nCino, Inc. (NCNO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+27.2%

$29.47

vs $23.16 price

Levered DCF

$30.59

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.5

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	427×	-103.06×	-82.84×	-30.75×	-89.86×	-156.22×	-295.45×	-366.36×
P/B	2.28×	3.6×	3.38×	3.09×	4.15×	14.82×	49.08×	124.33×
P/S	4.05×	7.24×	7.44×	7.75×	16.19×	30.84×	59.42×	89.7×
EV / EBITDA	39.15×	422.35×	470.2×	-56.28×	-73.35×	-179.49×	-360.21×	-393.92×
Gross margin	60.6%	60.1%	59.8%	58.5%	59.3%	56.9%	53.6%	49.3%
Operating margin	0.6%	-3.4%	-8.3%	-23.0%	-26.1%	-20.9%	-20.4%	-25.4%
Net margin	0.9%	-7.0%	-8.9%	-25.2%	-18.1%	-19.8%	-20.0%	-24.4%
Current ratio	1×	1.2×	1.17×	1.01×	1.05×	3.82×	1.9×	2.08×
Debt / equity	0.26×	0.22×	0.07×	0.09×	0.05×	0.04×	0×	0×
Interest coverage	0.21×	-2.07×	-9.56×	-33.49×	-47.13×	-327.75×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.5%	-3.5%	-4.0%	-10.0%	-4.6%	-9.5%	-16.5%	-33.8%
Return on invested capital	0.2%	-1.2%	-3.5%	-8.3%	-4.3%	-9.5%	-16.2%	-34.4%
Return on assets	0.3%	-2.4%	-3.2%	-7.7%	-3.8%	-7.2%	-11.0%	-18.6%
Free cash flow yield	3.4%	1.4%	1.5%	-1.1%	-0.6%	0.1%	-0.2%	-0.2%
Earnings yield	0.2%	-1.0%	-1.2%	-3.2%	-1.1%	-0.6%	-0.3%	-0.3%
Enterprise value	$2.6B	$4B	$3.5B	$3.2B	$4.4B	$5.9B	$8.1B	$8.1B
Net debt / EBITDA	2.87×	12.14×	-5.07×	-0.26×	0.65×	10.72×	4.05×	3.6×
Cash conversion cycle (days)	80	76	64	63	62	74	88	92