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nCino

NCNO on Nasdaq. nCino sells banking software to financial institutions. Market value $2.0bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to July 2026
6.5%high

For every $100 of what the whole company costs, it produced $6.54 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to July 2026
46.0×full

You pay 46.0 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to January 2026
n/a

The filings do not give us enough to work this out.

Quality score: 52 of 100. Price score: 42 of 100. Our list needs 70 on quality and 60 on price.

$19.12 a share, 39% above its 1-year low

Over the past year the price has ranged from $13.80 to $27.50.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
0.1
0.1
0.1
0.1
2022202320242025202612 monthsto Jul '26

Spare cash swings from quarter to quarter here: $132 million in the past 12 months, $83 million in the year to January 2026.

Revenue
$274m$408m$477m$541m$595m
Operating margin
-26.1%-23.0%-8.3%-3.4%0.6%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.11bn0.11bn0.12bn0.11bn0.11bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)7 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsStrong, 21.4% a year
  • Buying back its own sharesYes, 5% fewer since 2022

The quarter to July 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $161 million last quarter, up 8% on a year ago.
  • Profit: $5 million, after a loss of $15 million a year ago.
  • It keeps 8 cents of each $1 of sales as operating profit, after losing 3 cents a year earlier.
  • Spare cash over the past 12 months: $132 million, up from $60 million.
  • 9% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
October 2024$139m
January 2025$141m
April 2025$144m
July 2025$149m
October 2025$152m
January 2026$150m
April 2026$159m
July 2026$161m
Profit by quarter
Profit by quarter
Quarter toAmount
October 2024-$5m
January 2025-$19m
April 2025$6m
July 2025-$15m
October 2025$7m
January 2026$8m
April 2026$14m
July 2026$5m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
31 March 2026
Next quarterly (estimated, 10-Q)
24 November 2026

Who owns it

2 long-term investors we follow own it, unchanged from 2 last quarter. 288 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%; 1 of them is pushing for change.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $7m, $2m of it under preset trading plans.

  • Rieger April
    Chief Lgl. & Admin Ofc., Sec
    Sold
    Date
    15 September 2026
    Shares
    6,098
    Price
    $21.98
    Value
    $134,052
  • Desmond Sean
    CEO & President, Director
    Sold
    under a preset trading plan
    Date
    3 September 2026
    Shares
    8,064
    Price
    $23.66
    Value
    $190,794
  • Sellers Jeanette
    SVP of Accounting
    Sold
    Date
    27 August 2026
    Shares
    690
    Price
    $22.70
    Value
    $15,666
  • Sellers Jeanette
    SVP of Accounting
    Sold
    under a preset trading plan
    Date
    5 August 2026
    Shares
    1,536
    Price
    $19.53
    Value
    $29,998
  • Desmond Sean
    CEO & President, Director
    Sold
    under a preset trading plan
    Date
    5 August 2026
    Shares
    11,815
    Price
    $19.53
    Value
    $230,747
  • Sellers Jeanette
    SVP of Accounting
    Sold
    under a preset trading plan
    Date
    4 August 2026
    Shares
    887
    Price
    $19.22
    Value
    $17,046
  • Rieger April
    Chief Lgl. & Admin Ofc., Sec
    Sold
    Date
    4 August 2026
    Shares
    7,852
    Price
    $19.22
    Value
    $150,900
  • Orenstein Gregory
    CFO & Treasurer
    Sold
    Date
    4 August 2026
    Shares
    11,780
    Price
    $19.22
    Value
    $226,388
  • Naude Pierre
    Director
    Sold
    Date
    4 August 2026
    Shares
    4,677
    Price
    $19.22
    Value
    $89,883
  • Desmond Sean
    CEO & President, Director
    Sold
    under a preset trading plan
    Date
    4 August 2026
    Shares
    28,675
    Price
    $19.22
    Value
    $551,076

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 25 Aug 2026 and 3 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 46.0× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.