Docebo (DCBO) AI Stock Analysis

• Market Cap: $1.28B
• Dividend Yield: N/A
• Average Volume (3M): 59.97K
• Price to Earnings (P/E): 43.6
• Beta (1Y): 1.19
• Revenue Growth: 18.51%
• EPS Growth: 32.49%
• Country: CA
• Employees: 991
• Sector: Technology
• Sector Strength: 83
• Industry: Software - Application
• EPS (TTM): 0.40
• Shares Outstanding: 29,633,183
• 10 Day Avg. Volume: 45,462
• 30 Day Avg. Volume: 59,967
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.87
• Enterprise Value/Revenue: 4.80
• Enterprise Value/Gross Profit: 5.94
• Enterprise Value/Ebitda: 45.55
• 1Y Price Target: $55.41
• Price Target Upside: 28.59% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8

• Rating: 70 Neutral
• Price Target: C$47.00 ▲(9.07% Upside)

Docebo's overall stock score is driven by strong financial performance and positive earnings call sentiment, highlighting strategic wins and increased guidance. Technical analysis indicates mild bullish momentum, while valuation suggests high growth expectations. Challenges such as elongated sales cycles and operational margin pressures are noted but outweighed by strategic achievements.

Positive Factors

Contract Growth

Record average contract value from new logos at $83K, up 17% YoY, and a continued increase in overall average contract value at $55K, up 7% YoY.

Government Sector Expansion

FedRAMP ATO status could allow Docebo to quickly penetrate the government sector.

Product Innovation

Key product innovations, such as AI virtual coaching and agentic AI capabilities, were extremely well received at Docebo's Inspire event.

Negative Factors

Customer Downsizing

A large customer intends to downsize in 2026, impacting future growth.

Growth Trajectory Uncertainty

Revenue growth is dropping into single-digits and significant changes throughout the c-suite imply capped upside.

Guidance Cut

Deterioration in the macro is leading to a more prudent view of the second half, resulting in a guidance cut across metrics.

Docebo Business Overview & Revenue Model

Company Description

Docebo Inc. (DCBO) is a leading provider of cloud-based learning management systems (LMS) designed to facilitate corporate training and development. Headquartered in Toronto, Canada, Docebo offers a suite of products that enable businesses to deliver, manage, and track online learning activities. Its platform is utilized by organizations across various industries to enhance employee training, compliance, and skill development, integrating features like content creation, social learning, and analytics.

How the Company Makes Money

Docebo generates revenue primarily through a subscription-based model, where businesses pay for access to its learning management system and associated services. The company offers different pricing tiers and packages based on the size and needs of the customer, which provides scalability and flexibility to its clients. Revenue is also earned through professional services such as implementation support, customization, and training, which are offered to help clients maximize the value of their learning programs. Additionally, Docebo partners with other technology providers to integrate its platform with various enterprise systems, enhancing its offerings and expanding its market reach.

Docebo Financial Statement Overview

Summary

Docebo demonstrates strong revenue growth and profitability, supported by efficient cost management and low leverage. The company effectively generates cash, although recent declines in cash flow growth and operational margins may warrant attention. Overall, Docebo is financially stable with a solid performance trajectory in the software application industry.

Income Statement

Docebo has shown consistent revenue growth, with a TTM revenue growth rate of 3.45%. The company maintains a strong gross profit margin of 80.87% and a net profit margin of 9.29% in the TTM period, indicating efficient cost management. However, there is a slight decline in EBIT and EBITDA margins compared to the previous year, suggesting potential pressure on operational efficiency.

Balance Sheet

The company has a low debt-to-equity ratio of 0.04, indicating low leverage and financial stability. The return on equity is strong at 45.11%, reflecting effective use of equity to generate profits. However, the equity ratio is not explicitly provided, which limits a full assessment of asset financing.

Cash Flow

Operating cash flow and free cash flow are positive, with a high free cash flow to net income ratio of 95.24%, indicating strong cash generation relative to net income. However, the free cash flow growth rate is negative at -1.9% in the TTM period, suggesting a decline in cash flow generation compared to the previous year.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	230.50M	216.93M	180.84M	142.91M	104.24M	62.92M
Gross Profit	186.41M	175.64M	146.34M	114.73M	83.46M	51.38M
EBITDA	24.30M	27.28M	8.28M	-15.71M	-10.92M	-6.04M
Net Income	21.42M	26.74M	2.84M	7.02M	-13.60M	-7.65M
Balance Sheet
Total Assets	171.23M	190.71M	158.38M	283.67M	268.22M	254.61M
Cash, Cash Equivalents and Short-Term Investments	64.58M	92.58M	72.03M	216.47M	215.32M	219.66M
Total Debt	1.37M	1.50M	2.11M	3.07M	4.00M	3.82M
Total Liabilities	136.55M	132.95M	107.65M	91.46M	77.57M	53.94M
Stockholders Equity	34.68M	57.76M	50.72M	192.21M	190.66M	200.67M
Cash Flow
Free Cash Flow	26.91M	28.00M	15.33M	1.21M	-4.40M	3.71M
Operating Cash Flow	28.25M	29.25M	15.96M	2.29M	-3.25M	5.16M
Investing Cash Flow	-1.60M	-1.50M	-9.52M	-2.15M	-1.15M	-3.90M
Financing Cash Flow	-45.34M	-6.84M	-151.00M	1.58M	422.00K	172.27M

Docebo Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 43.09
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:DCBO, the sentiment is Positive. The current price of 43.09 is above the 20-day moving average (MA) of 42.84, above the 50-day MA of 41.56, and below the 200-day MA of 48.80, indicating a neutral trend. The MACD of 0.32 indicates Positive momentum. The RSI at 54.80 is Neutral, neither overbought nor oversold. The STOCH value of 74.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:DCBO.

Docebo Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DCBO	70 Neutral	$1.28B	43.59	55.53%	―	18.51%	32.49%
Sector *	61 Neutral	$35.52B	8.84	-11.06%	1.87%	8.55%	-8.14%
OTEX	―	$8.50B	20.25	10.73%	3.20%	―	―
DSGX	―	$9.12B	62.74	10.54%	―	―	―
KXS	70 Outperform	C$5.37B	154.60	5.93%	―	15.81%	22.17%
THNC	60 Neutral	C$126.54M	135.04	1.61%	―	16.12%	―
LSPD	51 Neutral	C$2.22B	―	-36.64%	―	18.75%	-386.84%

Docebo Corporate Events

Docebo Surpasses Q2 2025 Expectations with Strategic Advances

Docebo reported strong financial results for the second quarter of 2025, surpassing revenue and profitability expectations despite a challenging macroeconomic environment. The company achieved significant milestones, such as advancing its AI-first strategy, appointing a new Chief Revenue Officer, and obtaining FedRAMP Moderate Authorization to expand its public sector reach. These developments, along with notable customer wins across various industries, position Docebo for sustained growth and enhanced market presence.

The most recent analyst rating on (TSE:DCBO) stock is a Buy with a C$54.00 price target. To see the full list of analyst forecasts on Docebo stock, see the TSE:DCBO Stock Forecast page.

Docebo Inc. Announces Shareholder Meeting Results and Auditor Appointment

Docebo Inc. announced the results of its annual general meeting of shareholders, where all seven nominees for the board of directors were elected. Additionally, the appointment of KPMG LLP as auditors for the 2025 fiscal year was approved. These outcomes reinforce Docebo’s governance structure and operational stability, potentially strengthening its market position and stakeholder confidence.

The most recent analyst rating on (TSE:DCBO) stock is a Buy with a C$54.00 price target. To see the full list of analyst forecasts on Docebo stock, see the TSE:DCBO Stock Forecast page.

Docebo Announces Shareholder Meeting Results and Auditor Appointment

Docebo Inc. announced the results of its annual general meeting of shareholders, where all seven nominees for the board of directors were elected. Additionally, the appointment of KPMG LLP as the company’s auditors for the 2025 fiscal year was approved. These outcomes reflect strong shareholder support and are expected to reinforce Docebo’s strategic direction and operational stability.

The most recent analyst rating on (TSE:DCBO) stock is a Buy with a C$54.00 price target. To see the full list of analyst forecasts on Docebo stock, see the TSE:DCBO Stock Forecast page.