Docebo Inc.

NasdaqGS:DCBO Stock Report

Market Cap: US$464.2m

Docebo Future Growth

Future criteria checks 3/6

Docebo is forecast to grow earnings and revenue by 18.3% and 9.8% per annum respectively. EPS is expected to grow by 18.5% per annum. Return on equity is forecast to be 141.6% in 3 years.

Key information

18.3%

Earnings growth rate

18.45%

EPS growth rate

Software earnings growth20.1%
Revenue growth rate9.8%
Future return on equity141.60%
Analyst coverage

Good

Last updated26 May 2026

Recent future growth updates

Recent updates

Seeking Alpha • Apr 30

Docebo: FY 2026 Looks Better, But Land-And-Expand Still Needs To Prove Itself

Summary Docebo is repositioning toward larger enterprise clients, enhancing retention and ARR per client, and expanding into skills intelligence via the 365Talents acquisition. Management raised FY26 guidance for revenue and adjusted EBITDA, with AWS churn behind and Dayforce operations winding down, improving business optics. However, FY25 growth remained modest at 8.4% ARR growth, while NDR of 99% shows that land-and-expand is not yet proven. We maintain a Hold/Watchlist rating, as valuation looks fair and FY25 GAAP earnings were flattered by a one-time tax recovery. Read the full article on Seeking Alpha
Seeking Alpha • Mar 07

Docebo Disappoints As Revenue Growth Outlook Dims (Downgrade)

Summary Docebo's Q4 2024 results beat revenue and earnings estimates, but forward revenue growth guidance has become tepid. The e-learning market is projected to grow significantly, driven by upskilling, hybrid work, and cost efficiencies, but Docebo's growth has been disappointing. Despite improved operating leverage and margins, Docebo's revenue growth rate has fallen, and major customer downgrades have impacted net dollar retention rates. Given the uncertain revenue growth and earnings trajectory, my outlook is Neutral (hold) on Docebo until we get further visibility. Read the full article on Seeking Alpha
Seeking Alpha • Dec 27

Docebo: Positive On The Long-Term Growth Outlook

Summary I am positive on Docebo due to its large TAM and significant growth potential in the enterprise market. DCBO's cloud-based LMS platform excels in customer training, driving strong demand and positioning it well to capture the employee training market. Penetrating the enterprise market and adopting a value-based pricing model should extend DCBO's growth runway and increase ARR per customer. Read the full article on Seeking Alpha
Seeking Alpha • Oct 18

Docebo Improves Operating Leverage And Readies US Government Push (Upgrade)

Summary Docebo Inc. is successfully broadening its customer base and moving upmarket. The global e-learning market is projected to grow at a CAGR of 18.6% from 2024 to 2030, driven by cost efficiencies and hybrid work environments. Docebo's financials show rising revenue, stable gross profit margins, and improved operating income due to automation, with no debt and strong free cash flow. The company's focus on larger enterprise clients, higher average contract values, and streamlined pricing supports my Bullish outlook, especially with potential U.S. FedRAMP certification. Read the full article on Seeking Alpha
Seeking Alpha • Jul 29

Docebo: Margins Are Rising As Growth Decelerates

Summary Shares have declined nearly 20% since the Q1 earnings report due to management's guidance indicating a slowdown in growth. Management highlighted several initiatives that could potentially re-accelerate revenue growth, but their impact will likely be seen only next year. Margins have improved substantially, approaching 20%, with solid FCF generation. Read the full article on Seeking Alpha
Seeking Alpha • May 13

Docebo Contends With Troubled Lower-End Market

Summary Docebo Inc. reported better-than-expected Q1 2024 financial results, but is facing demand weakness and increased customer churn. The E-learning market is projected to reach $1 trillion by 2032, driven by technology development and increasing internet usage. Docebo's financial performance has improved, but it is experiencing churn in its small and mid-market segments. I remain Neutral [Hold] on Docebo Inc. shares for now. Read the full article on Seeking Alpha
Seeking Alpha • Feb 26

Beneficial Guidance, AI Technologies, And Restructuring Make Docebo A Buy

Summary Docebo has reported better-than-expected earnings and quarterly net sales, with new customers including a Big 4 US-based bank and Major League Baseball. The company's business model revolves around using AI technologies to provide innovative learning solutions, and it has a strong presence in North America. Docebo has implemented a stock repurchase program and has set ambitious goals for future financial growth. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NasdaqGS:DCBO - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202832945N/AN/A3
12/31/202730047585812
12/31/202627226474712
3/31/2026251344445N/A
12/31/2025243382728N/A
9/30/2025237232829N/A
6/30/2025231212728N/A
3/31/2025223232729N/A
12/31/2024217272829N/A
9/30/2024209182526N/A
6/30/2024200172728N/A
3/31/202419172627N/A
12/31/202318131516N/A
9/30/202317111112N/A
6/30/2023161766N/A
3/31/20231521512N/A
12/31/2022143712N/A
9/30/20221344-10N/A
6/30/2022124-6-3-1N/A
3/31/2022115-15-4-3N/A
12/31/2021104-14-4-3N/A
9/30/202193-1623N/A
6/30/202182-1834N/A
3/31/202171-1445N/A
12/31/202063-845N/A
9/30/202056-7-6-5N/A
6/30/202051-10-8-8N/A
3/31/202046-9-7-7N/A
12/31/201941-12N/A-5N/A
9/30/201937-12N/A-1N/A
6/30/201934-10N/A0N/A
3/31/201930-11N/A-2N/A
12/31/201827-11N/A-2N/A
12/31/201717-7N/A-3N/A
12/31/201610-3N/A-1N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: DCBO's forecast earnings growth (18.3% per year) is above the savings rate (3.5%).

Earnings vs Market: DCBO's earnings (18.3% per year) are forecast to grow faster than the US market (17.9% per year).

High Growth Earnings: DCBO's earnings are forecast to grow, but not significantly.

Revenue vs Market: DCBO's revenue (9.8% per year) is forecast to grow slower than the US market (12.5% per year).

High Growth Revenue: DCBO's revenue (9.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: DCBO's Return on Equity is forecast to be very high in 3 years time (141.6%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/12 03:31
End of Day Share Price 2026/06/12 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Docebo Inc. is covered by 18 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Martin TonerATB Cormark
Phillip LeytesBerenberg
Robert YoungCanaccord Genuity