The company's financial position has shifted toward higher leverage, with total debt rising to $84.1M in 2026Q1 from just $1.1M in 2025Q1, resulting in a negative equity balance of $618.0K.
| Total Current Assets | 127.46M | 141.57M | 154.24M | 127.15M | 263.58M | 251.59M | 238.39M | 58.94M | 11.64M | 8.41M |
| Cash & Short-Term Investments | 63.4M | 73.9M | 92.58M | 72.03M | 216.47M | 215.42M | 219.66M | 46.28M | 3.76M | 3.36M |
| Cash Only | 63.4M | 73.9M | 92.54M | 71.95M | 216.29M | 215.32M | 219.66M | 46.28M | 3.76M | 3.36M |
| Short-Term Investments | 0 | 0 | 43K | 83K | 174K | 99K | 0 | 0 | 0 | 0 |
| Accounts Receivable | 53.33M | 55.99M | 45.6M | 42.74M | 37.96M | 27.78M | 15.79M | 10.2M | 6.14M | 4.41M |
| Days Sales Outstanding | 74.83 | 82.76 | 76.73 | 86.26 | 96.96 | 97.28 | 91.6 | 89.83 | 82.75 | 93.95 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 10.73M | 11.68M | 7.45M | 6.39M | 2.78M | 1.39M | 2.94M | 605K | 243K | 0 |
| Total Non-Current Assets | 126.93M | 64.7M | 36.47M | 31.22M | 20.08M | 16.63M | 16.64M | 4.92M | 1.66M | 1.09M |
| Property, Plant & Equipment | 6.48M | 4.42M | 3.13M | 3.45M | 4.66M | 5.7M | 5.09M | 3.9M | 1.29M | 1.09M |
| Fixed Asset Turnover | 52.34x | 55.82x | 69.22x | 52.42x | 30.65x | 18.28x | 12.37x | 10.63x | 21.05x | 15.65x |
| Goodwill | 49.57M | 14.51M | 13.85M | 14.25M | 5.98M | 5.3M | 5.6M | 0 | 0 | 0 |
| Intangible Assets | 25.11M | 1.03M | 1.67M | 2.4M | 1.15M | 1.58M | 2.1M | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 45K | 241K | 204K | 270K | 324K | 0 | 0 |
| Other Non-Current Assets | 25.74M | 24.75M | 12.61M | 10.75M | 7.93M | 3.85M | 2.8M | 698K | 375.21K | 0 |
| Total Assets | 254.38M | 206.27M | 190.71M | 158.38M | 283.67M | 268.22M | 255.03M | 63.86M | 13.3M | 9.5M |
| Asset Turnover | 1.24x | 1.20x | 1.14x | 1.14x | 0.50x | 0.39x | 0.25x | 0.65x | 2.04x | 1.80x |
| Asset Growth % | 34.9% | 8.16% | 20.42% | -44.17% | 5.76% | 5.17% | 299.35% | 380.12% | 39.97% | - |
| Total Current Liabilities | 161.64M | 123.57M | 128.6M | 100.65M | 84.36M | 69.27M | 45.73M | 28.54M | 24.89M | 11.46M |
| Accounts Payable | 41.78M | 35.89M | 34.86M | 31.66M | 26.02M | 22.85M | 16.12M | 9.59M | 6.78M | 3.83M |
| Days Payables Outstanding | 260.59 | 252.29 | 308.13 | 335 | 337.11 | 401.26 | 509.94 | 418.41 | 438.22 | 320.91 |
| Short-Term Debt | 1.42M | 619.87K | 0 | 0 | 0 | 0 | 1.27M | 20K | 5.36M | 20.35K |
| Deferred Revenue (Current) | 347.87M | 85.31M | 72.92M | 67.27M | 55.78M | 44.58M | 28.33M | 18M | 12.69M | 7.58M |
| Other Current Liabilities | 16.96M | 785.57K | 18.3M | 0 | 1.08M | 467K | 0 | 0 | 54.71K | 35.07K |
| Current Ratio | 0.79x | 1.15x | 1.20x | 1.26x | 3.12x | 3.63x | 5.21x | 2.07x | 0.47x | 0.73x |
| Quick Ratio | 0.79x | 1.15x | 1.20x | 1.26x | 3.12x | 3.63x | 5.21x | 2.07x | 0.47x | 0.73x |
| Cash Conversion Cycle | -185.77 | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 93.36M | 8.74M | 4.35M | 7M | 7.1M | 8.29M | 8.99M | 3.94M | 5.19M | 4.19M |
| Long-Term Debt | 79.35M | 1.94M | 0 | 0 | 0 | 0 | 0 | 16K | 4.02M | 3.32M |
| Capital Lease Obligations | 7.65M | 1.94M | 154K | 639K | 1.69M | 2.69M | 2.54M | 2.48M | 0 | 0 |
| Deferred Tax Liabilities | 2.33M | 661.79K | 29K | 1.42M | 1.28M | 692K | 1.49M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 7.56M | 1.65M | 3.37M | 4.33M | 3.6M | 4.8M | 4.96M | 1.44M | 1.17M | 871.71K |
| Total Liabilities | 255M | 132.31M | 132.95M | 107.65M | 91.46M | 77.57M | 54.72M | 32.48M | 30.08M | 15.66M |
| Total Debt | 84.07M | 4.49M | 1.5M | 2.11M | 3.07M | 4M | 3.82M | 3.45M | 9.38M | 3.34M |
| Net Debt | 20.68M | -69.41M | -91.05M | -69.84M | -213.23M | -211.32M | -215.84M | -42.83M | 5.62M | -17.92K |
| Debt / Equity | -136.04x | 0.06x | 0.03x | 0.04x | 0.02x | 0.02x | 0.02x | 0.11x | - | - |
| Debt / EBITDA | 3.23x | 0.16x | 0.06x | - | 0.47x | - | - | - | - | - |
| Net Debt / EBITDA | 0.80x | -2.47x | -3.69x | - | -32.71x | - | - | - | - | - |
| Interest Coverage | 17.99x | 39.44x | 107.28x | 17.29x | 29.29x | -30.42x | -15.40x | -12.96x | - | -46.68x |
| Total Equity | -618.02K | 73.96M | 57.76M | 50.72M | 192.21M | 190.66M | 200.31M | 31.38M | -16.78M | -6.16M |
| Equity Growth % | -91.05% | 28.04% | 13.88% | -73.61% | 0.82% | -4.82% | 538.3% | 287.06% | -172.53% | - |
| Book Value per Share | -0.02 | 2.52 | 1.87 | 1.51 | 5.65 | 5.80 | 6.92 | 1.29 | -0.56 | -0.20 |
| Total Shareholders' Equity | -618.02K | 73.96M | 57.76M | 50.72M | 192.21M | 190.66M | 200.31M | 31.38M | -16.78M | -5.1M |
| Common Stock | 219.95M | 244.16M | 253.29M | 247.5M | 268.19M | 266.12M | 264.36M | 89.75M | 30.72M | 9.96M |
| Retained Earnings | -233.94M | -183.7M | -205.37M | -204.79M | -74.87M | -81.89M | -68.29M | -60.27M | -48.32M | -14.86M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -7.58M | -7.41M | -9.28M | -5.95M | -9.57M | 2.11M | 1.7M | 805K | 262.56K | -514.8K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.05M |
Negative Equity Position
As reported in recent financial statements, Docebo's equity position has deteriorated significantly, shifting from a positive $50.7M in 2023Q4 to a negative $618.0K by 2026Q1, primarily driven by aggressive capital allocation strategies that have outpaced the company's ability to retain earnings during this maturation phase.
The rapid depletion of equity suggests that the company's recent share repurchase activity may have been overly ambitious relative to its internal capital generation. Investors should monitor whether this trend of negative equity persists, as it may indicate a structural imbalance between shareholder return initiatives and the capital required to sustain long-term growth.
Based on the latest quarterly filings, Docebo's current ratio has tightened to 0.79 in 2026Q1, down from a peak of 1.30 in 2024Q1, indicating a narrowing margin of safety for meeting short-term obligations as cash reserves are deployed toward debt repayment and share buybacks.
A current ratio below 1.0 warrants close scrutiny, as it suggests that current liabilities now exceed current assets. While the company's subscription-based model provides predictable cash inflows, this liquidity profile leaves little room for operational shocks or unexpected capital requirements in the near term.
According to the provided balance sheet data, Docebo's total debt has surged to $84.1M in 2026Q1 from a low of $1.1M in 2025Q1, representing a significant shift in capital structure that introduces new interest expense considerations for a company previously operating with minimal leverage.
The sudden increase in debt levels appears to be a strategic pivot, yet it complicates the company's risk profile as it transitions into a more leveraged entity. Analysts should evaluate whether this debt is being utilized to fund high-return growth initiatives or if it is merely bridging the gap created by aggressive capital returns to shareholders.
As evidenced by the reported figures, goodwill has increased to $49.6M in 2026Q1 from $14.3M in 2023Q4, suggesting that recent inorganic growth or acquisitions may be creating a valuation dependency that could lead to future impairment charges if performance targets are not met.
The significant rise in intangible assets relative to total assets implies that a substantial portion of the company's book value is tied to acquisition premiums. Should the underlying business units fail to meet growth expectations, the potential for goodwill write-downs could further exacerbate the already strained equity position.
Quick answers to the most common questions about buying DCBO stock.
As of 2025, Docebo Inc. (DCBO) had total assets of $206.3M including $141.6M in current assets.
Docebo Inc. (DCBO) carries total debt of $4.5M, offset by $73.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Docebo Inc. (DCBO) has total shareholders' equity (book value) of $74.0M ($2.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Docebo Inc. (DCBO) reported a current ratio of 1.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.