nCino, Inc. NCNO

Information TechnologySoftware & IT ServicesUnited States of America

Last close 22.45 USD on Nov 1, 2026, −11.5% year to date

Quant rating

Quant rating C Rank 223 of 389 in Information Technology

Growth B 153 of 389
Valuation C 167 of 389
Quality C 249 of 389
Revisions C 247 of 389
Momentum B 142 of 389

Wall Street consensus Buy (1.94)Average target 25.11 USD +11.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.4B
Enterprise value: 2.7B
52-week range: 13.80 – 27.50
3-year range: 13.80 – 42.64
Dividend yield: –
Beta (5 years): 0.81
Shares outstanding: 106M
Next earnings: Dec 3, 2026

About the company

nCino, Inc. is a global provider of cloud banking solutions for the global financial services industry. The Company is a software-as-a-service (SaaS) company that provides software solutions to financial institutions (FIs) to streamline employee and client interactions. It delivers solutions such as cloud computing application and platform services with multi-tenant technology and shared service-oriented architecture. The nCino Platform is embedded with data and artificial intelligence (AI) that helps FIs digitize and reengineer business processes across multiple lines of business, from commercial, consumer and small business banking to mortgage lending, by offering solutions such as onboarding, account opening, lending, credit monitoring, Integration and Intelligence. It offers solutions to community banks, credit unions, independent mortgage banks, and financial entities.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	595	541	477	408	274	–
Revenue growth	10.0%	13.5%	16.7%	49.1%	34.1%	23.8%
EPS (basic, normalized)	1.07	0.65	0.51	−0.07	−0.20	–
EPS growth	64.6%	27.5%	–	–	–	–
Gross margin	60.8%	60.1%	59.9%	58.5%	59.3%	59.7%
Net margin	0.9%	−7.0%	−8.9%	−25.2%	−18.1%	−11.6%
ROE	0.5%	−3.5%	−4.1%	−9.8%	−6.6%	−4.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	83.3
Current ratio	0.85x
Long-term debt (mil)	316
Net debt (mil)	258
Total equity (mil)	930
Net debt / equity	0.28x
Net debt / EBITDA	1.50x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	595	+10.0%	4.5x	172	+67.6%	15.5x	1.07	+64.6%	21.0x
2027	646	+8.6%	4.1x	182	+6.1%	14.6x	1.32	+23.5%	17.0x
2028	702	+8.7%	3.8x	216	+18.5%	12.3x	1.58	+19.6%	14.2x
2029	764	+8.8%	3.5x	262	+21.6%	10.1x	1.89	+19.4%	11.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	646	0.0%	+0.2%	+1.1%	1.32	0.0%	+3.3%	+12.3%
2028	702	0.0%	0.0%	+0.6%	1.58	−0.1%	+5.5%	+12.5%
2029	764	+1.0%	+1.4%	+2.3%	1.89	+4.5%	+15.9%	+24.0%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	128	132	139	141	144	149	152	150	159	161
Sales mean (mil)	127	131	137	141	141	143	147	148	155	159
Surprise	+1.1%	+1.0%	+1.0%	+0.4%	+2.4%	+4.0%	+3.8%	+1.3%	+3.0%	+1.2%
EPS reported	0.19	0.14	0.21	0.12	0.16	0.22	0.31	0.37	0.35	0.31
EPS mean	0.14	0.13	0.16	0.19	0.16	0.14	0.20	0.21	0.27	0.26
Surprise	+40.6%	+9.5%	+31.0%	−35.3%	0.0%	+57.9%	+54.9%	+77.4%	+31.6%	+20.5%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NCNO nCino, Inc.	2.4B	1.50x	0.9%	2.56x	17.0x	14.2x	14.6x	12.3x
MSFT Microsoft Corporation	3.88T	0.22x	40.3%	8.24x	26.2x	21.9x	16.2x	13.1x
ORCL Oracle Corporation	396.1B	2.81x	26.6%	5.92x	16.0x	11.9x	9.4x	6.6x
CRM Salesforce, Inc.	188.6B	1.57x	18.0%	4.91x	13.7x	14.3x	11.1x	10.3x
ADBE Adobe Inc	97.4B	0.06x	30.0%	8.32x	10.2x	9.0x	7.6x	7.1x
ADSK Autodesk, Inc.	52.2B	−0.24x	15.6%	15.42x	19.8x	17.6x	15.4x	13.7x
Mean		0.99x	21.9%	7.56x	17.2x	14.8x	12.4x	10.5x
Median		0.86x	22.3%	7.08x	16.5x	14.3x	12.8x	11.3x

Technical analysis

1M+21.9%
3M+22.5%
1Y−15.5%
3Y−19.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, nCino, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	595	541	477	408	274	204
Cost of revenue	233	216	191	169	111	88.1
Gross profit	361	325	285	239	162	116
Selling, general & administrative expenses	206	199	179	189	140	97.2
Research & development	121	127	114	117	77.5	56.9
Depreciation/amortization	19.9	16.4	26.3	15.8	6.0	4.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	10.1	0.4	5.2	11.0	10.3	–
Other operating expenses	0	0	0	0	0	0
Operating income	3.7	−18.1	−39.5	−94.0	−71.4	−42.6
Net interest income (expense)	1.3	−17.5	−2.8	−3.8	−3.3	1.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.7	0.1	0.3	0	0.7	0.2
Net income before taxes	6.7	−35.6	−41.9	−97.8	−74.0	−40.7
Provision for taxes	−3.0	−2.5	1.6	4.1	−23.8	0.6
Minority interest	−4.5	−4.8	1.2	−0.9	0.7	0.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	5.2	−37.9	−42.3	−103	−49.4	−40.5
Extraordinary items	–	–	–	–	–	–
Net income	5.2	−37.9	−42.3	−103	−49.4	−40.5
EBIT, normalized	19.1	−5.5	−33.5	−74.6	−51.0	−42.6
EBITDA, normalized	61.3	30.8	11.8	−40.0	−41.0	−35.2
Basic EPS, normalized	1.07	0.65	0.51	−0.07	−0.20	–

Balance sheet in millions of USD, fiscal years

Balance sheet, nCino, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	88.4	121	112	82.0	88.0	38.9
Receivables	167	147	113	99.5	74.5	55.5
Total inventory	–	–	–	–	–	–
Prepaid expenses	19.2	21.1	15.2	16.3	13.4	10.4
Other current assets	19.3	13.5	10.5	9.4	7.6	337
Total current assets	294	302	251	207	184	442
Property, plant & equipment	88.3	91.0	98.4	95.0	73.8	29.9
Goodwill	1,078	1,019	839	839	841	57.1
Intangibles	136	155	116	153	180	23.1
Long-term investments	7.3	9.3	9.3	6.5	4.0	–
Note receivable	–	–	–	–	–	–
Other long-term assets	45.4	33.9	27.5	26.3	18.0	10.9
Total assets	1,648	1,610	1,340	1,327	1,301	563
Liabilities
Accounts payable	14.5	13.6	11.8	11.9	11.4	6.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	58.9	43.8	28.8	36.1	39.7	12.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.8	1.7	1.5	1.0	0.6	0.3
Other current liabilities	220	192	173	156	123	96.9
Total current liabilities	294	252	215	205	174	116
Long-term debt	264	217	52.7	84.4	33.5	15.9
Minority interest	12.7	8.3	3.4	3.6	2.9	3.8
Other liabilities	21.1	44.1	20.1	10.1	22.7	2.8
Total liabilities	592	521	291	303	233	138
Shareholders' equity
Preferred stock	0	0	0	0	0	–
Common stock	0.1	0.1	0.1	0.1	0.1	0
Additional paid-in capital	1,550	1,474	1,401	1,334	1,277	586
Retained earnings (accumulated deficit)	−376	−385	−353	−310	−210	−161
Treasury stock	−126	0	–	–	–	–
Other equity	7.0	0.2	1.0	0.7	−0.1	0.2
Total equity	1,056	1,089	1,049	1,024	1,068	425
Total liabilities & shareholders' equity	1,648	1,610	1,340	1,327	1,301	563

Cash flow statement in millions of USD, fiscal years

Cash flow statement, nCino, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	5.2	−37.9	−42.3	−103	−49.4	−40.5
Depreciation, depletion & amortization	42.3	36.3	45.3	34.7	10.0	7.4
Deferred taxes	−6.2	−7.1	−2.3	1.6	−24.3	0.2
Non-cash items	83.6	102	73.1	65.9	38.1	27.6
Changes in working capital	−34.8	−38.5	−16.4	−14.9	6.4	14.6
Cash from operations	90.1	55.2	57.3	−15.4	−19.2	9.2
Investing activities
Capital expenditures	−7.5	−2.3	−3.9	−18.9	−5.5	−4.3
Other investing cash flows	−46.6	−217	−2.5	−1.8	−273	0
Cash from investing	−54.1	−219	−6.3	−20.7	−278	−4.3
Financing activities
Financing cash flow items	0	−1.5	1.0	−0.4	−0.2	−3.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−73.0	172	−22.1	37.1	16.1	277
Cash from financing	−73.0	170	−21.1	36.7	15.9	274
Foreign exchange effects	4.5	−2.7	0.2	−1.6	−1.2	1.2
Net change in cash	−32.6	3.8	30.0	−1.0	−283	280
Free cash flow	82.6	52.9	53.4	−34.3	−24.7	4.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.