Docebo Inc. (DCBO) 10-Year Financial Performance & Capital Metrics

DCBO • • Industrial / General

TechnologyApplication SoftwareEducation & Learning PlatformsOnline Education Platforms

AboutDocebo 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.Show more

Revenue $217M +20.0%
EBITDA $25M +4436.7%
Net Income $27M +841.4%
EPS (Diluted) 0.86 +920.2%
Gross Margin 80.96%
EBITDA Margin 11.38% +3715.7%
Operating Margin 9.82% +578.4%
Net Margin 12.32% +684.8%
ROE 49.29% +2008.2%
ROIC -
Debt/Equity 0.03 -37.8%
Interest Coverage 95.58 +866.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓Strong 5Y sales CAGR of 39.2%
✓Good 3Y average ROE of 18.4%
✓Share count reduced 8.1% through buybacks
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Weak momentum: RS Rating 15 (bottom 15%)
✗Trading more than 30% below 52-week high
✗Expensive at 10.6x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y39.24%

3Y27.67%

TTM12.83%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM24.67%

EPS CAGR

10Y-

5Y-

3Y-

TTM27.16%

ROCE

10Y Avg-10.12%

5Y Avg4.39%

3Y Avg11.58%

Latest35.54%

Peer Comparison

Online Education Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DUOLDuolingo, Inc.	6.18B	154.42	82.14	40.84%	40.03%	29.52%	4.42%	0.07
RSSSResearch Solutions, Inc.	95.31M	2.90	72.50	9.94%	2.73%	8.63%	7.35%
DCBODocebo Inc.	571.25M	19.88	23.12	19.96%	9.53%	49.74%	4.9%	0.03
SGNSigning Day Sports, Inc.	2.5M	0.18	-0.01	100.13%	-18.22%	-19.73%
AMSTAmesite Inc.	9.65M	2.11	-2.05	-33.81%	-17.32%	-154.55%
NRDYNerdy, Inc.	127.86M	1.04	-2.74	-1.64%	-22.95%	-110.17%		0.02
COE51Talk Online Education Group	118.22M	28.61	-3.18	92.65%	-46.11%		4.67%
NTCLNetClass Technology Inc	8M	0.40	-4.26	-8.91%	-14.63%	-39.38%		0.00

Profit & Loss

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	17.13M	27.07M	41.44M	62.92M	104.24M	142.91M	180.84M	216.93M
Revenue Growth %	-	0.58%	0.53%	0.52%	0.66%	0.37%	0.27%	0.2%
Cost of Goods Sold+	4.35M	5.65M	8.37M	11.54M	20.79M	28.18M	34.5M	41.3M
COGS % of Revenue	0.25%	0.21%	0.2%	0.18%	0.2%	0.2%	0.19%	0.19%
Gross Profit+	12.77M	21.42M	33.08M	51.38M	83.46M	114.73M	146.34M	175.64M
Gross Margin %	0.75%	0.79%	0.8%	0.82%	0.8%	0.8%	0.81%	0.81%
Gross Profit Growth %	-	0.68%	0.54%	0.55%	0.62%	0.37%	0.28%	0.2%
Operating Expenses+	19.18M	29.36M	42.89M	59.01M	96.91M	110.55M	150.05M	154.34M
OpEx % of Revenue	1.12%	1.08%	1.03%	0.94%	0.93%	0.77%	0.83%	0.71%
Selling, General & Admin	15.09M	22.58M	31.84M	42.64M	74.05M	94.55M	107.04M	109.44M
SG&A % of Revenue	0.88%	0.83%	0.77%	0.68%	0.71%	0.66%	0.59%	0.5%
Research & Development	3.91M	6.61M	9.44M	13.38M	20.36M	24.78M	35.48M	43.91M
R&D % of Revenue	0.23%	0.24%	0.23%	0.21%	0.2%	0.17%	0.2%	0.2%
Other Operating Expenses	0	0	1.61M	2.98M	2.49M	-8.78M	7.53M	999K
Operating Income+	-6.88M	-8.95M	-9.81M	-7.63M	-13.45M	4.18M	-3.71M	21.29M
Operating Margin %	-0.4%	-0.33%	-0.24%	-0.12%	-0.13%	0.03%	-0.02%	0.1%
Operating Income Growth %	-	-0.3%	-0.1%	0.22%	-0.76%	1.31%	-1.89%	6.74%
EBITDA+	-6.69M	-8.79M	-9.12M	-6.42M	-11.43M	6.52M	-569K	24.68M
EBITDA Margin %	-0.39%	-0.32%	-0.22%	-0.1%	-0.11%	0.05%	-0%	0.11%
EBITDA Growth %	-	-0.31%	-0.04%	0.3%	-0.78%	1.57%	-1.09%	44.37%
D&A (Non-Cash Add-back)	190.86K	160.42K	693K	1.21M	2.02M	2.33M	3.14M	3.38M
EBIT	-8.07M	-11.08M	-10.55M	-7.25M	-12.94M	8.16M	5.14M	23.9M
Net Interest Income+	-231.07K	568K	-814.5K	-136.87K	7.93K	3.48M	7.81M	2.33M
Interest Income	8.31K	568K	0	333.75K	433.15K	3.76M	8.11M	2.55M
Interest Expense	172.83K	0	814.5K	470.61K	425.23K	278.51K	297.35K	222.76K
Other Income/Expense	-1.36M	-2.7M	-1.5M	-53K	20K	3.6M	8.56M	2.42M
Pretax Income+	-8.24M	-11.65M	-11.3M	-7.68M	-13.43M	7.78M	4.85M	23.71M
Pretax Margin %	-0.48%	-0.43%	-0.27%	-0.12%	-0.13%	0.05%	0.03%	0.11%
Income Tax+	0	-2.13M	609K	336K	172K	764K	2.01M	-3.02M
Effective Tax Rate %	0.89%	0.97%	1.05%	1.04%	1.01%	0.9%	0.59%	1.13%
Net Income+	-7.31M	-11.27M	-11.91M	-8.02M	-13.6M	7.02M	2.84M	26.74M
Net Margin %	-0.43%	-0.42%	-0.29%	-0.13%	-0.13%	0.05%	0.02%	0.12%
Net Income Growth %	-	-0.54%	-0.06%	0.33%	-0.7%	1.52%	-0.6%	8.41%
Net Income (Continuing)	-8.24M	-11.65M	-11.91M	-8.02M	-13.6M	7.02M	2.84M	26.74M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	-1.05M	0	0	0	0	0	0	0
EPS (Diluted)+	-0.24	-0.37	-0.49	-0.26	-0.41	0.20	0.08	0.86
EPS Growth %	-	-0.54%	-0.32%	0.47%	-0.58%	1.49%	-0.58%	9.2%
EPS (Basic)	-0.26	-0.37	-0.49	-0.26	-0.41	0.20	0.09	0.88
Diluted Shares Outstanding	30.09M	30.09M	24.36M	28.93M	32.87M	34.04M	33.68M	30.94M
Basic Shares Outstanding	28.45M	30.09M	24.36M	28.93M	32.87M	33.07M	32.53M	30.22M
Dividend Payout Ratio	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	8.41M	11.64M	58.94M	238.39M	251.59M	263.58M	127.15M	154.24M
Cash & Short-Term Investments	3.36M	3.76M	46.28M	219.66M	215.42M	216.47M	72.03M	92.58M
Cash Only	3.36M	3.76M	46.28M	219.66M	215.32M	216.29M	71.95M	92.54M
Short-Term Investments	0	0	0	0	99K	174K	83K	43K
Accounts Receivable	4.41M	6.14M	10.2M	15.79M	27.78M	37.96M	42.74M	45.6M
Days Sales Outstanding	93.95	82.75	89.83	91.6	97.28	96.96	86.26	76.73
Inventory	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-
Other Current Assets	0	243K	605K	2.94M	1.39M	2.78M	6.39M	7.45M
Total Non-Current Assets+	1.09M	1.66M	4.92M	16.64M	16.63M	20.08M	31.22M	36.47M
Property, Plant & Equipment	1.09M	1.29M	3.9M	5.09M	5.7M	4.66M	3.45M	3.13M
Fixed Asset Turnover	15.65x	21.05x	10.63x	12.37x	18.28x	30.65x	52.42x	69.22x
Goodwill	0	0	0	5.6M	5.3M	5.98M	14.25M	13.85M
Intangible Assets	0	0	0	2.1M	1.58M	1.15M	2.4M	1.67M
Long-Term Investments	0	0	324K	270K	204K	241K	45K	0
Other Non-Current Assets	0	375.21K	698K	2.8M	3.85M	7.93M	10.75M	12.61M
Total Assets+	9.5M	13.3M	63.86M	255.03M	268.22M	283.67M	158.38M	190.71M
Asset Turnover	1.80x	2.04x	0.65x	0.25x	0.39x	0.50x	1.14x	1.14x
Asset Growth %	-	0.4%	3.8%	2.99%	0.05%	0.06%	-0.44%	0.2%
Total Current Liabilities+	11.46M	24.89M	28.54M	45.73M	69.27M	84.36M	100.65M	128.6M
Accounts Payable	3.83M	6.78M	9.59M	16.12M	22.85M	26.02M	31.66M	34.86M
Days Payables Outstanding	320.91	438.22	418.41	509.94	401.26	337.11	335	308.13
Short-Term Debt	20.35K	5.36M	20K	1.27M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	35.07K	54.71K	0	0	467K	1.08M	0	18.3M
Current Ratio	0.73x	0.47x	2.07x	5.21x	3.63x	3.12x	1.26x	1.20x
Quick Ratio	0.73x	0.47x	2.07x	5.21x	3.63x	3.12x	1.26x	1.20x
Cash Conversion Cycle	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	4.19M	5.19M	3.94M	8.99M	8.29M	7.1M	7M	4.35M
Long-Term Debt	3.32M	4.02M	16K	0	0	0	0	0
Capital Lease Obligations	0	0	2.48M	2.54M	2.69M	1.69M	639K	154K
Deferred Tax Liabilities	0	0	0	1.49M	692K	1.28M	1.42M	29K
Other Non-Current Liabilities	871.71K	1.17M	1.44M	4.96M	4.8M	3.6M	4.33M	3.37M
Total Liabilities	15.66M	30.08M	32.48M	54.72M	77.57M	91.46M	107.65M	132.95M
Total Debt+	3.34M	9.38M	3.45M	3.82M	4M	3.07M	2.11M	1.5M
Net Debt	-17.92K	5.62M	-42.83M	-215.84M	-211.32M	-213.23M	-69.84M	-91.05M
Debt / Equity	-	-	0.11x	0.02x	0.02x	0.02x	0.04x	0.03x
Debt / EBITDA	-	-	-	-	-	0.47x	-	0.06x
Net Debt / EBITDA	-	-	-	-	-	-32.71x	-	-3.69x
Interest Coverage	-39.81x	-	-12.04x	-16.21x	-31.63x	15.03x	-12.48x	95.58x
Total Equity+	-6.16M	-16.78M	31.38M	200.31M	190.66M	192.21M	50.72M	57.76M
Equity Growth %	-	-1.73%	2.87%	5.38%	-0.05%	0.01%	-0.74%	0.14%
Book Value per Share	-0.20	-0.56	1.29	6.92	5.80	5.65	1.51	1.87
Total Shareholders' Equity	-5.1M	-16.78M	31.38M	200.31M	190.66M	192.21M	50.72M	57.76M
Common Stock	9.96M	30.72M	89.75M	264.36M	266.12M	268.19M	247.5M	253.29M
Retained Earnings	-14.86M	-48.32M	-60.27M	-68.29M	-81.89M	-74.87M	-204.79M	-205.37M
Treasury Stock	0	0	0	0	0	0	0	0
Accumulated OCI	-514.8K	262.56K	805K	1.7M	2.11M	-9.57M	-5.95M	-9.28M
Minority Interest	-1.05M	0	0	0	0	0	0	0

Cash Flow

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-2.98M	-2.95M	-4.58M	4.79M	-3.25M	2.29M	15.96M	29.25M
Operating CF Margin %	-0.17%	-0.11%	-0.11%	0.08%	-0.03%	0.02%	0.09%	0.13%
Operating CF Growth %	-	0.01%	-0.55%	2.05%	-1.68%	1.7%	5.98%	0.83%
Net Income	-8.24M	-11.65M	-11.91M	-8.02M	-13.6M	7.02M	2.84M	26.74M
Depreciation & Amortization	184.23K	169.04K	693K	1.21M	2.02M	2.33M	3.14M	3.38M
Stock-Based Compensation	152.77K	253.25K	659K	1.62M	2.26M	4.71M	6.05M	7.33M
Deferred Taxes	307.22K	604.86K	922K	389K	172K	764K	2.01M	-3.02M
Other Non-Cash Items	1.26M	2.1M	1.57M	2.09M	153K	-15.68M	-5.46M	-6.27M
Working Capital Changes	3.35M	5.57M	3.49M	7.5M	5.74M	3.14M	7.39M	1.09M
Change in Receivables	-2.12M	-1.74M	-3.99M	-4.58M	-12.32M	-8.88M	-3.73M	-4.47M
Change in Inventory	0	0	-2.9M	0	0	0	0	0
Change in Payables	1.82M	3.11M	2.9M	0	0	0	0	0
Cash from Investing+	-688.97K	-410.39K	-366K	-3.53M	-1.15M	-2.25M	-9.52M	-1.5M
Capital Expenditures	-688.97K	-410.39K	-366K	-1.08M	-1.15M	-1.08M	-635K	-1.25M
CapEx % of Revenue	0.04%	0.02%	0.01%	0.02%	0.01%	0.01%	0%	0.01%
Acquisitions	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0
Cash from Financing+	5.65M	3.94M	47.37M	172.27M	422K	1.67M	-151M	-6.84M
Debt Issued (Net)	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-
Other Financing	0	-649K	-1.66M	-11.05M	1.68M	2.92M	10.12M	6.07M
Net Change in Cash	-	-	-	-	-	-	-	-
Free Cash Flow+	-3.67M	-3.36M	-4.95M	3.71M	-4.4M	1.21M	15.33M	28M
FCF Margin %	-0.21%	-0.12%	-0.12%	0.06%	-0.04%	0.01%	0.08%	0.13%
FCF Growth %	-	0.09%	-0.47%	1.75%	-2.19%	1.27%	11.7%	0.83%
FCF per Share	-0.12	-0.11	-0.20	0.13	-0.13	0.04	0.46	0.91
FCF Conversion (FCF/Net Income)	0.41x	0.26x	0.38x	-0.60x	0.24x	0.33x	5.62x	1.09x
Interest Paid	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-163.15%	-6.92%	-6.96%	3.67%	2.34%	49.29%
Gross Margin	74.58%	79.13%	79.82%	81.66%	80.06%	80.28%	80.92%	80.96%
Net Margin	-42.7%	-41.63%	-28.75%	-12.74%	-13.05%	4.91%	1.57%	12.32%
Debt / Equity	-	-	0.11x	0.02x	0.02x	0.02x	0.04x	0.03x
Interest Coverage	-39.81x	-	-12.04x	-16.21x	-31.63x	15.03x	-12.48x	95.58x
FCF Conversion	0.41x	0.26x	0.38x	-0.60x	0.24x	0.33x	5.62x	1.09x
Revenue Growth	-	58.09%	53.07%	51.82%	65.68%	37.1%	26.54%	19.96%

Revenue by Segment

	2020
Subscription Revenue	57.41M
Subscription Revenue Growth	-
Professional Services Revenue	5.5M
Professional Services Revenue Growth	-

Revenue by Geography

	2020
North America	44.61M
North America Growth	-
EMEA	18.31M
EMEA Growth	-

Frequently Asked Questions

Valuation & Price

Docebo Inc. (DCBO) has a price-to-earnings (P/E) ratio of 23.1x. This is roughly in line with market averages.

Growth & Financials

Docebo Inc. (DCBO) reported $236.0M in revenue for fiscal year 2024. This represents a 1278% increase from $17.1M in 2017.

Docebo Inc. (DCBO) grew revenue by 20.0% over the past year. This is strong growth.

Yes, Docebo Inc. (DCBO) is profitable, generating $22.5M in net income for fiscal year 2024 (12.3% net margin).

Dividend & Returns

Docebo Inc. (DCBO) has a return on equity (ROE) of 49.3%. This is excellent, indicating efficient use of shareholder capital.

Docebo Inc. (DCBO) generated $28.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Docebo Inc. (DCBO) 10-Year Financial Performance & Capital Metrics

DCBO • • Industrial / General

TechnologyApplication SoftwareEducation & Learning PlatformsOnline Education Platforms

Revenue $217M +20.0%
EBITDA $25M +4436.7%
Net Income $27M +841.4%
EPS (Diluted) 0.86 +920.2%
Gross Margin 80.96%
EBITDA Margin 11.38% +3715.7%
Operating Margin 9.82% +578.4%
Net Margin 12.32% +684.8%
ROE 49.29% +2008.2%
ROIC -
Debt/Equity 0.03 -37.8%
Interest Coverage 95.58 +866.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓Strong 5Y sales CAGR of 39.2%
✓Good 3Y average ROE of 18.4%
✓Share count reduced 8.1% through buybacks
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Weak momentum: RS Rating 15 (bottom 15%)
✗Trading more than 30% below 52-week high
✗Expensive at 10.6x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y39.24%

3Y27.67%

TTM12.83%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM24.67%

EPS CAGR

10Y-

5Y-

3Y-

TTM27.16%

ROCE

10Y Avg-10.12%

5Y Avg4.39%

3Y Avg11.58%

Latest35.54%

Peer Comparison

Online Education Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DUOLDuolingo, Inc.	6.18B	154.42	82.14	40.84%	40.03%	29.52%	4.42%	0.07
RSSSResearch Solutions, Inc.	95.31M	2.90	72.50	9.94%	2.73%	8.63%	7.35%
DCBODocebo Inc.	571.25M	19.88	23.12	19.96%	9.53%	49.74%	4.9%	0.03
SGNSigning Day Sports, Inc.	2.5M	0.18	-0.01	100.13%	-18.22%	-19.73%
AMSTAmesite Inc.	9.65M	2.11	-2.05	-33.81%	-17.32%	-154.55%
NRDYNerdy, Inc.	127.86M	1.04	-2.74	-1.64%	-22.95%	-110.17%		0.02
COE51Talk Online Education Group	118.22M	28.61	-3.18	92.65%	-46.11%		4.67%
NTCLNetClass Technology Inc	8M	0.40	-4.26	-8.91%	-14.63%	-39.38%		0.00

Profit & Loss

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	17.13M	27.07M	41.44M	62.92M	104.24M	142.91M	180.84M	216.93M
Revenue Growth %	-	0.58%	0.53%	0.52%	0.66%	0.37%	0.27%	0.2%
Cost of Goods Sold+	4.35M	5.65M	8.37M	11.54M	20.79M	28.18M	34.5M	41.3M
COGS % of Revenue	0.25%	0.21%	0.2%	0.18%	0.2%	0.2%	0.19%	0.19%
Gross Profit+	12.77M	21.42M	33.08M	51.38M	83.46M	114.73M	146.34M	175.64M
Gross Margin %	0.75%	0.79%	0.8%	0.82%	0.8%	0.8%	0.81%	0.81%
Gross Profit Growth %	-	0.68%	0.54%	0.55%	0.62%	0.37%	0.28%	0.2%
Operating Expenses+	19.18M	29.36M	42.89M	59.01M	96.91M	110.55M	150.05M	154.34M
OpEx % of Revenue	1.12%	1.08%	1.03%	0.94%	0.93%	0.77%	0.83%	0.71%
Selling, General & Admin	15.09M	22.58M	31.84M	42.64M	74.05M	94.55M	107.04M	109.44M
SG&A % of Revenue	0.88%	0.83%	0.77%	0.68%	0.71%	0.66%	0.59%	0.5%
Research & Development	3.91M	6.61M	9.44M	13.38M	20.36M	24.78M	35.48M	43.91M
R&D % of Revenue	0.23%	0.24%	0.23%	0.21%	0.2%	0.17%	0.2%	0.2%
Other Operating Expenses	0	0	1.61M	2.98M	2.49M	-8.78M	7.53M	999K
Operating Income+	-6.88M	-8.95M	-9.81M	-7.63M	-13.45M	4.18M	-3.71M	21.29M
Operating Margin %	-0.4%	-0.33%	-0.24%	-0.12%	-0.13%	0.03%	-0.02%	0.1%
Operating Income Growth %	-	-0.3%	-0.1%	0.22%	-0.76%	1.31%	-1.89%	6.74%
EBITDA+	-6.69M	-8.79M	-9.12M	-6.42M	-11.43M	6.52M	-569K	24.68M
EBITDA Margin %	-0.39%	-0.32%	-0.22%	-0.1%	-0.11%	0.05%	-0%	0.11%
EBITDA Growth %	-	-0.31%	-0.04%	0.3%	-0.78%	1.57%	-1.09%	44.37%
D&A (Non-Cash Add-back)	190.86K	160.42K	693K	1.21M	2.02M	2.33M	3.14M	3.38M
EBIT	-8.07M	-11.08M	-10.55M	-7.25M	-12.94M	8.16M	5.14M	23.9M
Net Interest Income+	-231.07K	568K	-814.5K	-136.87K	7.93K	3.48M	7.81M	2.33M
Interest Income	8.31K	568K	0	333.75K	433.15K	3.76M	8.11M	2.55M
Interest Expense	172.83K	0	814.5K	470.61K	425.23K	278.51K	297.35K	222.76K
Other Income/Expense	-1.36M	-2.7M	-1.5M	-53K	20K	3.6M	8.56M	2.42M
Pretax Income+	-8.24M	-11.65M	-11.3M	-7.68M	-13.43M	7.78M	4.85M	23.71M
Pretax Margin %	-0.48%	-0.43%	-0.27%	-0.12%	-0.13%	0.05%	0.03%	0.11%
Income Tax+	0	-2.13M	609K	336K	172K	764K	2.01M	-3.02M
Effective Tax Rate %	0.89%	0.97%	1.05%	1.04%	1.01%	0.9%	0.59%	1.13%
Net Income+	-7.31M	-11.27M	-11.91M	-8.02M	-13.6M	7.02M	2.84M	26.74M
Net Margin %	-0.43%	-0.42%	-0.29%	-0.13%	-0.13%	0.05%	0.02%	0.12%
Net Income Growth %	-	-0.54%	-0.06%	0.33%	-0.7%	1.52%	-0.6%	8.41%
Net Income (Continuing)	-8.24M	-11.65M	-11.91M	-8.02M	-13.6M	7.02M	2.84M	26.74M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	-1.05M	0	0	0	0	0	0	0
EPS (Diluted)+	-0.24	-0.37	-0.49	-0.26	-0.41	0.20	0.08	0.86
EPS Growth %	-	-0.54%	-0.32%	0.47%	-0.58%	1.49%	-0.58%	9.2%
EPS (Basic)	-0.26	-0.37	-0.49	-0.26	-0.41	0.20	0.09	0.88
Diluted Shares Outstanding	30.09M	30.09M	24.36M	28.93M	32.87M	34.04M	33.68M	30.94M
Basic Shares Outstanding	28.45M	30.09M	24.36M	28.93M	32.87M	33.07M	32.53M	30.22M
Dividend Payout Ratio	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	8.41M	11.64M	58.94M	238.39M	251.59M	263.58M	127.15M	154.24M
Cash & Short-Term Investments	3.36M	3.76M	46.28M	219.66M	215.42M	216.47M	72.03M	92.58M
Cash Only	3.36M	3.76M	46.28M	219.66M	215.32M	216.29M	71.95M	92.54M
Short-Term Investments	0	0	0	0	99K	174K	83K	43K
Accounts Receivable	4.41M	6.14M	10.2M	15.79M	27.78M	37.96M	42.74M	45.6M
Days Sales Outstanding	93.95	82.75	89.83	91.6	97.28	96.96	86.26	76.73
Inventory	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-
Other Current Assets	0	243K	605K	2.94M	1.39M	2.78M	6.39M	7.45M
Total Non-Current Assets+	1.09M	1.66M	4.92M	16.64M	16.63M	20.08M	31.22M	36.47M
Property, Plant & Equipment	1.09M	1.29M	3.9M	5.09M	5.7M	4.66M	3.45M	3.13M
Fixed Asset Turnover	15.65x	21.05x	10.63x	12.37x	18.28x	30.65x	52.42x	69.22x
Goodwill	0	0	0	5.6M	5.3M	5.98M	14.25M	13.85M
Intangible Assets	0	0	0	2.1M	1.58M	1.15M	2.4M	1.67M
Long-Term Investments	0	0	324K	270K	204K	241K	45K	0
Other Non-Current Assets	0	375.21K	698K	2.8M	3.85M	7.93M	10.75M	12.61M
Total Assets+	9.5M	13.3M	63.86M	255.03M	268.22M	283.67M	158.38M	190.71M
Asset Turnover	1.80x	2.04x	0.65x	0.25x	0.39x	0.50x	1.14x	1.14x
Asset Growth %	-	0.4%	3.8%	2.99%	0.05%	0.06%	-0.44%	0.2%
Total Current Liabilities+	11.46M	24.89M	28.54M	45.73M	69.27M	84.36M	100.65M	128.6M
Accounts Payable	3.83M	6.78M	9.59M	16.12M	22.85M	26.02M	31.66M	34.86M
Days Payables Outstanding	320.91	438.22	418.41	509.94	401.26	337.11	335	308.13
Short-Term Debt	20.35K	5.36M	20K	1.27M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	35.07K	54.71K	0	0	467K	1.08M	0	18.3M
Current Ratio	0.73x	0.47x	2.07x	5.21x	3.63x	3.12x	1.26x	1.20x
Quick Ratio	0.73x	0.47x	2.07x	5.21x	3.63x	3.12x	1.26x	1.20x
Cash Conversion Cycle	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	4.19M	5.19M	3.94M	8.99M	8.29M	7.1M	7M	4.35M
Long-Term Debt	3.32M	4.02M	16K	0	0	0	0	0
Capital Lease Obligations	0	0	2.48M	2.54M	2.69M	1.69M	639K	154K
Deferred Tax Liabilities	0	0	0	1.49M	692K	1.28M	1.42M	29K
Other Non-Current Liabilities	871.71K	1.17M	1.44M	4.96M	4.8M	3.6M	4.33M	3.37M
Total Liabilities	15.66M	30.08M	32.48M	54.72M	77.57M	91.46M	107.65M	132.95M
Total Debt+	3.34M	9.38M	3.45M	3.82M	4M	3.07M	2.11M	1.5M
Net Debt	-17.92K	5.62M	-42.83M	-215.84M	-211.32M	-213.23M	-69.84M	-91.05M
Debt / Equity	-	-	0.11x	0.02x	0.02x	0.02x	0.04x	0.03x
Debt / EBITDA	-	-	-	-	-	0.47x	-	0.06x
Net Debt / EBITDA	-	-	-	-	-	-32.71x	-	-3.69x
Interest Coverage	-39.81x	-	-12.04x	-16.21x	-31.63x	15.03x	-12.48x	95.58x
Total Equity+	-6.16M	-16.78M	31.38M	200.31M	190.66M	192.21M	50.72M	57.76M
Equity Growth %	-	-1.73%	2.87%	5.38%	-0.05%	0.01%	-0.74%	0.14%
Book Value per Share	-0.20	-0.56	1.29	6.92	5.80	5.65	1.51	1.87
Total Shareholders' Equity	-5.1M	-16.78M	31.38M	200.31M	190.66M	192.21M	50.72M	57.76M
Common Stock	9.96M	30.72M	89.75M	264.36M	266.12M	268.19M	247.5M	253.29M
Retained Earnings	-14.86M	-48.32M	-60.27M	-68.29M	-81.89M	-74.87M	-204.79M	-205.37M
Treasury Stock	0	0	0	0	0	0	0	0
Accumulated OCI	-514.8K	262.56K	805K	1.7M	2.11M	-9.57M	-5.95M	-9.28M
Minority Interest	-1.05M	0	0	0	0	0	0	0

Cash Flow

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-2.98M	-2.95M	-4.58M	4.79M	-3.25M	2.29M	15.96M	29.25M
Operating CF Margin %	-0.17%	-0.11%	-0.11%	0.08%	-0.03%	0.02%	0.09%	0.13%
Operating CF Growth %	-	0.01%	-0.55%	2.05%	-1.68%	1.7%	5.98%	0.83%
Net Income	-8.24M	-11.65M	-11.91M	-8.02M	-13.6M	7.02M	2.84M	26.74M
Depreciation & Amortization	184.23K	169.04K	693K	1.21M	2.02M	2.33M	3.14M	3.38M
Stock-Based Compensation	152.77K	253.25K	659K	1.62M	2.26M	4.71M	6.05M	7.33M
Deferred Taxes	307.22K	604.86K	922K	389K	172K	764K	2.01M	-3.02M
Other Non-Cash Items	1.26M	2.1M	1.57M	2.09M	153K	-15.68M	-5.46M	-6.27M
Working Capital Changes	3.35M	5.57M	3.49M	7.5M	5.74M	3.14M	7.39M	1.09M
Change in Receivables	-2.12M	-1.74M	-3.99M	-4.58M	-12.32M	-8.88M	-3.73M	-4.47M
Change in Inventory	0	0	-2.9M	0	0	0	0	0
Change in Payables	1.82M	3.11M	2.9M	0	0	0	0	0
Cash from Investing+	-688.97K	-410.39K	-366K	-3.53M	-1.15M	-2.25M	-9.52M	-1.5M
Capital Expenditures	-688.97K	-410.39K	-366K	-1.08M	-1.15M	-1.08M	-635K	-1.25M
CapEx % of Revenue	0.04%	0.02%	0.01%	0.02%	0.01%	0.01%	0%	0.01%
Acquisitions	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0
Cash from Financing+	5.65M	3.94M	47.37M	172.27M	422K	1.67M	-151M	-6.84M
Debt Issued (Net)	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-
Other Financing	0	-649K	-1.66M	-11.05M	1.68M	2.92M	10.12M	6.07M
Net Change in Cash	-	-	-	-	-	-	-	-
Free Cash Flow+	-3.67M	-3.36M	-4.95M	3.71M	-4.4M	1.21M	15.33M	28M
FCF Margin %	-0.21%	-0.12%	-0.12%	0.06%	-0.04%	0.01%	0.08%	0.13%
FCF Growth %	-	0.09%	-0.47%	1.75%	-2.19%	1.27%	11.7%	0.83%
FCF per Share	-0.12	-0.11	-0.20	0.13	-0.13	0.04	0.46	0.91
FCF Conversion (FCF/Net Income)	0.41x	0.26x	0.38x	-0.60x	0.24x	0.33x	5.62x	1.09x
Interest Paid	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-163.15%	-6.92%	-6.96%	3.67%	2.34%	49.29%
Gross Margin	74.58%	79.13%	79.82%	81.66%	80.06%	80.28%	80.92%	80.96%
Net Margin	-42.7%	-41.63%	-28.75%	-12.74%	-13.05%	4.91%	1.57%	12.32%
Debt / Equity	-	-	0.11x	0.02x	0.02x	0.02x	0.04x	0.03x
Interest Coverage	-39.81x	-	-12.04x	-16.21x	-31.63x	15.03x	-12.48x	95.58x
FCF Conversion	0.41x	0.26x	0.38x	-0.60x	0.24x	0.33x	5.62x	1.09x
Revenue Growth	-	58.09%	53.07%	51.82%	65.68%	37.1%	26.54%	19.96%

Revenue by Segment

	2020
Subscription Revenue	57.41M
Subscription Revenue Growth	-
Professional Services Revenue	5.5M
Professional Services Revenue Growth	-

Revenue by Geography

	2020
North America	44.61M
North America Growth	-
EMEA	18.31M
EMEA Growth	-

Frequently Asked Questions

Valuation & Price

Docebo Inc. (DCBO) has a price-to-earnings (P/E) ratio of 23.1x. This is roughly in line with market averages.

Growth & Financials

Docebo Inc. (DCBO) reported $236.0M in revenue for fiscal year 2024. This represents a 1278% increase from $17.1M in 2017.

Docebo Inc. (DCBO) grew revenue by 20.0% over the past year. This is strong growth.

Yes, Docebo Inc. (DCBO) is profitable, generating $22.5M in net income for fiscal year 2024 (12.3% net margin).

Dividend & Returns

Docebo Inc. (DCBO) has a return on equity (ROE) of 49.3%. This is excellent, indicating efficient use of shareholder capital.

Docebo Inc. (DCBO) generated $28.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.