Docebo (DCBO) AI Stock Analysis

• Market Cap: $1.29B
• Dividend Yield: N/A
• Average Volume (3M): 56.12K
• Price to Earnings (P/E): 44.0
• Beta (1Y): 0.91
• Revenue Growth: 18.51%
• EPS Growth: 32.49%
• Country: CA
• Employees: 991
• Sector: Technology
• Sector Strength: 97
• Industry: Software - Application
• EPS (TTM): 0.40
• Shares Outstanding: 29,633,183
• 10 Day Avg. Volume: 79,733
• 30 Day Avg. Volume: 56,117
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 0.86
• Enterprise Value/Revenue: 4.97
• Enterprise Value/Gross Profit: 6.15
• Enterprise Value/Ebitda: 44.58
• 1Y Price Target: $54.39
• Price Target Upside: 22.91% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9

• Rating: 75 Outperform
• Price Target: C$47.00 ▲(6.21% Upside)

Docebo's strong financial performance and strategic advancements are key strengths, supported by robust cash flow and low leverage. However, the high P/E ratio and challenges from elongated sales cycles and AWS contract loss temper the outlook. Positive corporate events and technical indicators provide additional support.

Positive Factors

Government Contributions

There is an expectation for material government contributions in the second half of FY26, which could lead to guidance exceeding consensus estimates.

Product Innovation

Key product innovations, such as AI virtual coaching and agentic AI capabilities, were extremely well received at Docebo's Inspire event.

Negative Factors

Customer Downsizing

A large customer intends to downsize in 2026, impacting future growth.

Growth Trajectory

Growth trajectory is unclear; Move to Equal-weight.

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 showcases strong revenue growth and profitability improvements. The balance sheet is stable with low leverage and strong cash reserves, while cash flow generation remains robust. However, maintaining profitability and equity levels is crucial to mitigate potential risks.

Income Statement

Docebo has demonstrated strong revenue growth with a TTM (Trailing-Twelve-Months) revenue increase of 23.2% from the previous year. The Gross Profit Margin is robust at 80.8%, reflecting efficient cost management. However, the Net Profit Margin shows slight improvement at 10.3%, indicating profitability challenges in earlier periods. The EBIT and EBITDA margins have also improved positively, showcasing enhanced operating efficiency.

Balance Sheet

The balance sheet is stable with a low Debt-to-Equity Ratio of 0.02, indicating minimal leverage. The Equity Ratio is 26.5%, suggesting a balanced asset-financing structure. Return on Equity (ROE) is decent at 43.9%, reflecting effective use of equity. The company's liquidity position is strong with substantial cash reserves, though a lower equity base compared to previous years could indicate potential risk.

Cash Flow

Free Cash Flow has grown by 79.0% from the previous year, demonstrating effective cash management and operational efficiency. The Operating Cash Flow to Net Income Ratio is 1.25, indicating good cash generation from operations relative to profit. The company's ability to generate free cash flow is strong at 1.19 times the Net Income, highlighting solid cash flow health.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	222.82M	216.93M	180.84M	142.91M	104.24M	62.92M
Gross Profit	180.06M	175.64M	146.34M	114.73M	83.46M	51.38M
EBITDA	24.83M	27.28M	8.28M	-15.71M	-10.92M	-6.04M
Net Income	23.04M	26.74M	2.84M	7.02M	-13.60M	-7.65M
Balance Sheet
Total Assets	197.67M	190.71M	158.38M	283.67M	268.22M	254.61M
Cash, Cash Equivalents and Short-Term Investments	91.90M	92.58M	72.03M	216.47M	215.32M	219.66M
Total Debt	1.12M	1.50M	2.11M	3.07M	4.00M	3.82M
Total Liabilities	145.24M	132.95M	107.65M	91.46M	77.57M	53.94M
Stockholders Equity	52.43M	57.76M	50.72M	192.21M	190.66M	200.67M
Cash Flow
Free Cash Flow	27.43M	28.00M	15.33M	1.21M	-4.40M	3.71M
Operating Cash Flow	28.77M	29.25M	15.96M	2.29M	-3.25M	5.16M
Investing Cash Flow	-1.59M	-1.50M	-9.52M	-2.15M	-1.15M	-3.90M
Financing Cash Flow	-16.16M	-6.84M	-151.00M	1.58M	422.00K	172.27M

Docebo Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 44.25
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• 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 Positive. The current price of 44.25 is above the 20-day moving average (MA) of 41.95, above the 50-day MA of 39.54, and below the 200-day MA of 50.88, indicating a neutral trend. The MACD of 0.74 indicates Positive momentum. The RSI at 61.22 is Neutral, neither overbought nor oversold. The STOCH value of 52.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:DCBO.

Docebo Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DCBO	75 Outperform	$1.29B	44.03	55.53%	―	18.51%	32.49%
Sector *	50 Neutral	C$3.52B	0.80	-5.03%	7.64%	16.88%	-2.22%
OTEX	―	$7.50B	17.84	10.73%	3.40%	―	―
DSGX	―	$8.53B	59.98	10.66%	―	―	―
KXS	73 Outperform	C$5.59B	162.79	5.93%	―	15.81%	22.17%
THNC	60 Neutral	C$138.10M	148.18	1.61%	―	16.12%	―
LSPD	53 Neutral	C$2.25B	―	-36.64%	―	18.75%	-386.84%

Docebo Corporate Events

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.

Docebo Inc. Announces Shareholder Meeting Results and Auditor Appointment

Docebo Inc. announced the results of its annual general meeting of shareholders, where all seven nominees for the board of directors were elected. Additionally, the appointment of KPMG LLP as auditors for the 2025 fiscal year was approved. These outcomes reinforce Docebo’s governance structure and operational stability, potentially strengthening its market position and stakeholder confidence.

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.

Docebo Announces Shareholder Meeting Results and Auditor Appointment

Docebo Inc. announced the results of its annual general meeting of shareholders, where all seven nominees for the board of directors were elected. Additionally, the appointment of KPMG LLP as the company’s auditors for the 2025 fiscal year was approved. These outcomes reflect strong shareholder support and are expected to reinforce Docebo’s strategic direction and operational stability.

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.