📊 NCNO Key Takeaways
Is NCNO a Good Investment? Thesis Analysis
nCino demonstrates strong cash generation ($82.6M FCF) and healthy gross margins (60.6%), but is fundamentally unprofitable with net income declining 46.6% YoY despite 10% revenue growth. The massive gap between 60.6% gross margin and 0.6% operating margin indicates severe operating expense control issues, while minimal profitability (0.9% net margin) and tight liquidity (1.0x current ratio) leave no margin for error.
Why Buy NCNO? Key Strengths
- Strong free cash flow generation of $82.6M (13.9% FCF margin) indicating cash-generative business model
- Healthy gross profit margin of 60.6% demonstrates underlying product quality and pricing power typical of software
- No debt burden with $88.4M cash on hand provides financial flexibility and reduces bankruptcy risk
NCNO Investment Risks to Consider
- Net income collapsed 46.6% YoY despite 10% revenue growth, signaling severe negative operating leverage and expense control failure
- Massive profitability gap: 60.6% gross margin but only 0.6% operating margin indicates bloated operating expenses consuming virtually all gross profit
- Abysmal capital efficiency with ROE of 0.5% and ROA of 0.3% demonstrate shareholder value destruction
- Tight liquidity at 1.0x current ratio with only $5.2M net income leaves minimal cushion for operational disruptions
- Unexplained $76.4M annual disconnect between free cash flow and net income raises sustainability and accounting quality concerns
Key Metrics to Watch
- Operating margin trajectory and operating expense ratio as percentage of revenue
- Net income trend - critical indicator of whether profitability decline is temporary or structural
- Free cash flow to net income ratio - monitor if gap persists or narrows
NCNO Financial Metrics
💡 AI Analyst Insight
The current ratio below 1.0x warrants monitoring of short-term liquidity.
NCNO Profitability Ratios
NCNO vs Technology Sector
How nCino, Inc. compares to Technology sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is NCNO Overvalued or Undervalued?
Based on fundamental analysis, nCino, Inc. has mixed fundamental signals relative to the Technology sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
NCNO Balance Sheet & Liquidity
NCNO 5-Year Financial Trend & Growth Analysis
5-Year Trend Summary: nCino, Inc.'s revenue has grown significantly by 117% over the 5-year period, indicating strong business expansion. The most recent EPS of $-0.38 indicates the company is currently unprofitable.
NCNO Growth Metrics (YoY)
NCNO Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2026 | $138.8M | -$3.2M | $-0.03 |
| Q2 2026 | $132.4M | -$9.7M | $-0.08 |
| Q1 2026 | $128.1M | -$3.0M | $-0.03 |
| Q3 2025 | $121.9M | -$5.3M | $-0.05 |
| Q2 2025 | $117.2M | -$11.0M | $-0.10 |
| Q1 2025 | $113.7M | -$3.0M | $-0.03 |
| Q3 2024 | $105.3M | -$16.4M | $-0.15 |
| Q2 2024 | $99.6M | -$15.9M | $-0.14 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
NCNO Capital Allocation
NCNO SEC 10-K & 10-Q Filing Analysis
Access official SEC EDGAR filings for nCino, Inc. (CIK: 0001902733)
📋 Recent SEC Filings
| Date | Form | Document | Action |
|---|---|---|---|
| Apr 8, 2026 | 4 | xslF345X06/wk-form4_1775680314.xml | View → |
| Apr 3, 2026 | 4 | xslF345X06/wk-form4_1775252642.xml | View → |
| Apr 3, 2026 | 4 | xslF345X06/wk-form4_1775252595.xml | View → |
| Apr 3, 2026 | 4 | xslF345X06/wk-form4_1775252556.xml | View → |
| Apr 3, 2026 | 4 | xslF345X06/wk-form4_1775252497.xml | View → |
❓ Frequently Asked Questions about NCNO
What is the AI rating for NCNO?
nCino, Inc. (NCNO) has an AI rating of SELL with 75% confidence, based on fundamental analysis of SEC EDGAR filings.
What are NCNO's key strengths?
Claude: Strong free cash flow generation of $82.6M (13.9% FCF margin) indicating cash-generative business model. Healthy gross profit margin of 60.6% demonstrates underlying product quality and pricing power typical of software.
What are the risks of investing in NCNO?
Claude: Net income collapsed 46.6% YoY despite 10% revenue growth, signaling severe negative operating leverage and expense control failure. Massive profitability gap: 60.6% gross margin but only 0.6% operating margin indicates bloated operating expenses consuming virtually all gross profit.
What is NCNO's revenue and growth?
nCino, Inc. reported revenue of $594.8M.
Does NCNO pay dividends?
nCino, Inc. does not currently pay dividends.
Where can I find NCNO SEC filings?
Official SEC filings for nCino, Inc. (CIK: 0001902733) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is NCNO's EPS?
nCino, Inc. has a diluted EPS of $0.05.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is NCNO a good stock to buy right now?
Based on our AI fundamental analysis in April 2026, nCino, Inc. has a SELL rating with 75% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is NCNO stock overvalued or undervalued?
Valuation metrics for NCNO: ROE of 0.5% (sector avg: 22%), net margin of 0.9% (sector avg: 18%). Compare these metrics with sector averages to assess valuation.
Should I buy NCNO stock in 2026?
Our dual AI analysis gives nCino, Inc. a combined SELL rating for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is NCNO's free cash flow?
nCino, Inc.'s operating cash flow is $90.1M, with capital expenditures of $7.5M. FCF margin is 13.9%.
How does NCNO compare to other Technology stocks?
Vs Technology sector averages: Net margin 0.9% (avg: 18%), ROE 0.5% (avg: 22%), current ratio 1.00 (avg: 2.5).