Docebo Inc.

NasdaqGS:DCBO Stock Report

Market Cap: US$427.1m

Docebo Past Earnings Performance

Past criteria checks 3/6

Docebo has been growing earnings at an average annual rate of 66.4%, while the Software industry saw earnings growing at 24.9% annually. Revenues have been growing at an average rate of 21.5% per year.

Key information

66.42%

Earnings growth rate

67.86%

EPS growth rate

Software Industry Growth17.33%
Revenue growth rate21.50%
Return on equityn/a
Net Margin13.71%
Last Earnings Update31 Mar 2026

Recent past performance 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

Revenue & Expenses Breakdown

How Docebo makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NasdaqGS:DCBO Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 262513411652
31 Dec 252433811250
30 Sep 252372311650
30 Jun 252312111551
31 Mar 252232311148
31 Dec 242172710845
30 Sep 242091810742
30 Jun 242001710841
31 Mar 24191710739
31 Dec 23181310636
30 Sep 23171110434
30 Jun 2316179928
31 Mar 23152159826
31 Dec 2214379425
30 Sep 2213449024
30 Jun 22124-68524
31 Mar 22115-157923
31 Dec 21104-147421
30 Sep 2193-166619
30 Jun 2182-185717
31 Mar 2171-144915
31 Dec 2063-84313
30 Sep 2056-73912
30 Jun 2051-103811
31 Mar 2046-93610
31 Dec 1941-12329
30 Sep 1937-12298
30 Jun 1934-10268
31 Mar 1930-11247
31 Dec 1827-11237
31 Dec 1717-7154
31 Dec 1610-382

Quality Earnings: DCBO has a large one-off loss of $5.2M impacting its last 12 months of financial results to 31st March, 2026.

Growing Profit Margin: DCBO's current net profit margins (13.7%) are higher than last year (10.3%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: DCBO has become profitable over the past 5 years, growing earnings by 66.4% per year.

Accelerating Growth: DCBO's earnings growth over the past year (49.4%) is below its 5-year average (66.4% per year).

Earnings vs Industry: DCBO earnings growth over the past year (49.4%) exceeded the Software industry 14.2%.

Return on Equity

High ROE: DCBO's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/23 03:55
End of Day Share Price 2026/06/23 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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Learn about the world class team who designed and built the Simply Wall St analysis model.

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