Latest Ratios: P/E Ratio 361.2x · EV/EBITDA 581.9x · 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 | $2.0B | $2.4B | $3.9B | $3.5B | $3.2B | $4.4B | $6.3B | — | — | — |
| Enterprise Value | $2.2B | $2.6B | $4.0B | $3.5B | $3.2B | $4.4B | $5.9B | — | — | — |
| P/E Ratio → | 361.20 | 427.00 | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.33 | 4.10 | 7.24 | 7.44 | 7.75 | 16.19 | 30.77 | — | — | — |
| P/B Ratio | 1.93 | 2.28 | 3.57 | 3.37 | 3.08 | 4.14 | 14.65 | — | — | — |
| P/FCF | 23.96 | 29.57 | 73.99 | 66.40 | — | — | 1287.17 | — | — | — |
| P/OCF | 21.97 | 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 | 581.93 | 706.10 | 221.40 | 610.06 | — | — | — | — | — | — |
| EV / EBIT | 581.93 | 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 | 4.2% | 3.4% | 1.4% | 1.5% | — | — | 0.1% | — | — | — |
| Buyback Yield | 6.3% | 5.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 6.3% | 5.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $114M | $115M | $113M | $111M | $97M | $88M | $90M | $90M | $90M |
Salesforce platform dependency
According to recent market data, nCino trades at a trailing P/E of 312.60, a valuation that appears to price in significant future earnings expansion despite the company's recent revenue growth deceleration from 14.3% in 2025Q4 to 10.6% in 2027Q1, as reported in financial filings.
The forward P/E of 17.27 suggests that the market anticipates a substantial inflection in profitability, likely driven by the scaling of the nCino IQ platform. However, investors should monitor whether this valuation remains sustainable if the current deceleration in top-line growth persists, as the current multiple implies a growth-oriented narrative that may be increasingly difficult to justify.
As reported in quarterly filings, nCino maintains a consistent gross margin of approximately 60%, a figure that appears structurally capped by the mandatory third-party royalty payments required to operate within the Salesforce ecosystem, limiting the company's ability to achieve the high-margin profile typical of pure-play SaaS peers.
While operating margins have improved to 13.8% in 2027Q1, the reliance on Salesforce as a platform partner creates a permanent drag on gross profitability that is not present in horizontal SaaS competitors. This suggests that true earning power is more sensitive to operating expense discipline than to gross margin expansion, warranting caution regarding long-term margin targets.
Based on the latest quarterly data, nCino's DSO has fluctuated between 48 and 81 days over the last ten quarters, indicating that the company's cash conversion cycle remains highly sensitive to the timing of large enterprise contract milestones and the complexity of global bank deployments.
The variability in DSO suggests that while the company is improving its cash flow generation, the underlying working capital efficiency is not yet stable. Investors should monitor whether these fluctuations are merely timing differences or if they indicate a lengthening of the sales cycle within the regional banking sector.
As reported in recent financial statements, nCino's total debt has climbed to $326.7 million in 2027Q1 from $74.2 million in 2024Q4, reflecting a shift toward increased leverage that warrants monitoring as the company balances its growth objectives against the realities of a more capital-intensive operating model.
The increase in debt-to-EBITDA ratios suggests that the company is utilizing more leverage to fund its strategic initiatives, including the SimpleNexus acquisition. While interest coverage has improved to 4.92 in 2027Q1, the company's ability to service this debt remains contingent on maintaining the current trajectory of operating margin expansion.
The most commonly misapplied metric for nCino is the standard P/S ratio, which fails to account for the structural margin drag caused by the Salesforce platform royalty payments, thereby obscuring the company's true operating leverage compared to horizontal SaaS peers with higher gross margins.
Investors should instead focus on EV/EBITDA or FCF-based metrics, as these better capture the cash-generative potential of the business after accounting for the non-discretionary platform costs. Relying on P/S ratios may lead to an overestimation of the company's relative value when compared to software firms that do not share their revenue with a platform partner.
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Quick answers to the most common questions about buying NCNO stock.
nCino, Inc.'s current P/E ratio is 361.2x. This places it at the 50th percentile of its historical range.
nCino, Inc.'s current EV/EBITDA is 581.9x. 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 361.2x. 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.