nCino 1QF27 Review — Maintain Neutral Rating and PT of $16/sh

研报英文原文证据摘录

nCino 1QF27 Review — Maintain Neutral Rating and PT of $16/sh

J P M O R G A N North America Equity Research

27 May 2026

nCino Neutral

NCNO, NCNO US

1QF27 Review — Maintain Neutral Rating and PT of Price (27 May 26):$15.19

$16/sh Price Target (Dec-26):$16.00

Vertical SaaS & HealthTech

Ella Smith AC

(1-212) 622-2451

ella.smith@jpmchase.com

Alexei Gogolev

nCino beat its own guidance across key metrics and cited accelerating subscription (1-212) 622-9391

alexei.gogolev@jpmorgan.com

revenue growth to 12% Y/Y and a 28% non-GAAP operating margin (management

Destiny Jacksonreferenced achieving “Rule of 40”). Management commentary focused on AI

(1-212) 622-4360

adoption in regulated banking workflows, emphasizing governance/auditability destiny.jackson@jpmorgan.com

requirements and describing Banking Advisor as an early product expression of its

Isabella A Camaj

broader AI roadmap introduced at nSight. Management’s 2QF27 guidance reflects (1-212) 834-2379

a tougher mortgage compare and planned opex timing (marketing and merit). For bella.camaj@jpmorgan.com

FY27, the company raised guidance for all metrics, while maintaining a J.P. Morgan Securities LLC

conservative stance on mortgage and not embedding incremental upside from

additional intelligence-unit re-ups. All in, we tweak our model to reflect the solid

Quarterly Forecasts (FYE Jan)results, remaining Neutral rated on NCNO and maintaining our Dec 2026 PT of

$16/sh. Revenue ($ mn)

2026A 2027E 2028E

Q1 144 159A 178

• Bright Spots: Profitability and cash flow were the standout, with GAAP Q2 149 160 170

operating income improving to $21.1M (vs $(1.5)M in 1QFY26) and free cash Q3 152 162 175

flow reaching $80.8M (up 54% Y/Y); management reiterated 1Q is typically Q4 150 164 182

FY 595 645 705