Docebo Inc. (DCBO) AI Stock Analysis

Docebo Inc. provides a cloud-based learning management system (LMS) for internal and external workforces, partners, and customers across North America, Europe, and the Asia-Pacific region. Its platform aggregates content from peer enterprises and learners into a unified hub. Core offerings include Docebo Learn LMS, Docebo Shape for AI-driven content creation, and Docebo Content. The company also delivers Learning Impact and Learning Analytics to assess program effectiveness, Docebo Connect for tech stack integration, and Docebo Flow to embed learning into workflows. Specialized products include Docebo for Salesforce, OEM solution Docebo Embed, and Docebo Mobile App Publisher for branded mobile learning.

Docebo expanded annual revenue from $104.2M in FY2021 to $242.7M in FY2025, achieving a 5-year revenue CAGR of 31.0% from FY2020 to FY2025. Annual revenue growth moderated from 65.7% in FY2021 to 11.9% in FY2025. Over the same period, gross margin stayed resilient at 80.3% in FY2025, while operating margin shifted from -12.9% in FY2021 to 10.1% in FY2025. Net income improved from -$13.6M in FY2021 to $37.5M in FY2025. For the trailing twelve months, revenue totaled $258.9M with an operating margin of 9.1%. In the latest quarter ended June 30, 2026, quarterly revenue grew 13.0% year-over-year, while quarterly earnings fell 20.0%.

As of June 30, 2026, Docebo held $45.7M in cash and short-term investments alongside total debt of $93.8M, resulting in net debt of $48.1M. Total assets stood at $242.7M, while shareholders' equity was -$306,000. The company reported a current ratio of 0.83. Cash generation was positive in FY2025, producing operating cash flow of $30.1M and free cash flow of $29.1M. Capital expenditures were $998,173, and share buybacks totaled $47.9M, contributing to a share count reduction of 18.6% over five years.

At a last close of $27.59, Docebo has a market capitalization of $688.3M and an enterprise value of $609.9M. The stock trades at a trailing P/E of 24.0x and a forward P/E of 10.9x, below the median of its US-listed Technology peers at 28.1x and 18.8x, respectively. Its price-to-sales ratio is 2.7x, compared to the peer median of 2.8x, while EV to EBITDA stands at 24.9x versus the peer median of 16.6x. Over the past year, the stock gained 7.1%, trailing the S&P 500 return of 16.8%, and over five years returned -64.3% versus 83.0% for the index.

Wall Street coverage includes 6 Strong Buy, 4 Buy, and 1 Hold ratings, with no Sell or Strong Sell ratings. The mean price target is $29.25, representing 6.0% upside over the last close of $27.59. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $275.5M and EPS of $1.69, reflecting 22.3% EPS growth. For the following fiscal year, 8 analysts estimate revenue of $303.3M and EPS of $2.08. Docebo beat EPS estimates in each of the last 4 quarters, and its next earnings date is November 6, 2026.

This page is an AI-written research summary of Docebo Inc. (DCBO). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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