Docebo (DCBO) AI Stock Analysis

• Market Cap: $1.06B
• Dividend Yield: N/A
• Average Volume (3M): 105.26K
• Price to Earnings (P/E): 33.7
• Beta (1Y): 0.94
• Revenue Growth: 20.52%
• EPS Growth: 246.69%
• Country: CA
• Employees: 991
• Sector: Technology
• Sector Strength: 79
• Industry: Software - Application
• EPS (TTM): 0.37
• Shares Outstanding: 29,633,183
• 10 Day Avg. Volume: 57,918
• 30 Day Avg. Volume: 105,256
• PEG Ratio: -1.03
• Price to Book (P/B): 5.68
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 904.22
• Enterprise Value/Market Cap: 0.83
• Enterprise Value/Revenue: 1.03
• Enterprise Value/Gross Profit: 4.88
• Enterprise Value/Ebitda: 9.91
• 1Y Price Target: $51.93
• Price Target Upside: 45.82% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9

• Rating: 71 Outperform
• Price Target: C$41.00 ▲(15.14%Upside)

Docebo's strong financial performance, with robust revenue and cash flow growth, is a significant strength. However, technical indicators suggest potential downward pressure, and the cautious guidance from the earnings call introduces some uncertainty. The valuation is moderate, fitting the company's growth trajectory.

Positive Factors

AI and Efficiency

GenAI efficiencies could lead to higher long-term benefits for the company.

Government Sector Penetration

FedRAMP ATO status could allow Docebo to quickly penetrate the government sector.

Product Innovation

Product innovation and monetization opportunities create potential for growth.

Negative Factors

Customer Downsizing

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

Growth Trajectory

Growth trajectory unclear; Move to Equal-weight.

Revenue Growth

Revenue growth is dropping into single-digits and significant changes throughout the c-suite imply capped upside.

Docebo Business Overview & Revenue Model

Company Description

Docebo Inc. (DCBO) is a global leader in the e-learning industry, specializing in delivering a highly versatile and scalable Learning Management System (LMS) designed for enterprises of all sizes. Operating primarily within the technology and software sectors, Docebo's platform supports a wide range of learning and development activities, including employee training, customer training, and partner training, enhancing knowledge retention and organizational performance. The company's cloud-based solutions are customizable and integrate seamlessly with existing enterprise software, offering clients a comprehensive suite of features such as content creation, social learning, and advanced reporting capabilities.

How the Company Makes Money

Docebo generates revenue primarily through subscription-based models, where clients pay on a recurring basis to access their cloud-based learning management system. The company offers various pricing tiers based on the number of active users and specific features required, allowing scalability and flexibility for organizations of different sizes. Additionally, Docebo monetizes through professional services, providing implementation, training, and support services to ensure its clients can maximize the value of their LMS. Strategic partnerships with global technology firms and resellers also broaden the company's market reach and contribute to its revenue streams. As a SaaS provider, Docebo benefits from predictable revenue flows and the opportunity for upselling as clients expand their use of the platform.

Docebo Financial Statement Overview

Summary

Docebo is performing well with strong revenue growth of 23.2% and profitability improvements including a net profit margin of 10.3%. The balance sheet is stable with low leverage (Debt-to-Equity Ratio of 0.02) and strong cash flow generation, evidenced by a 79.0% growth in Free Cash Flow.

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
	EBIT
18.77M	21.29M	-3.71M	-6.93M	-12.98M	-5.49M
	EBITDA
24.83M	27.28M	8.28M	-15.71M	-10.92M	-6.04M
	Net Income Common Stockholders
23.04M	26.74M	2.84M	7.02M	-13.60M	-7.65M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
91.90M	92.58M	72.03M	216.47M	215.32M	219.66M
	Total Assets
197.67M	190.71M	158.38M	283.67M	268.22M	254.61M
	Total Debt
1.12M	1.50M	2.11M	3.07M	4.00M	3.82M
	Net Debt
-90.75M	-91.05M	-69.84M	-213.23M	-211.32M	-215.84M
	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: Negative
• Last Price: 35.61
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 Negative. The current price of 35.61 is below the 20-day moving average (MA) of 36.99, below the 50-day MA of 39.51, and below the 200-day MA of 54.76, indicating a bearish trend. The MACD of -0.81 indicates Negative momentum. The RSI at 36.62 is Neutral, neither overbought nor oversold. The STOCH value of 35.60 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OTEX	74 Outperform	$9.95B	11.31	15.87%	3.71%	-8.74%	307.82%
KXS	73 Outperform	C$5.67B	407.54	2.32%	―	15.14%	-31.45%
DCBO	71 Outperform	$1.06B	33.70	41.12%	―	20.52%	246.69%
DSG	70 Outperform	$11.56B	58.35	10.66%	―	17.42%	22.81%
LSPD	63 Neutral	C$2.04B	―	-33.64%	―	23.95%	39.68%
Sector *	62 Neutral	$11.80B	10.10	-7.47%	2.99%	7.37%	-8.16%
THNC	56 Neutral	C$137.34M	91.40	2.02%	―	16.58%	―

Docebo Corporate Events

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.

Docebo Surpasses Q1 2025 Financial Expectations with Strategic Growth

Docebo Inc. reported strong financial results for the first quarter of 2025, surpassing guidance in both revenue and profitability. The company achieved a total revenue of $57.3 million, marking an 11% increase from the previous year, with subscription revenue accounting for 95% of the total. Notable customer wins included a North American software platform provider and a major luxury hotel chain, highlighting Docebo’s ability to deliver personalized learning experiences. The company’s continued investment in AI and strategic partnerships is expected to drive long-term value and strengthen its market position.