Docebo, Inc. (TSE:DCBO)
NASDAQ:DCBO
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Docebo
(NASDAQ:DCBO)
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Rating:71Outperform
Price Target:
C$27.00
▲(17.70% Upside)
Action:Reiterated
Date:06/01/26
The score is driven by strong profitability and free cash flow quality, reinforced by constructive earnings-call signals (raised guidance and improving enterprise momentum). The main offsets are the negative-equity balance-sheet flag and materially slower revenue growth, while technical indicators show limited near-term momentum despite a reasonable P/E.
Positive Factors
Strong cash generation
Trailing‑12‑month operating cash flow and free cash flow are large and closely track net income, indicating high earnings quality and self‑funding capacity. This durable cash generation supports reinvestment, share buybacks, and execution through multi‑quarter cycles without relying on external funding.
Negative Factors
Negative shareholders' equity
A slightly negative equity print is a structural balance‑sheet concern that can limit financing options, weaken covenant headroom, and increase investor scrutiny. Even with low leverage, negative equity raises long‑term financial stability risk and constrains capital allocation flexibility during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Trailing‑12‑month operating cash flow and free cash flow are large and closely track net income, indicating high earnings quality and self‑funding capacity. This durable cash generation supports reinvestment, share buybacks, and execution through multi‑quarter cycles without relying on external funding.
Read all positive factors
Docebo (DCBO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$615.53M
Dividend YieldN/A
Average Volume (3M)124.87K
Price to Earnings (P/E)14.1
Beta (1Y)0.41
Revenue Growth11.83%
EPS Growth57.19%
CountryCA
Employees991
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)1.20
Shares Outstanding25,382,650
10 Day Avg. Volume62,098
30 Day Avg. Volume124,872
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)8.61
Price to Sales (P/S)2.58
P/FCF Ratio21.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$42.08Price Target Upside83.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)2.28
Revenue Forecast (FY)C$372.41M
Docebo Business Overview & Revenue Model
Company Description
Docebo Inc. offers a comprehensive, cloud-based learning management system (LMS) engineered to facilitate training for internal personnel, external partners, and clientele throughout North America, Europe, and the Asia-Pacific region. Its platform...
How the Company Makes Money
Docebo primarily makes money by selling subscriptions to its cloud-based learning platform. Revenue is generated mainly from recurring SaaS subscription fees paid by customers (typically contracted for a term and priced based on factors such as us...
Docebo Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call emphasized multiple strong positives: notably improved event engagement (Inspire), clear early traction in enterprise demand and pipeline, differentiated AI/product momentum (Agent Hub), strong Q1 free cash flow and raised guidance. Management balanced enthusiasm with prudence — calling out one-time cash benefits, long enterprise sales cycles, integration timing for acquisitions, and mixed AI readiness across buyers. Overall, positives (product differentiation, commercial momentum, long-term contract durability, and strong cash generation) materially outweigh the cautions and one-time items.Positive Updates
Strong Inspire Attendance and Customer Engagement
Docebo Inspire attendance grew ~20% to over 1,000 attendees; more than 20% of Docebo's ARR was represented at the event, demonstrating high customer engagement and validation of the company's positioning.
Negative Updates
One-Time Benefits Inflated Q1 Free Cash Flow
Management noted one-time working capital benefits pushed into Q1 that helped produce the outsized ~42% free cash flow margin; they expect normalization in Q2 and do not expect to sustain that quarterly pace.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Inspire Attendance and Customer Engagement
Docebo Inspire attendance grew ~20% to over 1,000 attendees; more than 20% of Docebo's ARR was represented at the event, demonstrating high customer engagement and validation of the company's positioning.
Read all positive updates
Company Guidance
Management raised full‑year revenue guidance by about $3.5 million (with $2.2 million coming from the Q1 beat), kept the 365Talents revenue assumption at $9.0 million for FY2026, and said it will remain conservative on embedding enterprise strength until 2–3 quarters of sustained performance; Q4 is still expected to be the strongest ARR quarter. Q1 free cash flow was unusually strong (roughly a 42% free cash flow margin) but included one‑time working‑capital benefits that may normalize in Q2, and over the long run management expects trailing 12‑month free cash flow to track within ±2% of EBITDA margins. They also highlighted that enterprise deals average over three years (with $2M+ deals averaging five years), plan to continue opportunistic share repurchases at attractive valuations, and see a low likelihood of further sizable M&A in the next three quarters.Docebo Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 250.22M | 246.94M | 216.93M | 180.84M | 142.91M | 104.24M |
| Gross Profit | 196.15M | 195.00M | 175.64M | 146.34M | 114.73M | 83.46M |
| EBITDA | 26.78M | 28.15M | 27.28M | 8.28M | -15.71M | -10.92M |
| Net Income | 34.79M | 38.17M | 26.74M | 2.84M | 7.02M | -13.60M |
Balance Sheet | ||||||
| Total Assets | 253.73M | 206.27M | 190.71M | 158.38M | 283.67M | 268.22M |
| Cash, Cash Equivalents and Short-Term Investments | 63.23M | 73.90M | 92.58M | 72.03M | 216.47M | 215.32M |
| Total Debt | 83.86M | 2.56M | 1.50M | 2.11M | 3.07M | 4.00M |
| Total Liabilities | 254.35M | 132.31M | 132.95M | 107.65M | 91.46M | 77.57M |
| Stockholders Equity | -616.43K | 73.96M | 57.76M | 50.72M | 192.21M | 190.66M |
Cash Flow | ||||||
| Free Cash Flow | 43.55M | 29.10M | 28.00M | 15.33M | 1.21M | -4.40M |
| Operating Cash Flow | 44.34M | 30.10M | 29.25M | 15.96M | 2.29M | -3.25M |
| Investing Cash Flow | -53.00M | -1.87M | -1.50M | -9.52M | -2.15M | -1.15M |
| Financing Cash Flow | -21.11M | -48.90M | -6.84M | -151.00M | 1.58M | 422.00K |
Docebo Technical Analysis
Negative
22.94
Price Trends
24.71
Negative
25.00
Negative
29.51
Negative
Market Momentum
-0.12
Positive
47.13
Neutral
24.04
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 22.94 is below the 20-day moving average (MA) of 24.78, below the 50-day MA of 24.71, and below the 200-day MA of 29.51, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 47.13 is Neutral, neither overbought nor oversold. The STOCH value of 24.04 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$848.74M | 11.79 | 11.97% | 5.69% | -4.08% | -7.65% | |
71 Outperform | C$615.53M | 14.07 | 89.83% | ― | 11.83% | 57.19% | |
69 Neutral | C$7.09B | 9.98 | 12.93% | 3.27% | -0.86% | -16.61% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | C$84.26M | -298.98 | -0.47% | ― | 6.79% | -119.91% | |
51 Neutral | C$32.94M | -7.03 | 83.70% | ― | -43.06% | 77.47% |
* Technology Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.