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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

The recent 3 months performance of Docebo Inc. was negatively driven by a 6% decline over the past month and a 19.65% decline over the past 90 days, extending a weaker trend. The company's share price weakness has been attributed to a 1-year total shareholder return of negative 49.22% and a 5-year total shareholder return of around a 63% decline. Despite this, Docebo's Q4 earnings and revenue beat estimates, with earnings surprises of +36.36% and +0.34%, respectively. However, the company's enterprise performance and AI pricing models have faced challenges, and the integration of the 365Talents acquisition, while strategic, has not yet fully addressed these issues.

1.c. Company Highlights

2. Docebo Inc. Delivers Strong Q4 2025 Results, Exceeds EPS Estimates

Docebo Inc. reported a strong Q4 2025, with actual EPS coming in at $1.27, significantly higher than the estimated $0.35. The company's revenue growth was robust, and the gross bookings metric reached a record high of 12.5%, despite a mix of new logos and expansion sales being slightly off from the ideal mix. The company's focus on expansion sales, which are more efficient from a cost perspective, is expected to drive growth in the future.

Publication Date: Mar -03

📋 Highlights
  • Strategic Integration of 365 Talents:: AI-forward integration is live, enhancing data moat and enabling cross-sell to shared customers starting H2 2026.
  • Net Dollar Retention (2025):: 99% year-over-year, but 1% improvement excluding AWS, with sequential improvements from Q2 to Q4.
  • 2026 Growth Guidance:: 10%–11% growth target, driven by enterprise expansion and government sector potential with large whale deals expected.
  • ACV Dynamics:: Mid-market growth diluted enterprise ACV, but high-value enterprise wins remain a focus despite a 60/40 new vs. expansion sales mix.
  • AI Pricing Experimentation:: Mixed customer reception to AI credits; hybrid pricing (per-seat + credit) adopted to balance predictability and flexibility.

Revenue Growth and Margin Analysis

The company's revenue growth was driven by its enterprise segment, which is expected to be the main lever to beat the guide in 2026. The government segment is also expected to be a significant growth area, with pipeline exceeding expectations and potential large whale deals in Q3. The company's EBITDA margins are expected to improve, driven by discipline throughout the business while growing.

Acquisition of 365 Talents and Integration

The acquisition of 365 Talents is strategically relevant for Docebo Inc., providing an incremental data moat. The integration is in production, with customers that the companies share already in place. The AI-forward technology and thinking of 365 Talents will accelerate the integration between the two platforms. As Alessio Artuffo mentioned, "The integration between Docebo Inc. and 365 Talents is strategically relevant for the company, providing an incremental data moat."

Valuation Metrics

With a P/E Ratio of 13.39 and an EV/EBITDA of 15.6, the company's valuation appears reasonable. The ROE of 73.4% and ROIC of 28.17% indicate strong profitability. The company's guidance for 10% to 11% growth in 2026 is slightly below analysts' estimates of 11.6% revenue growth. The stock's current valuation metrics suggest that the market has already priced in some of the growth expectations.

Growth Prospects and Outlook

Docebo Inc.'s growth prospects appear strong, driven by its enterprise segment and government segment. The company's focus on innovation and its AI-forward technology will likely drive growth in the future. The company's restructuring and force reduction were done to accelerate growth and improve product capabilities. With a strong pipeline and potential large whale deals, the company's growth outlook appears positive.

3. NewsRoom

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Docebo Inc. Announces Results of its Substantial Issuer Bid

12:30

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Docebo Bets On AI Skills Intelligence As Bookings Show Early Recovery

Mar -10

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How The Docebo (TSX:DCBO) Equity Story Is Shifting As Expectations Reset

Mar -10

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Is It Time To Reassess Docebo (TSX:DCBO) After Its Recent Share Price Strength

Mar -10

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Docebo Conference: CFO Touts AI Learning Platform, 365Talents Deal, and $60M Buyback

Mar -09

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Docebo (DCBO) Reports Strong Q4 2025 Growth and Successful 365Talents Integration

Mar -04

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Docebo price target lowered to $28 from $34 at Stifel

Mar -03

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Docebo Announces Participation in Upcoming Investor Conferences in March

Mar -02

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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
NetSol Technologies

A-Score: 4.9/10

Value: 8.5

Growth: 4.2

Quality: 5.7

Yield: 0.0

Momentum: 8.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Domo

A-Score: 4.7/10

Value: 7.7

Growth: 4.9

Quality: 5.6

Yield: 0.0

Momentum: 8.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Docebo

A-Score: 4.4/10

Value: 2.2

Growth: 9.9

Quality: 8.2

Yield: 0.0

Momentum: 0.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Amplitude

A-Score: 3.9/10

Value: 4.6

Growth: 5.4

Quality: 4.3

Yield: 0.0

Momentum: 5.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Creative Realities

A-Score: 3.9/10

Value: 9.2

Growth: 2.8

Quality: 5.0

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Weave Communications

A-Score: 3.3/10

Value: 5.5

Growth: 5.9

Quality: 4.0

Yield: 0.0

Momentum: 1.0

Volatility: 3.3

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

29.46$

Current Price

29.46$

Potential

-0.00%

Expected Cash-Flows