Forensic Analysis · Software & SaaS · as of Nov 8, 2026
nCino, Inc. (NCNO)
A forensic read on nCino, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.2
Distress distance
Clean
Earnings quality
3
Forensic signals
0.5%
ROE
10.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
NCino, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.2, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
0.3%
FY2026
Return on invested capital.Return on invested capital is 0.3% in the latest fiscal year and rising across FY2024–FY2026 from -3.1%. After-tax operating profit was ($31M) in FY2024 and $3M in FY2026, with operating income at -8.3% of revenue in FY2024, -3.4% in FY2025 and 0.6% in FY2026. The capital base behind it cannot be compared across FY2024–FY2026: short-term debt and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2026's operating profit carried a $10M restructuring charge that alone took about 0.7 points off that year's return, so the latest return is depressed by that charge.
152% of FCF
FY2026
Shareholder returns.Returned $125M to shareholders (buybacks + dividends) in FY2026 — 152% of free cash flow. That is $43M (52%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet's own liquid holdings covered part of it: cash fell $33M over FY2026 — $33M of the $43M; total debt is not on file on the same basis at both year ends, so whether new borrowing also covered part of it cannot be read. The FY2026 cash-flow statement filed $2M from shares issued; net cash used in investing activities of $54M; net cash used in financing activities of $73M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $74M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 241%.
+16.4%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +16.4% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $39.7M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by receivables up +13% against revenue +10%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 8% of net operating assets, against an accruals ratio of 16.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$594.8M
Revenue Growth YoY+10.0%
Revenue CAGR (2yr)+11.7%
Net Margin0.9%
Free Cash Flow$82.6M
Return on Equity0.5%
Debt / Equity0.20x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from nCino, Inc.'s actual 10-K/10-Q/8-K filings?