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Sells cloud software that banks and credit unions use for loan origination, account opening and compliance workflows.
Sells cloud software that banks and credit unions use for loan origination, account opening and compliance workflows.
Sells multi-year subscriptions, so most revenue recurs, with a smaller layer of implementation and consulting fees when a bank first installs it. The platform was built on Salesforce's technology, and its 2022 purchase of SimpleNexus added mortgage lending on mobile devices.
Moat: narrow (switching costs, installed base, regulatory licence). Deeply embedded, compliance-critical bank workflow software is costly and risky for banks to replace.
Headquarters: Wilmington, North Carolina, United States · Founded: 2011 · Employees: 1,684
Size nCino (NCNO) is a United States Information Technology company (Packaged Software) with a market value of $2.40B, the 1685th largest of 3,117 United States companies the cockpit tracks. Shares closed at $22.67 on 6 Nov 2026.
Performance Over six months the shares gained 27.7%, against +10.2% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +17.5%); the operating margin is 8.8% (peer median 6.5%).
Valuation It trades at 15.8× forward earnings against a peer median of 21.6× (7th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.8 points below its cost of capital (8.3% WACC).
Backlog Backlog (remaining performance obligations) was $1.40B at 31 Jul 2026, up 17% on a year earlier — 2.2 years of trailing revenue. Backlog detail →
Short interest Short interest is 17.8% of the free float (15 Oct 2026).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $622M | $595M | $541M | $477M | $408M |
| Revenue growth | — | +10% | +13% | +17% | — |
| Gross profit | $368M | $341M | $308M | $259M | $223M |
| EBITDA | $95.5M | $62.9M | $30.8M | $11.8M | -$42.3M |
| Net income | $33.6M | $5.18M | -$37.9M | -$42.3M | -$103M |
| Free cash flow | $132M | $82.6M | $52.9M | $53.4M | -$34.3M |
| Capital expenditure | $1.44M | $7.50M | $2.27M | $3.87M | $18.9M |
| Total debt | $339M | $279M | $237M | $74.2M | $96.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| nCino NCNO | $2.40B | +28% | +9% | 9% | 15.8× | 23.9% |
| Q2 Holdings, Inc. QTWO | $4.57B | +47% | +13% | 13% | 22.5× | 26.6% |
| Temenos TEMN.SW | $6.51B | +10% | +30% | 27% | 21.8× | 8.3% |
| Fiserv FISV | $33.4B | +13% | -2% | 19% | 8.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NCNO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.2% | +0.9% | 4th highest of 21 |
| 6-month return | +27.7% | +10.2% | 7th highest of 21 |
| Distance from 52-week high | -17.6% | -25.0% | 8th highest of 21 |
| Revenue growth (TTM) | +8.6% | +17.5% | 6th lowest of 21 |
| Operating margin | 8.8% | 6.5% | 10th highest of 21 |
| Forward P/E | 15.8× | 21.6× | 7th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 23.9% | 10.2% | 4th most demanding of 13 |
| Growth delivered (Del g) | +23.8% | +25.1% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | +0.1 pp | -5.9 pp | 3rd most demanding of 12 |
| ROIC minus cost of capital | -4.8 pp | -0.8 pp | 6th lowest of 18 |
| EV / EBITDA | 27.9× | 10.0× | 3rd most expensive of 10 |
| Net debt / EBITDA | 2.7× | -0.8× | 2nd most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| nCino NCNO | United States | $2.40B | +28% | +9% | 9% | 15.8× | 23.9% | +23.8% |
| ePlus PLUS | United States | $2.40B | +2% | +15% | 7% | 16.1× | 4.3% | +9.5% |
| RAKUS 3923.T | Japan | $2.38B | +24% | +17% | 31% | 14.1× | 15.8% | +31.4% |
| Asana ASAN | United States | $2.43B | +60% | +9% | -15% | 27.4× | 10.7% | +28.4% |
| Blackbaud BLKB | United States | $2.43B | +44% | +2% | 21% | 9.4× | -1.6% | +4.3% |
| Affle 3i AFFLE.NS | India | $2.36B | +6% | +20% | 18% | 40.0× | 33.0% | +39.3% |
| Guangdong Aofei Data Technology 300738.SZ | China | $2.44B | -34% | +24% | 23% | 42.6× | n/a | n/a |
| Shanghai Suochen Information Technology 688507.SS | China | $2.31B | +97% | +32% | -2% | 196.7× | n/a | n/a |
| Meitu 1357.HK | Hong Kong | $2.50B | -9% | +24% | 24% | 12.8× | 7.5% | +25.5% |
| NetScout Systems NTCT | United States | $2.29B | -19% | +6% | 15% | 11.6× | -0.1% | +0.7% |
| Money Forward 3994.T | Japan | $2.52B | +51% | +35% | 2% | 2,235.1× | n/a | n/a |
| Schrodinger SDGR | United States | $2.23B | +125% | +9% | -59% | n/a | n/a | n/a |
| Urban URBANCO.NS | India | $2.58B | +8% | +36% | -26% | n/a | n/a | n/a |
| SeeWay.ai 002405.SZ | China | $2.18B | -32% | +22% | -29% | n/a | n/a | n/a |
| Ethos Technologies LIFE | United States | $2.18B | +13% | +112% | -16% | 33.9× | 24.1% | n/a |
| Shijiazhuang Changshan Beiming Technology 000158.SZ | China | $2.64B | -35% | -14% | 2% | n/a | n/a | n/a |
| DoubleVerify DV | United States | $2.12B | +23% | +7% | 14% | 21.3× | 9.7% | +25.1% |
| JWIPC Technology 001339.SZ | China | $2.72B | -19% | +41% | 21% | 21.9× | n/a | n/a |
| Pitney Bowes PBI | United States | $2.11B | -1% | -4% | 25% | 9.6× | -5.4% | -11.8% |
| Five9 FIVN | United States | $2.10B | +27% | +9% | 6% | 8.1× | 17.9% | +21.4% |
| Amplitude AMPL | United States | $2.09B | +161% | +18% | -27% | 109.2× | 36.9% | +27.4% |
nCino reported $1.40B of remaining performance obligations at 31 Jul 2026, up 17% from a year earlier and up 8% from the previous quarter. That is 2.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.62.