nCino (NCNO) Stock Fundamentals, Analysis & Risk Signals

Health score, competitive moat, risk signals, and key metrics at a glance.

NasdaqGS•Technology•Software - Application

GoodMetricSide Score: 73/100

ProfitabilityProfit13/25

GrowthGrowth21/25

Balance Sheet & Red FlagsBalance17/25

Cash & Earnings QualityCash22/25

Strongest: Cash & Earnings Quality (22/25); weakest: Profitability (13/25).

Price & Volume

Market Cap $2.08B

nCino, Inc., a software-as-a-service company, provides software solutions to financial institutions in the United States, the United Kingdom, and internationally. It offers solutions on the nCino Platform, including an Onboarding solution that streamlines and enhances the customer onboarding process through a digital platform for credit and non-credit onboarding, commercial account opening, and enterprise-level onboarding; and an Account Opening solution, which includes a Deposit Account Opening solution for consumers and small businesses. The company also provides Lending, which provides a loan origination platform for commercial, consumer, small business, and mortgage lending, such as the Commercial Loan Origination System that automates the loan lifecycle; Consumer Lending solution, which offers an omnichannel solution with automated credit decisioning and integrations; and Small Business Loan Origination solution for automation and machine learning. In addition, it offers Credit Monitoring, manages credit risks, monitors performance, and uncovers growth opportunities through a data-driven platform; Portfolio Analytics solution, which offers customizable dashboards to track loan, deposit, and application data; and Integration & Intelligence, provides integration capabilities to connect core banking systems, fintech applications, and third-party services via open APIs and a partner marketplace. The company serves global, enterprise, regional, and community banks, credit unions, challenger banks, and independent mortgage banks, business development managers, account executives, field sales engineers, and customer success managers. nCino, Inc. was founded in 2011 and is headquartered in Wilmington, North Carolina.

Moat Signals

Competitive analysis based on 18 quarters of fundamental data

Pricing Power

Weak Moat

Operating margins are under pressure, averaging 0.6%. The business may lack pricing power or face rising costs.'

Competitive Advantage

Weak Moat

ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.

Risk Signals

Data-driven red flags and warnings across 18 quarters

Some Concerns

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Leverage Risk

Healthy

Limited debt-to-equity data available.

Revenue Decline

Healthy

Revenue is stable or growing over recent quarters — demand appears durable.

Cash Burn

Healthy

Free cash flow is consistently positive — the business self-funds without external capital reliance.

Share Dilution

Healthy

Shares decreased 5.8% — net buybacks are reducing shares outstanding and boosting per-share value.

Metrics at a Glance

as of April 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $610.06M
Q. Revenue: $159.41M
TTM EBITDA: $89.28M
TTM Op. Income: $26.36M
Q. Op. Income: $21.12M
TTM Net Income: $13.26M
Q. Net Income: $13.64M
EPS: $0.13
Shares Out.: $108.50M

$610.06M in TTM revenue grew 9.6% YoY, reaching $159.41M last quarter. TTM EBITDA of $89.28M and TTM operating income of $26.36M shows growth is flowing through. Net income of $13.26M TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — a improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 63.3%
EBITDA Margin: 19.6%
Op. Margin: 13.2%
Net Margin: 8.6%

Op. margin of 13.2% is up 14.3% YoY — cost efficiency is improving. Net margin at 8.6% and gross margin of 63.3% — earnings take a bigger bite when COGS stays lean.. Over the past year, Operating margin is up 1362% — a improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 157.1x
P/S Ratio: 3.4x
P/B Ratio: 2.1x

At 157.1x P/E, the stock trades at a premium — the market expects above-average growth. P/S of 3.4x and P/B of 2.1x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory. Over the past year, P/E is up 0% — a improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.61B
Cash: $102.81M
Long-Term Debt: $253.01M
Book Value: $970.36M
D/E Ratio: 0.3
Debt/EBITDA: 8.1

With $1.61B in assets and $253.01M in long-term debt, the D/E of 0.3and book value of $970.36M — shows a conservative capital structure — the company has a strong financial cushion to weather downturns.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $81.41M
TTM Free Cash Flow: $110.75M
FCF Margin: 18.2%
FCF / Net Income: 8.4

TTM FCF of $110.75M on $81.41M in operating cash flow. The FCF / Net Income ratio of 8.4x means earnings are well backed by actual cash — high-quality earnings. Across the last 8 quarters, Free cash flow has risen for 2 consecutive quarters — a improving trend.