Forensic Analysis · Technology / Software · as of Aug 11, 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
Safe
Financial health
3.0
Distress distance
Clean
Earnings quality
4
Forensic signals
158.4
P / E (ttm)
0.5%
ROE
$2.1B
Market cap
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 (red flags, auditor quality, say on pay, board independence). 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 3.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+24.0%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +24.0% relative to their own average in FY2026 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +13% against revenue +10%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 8% of net operating assets, diverging from the balance-sheet accrual read.
0.3%
FY2026
Return on invested capital.Return on invested capital is 0.3% in the latest fiscal year and rising from -7% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.1%/yr
FY2023–FY2026
Share-count dilution.Diluted share count changed +3% over the last 3 years to FY2026 (+1.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~3%.
152% of FCF
FY2026
Shareholder returns.Returned $125M to shareholders (buybacks + dividends) in FY2026 — 152% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, 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%.
Key fundamentals
Latest Revenue$594.8M
Revenue Growth YoY+10.0%
Revenue CAGR (3yr)+13.4%
Net Margin0.9%
Free Cash Flow$82.6M
Return on Equity0.5%
Debt / Equity0.25x
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?