nCino, Inc. (NCNO)

Price$23.12Cached quoteAs of 2026-09-06 01:34 UTC

AI: Fair-priced

Price checkThe shares look reasonably priced for improving cash generation, but they offer little margin of safety.

Using the latest verified close and about 105 million July 31 shares, equity value is roughly $2.3 billion. Adding approximately $190 million of net debt gives enterprise value near $2.5 billion. Against fiscal 2027 guidance, that is about four times expected revenue and about 18 times expected free cash flow, meaning cash left after running and investing in the business. Those multiples can fit a subscription software company growing 8%-10%, but last year’s accounting profit was only $5.2 million. The balance is therefore fair rather than clearly cheap.

Big pictureRevenue is growing steadily, while profits and cash are becoming more dependable after years of losses.

Revenue increased from $204.3 million in fiscal 2021 to $594.8 million in fiscal 2026, while gross profit reached $360.2 million. Fiscal 2026 operating income turned positive at $3.7 million, compared with an $18.1 million loss the year before, and operating cash flow rose to $90.1 million. In the first half of fiscal 2027, revenue was $320.4 million and operating cash flow was $115.6 million, versus $72.1 million a year earlier. Free cash flow was about $114.8 million, though working-capital timing and large non-cash charges make durability less certain.

Business strengthIts bank-focused subscription platform has durable customer relationships, but mortgage exposure makes growth less smooth.

Subscription revenue supplied $523.1 million of fiscal 2026 revenue, about 88%, and annual contract value rose 17% to $602.4 million. In the latest quarter, subscription revenue grew 10%, while four large United States customers renewed early and expanded commitments; together they represent more than $900 billion of assets. The bear case is uneven demand: United States mortgage subscription revenue slipped about 1% year over year, while non-mortgage subscription revenue rose 11%. International expansion and automated lending tools are the strongest upside avenues.

What could change the storyUpside needs sustained cash growth and automated-tool adoption; downside comes from more debt, mortgage weakness, or more shares.

Fiscal 2027 guidance calls for revenue of $644-$647 million and free cash flow of $137-$142 million; at the current enterprise value, that implies roughly four times revenue and 18 times cash flow. If delivered, the valuation looks reasonable. However, the latest filing shows $83.6 million of cash against $275.4 million of debt, while goodwill exceeds $1.0 billion. First-half repurchases totaled $175.7 million against $115.6 million of operating cash flow, and stock compensation was $31.9 million. The thesis needs sustained cash growth to offset leverage and dilution risk.

AI: News

Second-quarter resultsSecond-quarter results improved sales, profit, and cash, but investors reacted cautiously to weaker-than-expected per-share earnings.

On August 25, nCino reported second-quarter revenue of $161.0 million, up 8%, subscription revenue of $143.5 million, up 10%, and operating income of $13.6 million versus a $9.3 million loss. Free cash flow reached $34.0 million, up 170%. It guided fiscal 2027 revenue to $644-$647 million and free cash flow to $137-$142 million. Investing.com reported an after-hours decline of about 3.4% after per-share earnings missed consensus; that reaction suggests expectations were demanding, although later price moves cannot be attributed solely to this report.

First-quarter improvementFirst-quarter results showed stronger sales, profit, and cash generation, supporting the case that nCino is becoming more efficient.

On May 27, nCino reported first-quarter revenue of $159.4 million, up 11%, subscription revenue of $140.9 million, up 12%, and operating income of $21.1 million versus a $1.5 million loss. Cash left after costs and investment was $80.8 million, up 54%. The company also repurchased about 6.1 million shares for $93.1 million. These figures strengthened the improving-efficiency story, while debt-funded repurchases made capital allocation more important to the valuation.

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Revenue

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2026

Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2026	2025	2024	2023	2022	2021	2020
Revenue	$594.8M	$540.7M	$476.5M	$408.3M	$273.9M	$204.3M	$138.2M
Gross profit	$360.2M	$324.8M	$285.1M	$238.7M	$162.5M	$116.2M	$74.1M
Gross margin	60.55%	60.07%	59.82%	58.46%	59.32%	56.86%	53.63%
Research & development	$127.5M	$129.4M	$117.3M	$121.6M	$79.4M	$58.3M	$35.3M
Operating expenses	$356.4M	$342.9M	$324.6M	$332.7M	$233.8M	$158.8M	$102.3M
Operating income	$3.7M	−$18.1M	−$39.5M	−$94.0M	−$71.4M	−$42.6M	−$28.2M
Operating margin	0.63%	−3.35%	−8.29%	−23.02%	−26.06%	−20.86%	−20.39%
EBITDA	$46.0M	$18.2M	$5.8M	−$59.4M	−$61.4M	−$35.2M	−$23.6M
EBITDA margin	7.73%	3.37%	1.21%	−14.54%	−22.40%	−17.22%	−17.05%
Net income	$5.2M	−$37.9M	−$42.3M	−$102.7M	−$49.4M	−$40.5M	−$27.6M
Net profit margin	0.87%	−7.01%	−8.89%	−25.16%	−18.05%	−19.84%	−19.97%
Basic EPSper basic share	$0.05	-$0.33	-$0.38	-$0.93	-$0.51	-$0.46	-$0.35
Diluted EPSper diluted share	$0.05	-$0.33	-$0.38	-$0.93	-$0.51	-$0.46	-$0.35

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈8.23%of listed shares

BlackRock, Inc.9.02M shares · Jun 30, 2026

View holders

Top 20 reported holders of NCNO
Holder	% owned
BlackRock, Inc.	≈8.23%9.02M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈7.14%7.83M shares
Senvest Management, LLC	≈6.69%7.33M shares
AQR CAPITAL MANAGEMENT LLC	≈6.48%7.1M shares
BANK OF AMERICA CORP /DE/	≈4.71%5.16M shares
AMERICAN CAPITAL MANAGEMENT INC	≈4.66%5.11M shares
HMI Capital Management, L.P.	≈4.56%4.99M shares
BANK OF MONTREAL /CAN/	≈4.30%4.71M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.07%4.46M shares
Clearbridge Investments, LLC	≈3.57%3.91M shares
Lead Edge Capital Management, LLC	≈3.34%3.66M shares
Long Path Partners LP	≈3.32%3.64M shares
WELLINGTON MANAGEMENT GROUP LLP	≈2.75%3.01M shares
STATE STREET CORP	≈2.65%2.91M shares
GEODE CAPITAL MANAGEMENT, LLC	≈2.47%2.71M shares
DIMENSIONAL FUND ADVISORS LP	≈2.46%2.7M shares
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC	≈2.30%2.52M shares
ALGEBRIS (UK) LTD	≈2.20%2.41M shares
Conestoga Capital Advisors, LLC	≈1.94%2.12M shares
BAMCO INC /NY/	≈1.70%1.87M shares

Percentages use 109.55M shares of this listed class outstanding on May 22, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)360$1.69B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 3, 2026Form 4 · 10b5-1	Desmond SeanCEO & President	SellCommon Stock	8.1K	$16.26	$131.1K	1.26M
May 5, 2026Form 4 · 10b5-1	Sellers JeanetteSVP of Accounting	SellCommon Stock	3.7K	$18.04	$66.7K	50.9K
May 5, 2026Form 4 · 10b5-1	Desmond SeanCEO & President	SellCommon Stock	16.6K	$18.04	$299.3K	1.26M
May 4, 2026Form 4	Sellers JeanetteSVP of Accounting	SellCommon Stock	1.5K	$18.02	$26.8K	54.6K
May 4, 2026Form 4	Rieger AprilChief Lgl. & Admin Ofc., Sec	SellCommon Stock	9.7K	$18.02	$174.7K	383.6K