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Docebo
(TSX:DCBO)
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Rating:69Neutral
Price Target:
C$46.00
▲(34.11% Upside)
Action:Reiterated
Date:09/06/26
The score is driven by strong technical momentum and generally solid operating performance (high margins and positive free cash flow), but it is meaningfully constrained by elevated balance-sheet risk in the latest TTM snapshot (negative equity with sizable debt). Valuation is reasonable rather than compelling at ~20.76x earnings.
Positive Factors
Recurring SaaS Revenue
The subscription-based SaaS model creates recurring revenue and supports customer retention over multiple periods. Expansion through higher tiers, added modules, learner growth, and broader training audiences can increase account value without relying solely on new-customer wins.
Negative Factors
Deteriorated Capital Position
Negative equity alongside sizable debt represents a material weakening in the latest capital position. It can reduce financial flexibility, increase sensitivity to operating setbacks, and constrain the company’s ability to fund expansion or absorb unexpected pressures through its balance sheet.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring SaaS Revenue
The subscription-based SaaS model creates recurring revenue and supports customer retention over multiple periods. Expansion through higher tiers, added modules, learner growth, and broader training audiences can increase account value without relying solely on new-customer wins.
Read all positive factors
Docebo (DCBO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.04B
Dividend YieldN/A
Average Volume (3M)47.77K
Price to Earnings (P/E)24.9
Beta (1Y)0.19
Revenue Growth11.23%
EPS Growth65.79%
CountryCA
Employees966
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)1.19
Shares Outstanding24,947,594
10 Day Avg. Volume55,899
30 Day Avg. Volume47,768
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$40.29Price Target Upside17.46% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)2.28
Revenue Forecast (FY)C$385.62M
Docebo Business Overview & Revenue Model
Company Description
Docebo Inc. develops and provides learning management platform for training in Canada, the United States, and internationally. The company’s cloud platform consists of a learning suite, which includes Docebo Learn platform, a cloud-based learning ...
How the Company Makes Money
Docebo primarily makes money by selling subscriptions to its cloud-based learning platform under a software-as-a-service (SaaS) model. Customers (typically mid-sized to large organizations) pay recurring fees to access the platform, generally stru...
Docebo Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 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
28
Negative
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 256.37M | 246.94M | 216.93M | 180.84M | 142.91M | 104.24M |
| Gross Profit | 197.98M | 195.00M | 175.64M | 146.34M | 114.73M | 83.46M |
| EBITDA | 28.11M | 28.09M | 27.28M | 8.28M | -15.71M | -10.92M |
| Net Income | 33.91M | 38.17M | 26.74M | 2.84M | 7.02M | -13.60M |
Balance Sheet | ||||||
| Total Assets | 242.32M | 206.27M | 190.71M | 158.38M | 283.67M | 268.22M |
| Cash, Cash Equivalents and Short-Term Investments | 45.64M | 73.90M | 92.58M | 72.03M | 216.47M | 215.32M |
| Total Debt | 93.62M | 2.56M | 1.50M | 2.11M | 3.07M | 4.00M |
| Total Liabilities | 242.63M | 132.31M | 132.95M | 107.65M | 91.46M | 77.57M |
| Stockholders Equity | -305.50K | 73.96M | 57.76M | 50.72M | 192.21M | 190.66M |
Cash Flow | ||||||
| Free Cash Flow | 33.60M | 29.10M | 28.00M | 15.33M | 1.21M | -4.40M |
| Operating Cash Flow | 34.27M | 30.10M | 29.25M | 15.96M | 2.29M | -3.25M |
| Investing Cash Flow | -58.21M | -1.87M | -1.50M | -9.52M | -2.15M | -1.15M |
| Financing Cash Flow | 5.25M | -48.90M | -6.84M | -151.00M | 1.58M | 422.00K |
Docebo Technical Analysis
Positive
34.30
Price Trends
35.42
Positive
31.21
Positive
28.20
Positive
Market Momentum
2.42
Negative
67.72
Neutral
66.89
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 34.3 is below the 20-day moving average (MA) of 38.30, below the 50-day MA of 35.42, and above the 200-day MA of 28.20, indicating a bullish trend. The MACD of 2.42 indicates Negative momentum. The RSI at 67.72 is Neutral, neither overbought nor oversold. The STOCH value of 66.89 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$1.00B | 14.55 | 11.70% | 6.55% | -4.73% | -5.61% | |
70 Outperform | C$9.19B | 6.00 | 28.29% | 4.02% | 0.54% | 54.92% | |
69 Neutral | C$1.04B | 24.90 | 113.64% | ― | 11.23% | 65.79% | |
63 Neutral | C$151.00M | -120.33 | -2.12% | ― | 4.37% | -237.23% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
42 Neutral | C$14.20M | -3.43 | 74.69% | ― | 18.40% | 36.36% |
* Technology Sector Average
TSE:DCBO
Docebo
41.51
6.65
19.08%
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0.00%
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Docebo Corporate Events
Stock BuybackFinancial Disclosures
Docebo Reports Modest Uptake in US$70 Million Share Buyback Offer
Positive
Sep 9, 2026
Docebo has released preliminary results of its substantial issuer bid to repurchase and cancel up to US$70 million of common shares at US$25.00 per share, with 99,332 shares properly tendered. The company expects to buy back all tendered shares fo...
Business Operations and StrategyStock Buyback
Docebo Raises Price and Extends Timeline on US$70 Million Share Buyback
Positive
Aug 21, 2026
Docebo Inc. has amended its previously announced substantial issuer bid, raising the offer price to US$25.00 per common share for up to US$70 million of its stock.In conjunction with the higher price, the company has extended the bid’s expir...
Business Operations and StrategyFinancial Disclosures
Docebo Posts Double-Digit Revenue Growth as Enterprise AI Learning Deals Deepen
Positive
Aug 7, 2026
Docebo reported second-quarter 2026 results showing continued top-line growth, with subscription revenue rising 12% to $63.8 million and total revenue up 13% to $68.7 million, aided modestly by currency tailwinds. Gross profit increased 11% to $54...
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.