While the company achieved a 37.1% free cash flow margin in 2026Q1, this performance is heavily influenced by volatile working capital changes and aggressive capital deployment, including $62.2M in recent share buybacks.
| Cash from Operations | 44.4M | 30.1M | 29.25M | 15.96M | 2.29M | -3.25M | 4.79M | -4.58M | -2.95M | -2.98M |
| Operating CF Margin % | - | 12.19% | 13.48% | 8.83% | 1.6% | -3.12% | 7.61% | -11.06% | -10.89% | -17.42% |
| Operating CF Growth % | 208% | 2.91% | 83.22% | 597.73% | 170.31% | -167.92% | 204.56% | -55.39% | 1.14% | - |
| Net Income | 34.79M | 38.17M | 26.74M | 2.84M | 7.02M | -13.6M | -8.02M | -11.91M | -11.65M | -8.24M |
| Depreciation & Amortization | 4.3M | 3.24M | 3.38M | 3.14M | 2.33M | 2.02M | 1.21M | 693K | 169.04K | 184.23K |
| Stock-Based Compensation | 3.66M | 0 | 7.33M | 6.05M | 4.71M | 2.26M | 1.62M | 659K | 253.25K | 152.77K |
| Deferred Taxes | 3.74M | 0 | -3.02M | 2.01M | 764K | 172K | 389K | 922K | 604.86K | 307.22K |
| Other Non-Cash Items | -17.8M | -7.91M | -6.27M | -5.46M | -15.68M | 153K | 2.09M | 1.57M | 2.1M | 1.26M |
| Working Capital Changes | 15.66M | -3.4M | 1.09M | 7.39M | 3.14M | 5.74M | 7.5M | 3.49M | 5.57M | 3.35M |
| Change in Receivables | 3.53M | -7.95M | -4.47M | -3.73M | -8.88M | -12.32M | -4.58M | -3.99M | -1.74M | -2.12M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.9M | 0 | 0 |
| Change in Payables | 5.07M | -1.38M | 0 | 0 | 0 | 0 | 0 | 2.9M | 3.11M | 1.82M |
| Cash from Investing | -53.13M | -1.87M | -1.5M | -9.52M | -2.25M | -1.15M | -3.53M | -366K | -410.39K | -688.97K |
| Capital Expenditures | -792.92K | -998.17K | -1.25M | -635K | -1.08M | -1.15M | -1.08M | -366K | -410.39K | -688.97K |
| CapEx % of Revenue | 0.32% | 0.4% | 0.57% | 0.35% | 0.76% | 1.1% | 1.72% | 0.88% | 1.52% | 4.02% |
| Acquisitions | -52.08M | -859K | -250K | -8.89M | -1.16M | 0 | -2.45M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -255.38K | -15.04K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -21.06M | -48.9M | -6.84M | -151M | 1.67M | 422K | 172.27M | 47.37M | 3.94M | 5.65M |
| Debt Issued (Net) | -1.37M | -1.78M | -1.89M | -1.68M | -1.25M | -1.26M | -1.31M | -4.99M | 3.94M | 1.98M |
| Equity Issued (Net) | -20.52M | -47.08M | -11.02M | -159.45M | 0 | 0 | 184.63M | 54.02M | 0 | 3.68M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -99.85M | -47.87M | -11.02M | -159.45M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 830.34K | -31.25K | 6.07M | 10.12M | 2.92M | 1.68M | -11.05M | -1.66M | -649K | 0 |
| Net Change in Cash | -28.41M | -18.58M | 20.59M | -144.34M | 970K | -4.33M | 173.38M | 42.52M | 395.13K | 2.05M |
| Free Cash Flow | 43.61M | 29.1M | 28M | 15.33M | 1.21M | -4.4M | 3.71M | -4.95M | -3.36M | -3.67M |
| FCF Margin % | 17.42% | 11.79% | 12.91% | 8.48% | 0.84% | -4.22% | 5.9% | -11.94% | -12.41% | -21.44% |
| FCF Growth % | 59% | 3.92% | 82.69% | 1170.01% | 127.44% | -218.57% | 174.98% | -47.3% | 8.52% | - |
| FCF per Share | 1.55 | 0.99 | 0.91 | 0.46 | 0.04 | -0.13 | 0.13 | -0.20 | -0.11 | -0.12 |
| FCF Conversion (FCF/Net Income) | 1.25x | 0.79x | 1.09x | 5.62x | 0.33x | 0.24x | -0.60x | 0.38x | 0.26x | 0.41x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Aggressive Capital Allocation Strategy
As indicated by the quarterly cash flow data, the relationship between net income and operating cash flow is highly volatile, with the OCF/NI ratio swinging from a negative 15.12 in 2026Q1 to a peak of 5.39 in 2025Q1, suggesting significant non-cash accounting noise.
The wide variance between net income and operating cash flow suggests that reported earnings are heavily influenced by non-operating items and timing differences in working capital. Investors should monitor whether this volatility persists, as it complicates the assessment of the company's underlying ability to generate cash from its core subscription business.
Based on reported financial statements, Docebo's free cash flow margins have fluctuated significantly, ranging from a low of 7.0% in 2024Q3 to a high of 37.1% in 2026Q1, reflecting inconsistent cash generation relative to the company's revenue base over the observed ten-quarter period.
While the company has maintained positive free cash flow, the lack of a stable margin trajectory suggests that operational efficiency is still evolving. The sharp spike in 2026Q1 appears to be an outlier driven by working capital movements rather than a sustainable shift in the core business model.
According to the provided financial data, Docebo maintains a remarkably low capital intensity, with CapEx/Revenue ratios consistently remaining below 1% throughout the last ten quarters, which highlights the asset-light nature of its software-as-a-service delivery model and minimal requirement for physical infrastructure investment.
The consistently low capital expenditure indicates that the company does not require significant reinvestment in property, plant, or equipment to support its growth. This structural advantage allows the firm to convert a higher proportion of operating cash flow into free cash flow, provided that working capital remains stable.
As evidenced by the cash flow statements, Docebo has prioritized aggressive capital deployment, including significant share repurchases totaling over $100M in 2023Q4 and $62.2M in 2026Q1, which may limit the company's financial flexibility for future strategic acquisitions or organic growth investments.
The decision to allocate substantial cash to share repurchases during periods of fluctuating net income warrants further investigation into management's long-term capital strategy. Investors should consider whether these buybacks are an efficient use of capital compared to potential investments in product innovation or market expansion.
Based on the reported figures, working capital changes have been a primary driver of quarterly cash flow volatility, with a notable $24M inflow in 2026Q1 contrasting sharply with the $5.2M outflow observed in 2025Q3, indicating significant sensitivity to billing and collection cycles.
The substantial swings in working capital suggest that the timing of multi-year contract renewals and upfront payments significantly impacts the company's short-term liquidity. This pattern implies that investors should look past quarterly cash flow figures to understand the underlying health of the subscription-based revenue stream.
Quick answers to the most common questions about buying DCBO stock.
Docebo Inc. (DCBO) generated $30.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Docebo Inc. (DCBO) generated $29.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Docebo Inc. (DCBO) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Docebo Inc. (DCBO) spent $47.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.