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1. Company Snapshot

1.a. Company Description

nCino, Inc., a software-as-a-service company, provides cloud-based software applications to financial institutions in the United States and internationally.Its nCino Bank Operating System, a tenant cloud platform, which digitizes, automates, and streamlines complex processes and workflow; and utilizes data analytics and artificial intelligence and machine learning (AI/ML) to enable banks and credit unions to onboard new clients, make loans and manage the entire loan life cycle, open deposit and other accounts, and manage regulatory compliance.The company's nCino IQ, an application suite that utilizes data analytics and AI/ML to provide its customers with automation and insights into their operations, such as tools for analyzing, measuring, and managing credit risk, as well as to enhance their ability to comply with regulatory requirements.


It also offers SimpleNexus, a suite of products that enables loan officers, borrowers, real estate agents, settlement agents, and others to engage in the homeownership process from internet-enabled device.The company serves financial institution customers, including global financial institutions, enterprise banks, regional banks, community banks, credit unions, new market entrants, and independent mortgage banks through sales team comprising business development representatives, account executives, field sales engineers, and customer success managers.nCino, Inc.


was founded in 2011 and is headquartered in Wilmington, North Carolina.

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1.b. Last Insights on NCNO

nCino's recent performance has been driven by strong bookings, robust guidance, and resilient fundamentals despite a sector-wide SaaS selloff. The company's Q4 earnings beat expectations, with non-GAAP EPS of $0.37, surpassing the $0.15 analyst estimate. Growth is driven by expanding subscription revenue, international gains, and deepening customer relationships, with AI integration enhancing platform value and upsell potential. With a $19.5 billion SAM and only ~3% penetration, nCino has significant room for growth, especially internationally. Analysts predict a 75.44% upside, citing a positive trend in earnings estimate revisions.

1.c. Company Highlights

2. nCino Surges on AI‑Driven Growth

nCino delivered a robust fiscal 2026 with revenues of $594.8 million, up 10% YoY, and non‑GAAP operating income of $129.4 million, translating to a 22% margin. The company posted earnings per share of $0.37, comfortably surpassing the $0.21 estimate, as highlighted by Harrison Masters during the call. Valuation multiples remain lofty, with a P/E of 383.19 and an EV/EBITDA of 40.94, reflecting the market’s high expectations for AI‑enabled banking solutions.

Publication Date: Apr -12

📋 Highlights
  • ACV Growth:: 17% YoY increase to $602.4M, driven by AI adoption and customer expansion.
  • Revenue Performance:: $149.7M in Q4 (6% YoY) and $594.8M for FY26 (10% YoY), with subscription revenue up 12% YoY.
  • Non-GAAP Operating Income:: 23% of revenue in Q4 FY26 ($34.7M) and 22% for the full year ($129.4M), up from 17% and 18% in FY25.
  • Share Repurchase Program:: $100M accelerated buyback, including a $200M credit facility expansion, repurchasing 1M shares in Q4 FY26.
  • Fiscal 2027 Guidance:: $639–643M total revenue (8–9% growth) and $165–170M non-GAAP operating income, with ACV projected to reach $662.5–667.5M.

AI Strategy Fuels Subscriptions

Sean Desmond underscored the centrality of AI, noting that embedding intelligent automation across the platform has driven a 17% YoY ACV rise. The AI‑powered workflows, coupled with data mining, provide contextual compliance and trust, differentiating nCino from generic SaaS offerings and positioning it as a future‑proof banking backbone.

Market Momentum and Customer Expansion

nCino’s Q4 momentum is evident: subscription revenues hit $133.4 million, up 7% YoY, while total revenue grew 6%. Existing clients are deepening commitments, and new prospects are engaging at record pace, reflecting confidence in the platform’s scalability and the banking sector’s shift toward embedded AI.

International Growth and ACV Outlook

International revenues reached $131.5 million, a 13% jump, with subscription sales at $109.5 million, up 19% YoY. ACV as of January 31, 2026, stood at $602.4 million, and nCino projects a 10% ACV increase to $662.5–$667.5 million in fiscal 2027, underscoring global traction.

Financial Health and Cash Position

The company ended Q4 with $88.7 million in cash and free cash flow of $12.5 million, reversing a negative $10.4 million in the prior year. A $100 million accelerated share‑repurchase program, backed by free cash flow and a $200 million term loan expansion, signals confidence in the balance sheet.

Outlook and Shareholder Value

Fiscal 2027 guidance projects $639–$643 million in revenue and $165–$170 million in operating income, with free cash flow of $132–$137 million. The company’s aggressive AI strategy, coupled with low churn (3‑year low at 4% of prior year subscription revenue), positions it for sustained growth and a potential shift toward a $1 billion valuation.

3. NewsRoom

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Raiffeisenbankengruppe Oesterreich (excluding Raiffeisen Bank International) Selects nCino to Modernise Corporate Lending Across Its Nationwide Network

Apr -28

Source: globenewswire.com

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Ncino Inc (NCNO) Shares Surge 4.2% -- What GF Score of 67 Tells Investors

Apr -24

Source: gurufocus.com

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nCino Announces Nick Edwards as Managing Director for APAC

Apr -22

Source: globenewswire.com

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Does nCino (NCNO) Have the Potential to Rally 29.31% as Wall Street Analysts Expect?

Apr -20

Source: zacks.com

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nCino (NCNO) CEO on Earnings, AI in Banking & Overcoming "SaaS-pocalypse"

Apr -14

Source: youtube.com

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SG Americas Securities LLC Acquires 32,378 Shares of nCino Inc. $NCNO

Apr -08

Source: defenseworld.net

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nCino Analyst Digital Partner Cuts Commercial Relationship Review Time by Up to 70%, Enabling Financial Institutions to Build an AI-Augmented Credit Workforce

Apr -06

Source: globenewswire.com

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Gregory Orenstein Sells 8,840 Shares of nCino (NASDAQ:NCNO) Stock

Apr -05

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.82%)

6. Segments

Subscription

Expected Growth: 11.47%

nCino's subscription growth of 11.47% is driven by increasing adoption of cloud-based banking solutions, growing demand for digital transformation in the financial sector, and the company's expanding partner ecosystem. Additionally, nCino's platform's ability to streamline loan processing, improve customer experience, and provide data-driven insights are key factors contributing to its subscription growth.

Professional Services and Other

Expected Growth: 13.93%

nCino's Professional Services and Other segment growth of 13.93% is driven by increasing adoption of its cloud-based banking solutions, expansion of existing customer relationships, and growing demand for digital transformation in the financial services industry. Additionally, the company's strategic partnerships and investments in innovation are contributing to its rapid growth.

7. Detailed Products

nCino Bank Operating System

A cloud-based banking platform that provides a single, unified platform for all banking functions, including customer onboarding, account opening, loan origination, deposit and loan servicing, and reporting.

Customer Onboarding

A digital onboarding solution that enables banks to quickly and efficiently onboard new customers, reducing abandonment rates and improving the overall customer experience.

Account Opening

A digital account opening solution that enables banks to quickly and efficiently open new accounts, reducing manual errors and improving the customer experience.

Loan Origination

A digital loan origination solution that enables banks to quickly and efficiently originate loans, reducing manual errors and improving the customer experience.

Deposit and Loan Servicing

A digital deposit and loan servicing solution that enables banks to efficiently manage deposit and loan accounts, reducing manual errors and improving the customer experience.

Reporting and Analytics

A reporting and analytics solution that provides banks with real-time insights and analytics to inform business decisions and improve operational efficiency.

8. nCino, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

nCino, Inc. operates in a niche market, providing cloud-based banking solutions. While there are substitutes available, they are not as comprehensive as nCino's offerings, reducing the threat of substitutes.

Bargaining Power Of Customers

nCino's customers are primarily large financial institutions, which have limited bargaining power due to the complexity and customization required for their banking solutions.

Bargaining Power Of Suppliers

nCino's suppliers are primarily technology and infrastructure providers, which are abundant and interchangeable, reducing their bargaining power.

Threat Of New Entrants

The cloud-based banking solutions market is attractive, and new entrants may be drawn to the market, increasing the threat of new entrants.

Intensity Of Rivalry

The cloud-based banking solutions market is moderately competitive, with a few established players, including nCino, FIS, and Fiserv, leading to a moderate intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.61%
Debt Cost 5.37%
Equity Weight 93.39%
Equity Cost 6.81%
WACC 6.71%
Leverage 7.07%

11. Quality Control: nCino, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
JFrog

A-Score: 5.0/10

Value: 4.2

Growth: 7.0

Quality: 5.2

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Sprinklr

A-Score: 4.8/10

Value: 3.8

Growth: 8.7

Quality: 7.9

Yield: 0.0

Momentum: 3.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Procore

A-Score: 4.3/10

Value: 4.4

Growth: 7.9

Quality: 3.9

Yield: 0.0

Momentum: 4.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
nCino

A-Score: 3.5/10

Value: 3.1

Growth: 7.4

Quality: 5.4

Yield: 0.0

Momentum: 0.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
GitLab

A-Score: 3.3/10

Value: 5.0

Growth: 6.7

Quality: 3.9

Yield: 0.0

Momentum: 1.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Envestnet

A-Score: 3.3/10

Value: 3.5

Growth: 3.6

Quality: 3.6

Yield: 0.0

Momentum: 6.0

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

17.48$

Current Price

17.48$

Potential

-0.00%

Expected Cash-Flows