nCino Inc.
NCNO Technology Software Application
nCino Inc.’s revenue for fiscal 2026 (year ended January 2026) was $594.8 million, up 10.0% from fiscal 2025. In the quarter to July 2026, revenue grew 8.19%, EPS grew 138.5%, free cash flow grew 170.1% and total debt rose 27.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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nCino Inc. (NCNO) Altman Z-score
nCino Inc.'s Altman Z-score for fiscal 2026 is 2.49, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 2.49 | (2.02) |
| FY2025 | 4.51 | (2.72) |
| FY2024 | 7.23 | 1.22 |
| FY2023 | 6.01 | (5.20) |
| FY2022 | 11.21 | (16.49) |
| FY2021 | 27.70 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.00 | — | −0.00 | |
| Retained earnings / total assets | (0.23) | — | −0.32 | |
| EBIT / total assets | 0.00 | — | 0.01 | |
| Market value of equity / total liabilities | 4.07 | — | 2.44 | |
| Sales / total assets | 0.36 | — | 0.36 | |
| Altman Z-score | Grey zone | 2.49 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.14 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SOUN SoundHound AI, Inc. compare | 9.4× |
| PLUS ePlus inc. compare | 4.5× |
| ADEA Adeia Inc. compare | 3.4× |
| NCNO nCino Inc. | 2.5× |
| VERX Vertex, Inc. compare | 2.4× |
| DBD Diebold Nixdorf, Incorporated compare | 1.9× |
| BLKB Blackbaud, Inc. compare | 1.4× |
| BTDR Bitdeer Technologies Group compare | 0.8× |
| ASAN Asana, Inc. compare | −1.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets