DCBO

MKT CAP:$520M

Docebo Inc.

Market Cap

$520M

Technology·Software - Application·🇨🇦 Canada·NASDAQ

Technology·Software App·🇨🇦·NASDAQ

Stock Price

$17.28-$5.16 (-22.99%)

Apr 20, 2026

Company Details

Docebo Inc. provides a cloud-based learning management system to train internal and external workforces, partners, and customers in North America, Europe, and the Asia-Pacific region. Its platform helps customers to centralize learning mate...

CEO

Alessio Artuffo

IPO Date

Dec 3, 2020

Website

www.docebo.com

Key Metrics TTM

Revenue

$239M

+14.3% YoY

Net Income

$44M

EPS (Diluted)

$1.46

Free Cash Flow

$32M

Revenue / Share

$8.13

Gross Margin

80.2%

Operating Margin

9.7%

Net Margin

18.3%

FCF Margin

13.2%

P/S

2.2x

P/E

11.9x

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Feb 27, 2026

$247M+13.8%EPS $1.30

Q4 2025

Feb 27, 2026

$64M+12.2%EPS $0.93

Q2 2025

Aug 8, 2025

$61M+14.5%EPS $0.10

Q1 2025

May 20, 2025

$57M+11.5%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$30M	$24M	-$3M
Q1 22	$32M	$26M	-$7M
Q2 22	$35M	$28M	$2M
Q3 22	$37M	$30M	$9M
Q4 22	$39M	$31M	-$75.0K
Q1 23	$41M	$33M	-$376.0K
Q2 23	$44M	$35M	-$8M
Q3 23	$47M	$38M	$3M
Q4 23	$49M	$40M	$1M
Q1 24	$51M	$41M	$4M
Q2 24	$53M	$43M	$5M
Q3 24	$55M	$45M	$5M
Q4 24	$57M	$46M	$8M
Q1 25	$57M	$46M	$2M
Q2 25	$61M	$49M	$4M
Q4 25	$64M	$50M	$10M

Valuation

Quarter	P/S	P/E
Q4 21	21.2x	—
Q1 22	14.3x	—
Q2 22	8.3x	—
Q3 22	6.9x	231.0x
Q4 22	7.7x	156.7x
Q1 23	8.5x	85.0x
Q2 23	7.8x	168.2x
Q3 23	7.4x	1030.9x
Q4 23	8.0x	511.3x
Q1 24	8.2x	230.7x
Q2 24	5.8x	67.3x
Q3 24	6.4x	74.3x
Q4 24	6.3x	50.9x
Q1 25	3.9x	37.7x
Q2 25	3.8x	40.9x
Q4 25	2.7x	15.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$30.0K	-$176.0K
Q1 22	-$2M	-$2M
Q2 22	$1M	$886.0K
Q3 22	$975.0K	$624.0K
Q4 22	$2M	$2M
Q1 23	-$2M	-$2M
Q2 23	$5M	$5M
Q3 23	$6M	$6M
Q4 23	$6M	$6M
Q1 24	$8M	$8M
Q2 24	$7M	$6M
Q3 24	$4M	$4M
Q4 24	$10M	$9M
Q1 25	$8M	$8M
Q2 25	$6M	$6M
Q4 25	$9M	$9M

Capital Expenditures

Quarter	CapEx
Q4 21	$146.0K
Q1 22	$303.0K
Q2 22	$206.0K
Q3 22	$351.0K
Q4 22	$221.0K
Q1 23	$107.0K
Q2 23	$159.0K
Q3 23	$120.0K
Q4 23	$249.0K
Q1 24	$203.0K
Q2 24	$284.0K
Q3 24	$471.0K
Q4 24	$287.0K
Q1 25	$298.0K
Q2 25	$288.0K
Q4 25	$174.4K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+58.9%	+43.4%
Q1 22	+47.4%	+42.2%
Q2 22	+36.3%	+2.7%
Q3 22	+36.6%	+9.1%
Q4 22	+30.7%	+19.2%
Q1 23	+29.3%	+7.5%
Q2 23	+24.8%	+55.7%
Q3 23	+25.8%	+55.3%
Q4 23	+26.5%	+23.5%
Q1 24	+24.0%	+12.8%
Q2 24	+21.7%	-5.1%
Q3 24	+19.2%	+16.9%
Q4 24	+15.7%	+2.1%
Q1 25	+11.5%	+17.8%
Q2 25	+14.5%	+16.6%
Q4 25	+15.5%	+7.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$599.0K	2.0%
Q1 22	$1M	3.4%
Q2 22	$2M	4.4%
Q3 22	$1M	2.7%
Q4 22	$1M	2.8%
Q1 23	$1M	3.1%
Q2 23	$1M	3.0%
Q3 23	$2M	4.0%
Q4 23	$2M	3.3%
Q1 24	$2M	3.8%
Q2 24	$2M	3.6%
Q3 24	$2M	3.3%
Q4 24	$2M	2.9%
Q1 25	$789.0K	1.4%
Q2 25	$2M	2.9%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$6M	$8M	$13M	—
Q1 22	$6M	$8M	$14M	—
Q2 22	$6M	$9M	$15M	—
Q3 22	$6M	$9M	$16M	—
Q4 22	$6M	$8M	$16M	—
Q1 23	$7M	$9M	$17M	—
Q2 23	$9M	$11M	$18M	—
Q3 23	$10M	$10M	$16M	—
Q4 23	$9M	$10M	$16M	—
Q1 24	$10M	$10M	$16M	—
Q2 24	$11M	$10M	$17M	—
Q3 24	$11M	$10M	$18M	—
Q4 24	$12M	$10M	$18M	—
Q1 25	$13M	$10M	$20M	—
Q2 25	$13M	$10M	$20M	—
Q4 25	$12M	—	—	$28M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	58.9%	-7.5%	51.4
Q1 22	47.4%	-19.2%	28.2
Q2 22	36.3%	9.0%	45.3
Q3 22	36.6%	29.8%	66.4
Q4 22	30.7%	6.3%	37.1
Q1 23	29.3%	5.8%	35.1
Q2 23	24.8%	-9.7%	15.1
Q3 23	25.8%	13.3%	39.1
Q4 23	26.5%	8.0%	34.5
Q1 24	24.0%	11.0%	35.0
Q2 24	21.7%	11.5%	33.2
Q3 24	19.2%	11.3%	30.5
Q4 24	15.7%	16.3%	32.0
Q1 25	11.5%	5.6%	17.0
Q2 25	14.5%	9.1%	23.6
Q4 25	15.5%	16.6%	32.0

Rule of 40

Revenue Segments

Quarter	Professional Services Revenue	Subscription Revenue
Q1 22	$3M	$29M
Q2 22	$3M	$32M
Q3 22	$3M	$34M

Revenue by Geography

Quarter	North America	Rest Of World
Q1 22	$24M	$8M
Q2 22	$26M	$8M
Q3 22	$28M	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$212M	$0	$212M
Q2 22	$213M	$0	$213M
Q3 22	$211M	$0	$211M
Q4 22	$216M	$174.0K	$216M
Q1 23	$216M	$0	$216M
Q2 23	$204M	$83.0K	$204M
Q3 23	$171M	$81.0K	$171M
Q4 23	$72M	$83.0K	$72M
Q1 24	$81M	$81.0K	$81M
Q2 24	$82M	$81.0K	$82M
Q3 24	$82M	$66.0K	$82M
Q4 24	$93M	$43.0K	$93M
Q1 25	$92M	$24.0K	$92M
Q2 25	$65M	$6.0K	$65M
Q3 25	$66M	$0	$66M
Q4 25	$74M	$0	$74M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	33M	-3.5%	+14.6%
Q1 22	33M	+0.3%	+0.7%
Q2 22	34M	+3.0%	+3.7%
Q3 22	34M	+0.1%	-0.2%
Q4 22	34M	-0.0%	+3.4%
Q1 23	34M	+0.3%	+3.5%
Q2 23	33M	-3.0%	-2.6%
Q3 23	34M	+1.1%	-1.6%
Q4 23	33M	-2.0%	-3.5%
Q1 24	31M	-5.5%	-9.1%
Q2 24	31M	+0.0%	-6.3%
Q3 24	31M	-0.4%	-7.7%
Q4 24	31M	+0.0%	-5.8%
Q1 25	31M	-0.1%	-0.4%
Q2 25	30M	-2.3%	-2.7%
Q4 25	29M	-2.7%	-4.9%

Shares Outstanding