undamentalytics Newsletter
Sign in

Ncino, Inc. (NCNO) stock

Add to watchlist

Add holding +

NASDAQ: NCNO Nasdaq Application Software Next results ~December 2, 2026

C+ Fundamentals grade

Ncino, Inc. is a US-listed company in the application software industry. Its financial year ends in January.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 88% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 88% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Ncino, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 42 sales by directors and officers, last 12 monthsInsider trades
  • Funds175 adding, 150 cuttingOf 59 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ncino files

Where Ncino stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $622m, up 8.6% on a year earlier, slower than the 9.6% growth a quarter earlier. Free-cash-flow margin rose to 21.2% from 10.5% a year earlier. Operating margin widened to 7.9% from -3.0%. The diluted share count is down 4.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 6 financial-health checks.

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

Source: 10-Q filed August 25, 2026 on SEC EDGAR · Financials · Valuation

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

Next results ~December 2, 2026 (estimated)

Ncino, Inc.'s trailing-twelve-month revenue grew 8.6% year on year, with a free-cash-flow margin of 21.2%. Where it stands out: change in share count of -4.9% ranks 14 of 163 application software companies we cover.

Our discounted-cash-flow model values the business at ~$7.4 per share in the base case (~$5.1–$11 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 8.6% (-1.0pp vs the prior quarter), the 6th consecutive quarterly slowdown.

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

  • Margins widening. Operating margin is up 10.9 points on a year ago.
  • Strong cash generation. 21.2% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 4.9% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.7% over 90 days.

Things to watch

  • High earnings multiple. The shares trade at 76 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 0.7 against the S&P 500.
  • Heavily shorted. 18.1% of the shares available to trade are sold short (9.0 days of average volume to cover).

Latest results: FY2027 Q2

Filed August 25, 2026
Earnings per share
$0.26 against an average estimate of $0.27: missed by 3.4%
Revenue
$161m, up 8.2% on a year earlier
Share reaction
+2.7% in the first session after the results on August 25, 2026, against +0.3% for the S&P 500
Guidance given
total revenues $161.25m to $163.25m (third quarter ending October 31, 2026); subscription revenues $143.25m to $145.25m (third quarter ending October 31, 2026)
Next report
August 25, 2026; average EPS estimate $0.33

Ncino's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.1%
  • 1 week-1.1%
  • 1 month+24.0%
  • This year-9.7%
  • 1 year-13.2%
  • 5 years-69.6%
  • 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)
$622M
Operating margin
7.9%
Net margin
5.4%
EPS (TTM, diluted)
$0.31

Growth

Revenue growth
+8.6%
Change in growth rate
−1.0 pts
Share count change
−4.9%

Cash

Free cash flow (TTM)
$132M
FCF margin
21.2%
Stock pay % of revenue
11.5%

Earnings

Last results
August 25, 2026
Next results (est.)
December 2, 2026

News & updates

Updated October 31, 2026

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

  1. Results
  2. Guidance

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

Ncino, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 88% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Ncino, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.22 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$22 ~$18–$37 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.3 ~$0.1–$0.7 Left out: out of range vs price (0.01x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ncino, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202120222023202420252026Now
Share price$71.70$45.83$28.60$31.48$34.01$21.35$23.16
Market value$6.3bn$4.4bn$3.2bn$3.5bn$3.9bn$2.4bn$2.5bn
+ Net debt (− = net cash)−$371m−$88m−$82m−$112m−$121m−$88m$193m
Enterprise value$5.9bn$4.3bn$3.1bn$3.4bn$3.8bn$2.4bn$2.7bn
Multiples
Price / sales 30.8x16.2x7.7x7.4x7.2x4.1x4.1x
Price / earnings —————n/m75.9x
Price / free cash flow n/m——66.0x73.4x29.6x19.3x
EV / EBITDA ———n/mn/m51.2x37.9x

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

39 /100

Weak moat

How hard Ncino's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -2.1% of total assets over 5 years.

  • Pricing power 20 / 20

    Gross margin has been a median 60.0%, moving by 1.2 percentage points (standard deviation) across 5 years.

  • Durability 10 / 20

    Operating margin has been a median -5.5%; its worst year was -28.0%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 4 of 5 years, at a median 10.5% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (54 before it).

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

Fiscal yearEPSGrowthRevenueGrowth
Current $1.30 +22% $646m +9%
Next $1.58 +21% $701m +9%

Next year's EPS estimate has moved +5.7% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.8% on 90 days ago. In the last 30 days, 12 analysts raised Ncino, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Ncino, Inc., last 90 days
$1.20 $1.30 $1.40 $1.50 $1.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.25 Current fiscal year, 60 days ago: $1.30 Current fiscal year, 30 days ago: $1.30 Current fiscal year, 7 days ago: $1.30 Current fiscal year, Now: $1.30 $1.30 Next fiscal year, 90 days ago: $1.49 Next fiscal year, 60 days ago: $1.58 Next fiscal year, 30 days ago: $1.58 Next fiscal year, 7 days ago: $1.58 Next fiscal year, Now: $1.58 $1.58

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.25$1.49
60 days ago $1.30$1.58
30 days ago $1.30$1.58
7 days ago $1.30$1.58
Now $1.30$1.58

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.27 $0.26 −3.4%
Apr 2026 $0.28 $0.34 +23.9%
Jan 2026 $0.21 $0.37 +72.2%
Oct 2025 $0.21 $0.31 +49.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 25, 2026
  • Total revenues fiscal year 2027 ending January 31, 2027 $644m to $647m
    “Total revenues between $644.0 million and $647.0 million.” source
  • Total revenues third quarter ending October 31, 2026 $161m to $163m
    “Total revenues between $161.25 million and $163.25 million.” source
  • Subscription revenues fiscal year 2027 ending January 31, 2027 $574m to $577m
    “Subscription revenues between $573.5 million and $576.5 million.” source
  • Non-GAAP operating income fiscal year 2027 ending January 31, 2027 $171m to $174m Non-GAAP
    “Non-GAAP operating income between $171.0 million and $174.0 million.” source
  • Free Cash Flow fiscal year 2027 ending January 31, 2027 $137m to $142m
    “Free Cash Flow between $137.0 million and $142.0 million.” source
  • Annual Contract Value (ACV) at period end fiscal year 2027 ending January 31, 2027 $663m to $668m
    “Annual Contract Value (ACV) at period end between $662.5 million and $667.5 million.” source
Show 2 more items
  • Subscription revenues third quarter ending October 31, 2026 $143m to $145m
    “Subscription revenues between $143.25 million and $145.25 million.” source
  • Non-GAAP operating income third quarter ending October 31, 2026 $42m to $44m Non-GAAP
    “Non-GAAP operating income between $42.0 million and $44.0 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

15 analysts, Oct 2026
Buy1173%
Hold427%
Sell00%

Monthly trend

  1. Oct 202665415
  2. Sep 202664414
  3. Aug 202664414

Counts of recommendations published by analysts covering Ncino, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
18.1%
of tradable shares
Days to cover
9.01
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.3%
of shares
Employees
1,684
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

What moved the share price

Last 12 months −13.2%

$26.68 on October 31, 2025 to $23.16

ThenNowEffect
Revenue (last 12 months) $573m $622m +8.6%
P/S multiple 5.4x 4.1x −24.0%
Share count 116m 110m +5.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −21.7%

$29.57 on November 3, 2023 to $23.16

ThenNowEffect
Revenue (last 12 months) $445m $622m +39.7%
P/S multiple 7.4x 4.1x −44.7%
Share count 112m 110m +1.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NCNO−24%−52%+27%−0%−24%−10%
Industry peers (median)−7%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NCNO25%33%50%58%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NCNO−42%−58%−31%−22%−38%−45%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since July 14, 2020: 86% from September 1, 2020 to March 27, 2026. Getting back needed a 600% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$14.01 – $26.75
From 52-week high
−13.4%
vs 50-day average
+9.7%
vs 200-day average
+26.7%
Volatility (1 year)
50%
Beta vs S&P 500
0.69

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.

Share price after results

Next day
5 up, 7 down
typical move ±9.0%
After a week
7 up, 5 down
typical move ±9.3%
After a month
6 up, 6 down
typical move ±8.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 25, 2026 +2.7% +0.3% +6.4% −4.7%
May 27, 2026 +4.1% +0.5% +4.3% +2.6%
March 31, 2026 +14.9% +3.7% +23.0% +21.2%
December 3, 2025 −0.4% +0.4% +5.8% +0.2%
August 26, 2025 +15.2% +0.6% +7.9% −0.8%
May 28, 2025 −2.4% −0.2% +0.9% +2.5%
April 1, 2025 −17.8% +0.9% −19.7% −16.7%
December 4, 2024 −10.2% +0.5% −12.3% −17.7%
August 27, 2024 −14.2% −0.4% −12.9% −10.9%
May 29, 2024 −1.3% −1.4% −2.9% +3.1%
March 26, 2024 +18.0% +0.7% +15.3% −2.1%
November 29, 2023 −7.1% +0.3% −0.5% +13.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Ncino, Inc. in five measures

Fundamentals grade C+
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) Ncino, Inc.
$450M $500M $550M $600M $650M FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $462M Revenue (TTM), FY24 Q4: $476.5M Revenue (TTM), FY25 Q1: $491M Revenue (TTM), FY25 Q2: $506.1M Revenue (TTM), FY25 Q3: $523M Revenue (TTM), FY25 Q4: $540.7M Revenue (TTM), FY26 Q1: $556.7M Revenue (TTM), FY26 Q2: $573.1M Revenue (TTM), FY26 Q3: $586.5M Revenue (TTM), FY26 Q4: $594.8M Revenue (TTM), FY27 Q1: $610.1M Revenue (TTM), FY27 Q2: $622.2M $622.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $462M
FY24 Q4 $476.5M
FY25 Q1 $491M
FY25 Q2 $506.1M
FY25 Q3 $523M
FY25 Q4 $540.7M
FY26 Q1 $556.7M
FY26 Q2 $573.1M
FY26 Q3 $586.5M
FY26 Q4 $594.8M
FY27 Q1 $610.1M
FY27 Q2 $622.2M
Revenue growth, TTM YoY Ncino, Inc.
5% 10% 15% 20% 25% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 23.5% Revenue growth, TTM YoY, FY24 Q4: 16.7% Revenue growth, TTM YoY, FY25 Q1: 14.8% Revenue growth, TTM YoY, FY25 Q2: 13.6% Revenue growth, TTM YoY, FY25 Q3: 13.2% Revenue growth, TTM YoY, FY25 Q4: 13.5% Revenue growth, TTM YoY, FY26 Q1: 13.4% Revenue growth, TTM YoY, FY26 Q2: 13.2% Revenue growth, TTM YoY, FY26 Q3: 12.1% Revenue growth, TTM YoY, FY26 Q4: 10.0% Revenue growth, TTM YoY, FY27 Q1: 9.6% Revenue growth, TTM YoY, FY27 Q2: 8.6% 8.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 23.5%
FY24 Q4 16.7%
FY25 Q1 14.8%
FY25 Q2 13.6%
FY25 Q3 13.2%
FY25 Q4 13.5%
FY26 Q1 13.4%
FY26 Q2 13.2%
FY26 Q3 12.1%
FY26 Q4 10.0%
FY27 Q1 9.6%
FY27 Q2 8.6%
Operating margin (TTM) Ncino, Inc.
-20% -10% 0% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: -12.9% Operating margin (TTM), FY24 Q4: -8.3% Operating margin (TTM), FY25 Q1: -7.0% Operating margin (TTM), FY25 Q2: -5.5% Operating margin (TTM), FY25 Q3: -3.0% Operating margin (TTM), FY25 Q4: -3.4% Operating margin (TTM), FY26 Q1: -2.9% Operating margin (TTM), FY26 Q2: -3.0% Operating margin (TTM), FY26 Q3: -0.8% Operating margin (TTM), FY26 Q4: 0.6% Operating margin (TTM), FY27 Q1: 4.3% Operating margin (TTM), FY27 Q2: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 -12.9%
FY24 Q4 -8.3%
FY25 Q1 -7.0%
FY25 Q2 -5.5%
FY25 Q3 -3.0%
FY25 Q4 -3.4%
FY26 Q1 -2.9%
FY26 Q2 -3.0%
FY26 Q3 -0.8%
FY26 Q4 0.6%
FY27 Q1 4.3%
FY27 Q2 7.9%
FCF margin (TTM) Ncino, Inc.
0% 10% 20% 30% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 4.2% FCF margin (TTM), FY24 Q4: 11.3% FCF margin (TTM), FY25 Q1: 15.9% FCF margin (TTM), FY25 Q2: 14.2% FCF margin (TTM), FY25 Q3: 13.7% FCF margin (TTM), FY25 Q4: 9.9% FCF margin (TTM), FY26 Q1: 9.3% FCF margin (TTM), FY26 Q2: 10.5% FCF margin (TTM), FY26 Q3: 10.2% FCF margin (TTM), FY26 Q4: 13.9% FCF margin (TTM), FY27 Q1: 18.2% FCF margin (TTM), FY27 Q2: 21.2% 21.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 4.2%
FY24 Q4 11.3%
FY25 Q1 15.9%
FY25 Q2 14.2%
FY25 Q3 13.7%
FY25 Q4 9.9%
FY26 Q1 9.3%
FY26 Q2 10.5%
FY26 Q3 10.2%
FY26 Q4 13.9%
FY27 Q1 18.2%
FY27 Q2 21.2%

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

Where the money goes

FY2026, from the 10-K

Each dollar Ncino took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $595M
  2. Cost of revenue $235M · 39.4%
  3. Gross profit $360M · 60.6%
  4. Research and development $128M · 21.4%
  5. Selling, general and admin $229M · 38.5%
  6. Operating income $3.7M · 0.6%
  7. Net income $5.2M · 0.9%

Shares of revenue. Source: Ncino's 10-K for FY2026, as filed with the SEC.

Financial statements

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

Fiscal year 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 138 204 274 408 477 541 595 622
Gross profit 74 116 162 239 285 325 360 387
EBITDA −24 −35 −61 −59 6 18 46 72
Operating income −28 −43 −71 −94 −40 −18 4 49
Net income −28 −41 −49 −103 −42 −38 5 34
Diluted EPS −$0.35 −$0.46 −$0.51 −$0.93 −$0.38 −$0.33 $0.05 $0.31
Growth (year on year)
Revenue — +47.8% +34.1% +49.1% +16.7% +13.5% +10.0% +8.6%
EBITDA — — — — — — +152.5% —
Margins
Gross margin 53.6% 56.9% 59.3% 58.5% 59.8% 60.1% 60.6% 62.2%
EBITDA margin −17.1% −17.2% −22.4% −14.5% 1.2% 3.4% 7.7% 11.6%
Operating margin −20.4% −20.9% −26.1% −23.0% −8.3% −3.4% 0.6% 7.9%
Net margin −20.0% −19.8% −18.1% −25.2% −8.9% −7.0% 0.9% 5.4%
Free-cash-flow margin −10.7% 2.4% −9.0% −8.3% 11.3% 9.9% 13.9% 21.2%
Cash flow
Cash from operations −9 9 −19 −15 57 55 90 134
Capital spending 6 4 5 18 4 2 8 1
Free cash flow −15 5 −25 −34 54 53 83 132
Stock-based pay 6 25 28 50 58 72 74 71
Free cash flow after stock pay −21 −20 −53 −84 −4 −18 9 61
Balance sheet
Cash 91 371 88 82 112 121 88 83
Total debt 0 — — — — — — 276
Net debt (negative = net cash) −91 −371 −88 −82 −112 −121 −88 193
Diluted shares 78m 88m 97m 111m 113m 115m 114m 110m
Returned to shareholders
Buybacks — — — — 0 0 125 240
Total returned — — — — 0 0 125 240

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 6 checks passed · July 31, 2026
What it owns · $1.6bn
Short-term assets $243mLonger-term assets $1.3bn
What it owes, and who funded it · $1.6bn
Short-term liabilities $287mLonger-term liabilities $340mShareholders' equity $930m
  • Short-term assets cover short-term liabilities $243m of assets due within a year against $287m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $243m short-term assets against $340m of longer-dated liabilities.
  • More cash than debt $83m of cash against $275m of debt.
  • Debt below 40% of shareholders' equity Debt is 30% of equity.
  • 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 $134m of operating cash flow against $275m of debt.
  • Operating profit covers interest at least five times over Operating income of $49m against $18m of interest.

From Ncino, 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

FY2027 Q2 TTM
Buybacks (TTM)
$240M
Returned to shareholders
182%
of free cash flow
Buybacks, last 3 fiscal years
$125M
Diluted share count
−4.9%
year over year
Total shareholder yield
9.9%
dividends 0.0% + buybacks 9.9% of market value
R&D spending
19.2%
of revenue
Days sales outstanding
72 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated NCNO BTDR YB APPS INTA FROG Median
Revenue, last 12 months $622m $620m $609m $600m $600m $600m $482m
Revenue growth, last 12 months 8.6% 77.3% 33.3% 19.2% 14.4% 26.4% 12.0%
Revenue growth, 3-year average 11.8% — — −1.3% 17.2% 24.3% 11.1%
Revenue growth, latest quarter 8.2% — — 26.8% 16.0% 28.7% 11.9%
Gross margin 62.2% 9.8% 96.2% 57.3% 76.6% 77.9% 69.2%
Operating margin 7.9% 25.8% — 10.3% −4.5% −11.5% 1.1%
Operating margin, 3-year average −0.2% — — −24.3% −5.6% −17.1% −0.8%
Net margin 5.4% 10.6% 29.9% −5.8% −4.7% −7.3% 2.1%
Cash from operations / revenue 21.5% — 34.2% 8.5% 26.9% 29.4% 18.2%
Free-cash-flow margin 21.2% — 33.8% 0.9% 26.6% 28.3% 15.0%
Free-cash-flow margin, 3-year average 15.3% — — −3.8% 21.8% 26.9% 16.2%
Stock pay / revenue 11.5% 6.2% 1.7% 2.1% 21.0% 26.8% 9.3%
Change in share count −4.9% 70.5% 5.4% 11.1% −2.5% 5.9% 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 8.6% 12.0% 112 of 184
Change in growth rate Growth -1.0pp +0.2pp 124 of 184
Gross margin Profitability 62.2% 69.8% 102 of 160
Operating margin Profitability 7.9% 1.1% 68 of 181
Net margin Profitability 5.4% 2.1% 77 of 185
Free-cash-flow margin Cash generation 21.2% 15.2% 70 of 180
Stock pay as % of revenue Cash generation 11.5% 9.3% 105 of 177
Long-term debt as % of assets Balance sheet 16.9% 16.9% 51 of 98
Change in share count Balance sheet -4.9% 1.7% 14 of 163
Days sales outstanding Balance sheet 72 days 57 days 109 of 162

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

Where the revenue comes from

Fiscal year to January 31, 2026
Products and services
Line of business Revenue Share YoY
Licenses and services $523M 88.0% ▲ 11.5%
Professional Services $71.6M 12.0% ▲ 0.2%
Geography
Region Revenue Share YoY
United States $463M 77.9% ▲ 9.1%
Outside the US $132M 22.1% ▲ 13.2%
United Kingdom $72.8M 55.3% ▲ 28.7%
Other Geographic Regions $58.8M 44.7% ▼ 1.6%

From Ncino, Inc.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.1B
Institutions reporting
286
Shares held vs prior quarter
▲ 5.8%
Positions opened / closed
71 / 65

Top buyers and sellers, Q2 2026: 175 institutions bought and 150 sold ; the biggest buyer was AQR Capital Management LLC (+4.7M shares) and the biggest seller Hawk Ridge Capital Management LP (−4.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $147M 9.0M 7.1% ▲ 59.9%
Vanguard Portfolio Management LLC $128M 7.8M 6.1% ▲ 12.5%
Senvest Management, LLC $120M 7.3M 5.7% ▲ 38.0%
AQR Capital Management LLC $112M 7.1M 5.4% ▲ 189.6%
Bank Of America Corp $84.3M 5.2M 4.0% ▲ 418.9%
American Capital Management Inc $83.5M 5.1M 4.0% ▲ 115.0%
Hmi Capital Management, L.P. $81.6M 5.0M 3.9% ▼ 26.4%
Bank Of Montreal $77M 4.7M 3.7% ▲ 182.7%
Vanguard Capital Management LLC $73M 4.5M 3.5% ▼ 5.5%
Clearbridge Investments, LLC $64M 3.9M 3.1% ▲ 85.2%
Lead Edge Capital Management, LLC $59.9M 3.7M 2.9% ▲ 117.0%
Long Path Partners LP $59.5M 3.6M 2.8% ▼ 17.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ncino, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $8M 42 trades by 5 insiders · 42% under pre-set plans
Net ▼ $8M net selling
Insider Date Trade Shares Price Value
Desmond Sean CEO & President October 9, 2026 Sell pre-set plan 43,992 $19.90 $875,441
Desmond Sean CEO & President October 5, 2026 Sell pre-set plan 8,064 $18.69 $150,716
Rieger April Chief Lgl. & Admin Ofc., Sec September 15, 2026 Sell 6,098 $21.98 $134,034
Desmond Sean CEO & President September 3, 2026 Sell pre-set plan 8,064 $23.66 $190,794
Sellers Jeanette SVP of Accounting August 27, 2026 Sell 690 $22.71 $15,670
Desmond Sean CEO & President August 5, 2026 Sell pre-set plan 11,815 $19.53 $230,747
Sellers Jeanette SVP of Accounting August 5, 2026 Sell pre-set plan 1,536 $19.53 $29,998
Desmond Sean CEO & President August 4, 2026 Sell pre-set plan 28,675 $19.22 $551,134
Naude Pierre Director August 4, 2026 Sell 4,677 $19.22 $89,892
Orenstein Gregory CFO & Treasurer August 4, 2026 Sell 11,780 $19.22 $226,412
Rieger April Chief Lgl. & Admin Ofc., Sec August 4, 2026 Sell 7,852 $19.22 $150,915
Sellers Jeanette SVP of Accounting August 4, 2026 Sell pre-set plan 887 $19.22 $17,048

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

Next expected around December 2, 2026 estimated from the company's past filing pattern, not announced

  • August 25, 2026
  • May 27, 2026
  • March 31, 2026
  • December 3, 2025
  • August 26, 2025
  • May 28, 2025

Recent SEC filings

Data status

When each part of this page on Ncino, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
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.

Ncino, Inc. in brief

What does Ncino, Inc. do?
Ncino, Inc. is a US-listed company in the application software industry. Its financial year ends in January.
What is Ncino, Inc.'s stock ticker?
Ncino, Inc. trades under the ticker NCNO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ncino, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ncino, Inc. reported revenue of $622M, 8.6% higher than a year earlier, according to its SEC filings.
What is Ncino, Inc.'s free cash flow?
Ncino, Inc.'s free-cash-flow margin is 21.2% of revenue over the trailing twelve months, ranking 70 of the 180 application software companies we cover.
Who are Ncino, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Senvest Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Ncino, Inc. buying back stock, and does it pay a dividend?
Ncino, Inc. spent $240M on share repurchases over the trailing twelve months, and its diluted share count fell 4.9% over the year.
What is Ncino, Inc.'s market cap?
On November 2, 2026, Ncino, Inc.'s market capitalisation was about $2.5B, with a price-to-earnings ratio of 75.9 and net debt of $193M. Market figures come from third-party market data and may be delayed.
How much debt does Ncino, Inc. have?
Ncino, Inc.'s debt-to-equity ratio is 29.6%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Ncino, Inc.'s competitors?
In our Application Software peer group, the companies closest to Ncino, Inc. are Bitdeer Technologies Group, Yuanbao Inc., Digital Turbine, Inc., Intapp, Inc. and Jfrog Ltd. The side-by-side comparison below sets their revenue, margins and growth against Ncino, Inc.'s.
Are insiders buying or selling Ncino, Inc. stock?
Over the last 12 months, Ncino, Inc.'s directors and officers reported 0 open-market purchases and 42 sales on Form 4. The insider trading page charts every trade.
When is Ncino, Inc.'s next earnings date?
Around December 2, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ncino, Inc. announces its own schedule.