nCino, Inc. (NCNO)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$622.2M

Revenue growth

8.6%

Net income, last twelve months

$33.6M

Earnings per share

$0.30

Gross margin

62.2%

Operating margin

7.9%

Net margin

5.4%

Free cash flow

$132.2M

Return on equity

3.6%

Market value

$2.4B

Price to earnings

75.6x

Cash

$83.3M

Debt

$275.4M

Debt to equity

0.30

Shares outstanding

105.1M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of fiscal 2027 results, filed 25 August 2026.

• Total revenue up 8%. Total revenue was $161.0 million, up from $148.8 million a year earlier.
• GAAP operating income turned positive. GAAP income from operations was $13.6 million, against a $9.3 million loss a year earlier, a GAAP operating margin of 8%.
• Non-GAAP operating income up 36%. Non-GAAP operating income was $40.8 million, up 36% from $30.0 million a year earlier.
• Net income turned to profit. Net income attributable to nCino was $5.1 million, or $0.05 per diluted share, against a $15.3 million loss, or $(0.13) per share, a year earlier.
• Four U.S. enterprise renewals. Four U.S. enterprise customers completed multi-year renewals covering over $900 billion in assets.
• German development bank signed. A growth-focused development finance institution in Germany signed, building on momentum in the DACH region.
• Japanese regional bank selected platform. A leading Japanese regional bank chose the platform to consolidate consumer lending and integrate its own AI credit-scoring engine.
• Indiana credit union expanded mortgage. An Indiana credit union became nCino's largest credit union customer for mortgage, with an expanded commitment.
• Consumer lending added at regional bank. A decade-long relationship with a U.S. regional bank expanded to include Consumer Lending.
• Iowa community bank onboarding win. A community bank in Iowa signed as a net-new customer for Commercial Onboarding and Account Opening.
• Gross margin widened on both bases. GAAP gross margin was 63%, up from 59%; non-GAAP gross margin was 68%, up from 66%.
• Operating expenses declined year over year. GAAP operating expenses were $87.2 million, down from $97.4 million a year earlier.
• Services revenue and cost both fell. Professional services and other revenue was $17.5 million against $18.1 million; its cost was $20.3 million against $22.7 million.
• Non-GAAP operating margin reached 25%. Non-GAAP operating margin was 25%, up from 20% a year earlier.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2026

By region, FY2026

Company events

The newest 8-K filings of 46 held.

Every filing

The newest filings with the SEC of 93 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

358 funds held it at 30 Jun 2026: 171 added and 86 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Microsoft Corp. (MSFT): revenue $346.4B, market value $3.95T
• Palantir Technologies Inc. (PLTR): revenue $6.2B, market value $473.1B
• Oracle Corp. (ORCL): revenue $71.8B, market value $436.3B
• SAP SE (SAP): revenue $41.6B, market value $276.7B
• CrowdStrike Holdings, Inc. (CRWD): revenue $5.4B, market value $273.1B
• Shopify Inc. (SHOP): revenue $13.3B, market value $218.4B
• Salesforce, Inc. (CRM): revenue $43.9B, market value $199.5B
• ServiceNow, Inc. (NOW): revenue $15.4B, market value $155.6B
• Snowflake Inc. (SNOW): revenue $5.4B, market value $119.8B
• Cloudflare, Inc. (NET): revenue $2.5B, market value $113.0B

What the company does

nCino, Inc. sells cloud software to financial institutions, which the filing calls FIs: banks, credit unions and mortgage lenders. The company was spun out as a separate business in late 2011 after being founded inside a bank. It ended fiscal 2026 with over 2,700 customers, about 1,500 of them depository financial institutions, and its platform is deployed in over 25 countries. It had 1,684 employees as of 31 January 2026.

What it sells

The nCino Platform is organised into solution lines that customers can buy together or one at a time.

- Onboarding supports credit and non-credit onboarding, commercial account opening and enterprise-level onboarding, including customer due diligence and know-your-customer compliance tools. - Account Opening includes a Deposit Account Opening solution for consumers and small businesses, online or in a branch, with automated identity verification. - Lending covers commercial, consumer, small business and mortgage loan origination. - Credit Monitoring includes continuous monitoring, risk analysis, automated spreading, commercial pricing and a Portfolio Analytics tool. - Integration & Intelligence includes an integration platform as a service that connects core banking systems, fintech applications and third-party services through open APIs and a partner marketplace. It also includes a data and analytics layer that produces peer benchmarking.

The filing describes AI in three forms: generative AI, predictive AI, and agentic AI that runs multi-step workflows through role-based digital agents. The company has built and acquired technology to extend the platform, including SimpleNexus, DocFox, FullCircl, ILT, Visible Equity, FinSuite and Sandbox Banking, which is now nCino Integration Gateway.

How it makes money

Revenue comes from subscriptions and from professional services and other revenues. Subscriptions were 88.0% of total revenues in fiscal 2026 and professional services and other revenues were 12.0%. Subscription contracts are generally non-cancelable and run three to five years. They are usually billed annually in advance, except United States mortgage subscriptions, which are generally billed monthly. Revenue is recognized evenly over the contract term.

The company says it has moved from seat-based pricing to a framework in which subscription fees align with the assets of the lines of business that nCino supports. Mortgage customers are generally charged per seat or by anticipated lending volume. Professional services cover implementation, configuration, training and advisory work.

Fundamental elements of the platform are built on Salesforce. When nCino sells certain solutions, it includes a Salesforce subscription and pays Salesforce a fee. In return Salesforce provides hosting infrastructure and data centers. The agreement runs to 31 January 2031 unless terminated earlier, and renews for one-year periods after that. The company also uses Amazon Web Services as a cloud infrastructure layer.

Who buys from it

Customers range from global banks such as Wells Fargo, Bank of America, Barclays, Santander and TD Bank to enterprise banks, regional and community banks, credit unions, challenger banks and independent mortgage banks. No single customer was more than 10% of total revenues in fiscal 2026.

How it sells and delivers

Sales are made directly through business development managers, account executives, field sales engineers and customer success managers. In the United States, sales are organised around FIs by size. Elsewhere they are organised by geography. At 31 January 2026 the company had 185 sales and sales support personnel in the United States and 131 outside it. It sells from offices in the United States, Canada, Australia, New Zealand, Japan, the UK, South Africa and Spain. Sales cycles run six to nine months for smaller FIs and 12 to 18 months or more for larger ones.

For regional and community banks, nCino usually handles implementation itself, and most of these projects average less than six months. For the largest enterprise FIs, timelines may extend beyond twelve months. These projects often involve system integrator partners such as Accenture, Deloitte and PwC. Technology partners named in the filing include Anthropic, AWS, Databricks, Salesforce, Rich Data Co, Alloy, Plaid and Docusign. Support includes 24/7 access to engineers and technical support personnel and an online nCino Community.

How it competes

The filing names point solution vendors and systems built in-house by FIs as the historical competition. It also names AI-focused fintech startups with narrow solutions. The company says it believes a unified platform across lines of business, banking domain expertise and a data foundation drawn from years of activity across many FIs position it favorably. It spent 21.4% of revenues on research and development in fiscal 2026. It held 12 issued United States patents at 31 January 2026 and says none is material to the business.

Its people

About 70% of employees were in the United States and 30% elsewhere. The company lists six core values, including Do the Right Thing and Respect Each Other. It runs employee-led Employee Resource Groups and a volunteer organisation called nVolve, which provides paid volunteer days.

*From nCino's annual report on Form 10-K for the year ended 31 January 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1902733/000190273326000022/ncno-20260131.htm)*

From the company's 10-K.