TakeoverPE & activists

NCNOnCino, Inc.

Services-Prepackaged Software · $2.4B market cap · 1,684 employees

16×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

7of 15 firedHow well they predict deals →
8 other checks
  • High CEO pay despite TSRNo
    $8M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    928% of net income
    Cash flow under 80% of net income
  • Shareholder dissentNo
    91% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $353K · 32nd pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    17.6 per 10K words · 98th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    4.2× EBITDA net debt
    More cash than debt, positive EBITDA
  • AI-rollup shapedNo
    2 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    −$8M net
    Net sales over $10M in 12 months

Key numbers

Revenue
$595MFY2022: $274MFY2023: $408MFY2024: $477MFY2025: $541MFY2026: $595M
10% YoY
Operating margin
0.6%FY2022: -26.1%FY2023: -23.0%FY2024: -8.3%FY2025: -3.4%FY2026: 0.6%
119% YoY
EBITDA
$46MFY2022: −$61MFY2023: −$59MFY2024: $6MFY2025: $18MFY2026: $46M
152% YoY
Net debt / EBITDA
4.2×
$192M net debt

Financials

MetricFY2022FY2023FY2024FY2025FY2026YoYTrend
Revenue$274M$408M$477M$541M$595M 10% FY2022: $274MFY2023: $408MFY2024: $477MFY2025: $541MFY2026: $595M
Operating income−$71M−$94M−$40M−$18M$4M 121% FY2022: −$71MFY2023: −$94MFY2024: −$40MFY2025: −$18MFY2026: $4M
Net income−$50M−$102M−$44M−$33M$10M 129% FY2022: −$50MFY2023: −$102MFY2024: −$44MFY2025: −$33MFY2026: $10M
Operating cash flow−$19M−$15M$57M$55M$90M 63% FY2022: −$19MFY2023: −$15MFY2024: $57MFY2025: $55MFY2026: $90M
Capex$5M$18M$4M$2M$8M 313% FY2022: $5MFY2023: $18MFY2024: $4MFY2025: $2MFY2026: $8M
Stock-based comp$28M$50M$58M$72M$74M 3.2% FY2022: $28MFY2023: $50MFY2024: $58MFY2025: $72MFY2026: $74M
Buybacks——$0$0$125MFY2024: $0FY2025: $0FY2026: $125M

13D filers

FiledFilerFormStakeIntent
Jun 30, 2026HMI Capital Management, L.P.SCHEDULE 13D/A9.0%Active
Feb 11, 2025HMI Capital Management, L.P.SCHEDULE 13D/A5.9%Active
Dec 20, 2024Insight Venture Partners X, L.P.SCHEDULE 13D/A0.4%Passive
Dec 12, 2024Insight Venture Partners X, L.P.SC 13D/A8.5%Passive
Oct 21, 2024Insight Venture Partners X, L.P.SC 13D/A10.8%Passive
Oct 21, 2024HMI Capital Management, L.P.SC 13D6.8%Passive
Oct 18, 2024Insight Venture Partners X, L.P.SC 13D/A12.4%Passive
Aug 16, 2024Insight Venture Partners X, L.P.SC 13D/A13.9%Passive
Jul 30, 2024Insight Venture Partners X, L.P.SC 13D/A15.2%Passive
Jul 24, 2024Insight Venture Partners X, L.P.SC 13D/A17.0%Passive

Insider trading

−$8Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $8M · 42 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2026$9M$4M30124
FY2025$8M$9M47146
FY2024$8M$10M44135
FY2023$8M$2M4090
FY2022$8M$1M64111