Docebo (DCBO) AI Stock Analysis

• Market Cap: C$868.65M
• Dividend Yield: N/A
• Average Volume (3M): 68.01K
• Price to Earnings (P/E): 28.8
• Beta (1Y): 0.92
• Revenue Growth: 16.25%
• EPS Growth: 31.71%
• Country: CA
• Employees: 991
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.48
• Shares Outstanding: 28,734,863
• 10 Day Avg. Volume: 45,709
• 30 Day Avg. Volume: 68,009
• PEG Ratio: 0.05
• Price to Book (P/B): 23.54
• Price to Sales (P/S): 6.27
• P/FCF Ratio: 48.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$49.13
• Price Target Upside: 61.09% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): 1.73
• Revenue Forecast (FY): C$338.71M

• Rating: 63 Neutral
• Price Target: C$31.00 ▲(1.64% Upside)

Docebo's overall stock score reflects strong financial performance and strategic growth initiatives. However, technical analysis indicates bearish trends, and valuation is moderate. Earnings call and corporate events highlight growth potential but also reveal some risks.

Positive Factors

Revenue Growth

Consistent ARR growth highlights strong business fundamentals and execution, indicating robust demand for Docebo's LMS solutions.

FedRAMP Success

Early FedRAMP success opens new market opportunities in the federal sector, enhancing Docebo's competitive positioning and growth potential.

AI Monetization Strategy

The AI monetization strategy could drive future revenue streams, leveraging AI capabilities to enhance product offerings and customer value.

Negative Factors

Dayforce Wind Down

The accelerated Dayforce wind down presents a challenge, potentially impacting revenue stability and requiring strategic adjustments.

AWS Contract Roll-off

The AWS contract roll-off could reduce ARR, necessitating efforts to mitigate revenue loss and maintain growth momentum.

Churn and Retention Challenges

Anticipated retention challenges may affect customer base stability, requiring enhanced retention strategies to sustain long-term growth.

Docebo Business Overview & Revenue Model

Company Description

Docebo Inc. provides a cloud-based learning management system to train internal and external workforces, partners, and customers in North America, Europe, and the Asia-Pacific region. Its platform helps customers to centralize learning materials from peer enterprises and learners into one learning management system (LMS) to expedite and enrich the learning process, increase productivity, and grow teams uniformly. The company's learning platform includes Docebo Learn LMS, a cloud-based learning platform; Docebo Shape, an AI-based learning content creation tool; Docebo Content that allows to unlock the industry's best-learning content; Docebo Learning Impact, a learning measurement tool; Docebo Learning Analytics that allows learning administrators to prove their learning programs are powering their business, as well as connecting learning data to business results; Docebo Connect that connects Docebo to custom tech stack and making integrations; and Docebo Flow that allows businesses to directly inject learning into the flow of work. It also provides Docebo for Salesforce, a native integration that leverages Salesforce's application programming interface and technology architecture to produce a learning experience; and Docebo Embed (OEM) that allows original equipment manufacturers to embed and re-sell Docebo as a part of their software. In addition, the company offers Docebo Mobile App Publisher product that allows companies to create and publish own branded version of Docebo Go.Learn mobile learning applications; Docebo Extended Enterprise that breeds customer education, partner enablement, and retention; and Docebo Discover, Coach & Share that enhances the learning experience to create a culture of social learning. It serves customers in the technology, media, manufacturing, consulting and professional services, and retail industries. The company was formerly known as Docebo Canada, Inc. Docebo Inc. founded in 2005 and is based in Toronto, Canada.

How the Company Makes Money

Docebo generates revenue primarily through subscription-based pricing models for its LMS platform. Clients pay recurring fees based on the number of users or features they require, creating a steady revenue stream. Key revenue streams include subscription fees, professional services for implementation and customization, and additional services such as training and support. The company also benefits from strategic partnerships with other technology providers that enhance its platform's capabilities, as well as from expanding its customer base across various industries, including healthcare, finance, and manufacturing, which contribute to its overall earnings.

Docebo Financial Statement Overview

Summary

Docebo demonstrates strong financial health with consistent revenue growth, improving profitability, and effective cost management. The balance sheet is robust with low leverage, and cash flows are generally positive. However, maintaining equity levels and enhancing cash conversion are areas for improvement.

Income Statement

Docebo's income statement shows a strong gross profit margin consistently above 80%, indicating effective cost management. The net profit margin has improved significantly over the years, turning positive in recent periods, which is a positive sign of profitability. Revenue growth has been steady, although it has slowed down in the most recent TTM period. EBIT and EBITDA margins have also improved, reflecting better operational efficiency.

Balance Sheet

The balance sheet is strong with a low debt-to-equity ratio, suggesting low financial leverage and risk. Return on equity has improved, indicating better utilization of equity to generate profits. The equity ratio is healthy, showing a solid capital structure. However, the decrease in stockholders' equity over time could be a concern if it continues.

Cash Flow

Cash flow analysis reveals a positive trend in free cash flow growth, which is a good indicator of financial health. The operating cash flow to net income ratio is stable, suggesting efficient cash generation from operations. However, the free cash flow to net income ratio has slightly decreased, indicating potential challenges in converting income into free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	236.01M	216.93M	180.84M	142.91M	104.24M	62.92M
Gross Profit	189.65M	175.64M	146.34M	114.73M	83.46M	51.38M
EBITDA	27.03M	27.28M	8.28M	-15.71M	-10.92M	-6.04M
Net Income	22.50M	26.74M	2.84M	7.02M	-13.60M	-7.65M
Balance Sheet
Total Assets	173.23M	190.71M	158.38M	283.67M	268.22M	254.61M
Cash, Cash Equivalents and Short-Term Investments	66.13M	92.58M	72.03M	216.47M	215.32M	219.66M
Total Debt	2.90M	1.50M	2.11M	3.07M	4.00M	3.82M
Total Liabilities	127.99M	132.95M	107.65M	91.46M	77.57M	53.94M
Stockholders Equity	45.24M	57.76M	50.72M	192.21M	190.66M	200.67M
Cash Flow
Free Cash Flow	28.11M	28.00M	15.33M	1.21M	-4.40M	3.71M
Operating Cash Flow	29.21M	29.25M	15.96M	2.29M	-3.25M	5.16M
Investing Cash Flow	-1.96M	-1.50M	-9.52M	-2.15M	-1.15M	-3.90M
Financing Cash Flow	-44.08M	-6.84M	-151.00M	1.58M	422.00K	172.27M

Docebo Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 30.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 Negative. The current price of 30.5 is above the 20-day moving average (MA) of 29.95, below the 50-day MA of 32.86, and below the 200-day MA of 38.69, indicating a neutral trend. The MACD of -0.60 indicates Negative momentum. The RSI at 44.04 is Neutral, neither overbought nor oversold. The STOCH value of 28.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:DCBO.

Docebo Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DSG	79 Outperform	C$10.63B	49.50	10.70%	―	14.55%	15.55%
KXS	78 Outperform	C$4.95B	102.60	8.24%	―	15.11%	75.40%
OTEX	72 Outperform	C$11.61B	17.27	12.32%	3.25%	-5.01%	13.21%
DCBO	63 Neutral	C$868.65M	28.83	49.99%	―	16.25%	31.71%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
THNC	56 Neutral	C$122.23M	323.21	0.65%	―	14.05%	-62.16%
LSPD	53 Neutral	C$2.25B	-2.61	-37.01%	―	17.23%	-435.45%

Docebo Corporate Events

Docebo’s Q3 2025 Results Highlight Strong Growth and Strategic Wins

Docebo reported strong financial results for the third quarter of 2025, with significant growth in subscription and total revenue, reflecting the company’s successful AI-first platform strategy and expanding market presence. The company secured notable new contracts, including a global industrial services provider and the Latvian School of Public Administration, highlighting its ability to deliver scalable and modern learning solutions, thereby strengthening its position in the government and education sectors.