Update shared on 25 Nov 2025
Analysts have recently lowered their average price target for Docebo, citing adjustments to profit margin expectations and valuation multiples. Figures have shifted from $34 to a range between $28 and $37 per share, reflecting evolving views on revenue growth and sector performance.
Analyst Commentary
Recent analyst coverage on Docebo reflects a balanced mix of optimism and caution regarding the company’s valuation, growth drivers, and execution in the enterprise learning management sector.
Bullish Takeaways- Docebo is viewed as a leading provider in the learning management systems market. The company is benefiting from displacing legacy vendors and expanding into new regions.
- Analysts highlight outperformance in growth, especially as the company moves upmarket and prioritizes enterprise sales.
- Average revenue per user is identified as a key driver, suggesting ongoing improvements in both customer quality and deal size.
- Recent price targets set in the mid to high $30 range indicate confidence in continued revenue growth and successful execution on strategic initiatives.
- Some analysts have reduced price targets in response to profit margin adjustments and a reassessment of valuation multiples.
- Execution risks remain, particularly as Docebo scales its business and competes with both established and emerging sector players.
- There is caution around the sustainability of outperformance as sector growth moderates and competitive pressures increase.
- Short-term financial targets may face headwinds if market conditions shift or customer acquisition slows.
What's in the News
- Docebo provided new and revised earnings guidance for the quarter and fiscal year ending December 31, 2025 (Key Developments).
- The company expects total revenue for the fourth quarter to be in the range of $62.0 million to $62.2 million (Key Developments).
- For the full 2025 fiscal year, Docebo projects total revenue growth of 11.40% (Key Developments).
Valuation Changes
- The discount rate has fallen slightly, decreasing from 7.48% to 7.44%.
- The revenue growth estimate has declined marginally, moving from 8.45% to 8.40%.
- The net profit margin projection has fallen significantly, dropping from 19.79% to 17.01%.
- The future P/E ratio has risen noticeably, increasing from 17.72x to 20.48x.
- The fair value estimate remains unchanged at CA$49.81 per share.
Disclaimer
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