Last 29 quarters of trend data · Technology · Software - Application
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Docebo Inc.'s quarterly P/E stands at 32.5x, down 52.9% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 63.3% YoY to 21.1x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 23.23 | 32.54 | 72.35 | 151.11 | 29.45 | 69.06 | 64.38 | 72.03 | 120.95 | 84.42 | — | 279.04 | 175.90 |
| — | -52.9% | +12.4% | +109.8% | -75.6% | -18.2% | — | -74.2% | -31.2% | +275.0% | — | — | — | |
| P/S Ratio | 2.65 | 3.30 | 3.60 | 3.87 | 6.07 | 6.17 | 5.65 | 7.40 | 8.06 | 7.30 | 7.50 | 8.39 | 7.24 |
| — | -46.4% | -36.3% | -47.6% | -24.7% | -15.5% | -24.6% | -11.9% | +11.3% | +17.3% | +7.4% | -37.1% | -61.1% | |
| P/B Ratio | 10.70 | 17.80 | 25.22 | 16.93 | 23.99 | 30.35 | 28.26 | 25.49 | 31.34 | 10.01 | 9.04 | 7.12 | 5.87 |
| — | -41.4% | -10.7% | -33.6% | -23.5% | +203.3% | +212.5% | +257.9% | +433.6% | +103.5% | +74.2% | -21.7% | -49.5% | |
| P/FCF | 20.50 | 39.70 | 36.72 | 29.03 | 36.69 | 88.48 | 46.31 | 46.23 | 63.82 | 55.70 | 61.72 | — | 143.12 |
| — | -55.1% | -20.7% | -37.2% | -42.5% | +58.9% | -25.0% | — | -55.4% | -84.9% | -77.6% | — | — | |
| EV / EBITDA | 19.58 | 21.11 | 40.69 | 79.53 | 37.24 | 57.54 | 52.36 | 71.47 | 232.68 | 71.41 | — | 890.29 | 434.38 |
| — | -63.3% | -22.3% | +11.3% | -84.0% | -19.4% | — | -92.0% | -46.4% | +284.6% | — | — | — | |
| EV / EBIT | 22.69 | 22.46 | 43.09 | 83.46 | 38.39 | 59.74 | 53.27 | 74.74 | 112.45 | 58.06 | — | 175.10 | 122.61 |
| — | -62.4% | -19.1% | +11.7% | -65.9% | +2.9% | — | -57.3% | -8.3% | +241.1% | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Docebo Inc.'s operating margin was 13.2% in Q3 2025, up 6.4 pp QoQ and up 4.7 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 9.2% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.0% | 79.1% | 80.9% | 80.1% | 81.3% | 81.1% | 80.7% | 80.7% | 81.2% | 81.1% | 80.7% | 80.6% | 80.7% |
| — | -2.5% | +0.3% | -0.7% | +0.1% | +0.0% | -0.1% | +0.1% | +0.6% | +0.5% | +0.9% | +1.3% | +1.5% | |
| Operating Margin | 9.8% | 13.2% | 6.8% | 3.0% | 13.7% | 8.5% | 8.5% | 8.2% | 2.2% | 6.7% | -17.3% | -0.9% | -0.2% |
| — | +55.3% | -20.0% | -63.7% | +526.5% | +27.3% | +149.4% | +1006.7% | +1237.4% | -72.6% | -386.1% | +95.8% | +98.1% | |
| Net Margin | 12.3% | 9.9% | 5.1% | 2.6% | 20.9% | 8.9% | 8.9% | 10.1% | 6.5% | 8.7% | -13.0% | 3.0% | 4.1% |
| — | +10.8% | -42.8% | -74.4% | +219.4% | +2.8% | +168.0% | +234.9% | +59.2% | -68.7% | -316.2% | +113.8% | +185.7% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 49.3% | 15.1% | 7.1% | 2.7% | 23.2% | 11.3% | 9.2% | 9.4% | 3.5% | 2.9% | -3.3% | 0.6% | 0.8% |
| — | +33.4% | -23.3% | -71.4% | +570.2% | +292.4% | +375.7% | +1358.2% | +309.8% | -47.3% | -398.3% | +117.5% | +212.6% | |
| ROA | 15.3% | 3.5% | 1.7% | 0.8% | 6.5% | 2.9% | 2.7% | 3.1% | 1.6% | 1.5% | -1.9% | 0.4% | 0.6% |
| — | +23.0% | -38.5% | -75.7% | +318.0% | +91.3% | +239.5% | +625.3% | +169.6% | -60.8% | -351.3% | +116.7% | +207.0% | |
| ROIC | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Docebo Inc.'s Debt/EBITDA ratio is 0.3x, up from 0.3x last quarter — comfortably within a safe range. Debt/Equity has risen for 3 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.06 | 0.04 | 0.02 | 0.03 | 0.05 | 0.05 | 0.04 | 0.04 | 0.02 | 0.02 | 0.02 | 0.02 |
| — | +42.7% | -25.1% | -44.6% | -37.8% | +155.1% | +181.7% | +147.0% | +160.7% | +7.2% | -1.1% | -23.6% | -24.0% | |
| Debt / EBITDA | 0.06 | 0.33 | 0.28 | 0.45 | 0.17 | 0.36 | 0.42 | 0.46 | 1.29 | 0.57 | — | 9.24 | 5.82 |
| — | -8.8% | -34.4% | -2.0% | -86.7% | -36.9% | — | -95.1% | -77.8% | +79.0% | — | — | — | |
| Current Ratio | 1.20 | 1.13 | 1.04 | 1.15 | 1.20 | 1.13 | 1.11 | 1.30 | 1.26 | 2.03 | 1.88 | 2.91 | 3.12 |
| — | +0.6% | -6.8% | -11.5% | -5.1% | -44.4% | -40.8% | -55.3% | -59.6% | -39.2% | -42.4% | -11.0% | -14.0% | |
| Quick Ratio | 1.20 | 1.13 | 1.04 | 1.15 | 1.20 | 1.13 | 1.11 | 1.30 | 1.26 | 2.03 | 1.88 | 2.91 | 3.12 |
| — | +0.6% | -6.8% | -11.5% | -5.1% | -44.4% | -40.8% | -55.3% | -59.6% | -39.2% | -42.4% | -11.0% | -14.0% | |
| Interest Coverage | 95.58 | 78.31 | 159.23 | 55.10 | 200.64 | 100.36 | 94.23 | 82.88 | 8.14 | 39.35 | -103.04 | -5.01 | -0.92 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 29 years · Updated daily
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Docebo Inc.'s current P/E is 23.2x. The average P/E over the last 4 quarters is 71.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Docebo Inc.'s current operating margin is 9.8%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Docebo Inc.'s business trajectory between earnings reports.