nCino, Inc.
NCNO · Technology · $2.0B mkt cap · FY2026 filings · No moat ·
Doesn't clear the bar
The four filters
Median gross margin 59.3% over 7y, very stable.
Median ROIC -5.8%, above the 9% hurdle in 0% of years.
Net debt/EBITDA n/ax, interest coverage 0x.
Owner earnings trend unclear, share count growing (dilution).
Margin of safety
- Owner earnings (normalized)
- —
- Est. intrinsic value / share
- —
- Recent price
- $17.85
- Discount to value
- No price data
Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
8 years of fundamentals
The business, in plain English
nCino, Inc. booked $594.8M of revenue in FY2026 in the Technology sector and kept 60.6% of it as gross profit — a high-margin business by that measure. After every other cost, 0.9% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $138.2M (FY2020) to $594.8M (FY2026) — about 27.5% a year compounded over 6 years.
It earned 0.4% on invested capital in FY2026, with a median of −5.8% across 7 filed years. The Returns on Capital filter above scores it 0/100.
NCNO's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.
The share count rose 21.6% between FY2021 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.
Put together: Pricing Power is the strongest of the four filters (98/100) and Returns on Capital the weakest (0/100), which is how NCNO lands at 40/100 — a None moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in NCNO’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
None yet — NCNO has read No moat for every logged capture since Jul 18, 2026.
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How nCino, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored NCNO on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, NCNO did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Technology context
#351 of 579 scored Technology companies, ranked by Moat Score.
Nearest peers by Moat Score
- #349KLTR Kaltura, Inc.39.6 out of 100, No moatNo moat
- #350GGRP THE GLIMPSE GROUP, INC.39.6 out of 100, No moatNo moat
- #352GITS Global Interactive Technologies, Inc39.6 out of 100, No moatNo moat
- #353AUID authID Inc.39.5 out of 100, No moatNo moat
Compare NCNO with its nearest peers →All Technology companies on the Index →
Common questions about NCNO
- Does nCino, Inc. have an economic moat?
- Based on its FY2026 SEC filings, the Moat Index scores nCino, Inc. (NCNO) 39.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 98, returns on capital 0, balance-sheet safety 28, capital discipline 24.
- How has NCNO's Moat Score changed over time?
- The record logs 1 reading since Jul 18, 2026; the latest reads 39.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.