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Side-by-side financial comparison of nCino, Inc. (NCNO) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $152.2M, roughly 24.1× nCino, Inc.). SHOPIFY INC. runs the higher net margin — 20.2% vs 4.3%, a 15.9% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 9.6%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $4.9M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 10.9%).
nCino, Inc. is a global financial technology company headquartered in Wilmington, North Carolina. The company offers its cloud-based banking software and core banking platform. The nCino Platform is used by banks and credit unions, and enterprise financial institutions.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
NCNO vs SHOP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.2M | $3.7B |
| Net Profit | $6.5M | $743.0M |
| Gross Margin | 61.6% | 46.1% |
| Operating Margin | 7.7% | 17.2% |
| Net Margin | 4.3% | 20.2% |
| Revenue YoY | 9.6% | 30.6% |
| Net Profit YoY | 224.5% | -42.5% |
| EPS (diluted) | $0.06 | $0.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $152.2M | $3.7B | ||
| Q3 25 | $148.8M | $2.8B | ||
| Q2 25 | $144.1M | $2.7B | ||
| Q1 25 | $141.4M | $2.4B | ||
| Q4 24 | $138.8M | $2.8B | ||
| Q3 24 | $132.4M | $2.2B | ||
| Q2 24 | $128.1M | $2.0B | ||
| Q1 24 | $123.7M | $1.9B |
| Q4 25 | $6.5M | $743.0M | ||
| Q3 25 | $-15.3M | $264.0M | ||
| Q2 25 | $5.6M | $906.0M | ||
| Q1 25 | $-18.6M | $-682.0M | ||
| Q4 24 | $-5.3M | $1.3B | ||
| Q3 24 | $-11.0M | $828.0M | ||
| Q2 24 | $-3.0M | $171.0M | ||
| Q1 24 | $1.2M | $-273.0M |
| Q4 25 | 61.6% | 46.1% | ||
| Q3 25 | 59.2% | 48.9% | ||
| Q2 25 | 60.0% | 48.6% | ||
| Q1 25 | 59.7% | 49.5% | ||
| Q4 24 | 61.3% | 48.1% | ||
| Q3 24 | 59.3% | 51.7% | ||
| Q2 24 | 60.0% | 51.1% | ||
| Q1 24 | 60.2% | 51.4% |
| Q4 25 | 7.7% | 17.2% | ||
| Q3 25 | -6.2% | 12.1% | ||
| Q2 25 | -1.0% | 10.9% | ||
| Q1 25 | -4.1% | 8.6% | ||
| Q4 24 | -0.6% | 16.5% | ||
| Q3 24 | -6.0% | 13.1% | ||
| Q2 24 | -2.9% | 11.8% | ||
| Q1 24 | -2.6% | 4.6% |
| Q4 25 | 4.3% | 20.2% | ||
| Q3 25 | -10.3% | 9.3% | ||
| Q2 25 | 3.9% | 33.8% | ||
| Q1 25 | -13.2% | -28.9% | ||
| Q4 24 | -3.8% | 46.0% | ||
| Q3 24 | -8.3% | 38.3% | ||
| Q2 24 | -2.3% | 8.4% | ||
| Q1 24 | 0.9% | -14.7% |
| Q4 25 | $0.06 | $0.58 | ||
| Q3 25 | $-0.13 | $0.20 | ||
| Q2 25 | $0.05 | $0.69 | ||
| Q1 25 | $-0.15 | $-0.53 | ||
| Q4 24 | $-0.05 | $0.99 | ||
| Q3 24 | $-0.10 | $0.64 | ||
| Q2 24 | $-0.03 | $0.13 | ||
| Q1 24 | $0.01 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $87.6M | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $13.5B |
| Total Assets | $1.6B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $5.8B | ||
| Q3 25 | $122.9M | $6.3B | ||
| Q2 25 | $133.2M | $5.8B | ||
| Q1 25 | $120.9M | $5.5B | ||
| Q4 24 | $257.9M | $5.5B | ||
| Q3 24 | $121.4M | — | ||
| Q2 24 | $129.5M | — | ||
| Q1 24 | $112.1M | — |
| Q4 25 | $1.0B | $13.5B | ||
| Q3 25 | $1.1B | $12.5B | ||
| Q2 25 | $1.1B | $12.1B | ||
| Q1 25 | $1.1B | $11.1B | ||
| Q4 24 | $1.1B | $11.6B | ||
| Q3 24 | $1.1B | $10.1B | ||
| Q2 24 | $1.1B | $9.2B | ||
| Q1 24 | $1.0B | $8.9B |
| Q4 25 | $1.6B | $15.2B | ||
| Q3 25 | $1.6B | $15.0B | ||
| Q2 25 | $1.7B | $14.6B | ||
| Q1 25 | $1.6B | $13.4B | ||
| Q4 24 | $1.5B | $13.9B | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.3B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.1M | $725.0M |
| Free Cash FlowOCF − Capex | $4.9M | $715.0M |
| FCF MarginFCF / Revenue | 3.2% | 19.5% |
| Capex IntensityCapex / Revenue | 0.1% | 0.3% |
| Cash ConversionOCF / Net Profit | 0.78× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $59.7M | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.1M | $725.0M | ||
| Q3 25 | $17.7M | $513.0M | ||
| Q2 25 | $54.3M | $428.0M | ||
| Q1 25 | $-10.0M | $367.0M | ||
| Q4 24 | $5.8M | $615.0M | ||
| Q3 24 | $5.0M | $423.0M | ||
| Q2 24 | $54.4M | $340.0M | ||
| Q1 24 | $8.1M | $238.0M |
| Q4 25 | $4.9M | $715.0M | ||
| Q3 25 | $12.6M | $507.0M | ||
| Q2 25 | $52.6M | $422.0M | ||
| Q1 25 | $-10.4M | $363.0M | ||
| Q4 24 | $5.1M | $611.0M | ||
| Q3 24 | $4.6M | $421.0M | ||
| Q2 24 | $54.1M | $333.0M | ||
| Q1 24 | $7.7M | $232.0M |
| Q4 25 | 3.2% | 19.5% | ||
| Q3 25 | 8.5% | 17.8% | ||
| Q2 25 | 36.5% | 15.7% | ||
| Q1 25 | -7.3% | 15.4% | ||
| Q4 24 | 3.7% | 21.7% | ||
| Q3 24 | 3.4% | 19.5% | ||
| Q2 24 | 42.2% | 16.3% | ||
| Q1 24 | 6.2% | 12.5% |
| Q4 25 | 0.1% | 0.3% | ||
| Q3 25 | 3.5% | 0.2% | ||
| Q2 25 | 1.2% | 0.2% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | 0.5% | 0.1% | ||
| Q3 24 | 0.3% | 0.1% | ||
| Q2 24 | 0.3% | 0.3% | ||
| Q1 24 | 0.3% | 0.3% |
| Q4 25 | 0.78× | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | 9.77× | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 1.99× | ||
| Q1 24 | 7.02× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NCNO
| License And Service | $133.4M | 88% |
| Professional Services | $18.8M | 12% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
