Despite volatile free cash flow driven by large working capital swings, the company maintains strong cash conversion with an OCF/NI ratio of 6.73 in 2027Q2, though this is heavily influenced by non-cash charges like $5.7M in stock-based compensation.
nCino, Inc. (NCNO) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 |
|---|
| Cash from Operations | 133.61M | 90.06M | 55.2M | 57.28M | -15.38M | -19.23M | 9.22M | -9M | -4.59M | -15.96M |
| Operating CF Margin % | - | 15.14% | 10.21% | 12.02% | -3.77% | -7.02% | 4.51% | -6.51% | -5.01% | -27.45% |
| Operating CF Growth % | 359.6% | 63.16% | -3.64% | 472.44% | 20.01% | -308.51% | 202.49% | -96.08% | 71.24% | - |
| Net Income | 33.6M | 5.18M | -37.88M | -42.35M | -102.72M | -49.45M | -40.54M | -27.59M | -22.31M | -18.59M |
| Depreciation & Amortization | 39.72M | 42.26M | 36.34M | 45.26M | 38.49M | 12.54M | 7.43M | 4.61M | 1.46M | 970K |
| Stock-Based Compensation | 8.23M | 73.88M | 0 | 0 | 0 | 0 | 0 | 0 | 4.09M | 3.83M |
| Deferred Taxes | -10.01M | -6.19M | -7.12M | -2.34M | 1.63M | -24.28M | 168K | 195K | 0 | 0 |
| Other Non-Cash Items | 98.24M | 9.71M | 102.31M | 73.14M | 62.1M | 35.53M | 27.57M | 8.74M | 103K | -329K |
| Working Capital Changes | -31.09M | -34.78M | -38.46M | -16.44M | -14.88M | 6.43M | 14.59M | 5.05M | 12.06M | -1.84M |
| Change in Receivables | -25.09M | -16.18M | -31.39M | -14.32M | -26.8M | -13.51M | -11.41M | -14.16M | -5.66M | -12.43M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 784K | 1.11M | -190K | 525K | 35K | 4.43M | 8.04M | 3.47M | 4.7M | 1.92M |
| Cash from Investing | -1.44M | -54.08M | -219.18M | -5.34M | -20.73M | -278.49M | -4.34M | -53.51M | -7.96M | -2.84M |
| Capital Expenditures | -1.44M | -7.5M | -2.27M | -3.87M | -18.9M | -5.46M | -4.34M | -5.76M | -7.96M | -2.84M |
| CapEx % of Revenue | 0.23% | 1.26% | 0.42% | 0.81% | 4.63% | 1.99% | 2.12% | 4.17% | 8.7% | 4.88% |
| Acquisitions | 0 | -50.26M | -216.91M | 1.03M | 676K | -268.99M | 0 | -47.75M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -172.15M | -73.03M | 170.48M | -22.1M | 36.71M | 15.92M | 274.12M | 79.58M | 6.26M | 70.14M |
| Debt Issued (Net) | 70.34M | 47.5M | 163.21M | -31.23M | 28.51M | -318K | -37K | 0 | 0 | 0 |
| Equity Issued (Net) | -234.39M | -118.9M | 7.26M | 9.13M | 8.2M | 16.24M | 274.36M | 80.99M | 6.26M | 70.14M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -240.16M | -125.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -8.1M | -1.63M | 0 | 0 | 0 | 0 | -197K | -1.41M | 0 | 0 |
| Net Change in Cash | -39.62M | -32.58M | 8.84M | 30.05M | -5.98M | -283.41M | 280.24M | 16.84M | -6.33M | 80.68M |
| Free Cash Flow | 132.17M | 82.56M | 52.93M | 53.41M | -34.28M | -24.69M | 4.88M | -14.76M | -12.55M | -18.8M |
| FCF Margin % | 21.24% | 13.88% | 9.79% | 11.21% | -8.4% | -9.02% | 2.39% | -10.68% | -13.72% | -32.33% |
| FCF Growth % | 121.14% | 55.98% | -0.9% | 255.81% | -38.84% | -605.57% | 133.09% | -17.56% | 33.21% | - |
| FCF per Share | 1.26 | 0.72 | 0.46 | 0.47 | -0.31 | -0.26 | 0.06 | -0.16 | -0.14 | -0.21 |
| FCF Conversion (FCF/Net Income) | 3.93x | 17.39x | -1.46x | -1.35x | 0.15x | 0.39x | -0.23x | 0.33x | 0.21x | 0.86x |
| Interest Paid | 622K | 0 | 0 | 4.32M | 2.62M | 1.51M | 130K | 0 | 0 | 0 |
| Taxes Paid | 4.36M | 0 | 3.56M | 3.17M | 664K | 1M | 631K | 369K | -42K | 0 |
Quick answers to the most common questions about buying NCNO stock.
nCino, Inc. (NCNO) generated $90.1M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
nCino, Inc. (NCNO) generated $82.6M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
nCino, Inc. (NCNO) spent $7.5M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, nCino, Inc. (NCNO) spent $125.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Platform dependency and margin ceiling
Metrics are mathematically derived from official filings.
Strong Cash Conversion Despite Thin GAAP Margins
Operating cash flow consistently exceeds net income, with a 2027Q2 OCF/NI ratio of 6.73, suggesting that non-cash charges like stock-based compensation and amortization are the primary drivers of the gap between reported earnings and cash generation.
The persistent and significant positive gap between operating cash flow and net income indicates that the company's core operations are generating substantially more cash than the GAAP bottom line suggests. This is a classic hallmark of a software business with high non-cash expenses, where the cash conversion cycle is strong despite accounting losses. The trend implies that the underlying business model is more cash-generative than the net income figure alone would indicate, which is a positive signal for long-term sustainability.
FCF Volatility Driven by Working Capital Swings
Free cash flow has been highly volatile, ranging from a negative $10.4M in 2025Q4 to a positive $80.8M in 2027Q1, with the swings largely dictated by large quarterly changes in working capital rather than consistent operational performance.
The FCF trajectory is erratic, with the most recent quarter (2027Q2) showing a 21.1% margin, but this followed a quarter with a 50.7% margin. This volatility is not driven by core operating profitability but by massive, unpredictable swings in working capital, such as the $36.3M positive contribution in 2027Q1 versus the $7.5M negative drag in 2027Q2. This suggests that cash flow forecasting is challenging and that investors should focus on the underlying operating cash flow trend rather than quarterly FCF figures, which are heavily influenced by the timing of collections and payments.
Working Capital Swings Dominate Cash Flow Profile
Working capital changes have been the primary driver of operating cash flow volatility, with swings from a $36.3M positive contribution in 2027Q1 to a $7.5M negative drag in 2027Q2, indicating lumpy collections or payment cycles.
The magnitude of the working capital swings, particularly the large positive contributions in quarters like 2027Q1 and 2025Q1, suggests that the company may be receiving large, upfront payments for multi-year contracts, which then normalize in subsequent periods. This pattern is common in enterprise software but creates significant quarter-to-quarter noise in cash flow. The negative working capital changes in other quarters indicate that the business consumes cash as it scales, which is a typical characteristic of a growing SaaS company with deferred revenue dynamics.
Aggressive Buybacks Offset by Minimal Capex
Management has prioritized share repurchases, deploying $65.6M in 2027Q2 and $110.1M in 2027Q1, while maintaining minimal capital expenditures of less than 1% of revenue, indicating a focus on returning capital to shareholders over reinvestment.
The capital allocation strategy is clear: the company is using its strong operating cash flow to aggressively repurchase shares, which is a signal that management believes the stock is undervalued. This is occurring alongside a very low capital intensity, with CapEx consistently below 1% of revenue, which is typical for a cloud software company. The lack of significant acquisition activity in recent quarters, after the large SimpleNexus deal in 2025, suggests a shift in focus toward optimizing the existing business and returning capital rather than pursuing further M&A.
Cash Flow Obscured by SBC and Acquisition Accounting
The cash flow statement is significantly influenced by stock-based compensation, which reached $5.7M in 2027Q2, and the legacy effects of the SimpleNexus acquisition, which may distort the true cash generation of the core business.
Stock-based compensation is a major non-cash add-back that inflates operating cash flow relative to net income, and its inclusion in the cash flow statement can mask the true economic cost of employee compensation. Furthermore, the large acquisition-related payments in 2025Q4 and 2026Q1 are now in the past, but the amortization of intangible assets from that deal continues to impact net income, creating a persistent disconnect between accounting earnings and cash flow. Investors should adjust for these items to understand the sustainable cash generation power of the core nCino platform business.