Detailed financial statements for nCino, Inc. (NCNO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
nCino, Inc. operates as a software-as-a-service (SaaS) provider, delivering cloud-based applications to financial organizations both within the United States and internationally. Its core product, the nCino Bank Operating System, is a multi-tenant cloud platform. This system is engineered to digitalize, automate, and streamline complex operational processes and workflows.
Analysis Summary
nCino, Inc. reported revenue of $594.8M in the most recent fiscal year, growing at a 5-year CAGR of 23.8%.
Trailing-twelve-month margins: gross margin 61.5%, operating margin 8.1%, net margin 5.4%. Free cash flow grew at 76.0% CAGR over 5 years.
At $22.62 (closing price, November 3, 2026), NCNO trades at a P/E of 75.40 and an ROE of 3.36%. Market capitalisation stands at $2.4B.
Balance sheet quality for NCNO: debt-to-equity ratio of 0.36, current ratio of 0.85 over the last 12 months, net debt of $190.3M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $82.6M represents 1594% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $58.1M | $91.5M | $138.2M | $204.3M | $273.9M | $408.3M | $476.5M | $540.7M | $594.8M |
| Cost of Revenue | $30.5M | $46.5M | $64.1M | $88.1M | $111.4M | $169.6M | $191.5M | $215.9M | $234.6M |
| Gross Profit | $27.7M | $45.1M | $74.1M | $116.2M | $162.5M | $238.7M | $285.1M | $324.8M | $360.2M |
| Research & Development | $16.6M | $22.2M | $35.3M | $58.3M | $79.4M | $121.6M | $117.3M | $129.4M | $127.5M |
| Selling, General & Admin | $29.9M | $46.1M | $67.0M | $100.5M | $154.4M | $211.1M | $207.3M | $213.5M | $228.9M |
| Operating Expenses | $46.4M | $68.3M | $102.3M | $158.8M | $233.8M | $332.7M | $324.6M | $342.9M | $356.4M |
| Operating Income | -$18.8M | -$23.2M | -$28.2M | -$42.6M | -$71.4M | -$94.0M | -$39.5M | -$18.1M | $3.7M |
| EBITDA | -$17.8M | -$20.7M | -$22.5M | -$33.1M | -$59.9M | -$56.5M | $7.5M | $9.5M | $66.4M |
| Interest Expense | 0 | 0 | 0 | $130,000 | $1.5M | $2.8M | $4.1M | $8.8M | $17.5M |
| Pre-tax Income | -$18.5M | -$22.1M | -$27.1M | -$40.7M | -$74.0M | -$97.8M | -$41.9M | -$35.6M | $6.7M |
| Income Tax | $50,000 | $194,000 | $586,000 | $586,000 | -$23.8M | $4.1M | $1.6M | -$2.5M | $1.5M |
| Net Income | -$18.6M | -$22.3M | -$27.6M | -$40.5M | -$49.4M | -$102.7M | -$42.3M | -$37.9M | $5.2M |
| EPS | -$0.21 | -$0.25 | -$0.31 | -$0.46 | -$0.51 | -$0.93 | -$0.38 | -$0.33 | $0.05 |
| EPS (Diluted) | -$0.21 | -$0.25 | -$0.31 | -$0.46 | -$0.51 | -$0.93 | -$0.38 | -$0.33 | $0.05 |
| Shares Outstanding (Diluted) | 89.6 M | 89.6 M | 89.6 M | 87.7 M | 96.7 M | 110.6 M | 112.7 M | 115.2 M | 114.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $152.2M | $149.7M | $159.4M | $161.0M |
| Gross Profit | $93.7M | $91.9M | $96.4M | $100.8M |
| Operating Income | $11.7M | $2.8M | $22.1M | $13.6M |
| EBITDA | $22.8M | $15.2M | $31.2M | $23.2M |
| Net Income | $6.5M | $8.3M | $13.6M | $5.1M |
| EPS | $0.06 | $0.07 | $0.13 | $0.05 |
| EPS (Diluted) | $0.06 | $0.07 | $0.12 | $0.05 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $80.7M | $74.3M | $91.2M | $371.4M | $88.0M | $82.0M | $112.1M | $120.9M | $88.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $24.3M | $29.8M | $43.4M | $55.5M | $74.5M | $99.5M | $113.0M | $146.8M | $166.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $109.0M | $109.2M | $145.3M | $442.2M | $183.5M | $207.2M | $250.8M | $302.2M | $293.5M |
| Property, Plant & Equipment | $3.8M | $10.4M | $13.5M | $29.9M | $73.8M | $95.0M | $98.4M | $91.0M | $88.3M |
| Goodwill | 0 | 0 | $55.8M | $57.1M | $841.5M | $839.4M | $838.9M | $1.02B | $1.08B |
| Intangible Assets | 0 | 0 | $26.1M | $23.1M | $180.1M | $152.8M | $115.6M | $154.6M | $135.7M |
| Total Assets | $113.0M | $120.0M | $250.2M | $563.4M | $1.30B | $1.33B | $1.34B | $1.61B | $1.65B |
| Accounts Payable | $2.3M | $3.4M | $4.7M | $6.0M | $11.4M | $11.9M | $11.8M | $13.6M | $14.5M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $34.9M | $52.4M | $76.6M | $115.7M | $174.4M | $205.2M | $215.0M | $251.5M | $294.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $30.0M | 0 | $166.0M | $213.5M |
| Total Liabilities | $35.0M | $53.9M | $78.5M | $134.4M | $230.5M | $299.6M | $287.8M | $512.8M | $579.5M |
| Retained Earnings | -$82.4M | -$104.8M | -$120.9M | -$161.1M | -$209.6M | -$310.3M | -$352.8M | -$385.3M | -$375.8M |
| Total Equity | $78.0M | $66.0M | $167.3M | $425.2M | $1.07B | $1.02B | $1.05B | $1.09B | $1.06B |
| Total Debt | 0 | 0 | 0 | $16.3M | $48.8M | $96.5M | $74.2M | $236.8M | $278.7M |
| Net Debt | -$80.7M | -$74.3M | -$91.2M | -$355.2M | -$39.2M | $14.5M | -$37.9M | $115.9M | $190.3M |
| Working Capital | $74.1M | $56.8M | $68.7M | $326.5M | $9.1M | $2.0M | $35.7M | $50.7M | -$989,000 |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $87.6M | $88.4M | $102.8M | $83.3M |
| Total Assets | $1.56B | $1.65B | $1.61B | $1.57B |
| Total Liabilities | $507.3M | $579.5M | $623.4M | $626.5M |
| Total Equity | $1.04B | $1.06B | $970.4M | $929.8M |
| Total Debt | $269.4M | $278.7M | $326.7M | $338.6M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$18.6M | -$22.3M | -$27.6M | -$40.5M | -$49.4M | -$102.7M | -$42.3M | -$37.9M | $5.2M |
| Depreciation & Amortization | $970,000 | $1.5M | $4.6M | $7.4M | $12.5M | $38.5M | $45.3M | $36.3M | $42.3M |
| Stock-based Compensation | $3.8M | $4.1M | 0 | 0 | 0 | 0 | 0 | 0 | $73.9M |
| Change in Working Capital | -$1.8M | $12.1M | $5.0M | $14.6M | $6.4M | -$14.9M | -$16.4M | -$38.5M | -$34.8M |
| Operating Cash Flow | -$16.0M | -$4.6M | -$9.0M | $9.2M | -$19.2M | -$15.4M | $57.3M | $55.2M | $90.1M |
| Capital Expenditure | -$2.8M | -$8.0M | -$5.8M | -$4.3M | -$5.5M | -$18.9M | -$3.9M | -$2.3M | -$7.5M |
| Acquisitions | 0 | 0 | -$47.8M | 0 | -$269.0M | $676,000 | $1.0M | -$216.9M | -$50.3M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$125.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$18.8M | -$12.6M | -$14.8M | $4.9M | -$24.7M | -$34.3M | $53.4M | $52.9M | $82.6M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $5.1M | $12.9M | $81.4M | $34.2M |
| Capital Expenditure | -$174,000 | -$461,000 | -$614,000 | -$195,000 |
| Free Cash Flow | $4.9M | $12.5M | $80.8M | $34.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $13.9M | -$5.7M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +57.4% | +51.0% | +47.8% | +34.1% | +49.1% | +16.7% | +13.5% | +10.0% | |
| Net Income Growth (YoY) | -20.0% | -23.7% | -46.9% | -22.0% | -107.7% | +58.8% | +10.6% | +113.7% | |
| EPS Growth (YoY) | -19.0% | -24.0% | -48.4% | -10.9% | -82.4% | +59.1% | +13.2% | +115.2% | |
| Shares Change (YoY) | +0.0% | +0.0% | -2.2% | +10.3% | +14.4% | +1.9% | +2.2% | -0.7% | |
| FCF Growth (YoY) | +33.2% | -17.6% | +133.1% | -605.6% | -38.8% | +255.8% | -0.9% | +56.0% | |
| Gross Margin | 47.6% | 49.3% | 53.6% | 56.9% | 59.3% | 58.5% | 59.8% | 60.1% | 60.6% |
| Operating Margin | -32.3% | -25.4% | -20.4% | -20.9% | -26.1% | -23.0% | -8.3% | -3.4% | 0.6% |
| EBITDA Margin | -30.6% | -22.6% | -16.3% | -16.2% | -21.9% | -13.8% | 1.6% | 1.8% | 11.2% |
| Net Margin | -32.0% | -24.4% | -20.0% | -19.8% | -18.1% | -25.2% | -8.9% | -7.0% | 0.9% |
| FCF Margin | -32.3% | -13.7% | -10.7% | 2.4% | -9.0% | -8.4% | 11.2% | 9.8% | 13.9% |
| Effective Tax Rate | -0.3% | -0.9% | -2.2% | -1.4% | 32.2% | -4.2% | -3.8% | 7.1% | 22.8% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.21 | -$0.14 | -$0.16 | $0.06 | -$0.26 | -$0.31 | $0.47 | $0.46 | $0.72 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 89.6 M | 89.6 M | 89.6 M | 87.7 M | 96.7 M | 110.6 M | 112.7 M | 115.2 M | 112.9 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 3.36% |
| Return on Invested Capital | 3.87% |
| Return on Assets | 2.14% |
| Gross Margin | 61.51% |
| Operating Margin | 8.07% |
| Net Margin | 5.40% |
Financial Health
| Debt / Equity | 0.36 |
| Current Ratio | 0.85 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.54 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -436.14 | -366.36 | -295.45 | -156.22 | -89.86 | -30.75 | -82.84 | -103.06 | 427.00 |
| P/B | 105.24 | 124.33 | 49.08 | 14.82 | 4.15 | 3.09 | 3.38 | 3.60 | 2.28 |
| P/S | 141.21 | 89.70 | 59.42 | 30.84 | 16.19 | 7.75 | 7.44 | 7.24 | 4.05 |
| Gross Margin | 47.6% | 49.3% | 53.6% | 56.9% | 59.3% | 58.5% | 59.8% | 60.1% | 60.6% |
| Operating Margin | -32.3% | -25.4% | -20.4% | -20.9% | -26.1% | -23.0% | -8.3% | -3.4% | 0.6% |
| Net Margin | -32.0% | -24.4% | -20.0% | -19.8% | -18.1% | -25.2% | -8.9% | -7.0% | 0.9% |
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Explore sector: Technology · Software - Application
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