NCNOnCino, Inc.
Services-Prepackaged Software
- Revenue
- $595M
- 10% YoY
- Operating margin
- 0.6%
- 119% YoY
- EBITDA
- $46M
- 152% YoY
- Market cap
- $2.4B
- Employees
- 1,684
- $353K revenue each
- Net debt / EBITDA
- 4.2×
- $192M net debt
- AI in 10-K
- 17.6
- mentions per 10K words
Takeover score 6 of 13
Fixable underperformance 4 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$8M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo928% of net incomeCash flow under 80% of net income
- Dilutive SBCYes12% of revenueOver 10% of revenue
- Payouts exceed cash flowYes139% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes68% of assetsOver 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$353K · 32nd pctBottom quartile of its SIC industry
- Quiet on AINo17.6 per 10K words · 98th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo4.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingNo−$8M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $274M | $408M | $477M | $541M | $595M | 10% |
| Operating income | −$71M | −$94M | −$40M | −$18M | $4M | 121% |
| Net income | −$50M | −$102M | −$44M | −$33M | $10M | 129% |
| Operating cash flow | −$19M | −$15M | $57M | $55M | $90M | 63% |
| Capex | $5M | $18M | $4M | $2M | $8M | 313% |
| Stock-based comp | $28M | $50M | $58M | $72M | $74M | 3.2% |
| Buybacks | — | — | $0 | $0 | $125M |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 30, 2026 | HMI Capital Management, L.P. | SCHEDULE 13D/A | 9.0% | Active |
| Feb 11, 2025 | HMI Capital Management, L.P. | SCHEDULE 13D/A | 5.9% | Active |
| Dec 20, 2024 | Insight Venture Partners X, L.P. | SCHEDULE 13D/A | 0.4% | Passive |
| Dec 12, 2024 | Insight Venture Partners X, L.P. | SC 13D/A | 8.5% | Passive |
| Oct 21, 2024 | Insight Venture Partners X, L.P. | SC 13D/A | 10.8% | Passive |
| Oct 21, 2024 | HMI Capital Management, L.P. | SC 13D | 6.8% | Passive |
| Oct 18, 2024 | Insight Venture Partners X, L.P. | SC 13D/A | 12.4% | Passive |
| Aug 16, 2024 | Insight Venture Partners X, L.P. | SC 13D/A | 13.9% | Passive |
| Jul 30, 2024 | Insight Venture Partners X, L.P. | SC 13D/A | 15.2% | Passive |
| Jul 24, 2024 | Insight Venture Partners X, L.P. | SC 13D/A | 17.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $8M · 42
- Net
- −$8M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $9M | $4M | 30 | 124 |
| FY2025 | $8M | $9M | 47 | 146 |
| FY2024 | $8M | $10M | 44 | 135 |
| FY2023 | $8M | $2M | 40 | 90 |
| FY2022 | $8M | $1M | 64 | 111 |