Latest Ratios: P/E Ratio 17.9x · EV/EBITDA 18.9x · ROE 57.0%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $592M | $652M | $1.4B | $1.6B | $1.1B | $2.2B | $1.9B | — | — | — |
| Enterprise Value | $523M | $583M | $1.3B | $1.6B | $915M | $2.0B | $1.7B | — | — | — |
| P/E Ratio → | 17.95 | 17.08 | 52.06 | 573.90 | 165.70 | — | — | — | — | — |
| P/S Ratio | 2.44 | 2.69 | 6.39 | 9.01 | 7.89 | 21.24 | 29.93 | — | — | — |
| P/B Ratio | 9.27 | 8.82 | 23.98 | 32.12 | 5.87 | 11.61 | 9.40 | — | — | — |
| P/FCF | 20.35 | 22.41 | 49.47 | 106.29 | 934.67 | — | 507.64 | — | — | — |
| P/OCF | 19.67 | 21.66 | 47.36 | 102.07 | 493.07 | — | 393.10 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.40 | 5.97 | 8.62 | 6.40 | 19.21 | 26.50 | — | — | — |
| EV / EBITDA | 18.90 | 21.06 | 58.06 | — | 140.37 | — | — | — | — | — |
| EV / EBIT | 21.36 | 23.69 | 54.16 | 303.29 | 112.15 | — | — | — | — | — |
| EV / FCF | — | 20.02 | 46.22 | 101.74 | 758.01 | — | 449.47 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.3% | 80.3% | 81.0% | 80.9% | 80.3% | 80.1% | 81.7% | 79.8% | 79.1% | 74.6% |
| Operating Margin | 10.1% | 10.1% | 8.7% | -2.1% | 2.9% | -12.9% | -12.1% | -23.7% | -33.1% | -40.2% |
| Net Profit Margin | 15.5% | 15.5% | 12.3% | 1.6% | 4.9% | -13.0% | -12.7% | -28.7% | -41.6% | -42.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 57.0% | 57.0% | 49.3% | 2.3% | 3.7% | -7.0% | -6.9% | -163.1% | — | — |
| ROA | 18.9% | 18.9% | 15.3% | 1.3% | 2.5% | -5.2% | -5.0% | -30.9% | -98.9% | -77.0% |
| ROIC | 404.0% | 404.0% | — | — | — | — | — | — | — | — |
| ROCE | 33.8% | 33.8% | 31.6% | -2.9% | 2.1% | -6.6% | -6.2% | -82.7% | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.03 | 0.04 | 0.02 | 0.02 | 0.02 | 0.11 | — | — |
| Debt / EBITDA | 0.16 | 0.16 | 0.07 | — | 0.47 | — | — | — | — | — |
| Net Debt / Equity | — | -0.94 | -1.58 | -1.38 | -1.11 | -1.11 | -1.08 | -1.36 | — | — |
| Net Debt / EBITDA | -2.51 | -2.51 | -4.08 | — | -32.71 | — | — | — | — | — |
| Debt / FCF | — | -2.39 | -3.25 | -4.56 | -176.66 | — | -58.18 | — | — | — |
| Interest Coverage | 168.43 | 168.43 | 107.28 | 17.29 | 29.29 | -30.42 | -15.40 | -12.96 | — | -46.68 |
Net cash position: cash ($74M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.15 | 1.15 | 1.20 | 1.26 | 3.12 | 3.63 | 5.21 | 2.07 | 0.47 | 0.73 |
| Quick Ratio | 1.15 | 1.15 | 1.20 | 1.26 | 3.12 | 3.63 | 5.21 | 2.07 | 0.47 | 0.73 |
| Cash Ratio | 0.60 | 0.60 | 0.72 | 0.72 | 2.57 | 3.11 | 4.80 | 1.62 | 0.15 | 0.29 |
| Asset Turnover | — | 1.18 | 1.14 | 1.14 | 0.50 | 0.39 | 0.25 | 0.65 | 2.04 | 1.80 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 84.21 | 76.73 | 86.26 | 96.96 | 97.28 | 91.60 | 89.83 | 82.75 | 93.95 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 5.9% | 1.9% | 0.2% | 0.6% | — | — | — | — | — |
| FCF Yield | 4.9% | 4.5% | 2.0% | 0.9% | 0.1% | — | 0.2% | — | — | — |
| Buyback Yield | 8.1% | 7.3% | 0.8% | 9.8% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 8.1% | 7.3% | 0.8% | 9.8% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $29M | $31M | $34M | $34M | $33M | $29M | $24M | $30M | $30M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying DCBO stock.
Docebo Inc.'s current P/E ratio is 17.9x. The historical average is 78.3x. This places it at the 33th percentile of its historical range.
Docebo Inc.'s current EV/EBITDA is 18.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 39.6x.
Docebo Inc.'s return on equity (ROE) is 57.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -9.3%.
Based on historical data, Docebo Inc. is trading at a P/E of 17.9x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Docebo Inc. has 80.3% gross margin and 10.1% operating margin. Operating margin between 10-20% is typical for established companies.
Docebo Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Leverage spike from M&A and buybacks
Premium Valuation Amidst Growth Deceleration
Docebo's forward P/E of 14.58 and EV/EBITDA of 10.06 suggest the market is pricing in a significant earnings recovery, a stark contrast to its trailing multiples of 19.68 and 20.97, respectively, indicating high expectations for margin expansion.
The substantial discount between trailing and forward multiples implies analysts expect a sharp improvement in profitability, likely driven by operating leverage. However, with revenue growth decelerating to 13.0% in 2026Q2 and operating margins volatile, the market may be overly optimistic about the pace and sustainability of this earnings inflection. The P/B ratio of 10.16 appears elevated given the recent shift to negative shareholders' equity, warranting scrutiny of the underlying asset base.
Gross Margin Strength Masked by Volatile Operating Leverage
While gross margins have remained resilient in the 79-81% range, operating margins have swung dramatically from -0.1% to 14.9% over the last ten quarters, indicating that SG&A and R&D spending are the primary constraints on translating revenue into consistent profit.
The stability of gross margin suggests strong pricing power and a scalable software model. However, the inability to consistently convert this into operating profit, as seen in the 2026Q2 operating margin of 7.1% versus the 14.9% peak in 2025Q4, points to persistent overhead inefficiencies. This volatility makes net margin an unreliable indicator of true earning power, with operating margin being the more critical metric to monitor for signs of sustainable operating leverage.
ROIC Volatility Reflects Strategic Balance Sheet Shift
Docebo's ROIC has been highly erratic, swinging from -0.2% in 2026Q1 to 155.5% in 2025Q4, a pattern that appears driven more by dramatic shifts in invested capital from M&A and buybacks than by consistent operational performance.
The extreme volatility in ROIC, particularly the negative reading in 2026Q1 followed by a positive 10.7% in 2026Q2, suggests the metric is being distorted by the recent, massive increase in debt and goodwill from acquisitions. This makes it difficult to assess the company's core ability to compound returns on its operating assets. Investors should focus on the underlying operating margin and asset turnover trends to gauge true capital efficiency, as the headline ROIC is currently a poor signal.
New Debt Burden Erodes Financial Flexibility
Based on reported figures, Docebo's D/EBITDA has surged from a negligible 0.44 in 2025Q4 to 13.28 in 2026Q2, a dramatic increase that coincides with a collapse in interest coverage from 209.16 to just 2.37, signaling a rapid deterioration in debt serviceability.
This leverage spike, funded by the $93.8M debt load, appears to be the result of a strategic pivot towards acquisitions and share repurchases. The current interest coverage ratio of 2.37, while still adequate, leaves minimal buffer and is a stark departure from the near-debt-free position held previously. This new capital structure significantly increases financial risk and may constrain future strategic options, especially if operating margins do not recover as expected.
Current Ratio Breach Signals Tightening Liquidity
Docebo's current ratio has fallen below 1.0 to 0.83 in 2026Q2, a level that suggests current liabilities now exceed current assets, potentially indicating a reliance on future cash flows to meet near-term obligations.
The decline from a healthy 1.30 in 2024Q1 to 0.83 is a direct consequence of the strategic deployment of cash for buybacks and acquisitions. While the software business model may support this with predictable deferred revenue, the position would appear vulnerable under a severe stress scenario, such as a sharp slowdown in customer renewals. The quick ratio mirrors the current ratio, confirming there is no inventory cushion, and the company's liquidity is now tightly coupled to its operating cash flow generation.
The Misleading Signal of Return on Equity
The most commonly misapplied ratio for Docebo is likely ROE, which showed an extreme 45.1% in 2025Q4 but is now meaningless due to negative shareholders' equity, obscuring the true return on the capital invested in the business.
ROE becomes distorted and unreliable when equity is negative or near zero, as it is for Docebo in 2026Q2. The metric can swing wildly based on the magnitude of losses or buybacks, not operational performance. A more appropriate alternative is Return on Invested Capital (ROIC), which focuses on the return generated from all capital providers. However, even ROIC is currently volatile due to the recent balance sheet restructuring, so analysts should also examine operating margin and asset turnover trends to assess underlying business efficiency.