NCNO Technology

nCino, Inc.

$22.62-2.33%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 2.4B USD
Enterprise value: 2.4B USD
Full-time employees: 1,684

Overall health

Drawback: less short-term liquidity (current ratio 0.85 vs a peer median of 1.83)less liquidity (current ratio 0.85 vs peers 1.83)
About average: profitability, valuation and risk (debt, liquidity and share-price swings)profitability, valuation and risk

Ranks #745 of 1,612 technology companies (top 47%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 12% of revenue in FY Jan 2026.
nCino paid employees $74M in stock in FY Jan 2026, 12% of its $595M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
nCino made a profit per share in its latest year after a loss the year before.
Operating margin at a 6-year high. 0.6% in FY Jan 2026, the best of the last 6 years.
nCino kept 0.6% of revenue as operating profit in FY Jan 2026, its highest in the 6 years of filings we have.
Share count shrinking. Shares outstanding down 5.1% from January 2023 to August 2026.
nCino had 5.1% fewer shares at August 2026 than at January 2023, mainly through buybacks, so each remaining share owns a larger slice of the business.

StockQuotient Score

53/ 100

Oct 5 56 → Nov 4 53 (-3)

Valuation

Is the price right?

48/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Share count down 3.5%

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 49 → 48

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.6%

SEC filings · 12 months to Jul 2026Reported value30% base weight · Z-score -0.29Sector median: 0.0225 · MAD: 0.0225

EBITDA yield3.5%

SEC filings · 12 months to Jul 2026Reported value50% base weight · Z-score -0.20Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield5.5%

SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 1.01Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield38.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

83/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 3.96Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth11.8%

SEC filings · 3 years to Jul 2026Reported value33% base weight · Z-score 0.88Sector median: 0.0483 · MAD: 0.0793

Revenue growth8.6%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 0.00Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

44/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 3.6 points to 7.9%

Why

Held back by:

▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin7.9%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 0.23Sector median: 0.0631 · MAD: 0.0710

Return on assets2.4%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -0.14Sector median: 0.0293 · MAD: 0.0362

Return on invested capital3.5%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -0.38Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin62.2%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity4.1%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Held back by:

▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.81

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.16Sector median: 0.8710 · MAD: 0.3700

Current ratio0.85×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.43Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.30×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.21Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about nCino

Is nCino getting weaker?: Its latest SEC filing (Aug 25, 2026) got stronger: operating margin rose 3.6 points to 7.9%; share count down 3.5%. Its overall score is unchanged at 53/100 since Oct 28, 2026.
How is nCino valued vs its peers?: Priced about in line with its peers. Valuation scores 48/100 against 1,711 technology peers. Free cash flow yield 5.5% vs a peer median of 2.7% (stronger than 69% of peers).Free cash flow yield 5.5% vs peers 2.7% (stronger than 69% of peers).
Is nCino growing?: Yes, faster than most of its peers. Growth scores 83/100 against 1,711 technology peers. 3-year revenue growth 11.8% vs a peer median of 4.8% (stronger than 71% of peers).3-year revenue growth 11.8% vs peers 4.8% (stronger than 71% of peers).
How profitable is nCino?: About as profitable as its peers. Profitability scores 44/100 against 1,711 technology peers. Return on invested capital 3.5% vs a peer median of 6.8% (weaker than 61% of peers).Return on invested capital 3.5% vs peers 6.8% (weaker than 61% of peers).
How risky is nCino?: Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 0.85× vs a peer median of 1.83× (weaker than 93% of peers).Current ratio 0.85× vs peers 1.83× (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 31, 2026 · filed Aug 25, 2026 · compared with the quarter ended Apr 30, 2026

Got stronger

Operating margin rose 3.6 points to 7.9%
Share count down 3.5%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	610.1M USD	622.2M USD	+2.0%
Net income (12 months)	17.8M USD	38.1M USD	+114.4%
Operating margin	4.3%	7.9%	+3.6 pts
Free cash flow (12 months)	110.8M USD	132.2M USD	+19.3%
Debt	262.8M USD	275.4M USD	+4.8%
Cash	102.8M USD	83.3M USD	−19.0%
Shares outstanding	109.6M	105.7M	−3.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Jan 2022	FY Jan 2023	FY Jan 2024	FY Jan 2025	FY Jan 2026	Change
Gross margin	59.3%	58.5%	59.8%	60.1%	60.6%	▲ 0.5 pts
Operating margin	-26.1%	-23.0%	-8.3%	-3.4%	0.6%	▲ 4.0 pts
Net margin	-18.1%	-25.2%	-8.9%	-7.0%	0.9%	▲ 7.9 pts
Return on assets (ROA)	-3.8%	-7.7%	-3.2%	-2.4%	0.3%	▲ 2.7 pts
Return on equity (ROE)	-4.6%	-10.0%	-4.0%	-3.5%	0.5%	▲ 4.0 pts
Free cash flow margin	-9.0%	-8.3%	11.3%	9.9%	13.9%	▲ 4.0 pts
Current ratio	1.05×	1.01×	1.17×	1.20×	1.00×	▼ 17%
Interest coverage	-47.13×	-33.49×	-9.56×	-2.07×	0.21×	▲ 110%

NCNO price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less short-term liquidity (current ratio 0.85 vs a peer median of 1.83)less liquidity (current ratio 0.85 vs peers 1.83)

About average: profitability, valuation and risk (debt, liquidity and share-price swings)profitability, valuation and risk

Ranks #745 of 1,612 technology companies (top 47%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 12% of revenue in FY Jan 2026.

nCino paid employees $74M in stock in FY Jan 2026, 12% of its $595M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

nCino made a profit per share in its latest year after a loss the year before.

Operating margin at a 6-year high. 0.6% in FY Jan 2026, the best of the last 6 years.

nCino kept 0.6% of revenue as operating profit in FY Jan 2026, its highest in the 6 years of filings we have.

Share count shrinking. Shares outstanding down 5.1% from January 2023 to August 2026.

nCino had 5.1% fewer shares at August 2026 than at January 2023, mainly through buybacks, so each remaining share owns a larger slice of the business.

Questions investors ask about nCino

Is nCino getting weaker?

Its latest SEC filing (Aug 25, 2026) got stronger: operating margin rose 3.6 points to 7.9%; share count down 3.5%. Its overall score is unchanged at 53/100 since Oct 28, 2026.

How is nCino valued vs its peers?

Priced about in line with its peers. Valuation scores 48/100 against 1,711 technology peers. Free cash flow yield 5.5% vs a peer median of 2.7% (stronger than 69% of peers).Free cash flow yield 5.5% vs peers 2.7% (stronger than 69% of peers).

Is nCino growing?

Yes, faster than most of its peers. Growth scores 83/100 against 1,711 technology peers. 3-year revenue growth 11.8% vs a peer median of 4.8% (stronger than 71% of peers).3-year revenue growth 11.8% vs peers 4.8% (stronger than 71% of peers).

How profitable is nCino?

About as profitable as its peers. Profitability scores 44/100 against 1,711 technology peers. Return on invested capital 3.5% vs a peer median of 6.8% (weaker than 61% of peers).Return on invested capital 3.5% vs peers 6.8% (weaker than 61% of peers).

How risky is nCino?

Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 0.85× vs a peer median of 1.83× (weaker than 93% of peers).Current ratio 0.85× vs peers 1.83× (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

610.1M USD

622.2M USD

+2.0%

Net income (12 months)

17.8M USD

38.1M USD

+114.4%

Operating margin

4.3%

7.9%

+3.6 pts

Free cash flow (12 months)

110.8M USD

132.2M USD

+19.3%

Debt

262.8M USD

275.4M USD

+4.8%

Cash

102.8M USD

83.3M USD

−19.0%

Shares outstanding

109.6M

105.7M

−3.5%

Key ratios

FY Jan 2022

FY Jan 2023

FY Jan 2024

FY Jan 2025

FY Jan 2026

Change

Gross margin

59.3%

58.5%

59.8%

60.1%

60.6%

▲ 0.5 pts

Operating margin

-26.1%

-23.0%

-8.3%

-3.4%

0.6%

▲ 4.0 pts

Net margin

-18.1%

-25.2%

-8.9%

-7.0%

0.9%

▲ 7.9 pts

Return on assets (ROA)

-3.8%

-7.7%

-3.2%

-2.4%

0.3%

▲ 2.7 pts

Return on equity (ROE)

-4.6%

-10.0%

-4.0%

-3.5%

0.5%

▲ 4.0 pts

Free cash flow margin

-9.0%

-8.3%

11.3%

9.9%

13.9%

▲ 4.0 pts

Current ratio

1.05×

1.01×

1.17×

1.20×

1.00×

▼ 17%

Interest coverage

-47.13×

-33.49×

-9.56×

-2.07×

0.21×

▲ 110%