Docebo (TSE:DCBO)
TSX:DCBO
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Docebo
(TSX:DCBO)
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Rating:76Outperform
Price Target:
C$27.00
▲(17.70% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong cash flow and improved profitability, plus very attractive valuation (low P/E). These positives are tempered by slowing growth and balance-sheet concern from negative equity, while technicals are constructive short-term but still below the 200-day trend; earnings call commentary supports steady improvement but with near-term execution and retention headwinds.
Positive Factors
Free Cash Flow Strength
Docebo's strong TTM operating and free cash flow (roughly $43–44M) indicates durable cash generation from its SaaS subscription base. Persistent FCF close to net income implies high earnings quality, enabling reinvestment, buybacks or debt flexibility without relying on volatile financing.
Negative Factors
Revenue Growth Deceleration
Docebo has moved from very high historic growth to a much slower mid‑single‑digit TTM pace, and management guided subscription growth nearer to ~10%–11% for 2026. Prolonged slower top‑line expansion limits operating leverage upside and raises execution pressure to reaccelerate enterprise adoption.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
Docebo's strong TTM operating and free cash flow (roughly $43–44M) indicates durable cash generation from its SaaS subscription base. Persistent FCF close to net income implies high earnings quality, enabling reinvestment, buybacks or debt flexibility without relying on volatile financing.
Read all positive factors
Docebo (DCBO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$683.16M
Dividend YieldN/A
Average Volume (3M)104.96K
Price to Earnings (P/E)―
Beta (1Y)0.32
Revenue Growth11.83%
EPS Growth57.19%
CountryCA
Employees991
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)1.20
Shares Outstanding28,764,470
10 Day Avg. Volume84,036
30 Day Avg. Volume104,958
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$40.47Price Target Upside76.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)2.22
Revenue Forecast (FY)C$371.32M
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 f...
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:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call presented solid operational and commercial progress: strong gross bookings (best since 2021), encouraging early signs from the 365 Talents acquisition and integration, gov/FedRAMP progress, channel/SI traction, and disciplined profitability improvements. Offsetting these positives were near-term headwinds—enterprise underperformance in 2025, NRR dipped to 99% (driven by AWS churn), ARR impacts from Dayforce/AWS, and a post-quarter workforce reorganization. Management signaled cautious near-term guidance but outlined clear levers (enterprise reacceleration, government, cross-sell of 365 Talents) that support a reacceleration later in the year (Q3/Q4). Overall, positives around bookings, strategic M&A, channel momentum, and cost discipline outweigh the near-term execution and timing challenges.Positive Updates
Quarterly Revenue Growth
Subscription growth of ~9% (Brandon cited 9.5% in Q4) with company guiding 10%–11% growth for 2026.
Negative Updates
Net Dollar Retention Dip (Including AWS)
NRR for 2025 declined to 99% year-over-year (including AWS); AWS churn was a material drag—excluding AWS NRR would have been ~101%.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Revenue Growth
Subscription growth of ~9% (Brandon cited 9.5% in Q4) with company guiding 10%–11% growth for 2026.
Read all positive updates
Company Guidance
Management guided 2026 subscription growth of about 10%–11% (Q4 grew ~9% / subscription ~9.5%), with EBITDA expected to gain roughly 2% year‑over‑year (about 1% G&A leverage and ~0.5% each in S&M and R&D). Key operating metrics to watch: net dollar retention was 99% in 2025 (101% ex‑AWS), average new‑customer ACV ~$60k–$70k (enterprise ticket ≈ $250k), and customers with ARR < $50k represent ~16% of ARR. They expect Dayforce runoff to be ~3%–4% of revenue, disclosed ~ $9.0M pro‑rata 365 Talents contribution, excluded any >$1M ARR deals from the guide, and noted total ARR growth was ~12.5% (≈14.5% ex‑Dayforce/AWS); sales mix in Q4 was ~60% new logo / 40% expansion (target 60/40–45/55). Government/FedRAMP upside is real but front‑loaded into pipeline with much of the revenue cadence shifting toward late‑year/2027, and capital priorities include a substantial issuer bid (3.6M shares noted) while keeping net leverage comfortably below a 3.0x net debt/EBITDA threshold.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 | 4.49M | 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
24.69
Negative
26.81
Negative
33.08
Negative
Market Momentum
-0.96
Positive
45.77
Neutral
53.14
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 23.55, below the 50-day MA of 24.69, and below the 200-day MA of 33.08, indicating a bearish trend. The MACD of -0.96 indicates Positive momentum. The RSI at 45.77 is Neutral, neither overbought nor oversold. The STOCH value of 53.14 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | C$683.16M | -77.25 | 90.79% | ― | 11.83% | 57.19% | |
72 Outperform | C$910.67M | 14.62 | 12.17% | 5.69% | -2.18% | -18.24% | |
69 Neutral | C$7.55B | 8.13 | 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$92.80M | -15.82 | -0.47% | ― | 6.79% | -119.91% | |
51 Neutral | C$32.94M | -6.96 | 83.70% | ― | -43.06% | 77.47% |
* Technology Sector Average
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Docebo Corporate Events
Stock Buyback
Docebo Completes US$60 Million Share Buyback, Boosting Intercap’s Stake
Positive
Mar 11, 2026
Docebo has completed a substantial issuer bid to repurchase for cancellation up to US$60 million of its common shares at US$20.40 per share, with the offer expiring on March 10, 2026. Based on preliminary results, the company expects to buy 2,941,...
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.