nCino (NCNO) has just posted its FY 2026 numbers, reporting Q4 revenue of US$149.7 million, basic EPS of US$0.07 and net income of US$8.3 million. Over the trailing twelve months, the company recorded total revenue of US$594.8 million and basic EPS of US$0.05. In recent quarters, revenue moved from US$141.4 million in Q4 FY 2025 to US$149.7 million in Q4 FY 2026, while basic EPS shifted from a loss of US$0.16 to a positive US$0.07. This puts the focus on how sustainably margins are now holding up.

See our full analysis for nCino.

With the headline figures established, the next step is to see how this margin story compares with the widely followed bull, bear and consensus narratives around nCino.

TTM earnings turn positive at US$5.2 million

• On a trailing twelve month basis, nCino moved from a net loss of US$37.9 million in Q4 FY 2025 to net income of US$5.2 million in Q4 FY 2026, with basic EPS over the same window shifting from a loss of US$0.33 to a positive US$0.05.
• Consensus narrative highlights that analysts expect earnings of US$56.0 million by about September 2028. This new profitability supports that direction but also raises a question about pace, as the current TTM profit of US$5.2 million is still well below those expectations and relies on margins continuing to improve from today’s relatively early stage.

Valuation gap between P/S of 3.2x and DCF fair value

• The stock trades on a P/S of 3.2x, compared with a peer average of 2.7x and a US Software industry average of 3.4x. The provided DCF fair value of US$27.19 sits above the current share price of US$16.57.
• Consensus narrative points to an analyst price target of US$25.21, which is above the current market price but below the DCF fair value. Investors are effectively weighing three reference points at once: a higher DCF number, a lower but still higher target, and a live price that is meaningfully underneath both.

Revenue growth forecasts at 8.2% vs earnings at 58.4%

• Forecasts in the dataset show revenue growth of about 8.2% per year alongside earnings growth of about 58.4% per year, while recent quarterly revenue stayed in a tight band between US$144.1 million and US$152.2 million and quarterly EPS moved between a loss of US$0.13 and a profit of US$0.07.
• Bears argue that banks may adopt AI tools more slowly and that long international sales cycles could limit how quickly those 58.4% earnings growth forecasts are reached. The relatively modest 8.2% revenue forecast alongside recent flat revenue quarters gives them numbers to point to, even as bulls highlight that the company has already crossed into profitability and is using AI and pricing changes to try to lift margins.

On these numbers, it is worth seeing how bullish analysts map the margin story into their longer term scenario for the company. 🐂 nCino Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for nCino on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With both risks and rewards on the table, the picture is mixed, so act while the details are fresh and carefully weigh the 3 key rewards and 1 important warning sign.

See What Else Is Out There

nCino is early in its profitability journey, with modest TTM earnings of US$5.2 million, relatively flat recent revenue and ambitious long term earnings forecasts.

If that mix of early stage profit and a valuation juggling DCF, analyst targets and a 3.2x P/S feels uncomfortable, shift your focus to the 63 high quality undervalued stocks for ideas where price and fundamentals may line up more cleanly.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.