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1. Company Snapshot

1.a. Company Description

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 materials from peer enterprises and learners into one learning management system (LMS) to expedite and enrich the learning process, increase productivity, and grow teams uniformly.


The company's learning platform includes Docebo Learn LMS, a cloud-based learning platform; Docebo Shape, an AI-based learning content creation tool; Docebo Content that allows to unlock the industry's best-learning content; Docebo Learning Impact, a learning measurement tool; Docebo Learning Analytics that allows learning administrators to prove their learning programs are powering their business, as well as connecting learning data to business results; Docebo Connect that connects Docebo to custom tech stack and making integrations; and Docebo Flow that allows businesses to directly inject learning into the flow of work.It also provides Docebo for Salesforce, a native integration that leverages Salesforce's application programming interface and technology architecture to produce a learning experience; and Docebo Embed (OEM) that allows original equipment manufacturers to embed and re-sell Docebo as a part of their software.In addition, the company offers Docebo Mobile App Publisher product that allows companies to create and publish own branded version of Docebo Go.Learn mobile learning applications; Docebo Extended Enterprise that breeds customer education, partner enablement, and retention; and Docebo Discover, Coach & Share that enhances the learning experience to create a culture of social learning.


It serves customers in the technology, media, manufacturing, consulting and professional services, and retail industries.The company was formerly known as Docebo Canada, Inc.Docebo Inc.


founded in 2005 and is based in Toronto, Canada.

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1.b. Last Insights on DCBO

Docebo's recent performance has been impacted by a challenging market environment, despite strong Q3 earnings and upbeat guidance. The company's revenue and net income surpassed last year's figures, but its share price return has tumbled nearly 49% year-to-date. Analysts have reduced their price targets, with Needham reiterating a Buy rating but lowering its target to $38 from $42. Federal momentum and AI innovation are shifting Docebo's growth outlook, with revenue rising to $61.62 million and net income of $6.11 million. (Source: Needham)

1.c. Company Highlights

2. Docebo's Q3 2025 Earnings: A Strong Beat on Revenue and EPS

Docebo reported revenues with a strong growth of 14% year-over-year, excluding the Dayforce business, driven by mid-market and EMEA performance exceeding expectations, as well as improved core business retention. The company's EPS came in at $0.4785, significantly beating estimates of $0.3875. The strong financial performance was accompanied by an EBITDA margin of 20%, ahead of expectations. Analysts estimate next year's revenue growth at 7.3%, indicating a potential slowdown in the company's growth trajectory.

Publication Date: Nov -19

📋 Highlights
  • Excluding Dayforce, ARR growth: accelerated to 13.9% in Q2 and 14% Y/Y in Q3 driven by mid-market, EMEA, and core retention.
  • Dayforce wind-down impact: will reduce its contribution to 3.5-4.5% of revenue in 2026, 1-2% in 2027, and become immaterial thereafter.
  • FedRAMP momentum: secured two new federal customers post-May 2024, with federal/defense pipeline expected to drive material contracts in Q3 2026.
  • Retention improvement: achieved two consecutive quarters of growth, with proactive account mapping to further reduce churn.
  • AI monetization strategy: launched a credit-based system, with Harmony Search already processing 500K queries and evolving into a Copilot platform.

Revenue Growth and ARR Components

The company's ARR grew by $2.5 million sequentially, driven by growth in mid-market, EMEA, and core retention. However, the Dayforce business accelerated faster than expected, impacting results. As Alessio Artuffo mentioned, "Our ARR grew $2.5 million sequentially, and we're seeing growth in mid-market, EMEA, and core retention." The wind-down of the Dayforce business is expected to continue, with Dayforce representing 3.5% to 4.5% of total revenues in 2026.

Government and Enterprise Segments

Docebo achieved two new federal customers since its May FedRAMP listing, demonstrating the company's success in the government segment. The enterprise segment is also critical, with growth in customers over $100,000. Notable enterprise wins include Veolia and Amazon. The government shutdown did not affect the seasonal buying cycle, and the company expects to see opportunities in Q3 2026.

Valuation and Growth Prospects

With a P/E Ratio of 28.46 and an EV/EBITDA of 22.59, the market is pricing in a certain level of growth for Docebo. The company's ROE of 45.11% and ROIC of 44.98% indicate strong profitability. As the company continues to diversify its revenue base away from Dayforce, the market will be watching for further progress on this front. The introduction of an AI credit-based system is expected to give Docebo an edge in the competition, and the company's AI product vision is expected to drive future growth.

3. NewsRoom

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Early Warning Report Issued Pursuant to National Instrument 62‐103 Acquisition of Securities of Docebo Inc. by Intercap Equity Inc.

Nov -28

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Docebo (TSX:DCBO) Valuation in Focus as ARR Growth and Federal Wins Open New Opportunities

Nov -28

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Docebo (DCBO) Q3 2025 Earnings Call Transcript

Nov -27

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High Growth Tech Stocks to Watch in November 2025

Nov -20

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How Recent Developments Are Shaping the Next Chapter in the Docebo Investment Story

Nov -13

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Needham Reiterates Buy on Docebo, Lowers Price Target to $38

Nov -13

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DataCamp Acquires UAE's Optima, Launches 'Classrooms' Giving Free Access to Educators and their Students for the first time in the Middle East

Nov -13

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Does Federal Momentum and AI Innovation Shift Docebo’s Growth Outlook (TSX:DCBO)?

Nov -12

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (21.52%)

6. Segments

Subscription

Expected Growth: 21.33%

Docebo Inc.'s 21.33% subscription growth is driven by increasing adoption of cloud-based learning platforms, expansion into new markets, and strategic partnerships. The growing need for remote training and upskilling, coupled with Docebo's AI-powered learning solutions, has contributed to this rapid growth.

Professional Services

Expected Growth: 24.43%

Docebo Inc.'s Professional Services segment growth of 24.43% is driven by increasing adoption of cloud-based learning platforms, expansion into new markets, and strategic partnerships. Growing demand for customized learning solutions, upselling and cross-selling opportunities, and a strong sales pipeline also contribute to this growth.

7. Detailed Products

Docebo Learn

A cloud-based Learning Management System (LMS) designed to manage and track online courses, training programs, and learning activities.

Docebo Perform

A performance management system that enables organizations to create, manage, and track employee performance goals, objectives, and development plans.

Docebo Shape

A content creation and curation platform that enables organizations to create, manage, and share learning content, including videos, articles, and courses.

Docebo Connect

A social learning platform that enables organizations to create online communities, share knowledge, and facilitate collaboration and networking.

Docebo Extended Enterprise

A solution that enables organizations to create, manage, and deliver training programs to external audiences, such as customers, partners, or suppliers.

8. Docebo Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Docebo Inc. is a specialized e-learning platform, and the threat of substitutes is low due to its unique features and customization options.

Bargaining Power Of Customers

Docebo Inc. has a diverse customer base, and while customers have some bargaining power, the company's strong brand and customer loyalty programs mitigate this risk.

Bargaining Power Of Suppliers

Docebo Inc. has a diversified supply chain, and the bargaining power of suppliers is low due to the company's strong negotiating position and lack of dependence on a single supplier.

Threat Of New Entrants

While there are barriers to entry in the e-learning platform market, new entrants can still disrupt the market. However, Docebo Inc.'s established brand and customer base provide a competitive advantage.

Intensity Of Rivalry

The e-learning platform market is highly competitive, with several established players. Docebo Inc. must continually innovate and improve its offerings to maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 3.99%
Debt Cost 11.29%
Equity Weight 96.01%
Equity Cost 11.29%
WACC 11.29%
Leverage 4.16%

11. Quality Control: Docebo Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Domo

A-Score: 5.1/10

Value: 9.2

Growth: 4.9

Quality: 5.1

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

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NetSol Technologies

A-Score: 4.9/10

Value: 7.7

Growth: 4.2

Quality: 5.7

Yield: 0.0

Momentum: 9.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Docebo

A-Score: 4.4/10

Value: 1.7

Growth: 9.9

Quality: 8.2

Yield: 0.0

Momentum: 1.0

Volatility: 5.7

1-Year Total Return ->

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Amplitude

A-Score: 4.2/10

Value: 4.8

Growth: 5.4

Quality: 4.5

Yield: 0.0

Momentum: 6.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Weave Communications

A-Score: 3.1/10

Value: 5.5

Growth: 5.9

Quality: 4.0

Yield: 0.0

Momentum: 0.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Creative Realities

A-Score: 3.0/10

Value: 9.0

Growth: 2.8

Quality: 4.8

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

30.0$

Current Price

30$

Potential

-0.00%

Expected Cash-Flows