Latest Ratios: P/E Ratio 393.4x · EV/EBITDA 629.3x · ROE 0.5%. (2018–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $2.4B | $3.9B | $3.5B | $3.2B | $4.4B | $6.3B | — | — | — |
| Enterprise Value | $2.3B | $2.6B | $4.0B | $3.5B | $3.2B | $4.4B | $5.9B | — | — | — |
| P/E Ratio → | 393.40 | 427.00 | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.62 | 4.10 | 7.24 | 7.44 | 7.75 | 16.19 | 30.77 | — | — | — |
| P/B Ratio | 2.10 | 2.28 | 3.57 | 3.37 | 3.08 | 4.14 | 14.65 | — | — | — |
| P/FCF | 26.10 | 29.57 | 73.99 | 66.40 | — | — | 1287.17 | — | — | — |
| P/OCF | 23.93 | 27.11 | 70.96 | 61.92 | — | — | 681.69 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.42 | 7.46 | 7.36 | 7.78 | 16.04 | 29.03 | — | — | — |
| EV / EBITDA | 629.25 | 706.10 | 221.40 | 610.06 | — | — | — | — | — | — |
| EV / EBIT | 629.25 | 706.10 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 31.87 | 76.18 | 65.70 | — | — | 1214.45 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.6% | 60.6% | 60.1% | 59.8% | 58.5% | 59.3% | 56.9% | 53.6% | 49.3% | 47.6% |
| Operating Margin | 0.6% | 0.6% | -3.4% | -8.3% | -23.0% | -26.1% | -20.9% | -20.4% | -25.4% | -32.3% |
| Net Profit Margin | 0.9% | 0.9% | -7.0% | -8.9% | -25.2% | -18.1% | -19.8% | -20.0% | -24.4% | -32.0% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 0.5% | -3.5% | -4.1% | -9.8% | -6.6% | -13.5% | -23.2% | -31.0% | -23.8% |
| ROA | 0.3% | 0.3% | -2.6% | -3.2% | -7.8% | -5.3% | -10.0% | -14.9% | -19.2% | -16.5% |
| ROIC | 0.2% | 0.2% | -1.2% | -2.9% | -6.8% | -9.7% | -41.4% | -58.6% | — | — |
| ROCE | 0.3% | 0.3% | -1.5% | -3.5% | -8.4% | -9.1% | -13.7% | -23.4% | -31.9% | -24.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.26 | 0.26 | 0.22 | 0.07 | 0.09 | 0.05 | 0.04 | — | — | — |
| Debt / EBITDA | 74.78 | 74.78 | 13.00 | 12.90 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.18 | 0.11 | -0.04 | 0.01 | -0.04 | -0.83 | -0.53 | -1.13 | -1.03 |
| Net Debt / EBITDA | 51.07 | 51.07 | 6.36 | -6.58 | — | — | — | — | — | — |
| Debt / FCF | — | 2.31 | 2.19 | -0.71 | — | — | -72.72 | — | — | — |
| Interest Coverage | 0.21 | 0.21 | -3.06 | -9.14 | -33.83 | -47.85 | -311.95 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.00 | 1.00 | 1.20 | 1.17 | 1.01 | 1.05 | 3.82 | 1.90 | 2.08 | 3.12 |
| Quick Ratio | 1.00 | 1.00 | 1.20 | 1.17 | 1.01 | 1.05 | 3.82 | 1.90 | 2.08 | 3.12 |
| Cash Ratio | 0.30 | 0.30 | 0.48 | 0.52 | 0.40 | 0.50 | 3.21 | 1.19 | 1.42 | 2.31 |
| Asset Turnover | — | 0.36 | 0.34 | 0.36 | 0.31 | 0.21 | 0.36 | 0.55 | 0.76 | 0.51 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 102.20 | 99.10 | 86.53 | 88.94 | 99.33 | 99.19 | 114.66 | 118.95 | 152.56 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.3% | 0.2% | — | — | — | — | — | — | — | — |
| FCF Yield | 3.8% | 3.4% | 1.4% | 1.5% | — | — | 0.1% | — | — | — |
| Buyback Yield | 5.8% | 5.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 5.8% | 5.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $114M | $115M | $113M | $111M | $97M | $88M | $90M | $90M | $90M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying NCNO stock.
nCino, Inc.'s current P/E ratio is 393.4x. This places it at the 50th percentile of its historical range.
nCino, Inc.'s current EV/EBITDA is 629.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
nCino, Inc.'s return on equity (ROE) is 0.5%. The historical average is -12.8%.
Based on historical data, nCino, Inc. is trading at a P/E of 393.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
nCino, Inc. has 60.6% gross margin and 0.6% operating margin.
nCino, Inc.'s Debt/EBITDA ratio is 74.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage rising amid cash burn
Metrics are mathematically derived from official filings.
Valuation Premium vs. Peer Profitability Gap
nCino trades at a significant forward EV/EBITDA premium to peers like Q2 Holdings, yet its current operating margin of 8.5% lags Q2's 6.5% net margin, suggesting the market is pricing in future margin expansion that has yet to materialize.
The forward P/E of 25.39 and EV/EBITDA of 15.42 appear reasonable for a growing SaaS company, but they are elevated relative to the company's historical profitability and peer group. This valuation implies the market expects a significant and sustained improvement in operating margins, which have only recently turned positive. The premium is likely justified by nCino's specialized vertical moat and recurring revenue base, but it leaves little room for execution missteps or a prolonged downturn in the banking sector.
Gross Margin Ceiling Limits Operating Leverage
Gross margins have stabilized in the 60-63% range, a level that appears structurally capped compared to pure-play SaaS peers, likely due to the non-discretionary platform fees paid to Salesforce.
The recent swing to operating profitability, with an 8.5% operating margin in 2027Q2, is a positive development driven by SG&A discipline rather than gross margin expansion. This suggests the company's path to sustained profitability relies on operating expense control, not on improving the core unit economics of its subscription model. The thin net margin of 3.2% indicates the business remains highly sensitive to even minor fluctuations in sales efficiency or R&D investment.
Returns on Capital Remain Below Cost of Equity
Despite a recent swing to GAAP profitability, ROIC of 0.8% and ROE of 0.5% in 2027Q2 remain well below the company's cost of equity, indicating it is not yet creating shareholder value on a risk-adjusted basis.
The positive but minimal returns on capital are a direct consequence of the company's thin net margins and asset-heavy balance sheet, where goodwill from acquisitions constitutes a large portion of invested capital. The trend from negative returns in 2025 to marginally positive in 2027 is encouraging, but the business must demonstrate a clear path to returns that exceed its weighted average cost of capital to justify its current valuation multiple.
Leverage Expansion for Shareholder Returns
Total debt has surged to $338.6M as of 2027Q2, representing a 167% increase from 2025Q1 levels, while the D/E ratio has tripled to 0.36, indicating a strategic decision to employ leverage for capital allocation purposes rather than operational necessity.
The increase in leverage coincides with aggressive share repurchases, suggesting management is using the balance sheet to return capital and offset dilution from stock-based compensation. While the interest coverage ratio of 2.52 in 2027Q2 is adequate, the rapid debt accumulation in a period of only modest profitability warrants monitoring. The leverage appears manageable given the recurring revenue base, but it reduces financial flexibility and increases risk if the company's growth or profitability trajectory falters.
The Misleading Power of Forward Multiples
The forward P/E of 25.39 is the ratio most commonly misapplied to nCino, as it obscures the significant gap between projected and current profitability and the structural margin ceiling imposed by its platform dependency.
Investors often focus on the forward P/E as a sign of reasonable valuation, but this metric is highly sensitive to analyst estimates for a company with a history of thin and volatile profitability. It masks the reality that the company's current trailing P/E is 459.80 and its operating margin is only 8.5%. A more appropriate metric for assessing valuation is the EV/FCF multiple of 30.51, which better reflects the cash-generative potential of the business model after accounting for non-cash charges, though it still requires the assumption of sustained margin expansion.