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Docebo Inc.

DCBO Technology Software Application

Docebo Inc.’s revenue for fiscal 2025 (year ended December 2025) was $242.7 million, up 11.9% from fiscal 2024.

Revenue
+13.0%
EPS
−10.0%
Free cash flow
−154.5%
Total debt
+25,058.1%

Quarter to June 2026, against a year earlier

28.97 1.43 −4.70%
Market cap
$758.5M
P/E
24.7×
Fwd P/E
36.8×
Dividend yield
—
F-score
5/9
Altman Z
3.34
Beneish M
−1.85
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 65.51%

Capital & Financial Ratios $m

Size
Market Cap 758.48
Revenue ttm 258.93
Net income ttm 33.60
Free cash flow ttm 35.04
Net debt Q 46.11
Valuation
P/E 24.67
Forward P/E 36.80 (above 35: high)
Price / sales 2.84
Forward P/S Powerpack
Price / FCF 20.97
Price / book 0.00
Financial health
Current ratio Q 0.83 (below 1: weak)
Debt / equity Q (300.09) (negative: negative equity)
Interest coverage Q 2.38
Growth
Revenue growth Q +13.04% (above 0%: growing)
Operating income growth Q −37.66% (below 0%: shrinking)
EPS, this year +18.02% (at or above 15%: strong)
EPS, next year A +18.66% (at or above 15%: strong)
Revenue, next year A +13.97% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +20.01% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.0×, against a ten-year median of 6.5×; over the ten years it ranged from 1.8× in 2026 to 30.8× in 2021.
P/E against its own 10 years 19.61%
10-year low 10-year high
P/S against its own 10 years 15.48%
10-year low 10-year high
EV/Sales against its own 10 years 16.67%
10-year low 10-year high
EV/FCF against its own 10 years 20.62%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 72 93 74 46
Receivables 43 46 56 55
Inventory — — — —
Other 6 7 10 10
127 154 152 120
2023 2024 2025 Q'26
Payables 32 35 36 41
ST’ Debt — — — —
Other — 18 1 4
101 129 124 146

Compound Annual Growth %

10y 5y 3y
Sales — 31.00% 19.31%
Cash Flow — 42.52% 130.92%
Earnings — 0.00% 74.84%
Book Value — (18.04%) (27.22%)

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.22 Actual 0.35

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.33 0.34 Beat by 0.01
Dec 2025 0.33 0.45 Beat by 0.12
Mar 2026 0.33 0.34 Beat by 0.01
Jun 2026 0.22 0.35 Beat by 0.13
Sep 2026 0.53 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.06) 0.08 — — —
’25 0.05 0.10 0.21 0.91 1.28
’24 0.17 0.15 0.16 0.38 0.86
’23 0.04 (0.17) 0.12 0.10 0.08
’22 (0.21) 0.06 0.30 0.05 0.21
’21 (0.17) (0.22) 0.02 (0.04) (0.41)
’20 0.02 (0.12) (0.04) (0.12) (0.26)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 66 69 — — —
’25 57 61 62 63 243
’24 51 53 55 57 217
’23 41 44 47 49 181
’22 32 35 37 39 143
’21 22 26 27 30 104
’20 13 15 16 19 63
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 25 (3) — — —
’25 8 6 5 9 28
’24 8 7 4 10 29
’23 (2) 5 6 6 16
’22 (2) 1 1 2 2
’21 (2) (1) 0 0 (3)
’20 (2) 0 0 5 5
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 25 (3) — — —
’25 8 6 5 9 27
’24 8 6 4 9 28
’23 (2) 5 6 6 15
’22 (2) 1 1 2 1
’21 (2) (1) (1) 0 (4)
’20 (2) 0 0 4 4
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10 18 26 42 63 104 143 181 217 243 259 +43.1% 277 305 340 +11.8%
Gross margin, % 72.64 73.50 78.51 78.39 81.66 80.06 80.28 80.92 80.96 80.28 79.40 +7.6 pt
EBT (3) (9) (12) (12) (8) (13) 8 5 24 24 17 n/m
EBT margin, % (29.39) (50.80) (45.09) (27.28) (12.21) (12.88) 5.45 2.68 10.93 10.07 6.57 +39.5 pt
Net income (3) 0 (11) (12) (8) (14) 7 3 27 38 34 n/m
Per share, $
Per share, $ Revenue 0.33 0.61 0.89 1.74 2.17 3.17 4.32 5.56 7.17 8.46 10.17 +43.3%
Earnings (0.10) (0.26) (0.37) (0.50) (0.26) (0.41) 0.21 0.09 0.88 1.31 1.17 n/m
Cash flow (0.03) (0.11) (0.10) (0.21) 0.17 (0.10) 0.07 0.49 0.97 0.98 1.40 n/m
Capex 0.00 0.00 0.00 0.00 (0.04) (0.03) (0.03) (0.02) (0.04) (0.03) (0.03) n/m
Free cash flow (0.03) (0.11) (0.10) (0.21) 0.13 (0.13) 0.04 0.47 0.93 0.95 1.38 n/m
Book value 0.00 (0.18) (0.58) 1.28 6.92 5.80 5.81 1.56 1.91 2.58 (0.01) n/m
Shares, m 29 29 29 24 29 33 33 33 30 29 28 (0.2%)
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 161.33 499.33 51.46 17.21 24.67 72.9
P/S 0.00 0.00 0.00 0.00 31.18 21.17 7.84 8.08 6.25 2.62 2.84 7.7
P/B 0.00 0.00 0.00 0.00 9.76 11.57 5.83 28.82 23.46 8.60 0.00 8.8
EV/Sales 0.00 0.00 0.00 0.00 27.72 19.13 6.34 7.69 5.82 2.33 3.02 6.9
EV/FCF 0.00 0.00 0.00 0.00 572.87 (453.25) 750.28 90.70 45.10 20.78 22.28 102.6
Cash, $m
Cash, $m Operating cash flow (1) (3) (3) (5) 5 (3) 2 16 29 28 36 n/m
Capex 0 (1) 0 0 (1) (1) (1) (1) (1) (1) (1) +16.2%
Free cash flow (1) (3) (3) (5) 4 (4) 1 15 28 27 35 n/m
Balance, $m
Balance, $m Working capital — (3) (14) 30 194 182 179 27 26 28 (25) n/m
Net debt — 0 6 (43) (217) (213) (215) (71) (92) (72) 46 +182.2%
Shareholders’ equity — (5) (17) 31 200 191 192 51 58 74 0 n/m
Returns, %
Returns, % ROA 0.00 (66.38) (160.85) (31.56) (5.04) (5.21) 2.54 1.28 15.32 18.88 16.23 +18.9 pt
ROIC — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 728.68 25.21 +728.7 pt
ROE 0.00 69.16 97.84 (168.25) (6.92) (6.96) 3.67 2.34 49.29 56.90 195.48 +56.9 pt
People
People Employees — — — — — 726 880 900 991 966 — +7.4%
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.14 0.16 0.20 0.22 0.25 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Docebo Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DSP Viant Technology Inc. $841.2M 25.3× 62.4× +33.91% (above 0%: growing) n/m +38.79% (above 0%: growing) 100.00% (3.69%) Compare
PAR PAR Technology Corporation $793.3M — (loss-making) — (loss-making) +15.04% (above 0%: growing) n/m +300.71% (above 0%: growing) 43.81% (3.99%) Compare
PUBM PubMatic, Inc. $764.3M — (loss-making) — (loss-making) +10.55% (above 0%: growing) n/m +47.47% (above 0%: growing) 67.07% 0.74% Compare
MITK Mitek Systems, Inc. $763.9M 34.4× 39.4× +18.17% (above 0%: growing) +280.00% (above 0%: growing) +19.18% (above 0%: growing) 84.86% 21.36% Compare
DCBO Docebo Inc. $758.5M 24.7× 36.8× +13.04% (above 0%: growing) −10.00% (below 0%: shrinking) −154.48% (below 0%: shrinking) 79.44% 3.76%
SMWB Similarweb Ltd. $736.7M — (loss-making) — (loss-making) +8.76% (above 0%: growing) n/m +217.42% (above 0%: growing) 80.73% 0.96% Compare
YALA Truth Social God Bless America ETF $705.3M 6.2× 7.0× −2.31% (below 0%: shrinking) −12.50% (below 0%: shrinking) +9,191.70% (above 0%: growing) 67.55% 23.49% Compare
VTEX VTEX $677.8M 23.2× 19.9× +9.52% (above 0%: growing) +200.00% (above 0%: growing) +79.12% (above 0%: growing) 80.31% 15.00% Compare
SPT Sprout Social, Inc. $654.1M — (loss-making) — (loss-making) +8.27% (above 0%: growing) n/m +20.36% (above 0%: growing) 76.56% (5.52%) Compare
Median of peers $750.3M 24.2× 29.7× +10.04% +200.00% +63.30% 78.44% 0.85%

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stockrow.com/DCBO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com