Docebo Inc. (DCBO) stock analysis
Close on Nov 11, 2026Market cap $946.07MP/E 25.7Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak5 of 30 checks passed
Docebo passes 5 of the 30 checks behind our score; 22 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 4/6
- Past performance
- 0/6
- Financial health
- 1/6
- Dividend
- 0/6
What stands out
Revenue growing 10%+ a year
Revenue grew 19.3% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 82.7% a year over the last three fiscal years.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 32.0% of total debt.
Guidance raised
Docebo raised its fiscal year ending December 31, 2026 Total Revenue outlook on Apr 21, 2026.
What to watch
Gross margin slipping
Gross margin was 80.3% over the last twelve months, against 81.0% a year earlier.
Short-term assets don't cover short-term debts
Current assets are 0.83 times current liabilities.
No dividend
Docebo has not paid a dividend in the last twelve months.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 19.3% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 82.7% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 11.9% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
Guidance raised
Docebo raised its fiscal year ending December 31, 2026 Total Revenue outlook on Apr 21, 2026.
Gross margin slipping
Gross margin was 80.3% over the last twelve months, against 81.0% a year earlier.
Past performance0/6
Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health1/6
Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 32.0% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets don't cover short-term debts
Current assets are 0.83 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Docebo has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Docebo. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
High risk
- Average value traded per day
- $1.58M
- Value traded per 1% price move
- $533.65K
Downside
Medium risk
- Typical loss in a bad month
- 19.6%
- Volatility (annualized)
- 57%
- Sharpe ratio, 1 year
- 0.61
- Beta to the S&P 500 (5Y)
- 1.64
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
Operating margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.9% | +19.3% | +31.0% | – | |
| Gross profit | +10.9% | +19.3% | +30.6% | – | |
| Operating income | +9.1% | +77.1% | – | – | |
| EPS, diluted | +48.8% | +82.7% | – | – | |
| Free cash flow | -2.9% | +182.4% | +48.9% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | – | 5.24 | 1.22 | |
| Net debt to EBITDA | – | 34.22× | -2.80× | |
| Capex to revenue | – | 1.7% | 0.4% | |
| Diluted shares | – | 29M | 29M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Docebo generated $78.93M from operations and spent $5.09M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$28.17M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$28.17M vs –
- Less leverageLong-term debt to assets fell– → 0.0%
- Better liquidityCurrent ratio rose1.20 → 1.22
- No dilutionShare count did not rise31M → 29M
- Gross margin improvedGross margin up on the prior year80.96% → 80.28%
- More efficientAsset turnover rose1.37 → 1.27
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