Docebo Inc. (DCBO) vs PubMatic, Inc. (PUBM)

Docebo Inc. and PubMatic, Inc. are both Software Application companies. Docebo Inc. and PubMatic, Inc. are of similar size ($764.3M and $758.5M). PubMatic, Inc. has negative trailing earnings, so its P/E is not meaningful; Docebo Inc. trades at 24.7×. Docebo Inc. grew revenue faster over the last twelve months: 12.3% against −1.04%. Docebo Inc. has the higher net margin (13.0% vs −4.66%) and the higher return on invested capital (25.2% vs −9.01%). Across the 19 metrics below, Docebo Inc. leads on 12 and PubMatic, Inc. on 7.

Valuation

Metric DCBO PUBM Software Application median
P/E 24.67 n/m 26.44
P/S 2.84 2.84 2.90
P/B n/m 3.44 2.60
Price to free cash flow 20.97 15.20 17.04
EV/EBITDA 32.34 27.55 15.48
EV/Sales 3.02 2.36 3.00
Earnings yield 4.05% (1.68%) 0.20%
Free cash flow yield 4.77% 6.58% 1.96%

Profitability

Metric DCBO PUBM Software Application median
Gross margin 79.40% 64.43% 67.34%
Operating margin 7.14% (5.05%) 0.00%
Net margin 12.98% (4.66%) 0.00%
Free cash flow margin 13.53% 18.68% 5.77%
Return on equity 195.48% (5.59%) 0.00%
Return on assets 16.23% (1.96%) 0.00%
Return on invested capital 25.21% (9.01%) 0.00%

Growth

Metric DCBO PUBM Software Application median
Revenue growth (TTM) 12.33% (1.04%) 12.12%
EPS growth (last fiscal year) 48.84% (234.78%) 32.44%
Revenue growth, 5-year CAGR 31.00% 13.72% 14.34%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric DCBO PUBM Software Application median
Debt to equity (300.09) 0.00 0.04
Current ratio 0.83 1.27 1.53
Net debt to EBITDA (2.73) (5.66) 0.09

Dividend

Metric DCBO PUBM Software Application median
Dividend yield — — 1.07%
Payout ratio — — 0.28

Size

Metric DCBO PUBM Software Application median
Market cap 758.48m 764.33m 383.88m

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