 −$0.60
Growth (year on year)
Revenue — +19.8% −8.9% −2.9%
EBITDA — — −364.7% —
Operating income — — −433.3% —
Margins
Gross margin 32.8% 21.3% 22.9% 22.8%
EBITDA margin 1.8% 4.4% −12.7% −108.7%
Operating margin 0.5% 3.5% −12.8% −111.5%
Net margin 1.4% 1.5% −14.6% −110.4%
Free-cash-flow margin — — — −58.4%
Cash flow
Cash from operations −1 0 −0 −6
Capital spending — — — 0
Free cash flow — — — −6
Stock-based pay — — — 3
Free cash flow after stock pay — — — −9
Balance sheet
Cash 0 1 0 2
Total debt 0 0 0 2
Net debt (negative = net cash) −0 −1 −0 −0
Diluted shares 15m 15m 16m 18m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · September 30, 2025
What it owns · $14m
Short-term assets $9mLonger-term assets $5m
What it owes, and who funded it · $14m
Short-term liabilities $7mLonger-term liabilities $1mShareholders' equity $6m
  • Short-term assets cover short-term liabilities $9m of assets due within a year against $7m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9m short-term assets against $977,992 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$11m against $149,179 of interest.

From Netclass Technology Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+14.2%
year over year
R&D spending
17.1%
of revenue
Days sales outstanding
208 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated NTCL RYDE DKI PARA PDYN AZ Median
Revenue, last 12 months $10m $10m $10m $11m $12m $8m $482m
Revenue growth, last 12 months −2.9% 42.9% 27.3% 19.6% 171.8% 47.0% 12.0%
Revenue growth, latest quarter — — — −27.3% 469.8% — 11.9%
Gross margin 22.8% — 24.8% 81.2% 28.7% 13.8% 69.2%
Operating margin −111.5% −50.1% −85.3% −177.7% −360.7% −461.4% 1.1%
Operating margin, 3-year average — — — −213.5% −649.8% — −0.8%
Net margin −110.4% −139.5% −85.7% −228.7% −254.7% −477.6% 2.1%
Cash from operations / revenue −58.3% −188.2% −4.5% −151.1% −297.2% −289.9% 18.2%
Free-cash-flow margin −58.4% −188.2% −4.6% −162.5% −310.0% −295.6% 15.0%
Free-cash-flow margin, 3-year average — — — −121.9% −467.0% — 16.2%
Stock pay / revenue 31.2% 88.7% 87.4% 37.6% 48.1% 257.7% 9.3%
Change in share count 14.2% 110.7% 3.3% — 35.5% 73.0% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth -2.9% 12.0% 161 of 184
Change in growth rate Growth +6.0pp +0.2pp 33 of 184
Gross margin Profitability 22.8% 69.8% 147 of 160
Operating margin Profitability -111.5% 1.1% 156 of 181
Net margin Profitability -110.4% 2.1% 158 of 185
Free-cash-flow margin Cash generation -58.4% 15.2% 154 of 180
Stock pay as % of revenue Cash generation 31.2% 9.3% 158 of 177
Change in share count Balance sheet 14.2% 1.7% 132 of 163
Days sales outstanding Balance sheet 208 days 57 days 157 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Netclass Technology Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Netclass Technology Inc in brief

What does Netclass Technology Inc do?
Netclass Technology Inc is a US-listed company in the application software industry. Its financial year ends in September.
What is Netclass Technology Inc's stock ticker?
Netclass Technology Inc trades under the ticker NTCL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Netclass Technology Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Netclass Technology Inc reported revenue of $9.8M, 2.9% lower than a year earlier, according to its SEC filings.
What is Netclass Technology Inc's free cash flow?
Netclass Technology Inc's free-cash-flow margin is -58.4% of revenue over the trailing twelve months, ranking 154 of the 180 application software companies we cover.
What is Netclass Technology Inc's market cap?
On September 30, 2025, Netclass Technology Inc's market capitalisation was about $1.3B and net debt of -$171,978. Market figures come from third-party market data and may be delayed.
Who are Netclass Technology Inc's competitors?
In our Application Software peer group, the companies closest to Netclass Technology Inc are Ryde Group Ltd, Darkiris Inc., Banzai International, Inc., Palladyne AI Corp. and A2z Cust2mate Solutions Corp. The side-by-side comparison below sets their revenue, margins and growth against Netclass Technology Inc's.