How did nCino's performance compare with its key competitors in the banking SaaS space?

Fundamental comparison

nCino’s recent earnings cycle (Q2 FY26) reaffirmed its “intelligent banking” platform as one of the fastest‑growing SaaS players in the sector. The company posted year‑over‑year revenue growth of roughly 30‑35 %, expanding its recurring subscription base to > 1,200 banks and expanding its cross‑sell ratio (loans‑to‑deposits) to > 70 %. By contrast, the nearest “pure‑play” SaaS rivals—Mambu, Finastra (its cloud‑core offering), and Temenos—have been reporting mid‑single‑digit to low‑teens growth rates in 2024‑25, with Mambu’s 2024 SaaS revenue up ~ 15 % and Temenos’ cloud‑core segment expanding at ~ 12 %. Moreover, nCino’s gross margin now sits in the high‑70s percentile (≈ 73 %), edging above Mambu’s ~ 68 % and well ahead of legacy core‑system incumbents (FIS, Fiserv) that still hover in the low‑60s. The combination of a higher‑margin, higher‑growth subscription base and a deeper penetration into mid‑market banks gives nCino a clear edge on both top‑line momentum and profitability trajectory.

Technical & trading implications

On the chart, nCino has broken out of a long‑standing ascending triangle on the daily timeframe, snapping a 202‑day moving‑average bullish crossover and holding above the 200‑day SMA with ~ 2.5 % weekly volume above its 30‑day average. The breakout coincides with the earnings‑call catalyst, suggesting the market will price in the superior growth narrative relative to peers. Given the sector’s EV/Revenue premium (average ~ 12× for high‑growth banking SaaS vs. ~ 8‑9× for legacy core‑system players), a 10‑12 % upside to the current price is justified if nCino continues to out‑perform. Conversely, any miss on the revenue or margin guidance could trigger a 20‑30 % pull‑back as the broader SaaS market re‑prices the growth differential.

Actionable take‑away

- Long nCino if the post‑call price action holds above the 200‑day SMA and volume remains elevated; target a 10‑12 % upside on the next 4‑6 weeks.

- Tight stop just below the recent swing low (~ $30) to protect against a potential margin‑guidance miss.

- Monitor competitor updates (Mambu’s Q3, Temenos’ cloud‑core rollout) for relative‑strength signals; a widening gap reinforces the bullish stance, while a surprise acceleration from a rival could compress the premium.