NCNO
nCino, Inc.
NCNO's fundamentals are strong: its operating margin went from −3% to 7.9% and it turned 21% of its revenue into free cash flow. Its PE isn't a useful guide right now because of how its recent earnings were reported.
NCNO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Stable |
NCNO's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
NCNO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 15x | $22.36 | — |
| Cheap | 72x | $21.56 | -3.6% |
| Current | 75x | $22.36 | — |
| Fair | 133x | $40.02 | +79% |
| Expensive | 333x | $99.88 | +347% |
Historical ranges are pointers, not guarantees.
NCNO's PE is 75x, but its earnings don't support one, so it isn't a reliable read right now.
NCNO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for NCNO, with profitability improving.
NCNO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.51 | +405% |
| Q3 2026 | $0.30 | +$0.58 |
| Q2 2026 | $0.12 | +$0.37 |
| Q1 2026 | $0.05 | +$0.38 |
| Q4 2025 | -$0.17 | $0.00 |
| Q3 2025 | -$0.28 | -$0.01 |
| Q2 2025 | -$0.25 | +$0.06 |
| Q1 2025 | -$0.33 | +$0.05 |
| Q4 2024 | -$0.17 | +$0.41 |
NCNO has returned to profit: it earned $0.30 per share over the past year, after losing money the year before.
NCNO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $161M | +8.2% |
| Q2 2026 | $159.4M | +11% |
| Q1 2026 | $149.7M | +5.9% |
| Q4 2025 | $152.2M | +9.6% |
| Q3 2025 | $148.8M | +12% |
| Q2 2025 | $144.1M | +13% |
| Q1 2025 | $141.4M | +14% |
| Q4 2024 | $138.8M | +14% |
NCNO's revenue has grown year over year every quarter since late 2020: $161M last quarter, up 8.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.5% | +15 points |
| Q2 2026 | 13% | +14 points |
| Q1 2026 | 1.9% | +5.9 points |
| Q4 2025 | 7.7% | +8.3 points |
| Q3 2025 | -6.3% | -0.3 points |
| Q2 2025 | -1.1% | +1.8 points |
| Q1 2025 | -4.1% | -1.5 points |
| Q4 2024 | -0.6% | +10 points |
NCNO's operating margin was 8.5% last quarter, up 15 points from the same quarter a year ago, near the top of its range since 2019.
NCNO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $34M | +170% |
| Q2 2026 | $80.8M | +54% |
| Q1 2026 | $12.5M | +$22.8M |
| Q4 2025 | $4.9M | -3.9% |
| Q3 2025 | $12.6M | +176% |
| Q2 2025 | $52.6M | -2.8% |
| Q1 2025 | -$10.4M | -234% |
| Q4 2024 | $5.1M | -2.9% |
NCNO generated $132M in free cash flow over the past year, up 121% from the year before.
NCNO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -3.7% | -4.1M shares |
| 1 year | -8.6% | -9.9M shares |
| 3 years | -6.3% | -7M shares |
| 5 years | +10% | +9.7M shares |
| Available history | +18% | +15.7M shares |
NCNO has 105M diluted shares, down 8.6% from a year ago, with $240M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $65.6M |
| Q2 2026 | $110.1M |
| Q1 2026 | $25M |
| Q4 2025 | $39.5M |
| Q3 2025 | $20M |
| Q2 2025 | $40.6M |
| Q1 2022 | — |
| Q4 2021 | — |
NCNO spent $240M buying back its own shares over the past year.
NCNO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.4x | Moderate |
| Q1 2026 | 2.7x | Moderate |
| Q4 2025 | 3.1x | Elevated |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 3.3x | Elevated |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | -5.0x | Net Cash |
NCNO's net debt is about 2.1 years of its operating earnings (EBITDA), down from 3.5 years a year ago.
NCNO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.1 | Neutral |
| Stochastic | 77.0 | Neutral |
NCNO's weekly RSI is 58 (neutral) and its Stochastic is 77 (neutral).
NCNO PE vs Technology Sector
| Metric | NCNO | Sector median | Relative |
|---|---|---|---|
| PE | 75x | 28x | 168% above |
| PE % | 19 | 37 | 18 pts below |
NCNO is trading at 75x earnings, a 168% premium to the Technology sector's median of 28x, though its earnings don't support one.
NCNO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $21.2 | 5.7% above |
| 20 week MA | $20.3 | 10% above |
| 50 week MA | $19.4 | 15% above |
| 100 week MA | $23.8 | 6.2% below |
| 200 week MA | $27.2 | 18% below |
NCNO has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 18% below its 200-week average.
NCNO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $74.0 | $78.7 | +6.3% |
| 2021 | $78.7 | $57.0 | -28% |
| 2022 | $57.0 | $25.9 | -55% |
| 2023 | $25.9 | $33.6 | +30% |
| 2024 | $33.6 | $34.4 | +2.4% |
| 2025 | $34.4 | $26.3 | -24% |
| 2026 YTD | $26.3 | $22.4 | -15% |
NCNO has finished lower in three of the last six years. It's down 15% so far in 2026.