Docebo (DCBO) AI Stock Analysis

• Market Cap: $1.02B
• Dividend Yield: N/A
• Average Volume (3M): 42.52K
• Price to Earnings (P/E): 34.8
• Beta (1Y): 0.99
• Revenue Growth: 18.51%
• EPS Growth: 32.49%
• Country: CA
• Employees: 991
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.48
• Shares Outstanding: 28,723,220
• 10 Day Avg. Volume: 55,390
• 30 Day Avg. Volume: 42,521
• 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: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $53.98
• Price Target Upside: 64.03% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: C$37.00 ▲(12.43% Upside)

Docebo's overall stock score is driven by strong financial performance and positive earnings call highlights, including ARR growth and strategic advancements. However, technical indicators suggest bearish momentum, and valuation metrics indicate the stock may be overvalued. Challenges from the Dayforce wind down and AWS contract roll-off also weigh on the outlook.

Positive Factors

Revenue Growth

Consistent ARR growth reflects strong business fundamentals and execution, indicating robust demand for Docebo's LMS solutions and potential for sustained revenue expansion.

AI Monetization Strategy

The AI monetization strategy enhances product offerings and creates new revenue streams, positioning Docebo to capitalize on AI trends and increase customer engagement.

FedRAMP Success

Securing federal customers through FedRAMP certification expands Docebo's market reach into the public sector, providing a stable and potentially growing revenue source.

Negative Factors

Dayforce Wind Down

The accelerated wind down of Dayforce reduces ARR, posing a challenge to maintaining growth momentum and requiring strategic adjustments to offset revenue loss.

AWS Contract Roll-off

The loss of the AWS contract will decrease ARR, necessitating new customer acquisitions or upselling to existing clients to mitigate the financial impact.

Churn and Retention Challenges

Decreasing retention metrics could indicate customer dissatisfaction or competitive pressures, potentially affecting long-term revenue stability and requiring enhanced customer retention strategies.

Docebo Business Overview & Revenue Model

Company Description

Docebo (DCBO) is a leading provider of cloud-based learning management system (LMS) solutions, focusing on corporate training and education. The company operates in the EdTech sector, offering a range of products designed to enhance learning experiences through innovative technology. Docebo's core services include its LMS platform, which enables organizations to deliver, track, and manage their training programs effectively, alongside features such as social learning, personalized learning paths, and analytics.

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 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: 32.91
• 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 32.91 is below the 20-day moving average (MA) of 36.75, below the 50-day MA of 39.17, and below the 200-day MA of 42.73, indicating a bearish trend. The MACD of -1.34 indicates Positive momentum. The RSI at 30.65 is Neutral, neither overbought nor oversold. The STOCH value of 13.37 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
KXS	71 Outperform	C$4.72B	136.84	8.24%	―	15.11%	75.40%
DSG	67 Neutral	$10.38B	50.15	10.54%	―	15.63%	18.47%
OTEX	67 Neutral	C$12.80B	19.04	12.32%	2.76%	-5.01%	13.21%
DCBO	65 Neutral	$1.02B	34.83	55.53%	―	18.51%	32.49%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
LSPD	61 Neutral	C$2.15B	-2.48	-37.01%	―	17.23%	-435.45%
THNC	59 Neutral	C$153.95M	164.96	1.61%	―	16.12%	―

Docebo Corporate Events

Docebo Inc. Reports Strong Q3 2025 Performance

Docebo Inc., a prominent player in the learning platform sector, leverages artificial intelligence to enhance enterprise training solutions globally. In its third-quarter 2025 earnings report, Docebo announced a robust financial performance, showcasing growth in revenue and profitability, driven by its AI-First platform strategy and expanding market presence. Key financial highlights include a 10% increase in subscription revenue to $58 million, representing 94% of total revenue, and a total revenue rise of 11% to $61.6 million. The company also reported a net income of $6.1 million, up from $5.0 million the previous year, and an adjusted EBITDA of $12.4 million, marking a significant improvement. Docebo’s strategic wins include securing new clients across various sectors, such as a global industrial services provider and Amazon Health, reflecting its capability to deliver scalable learning solutions. The company also strengthened its position in the government sector with new contracts, including the U.S. Department of Energy and the Department of Defense’s Air Force Cyber Academy. Looking ahead, Docebo remains committed to innovation and disciplined execution, with management projecting continued revenue growth and a focus on delivering long-term value.

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.

The most recent analyst rating on (TSE:DCBO) stock is a Buy with a C$35.00 price target. To see the full list of analyst forecasts on Docebo stock, see the TSE:DCBO Stock Forecast page.

Docebo’s Earnings Call Highlights Strategic Growth and Challenges

The recent earnings call for Docebo, Inc. revealed a generally positive sentiment, underscored by strong performance in the mid-market sector and strategic growth initiatives. The company showcased its expansion within major tech companies and celebrated the early completion of FedRAMP certification, signaling innovation and potential for future growth. However, challenges such as lower multi-use case adoption, prolonged enterprise sales cycles, and the loss of the AWS contract were also highlighted as areas of concern.

Docebo Reports Strong Q2 2025 Financial Results

Docebo Inc., a prominent provider of AI-driven learning platforms, has reported its financial results for the second quarter of 2025, showcasing its continued growth and strategic advancements in the e-learning sector. The company, known for its innovative approach to learning management, has made significant strides in expanding its market reach and enhancing its product offerings.

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.