Docebo (DCBO) AI Stock Analysis

• Market Cap: $1.16B
• Dividend Yield: N/A
• Average Volume (3M): 44.02K
• Price to Earnings (P/E): 39.9
• Beta (1Y): 1.14
• Revenue Growth: 18.51%
• EPS Growth: 32.49%
• Country: CA
• Employees: 991
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.40
• Shares Outstanding: 28,723,220
• 10 Day Avg. Volume: 36,048
• 30 Day Avg. Volume: 44,022
• 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: 0.95
• Enterprise Value/Revenue: 4.80
• Enterprise Value/Gross Profit: 5.94
• Enterprise Value/Ebitda: 45.55
• 1Y Price Target: $56.97
• Price Target Upside: 46.80% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 68 Neutral
• Price Target: C$45.00 ▲(15.95% Upside)

Docebo's overall stock score is driven by its strong financial performance and positive earnings call sentiment, which highlight strategic wins and revenue growth. However, high valuation and bearish technical indicators temper the score, suggesting cautious optimism.

Positive Factors

Negative Factors

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 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: Negative
• Last Price: 38.81
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 38.81 is below the 20-day moving average (MA) of 41.97, below the 50-day MA of 42.21, and below the 200-day MA of 46.90, indicating a bearish trend. The MACD of -0.46 indicates Positive momentum. The RSI at 35.54 is Neutral, neither overbought nor oversold. The STOCH value of 11.17 is Positive, 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	73 Outperform	11.37B	56.02	9.88%	―	15.63%	18.47%
KXS	70 Outperform	4.94B	142.61	5.61%	―	15.81%	22.17%
OTEX	70 Outperform	13.27B	22.49	11.09%	2.84%	-7.77%	-1.03%
DCBO	68 Neutral	$1.16B	39.93	55.53%	―	18.51%	32.49%
THNC	60 Neutral	132.60M	142.34	-0.57%	―	16.12%	―
LSPD	53 Neutral	2.18B	-2.50	-44.44%	―	18.75%	-386.84%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%