nCino

NCNO

Software - Application · Technology

Price

$17.85

-0.31 (-1.71%)

Market Cap

$1.96B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+18.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 96.7M (2022) → 114.3M (2026)

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

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+145.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$128M/ year

→ Flat (-1% vs prior year)

21.4% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

5.3%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$88M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

nCino is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

61.4%

Premium pricing power — 61.4% gross margin

Operating Margin

1.9%

Thin — 1.9% operating margin

ROCE

0.2%

Weak — 0.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.8%

Steady sales growth (9.8% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

3.3%

Thin free cash flow (3.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.20

Conservative — low debt load (0.20)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

134.8x

Expensive — P/E 134.8

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+120.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (134.8 → 14.0)

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Dividends

Not applicable for this business.

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