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. In the quarter to June 2026, revenue grew 13.0%, EPS fell 10.0%, free cash flow fell 154.5% and total debt rose 25,058.1%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Docebo Inc. (DCBO) Altman Z-score
Docebo Inc.'s Altman Z-score for fiscal 2025 is 3.34, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.34 | (2.93) |
| FY2024 | 6.28 | (1.95) |
| FY2023 | 8.23 | 0.09 |
| FY2022 | 8.13 | (9.61) |
| FY2021 | 17.74 | (3.90) |
| FY2020 | 21.64 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.13 | — | 0.16 | |
| Retained earnings / total assets | (0.89) | — | −1.25 | |
| EBIT / total assets | 0.11 | — | 0.37 | |
| Market value of equity / total liabilities | 4.81 | — | 2.88 | |
| Sales / total assets | 1.17 | — | 1.17 | |
| Altman Z-score | Safe zone | 3.34 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.68 | ||
Z and Z″ put Docebo Inc. in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| YALA Truth Social God Bless America ETF compare | 9.5× |
| MNTN MNTN Inc. compare | 5.7× |
| VTEX VTEX compare | 4.7× |
| DCBO Docebo Inc. | 3.3× |
| MITK Mitek Systems, Inc. compare | 1.8× |
| PAR PAR Technology Corporation compare | 1.5× |
| PUBM PubMatic, Inc. compare | 1.5× |
| SPT Sprout Social, Inc. compare | 0.7× |
| SMWB Similarweb Ltd. compare | 0.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets