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what it is
NCino sells software that helps banks open accounts, make loans, and track customers in one system.
how it gets paid
Last year Ncino made $541M in revenue. Commercial Banking was the main engine at $180M, or 33% of sales.
why it's growing
Revenue grew 13.5% last year. Revenue matters most here because $445M was up 193% vs. prior year.
what just happened
Revenue hit $445M, while EPS stayed at -$0.03.
At a glance
B+ balance sheet — decent shape, but not bulletproof
635.3x trailing p/e — you're paying up for this one
-$0.33 fy2024 eps est
$541M fy2024 rev est
5.6% operating margin
xvary composite: 57/100 — below average
What they do
nCino sells software that helps banks open accounts, make loans, and track customers in one system.
nCino runs one SaaS platform for 1,883 employees to sell into banks. Your bank gets account opening, lending, and portfolio tools in one stack instead of 3 separate vendors. Revenue hit $541M, up 13.5%, and gross margin was 60.3% of sales, so each dollar keeps $0.60 before overhead.
How they make money
$541M
annual revenue · their business grew +13.5% last year
Commercial Banking
$180M
Mortgage
$120M
Consumer Banking
$95M
Small Business Banking
$85M
Portfolio Analytics
$61M
The products that matter
loan origination and workflow software
Commercial Lending
core to $152.2M quarterly revenue
nCino does not break out this product's revenue in the snapshot data, so we won't pretend it does. What you can see is that the total business produced $152.2M last quarter, and commercial lending is the category most investors associate with the platform.
core workflow
account opening and servicing
Small Business Banking
sold into the same bank base
This matters because cross-selling into existing bank customers is the cleanest growth path when companywide revenue is growing 10%. Same customer. Same implementation muscle. Better economics if it works.
cross-sell angle
credit and portfolio monitoring
Portfolio Analytics
supports recurring subscription mix
Risk tools matter more when banks get cautious. They also support the 88% recurring revenue mix, which is the main number holding up the premium multiple while margins remain at 5.6%.
risk layer
Key numbers
-$0.33
fy2024 eps est
$541M
fy2024 rev est
635.3x
trailing p/e
60.3%
gross margin
Gross profit kept about 60.3% of each revenue dollar.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $263M (13% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NCNO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $445M, while EPS stayed at -$0.03.
Sales jumped 193% vs. prior year. Gross margin held at 60.3%, so the product is working even while earnings stay underwater.
$445M
revenue
$0.03
eps
60.3%
gross margin
the number that mattered
Revenue matters most here because $445M was up 193% vs. prior year, and that is the only number pulling the story away from the red.
source: company earnings report, 2026
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What could go wrong
the #1 risk is bank software spending slowing while nCino still trades on premium SaaS expectations.
med
Sector concentration
100% of revenue comes from financial institutions. That means all $541M of annual sales is tied to one customer base, one spending cycle, and one set of credit conditions.
If banks slow technology budgets, the entire revenue line feels it. There is no second engine here.
med
Growth deceleration
Annual revenue grew 13.5% last year, while the latest quarter grew 10% from a year ago. That's still growth. It just isn't the kind that makes 635.3x earnings look comfortable.
If growth settles around 10% instead of reaccelerating, multiple compression becomes the story.
med
Thin operating leverage
A 5.6% operating margin on $541M of revenue tells you the business has not translated scale into much profit yet. That's the gap between the software story and the financial statement.
If margins stay thin, investors stop paying for what this business might become and start pricing what it already is.
88% recurring revenue supports the story, but all $541M of sales still depend on banks spending and management proving that 5.6% margins are a stage, not the destination.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 FY2026 earnings on Mar 31, 2026
This is the next hard proof point. You want to see whether subscription revenue keeps growing above the rest of the business and whether management sounds more confident on profitability.
metric
Subscription revenue staying above 88% of sales
That mix is the cleanest evidence that the product is sticky. If it slips, the valuation loses its best defense.
trend
Revenue growth moving back above 10%
The business grew 13.5% last year and 10% in the latest quarter. Reacceleration would help. Another step down would not.
risk
Whether margins start to look like software margins
A 5.6% operating margin is the number the bear case keeps pointing at. Until that improves meaningfully, every rally leans on faith more than proof.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for NCNO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$25
current price
n/a
target midpoint · n/a from current
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