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Docebo Inc. develops and provides learning management platform for training in Canada, the United States, and internationally. The company's cloud platform consists of a learning suite, which includes Docebo Learn platform, a cloud-based learning platform that allows learning administrators to deliver personalized learning; Docebo Content Marketplace, an access to off-the-shelf learning content and provide predeveloped learning content; Insights module allows organizations to understand the results of learning programs with data visualizations; Learning Evaluation module to incorporate the learner's perspective into analyses by collection of feedback; and Advanced Analytics Pack to integrate learning data into data ecosystem and BI tool. It also offers Communities module enabling interactive learner communities; eCommerce module that monetize from digital training contents, as well as manage and sells training offerings; eCommerce module to monetize training programs; Docebo Integrations; Headless Learning allows businesses to build learning experiences outside of the Docebo learning environment; Harmony Search, an AI-powered search capability. In addition, the company provides Docebo Creator enables organizations to design, scale, and deploy learning contents; Docebo for Salesforce, an integration of Salesforce's APIs and technology architecture to deliver a learning experience within Salesforce workflows; Docebo Embed (OEM) enables original equipment manufacturers to embed and resell the Docebo learning platform; Docebo Branded Mobile App Publisher, allows organizations to create and distribute a branded version of Docebo's mobile learning application; Docebo Extended Enterprise supports customer education, partner enablement, and retention by enabling organizations to train external audiences from a single LMS; and Docebo for Microsoft Teams. The company was founded in 2005 and is headquartered in Toronto, Canada.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Docebo is a SaaS company that provides an AI-enabled learning management system for corporate training and professional development, serving enterprise and mid-market customers globally. Long-term growth may be supported by enterprise digital transformation, rising demand for remote and hybrid workforce training, international expansion and AI-driven product enhancements that could bolster recurring subscription revenue.
Key risks include strong competition from larger HR and LMS vendors, execution and customer-retention challenges as the company scales, sensitivity to enterprise IT spending and currency movements, and data-privacy or regulatory compliance costs.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 24.87M | 23.71M | 4.85M | 7.78M | -13.43M |
| Net income | 38.17M | 26.74M | 2.84M | 7.02M | -13.60M |
| Selling general administrative | 117.05M | 39.92M | 39.84M | 34.90M | 30.70M |
| Selling and marketing expenses | - | 69.52M | 67.20M | 59.65M | 43.35M |
| Gross profit | 195.00M | 175.64M | 146.34M | 114.73M | 83.46M |
| Reconciled depreciation | 3.19M | 3.38M | 3.14M | 2.33M | 2.02M |
| Ebit | 24.91M | 23.90M | 5.14M | -6.93M | -12.98M |
| Ebitda | 28.15M | 27.28M | 8.28M | -15.71M | -10.48M |
| Depreciation and amortization | 3.24M | 3.38M | 3.14M | -8.78M | 2.49M |
| Operating income | 24.91M | 21.29M | -3.71M | -6.93M | -12.98M |
| Other operating expenses | 222.03M | 195.64M | 184.55M | 149.84M | 117.22M |
| Interest expense | 0.65M | 0.18M | 0.30M | 0.38M | 0.49M |
| Tax provision | -13.07M | -3.02M | 2.01M | 0.76M | 0.17M |
| Interest income | 1.86M | 2.50M | 7.96M | 3.54M | 0.06M |
| Net interest income | 1.21M | 2.40M | 7.58M | 3.51M | -0.07M |
| Income tax expense | -13.30M | -3.02M | 2.01M | 0.76M | 0.17M |
| Total revenue | 246.94M | 216.93M | 180.84M | 142.91M | 104.24M |
| Total operating expenses | 170.10M | 154.34M | 150.05M | 121.66M | 96.43M |
| Cost of revenue | 51.93M | 41.30M | 34.50M | 28.18M | 20.79M |
| Total other income expense net | -0.03M | 2.42M | 8.56M | 14.71M | -0.45M |
| Net income from continuing ops | 37.51M | 26.74M | 2.84M | 7.02M | -13.60M |
| Net income applicable to common shares | - | 26.74M | 2.84M | 7.02M | -13.60M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 206.27M | 190.71M | 158.38M | 283.67M | 268.12M |
| Intangible assets | 1.03M | 1.67M | 2.40M | 1.15M | 1.58M |
| Other current assets | 11.68M | - | 15.28M | 2.78M | 8.38M |
| Total liab | 132.31M | 132.95M | 107.65M | 91.46M | 77.47M |
| Total stockholder equity | 73.96M | 57.76M | 50.72M | 192.21M | 190.66M |
| Deferred long term liab | - | - | - | 7.93M | 3.85M |
| Other current liab | 1.75M | 18.30M | 0.25M | 1.18M | 0.47M |
| Common stock | 244.16M | - | 247.50M | 268.19M | 266.12M |
| Capital stock | 244.60M | 253.29M | 247.50M | 268.19M | 266.12M |
| Retained earnings | -183.70M | -205.37M | -204.79M | -74.87M | -81.89M |
| Other liab | - | - | - | 5.40M | 5.60M |
| Good will | 14.51M | 13.85M | 14.25M | 5.98M | 5.30M |
| Other assets | - | - | - | 8.05M | 4.05M |
| Cash | 73.90M | 92.54M | 71.95M | 216.29M | 215.32M |
| Cash and equivalents | - | - | - | 216.29M | 215.32M |
| Total current liabilities | 123.57M | 128.60M | 100.65M | 84.36M | 69.17M |
| Current deferred revenue | 85.31M | - | 67.27M | 55.78M | 44.58M |
| Net debt | -69.41M | - | -69.84M | -213.23M | -211.32M |
| Short term debt | 0.62M | - | 1.47M | 1.37M | 1.31M |
| Short long term debt total | 4.49M | - | 2.11M | 3.07M | 4.00M |
| Other stockholder equity | 20.91M | - | 13.96M | 8.46M | 4.31M |
| Property plant equipment | - | - | - | 4.66M | 5.70M |
| Total current assets | 141.57M | 154.24M | 127.15M | 263.58M | 251.49M |
| Long term investments | - | 0.00M | 0.04M | - | - |
| Net tangible assets | - | - | - | 185.08M | 183.78M |
| Short term investments | 0.00M | 0.04M | 0.08M | - | - |
| Net receivables | 55.99M | 39.27M | 42.74M | 38.14M | 27.78M |
| Inventory | - | - | -2.90M | - | - |
| Accounts payable | 35.89M | 34.86M | 31.66M | 26.02M | 22.82M |
| Accumulated other comprehensive income | -7.41M | - | -5.95M | -9.57M | 2.11M |
| Non currrent assets other | 24.75M | - | 10.75M | 8.17M | 4.05M |
| Non current assets total | 64.70M | 36.47M | 31.22M | 20.08M | 16.63M |
| Capital lease obligations | 2.56M | 1.50M | 2.11M | 3.07M | 4.00M |
| Long term debt total | - | - | - | 1.69M | 2.69M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | - | -1.50M | -9.52M | -2.15M | -1.15M |
| Change to liabilities | - | - | - | 17.13M | 24.35M |
| Total cashflows from investing activities | -1.87M | -1.50M | -9.52M | -2.15M | -1.15M |
| Net borrowings | -1.78M | -1.89M | -1.68M | -1.41M | -1.35M |
| Total cash from financing activities | -48.90M | -6.84M | -151.00M | 1.58M | 0.42M |
| Change to operating activities | - | - | - | -5.12M | -6.38M |
| Net income | 38.17M | 26.74M | 2.84M | 7.02M | -13.60M |
| Change in cash | -23.01M | 20.59M | -144.34M | 0.97M | -4.33M |
| Begin period cash flow | 96.92M | 71.95M | 216.29M | 215.32M | 219.66M |
| End period cash flow | 73.90M | 92.54M | 71.95M | 216.29M | 215.32M |
| Total cash from operating activities | 30.10M | 29.25M | 15.96M | 2.29M | -3.25M |
| Issuance of capital stock | - | - | - | - | 0.00M |
| Depreciation | 3.24M | 3.38M | 3.14M | 2.33M | 2.02M |
| Other cashflows from investing activities | -0.02M | -0.25M | -0.22M | -1.07M | 0.00M |
| Change to account receivables | -7.95M | -4.47M | -3.73M | -8.88M | -12.32M |
| Sale purchase of stock | -47.87M | -11.02M | -159.45M | 0.81M | 1.28M |
| Other cashflows from financing activities | -0.03M | 6.07M | 10.23M | 2.98M | 1.77M |
| Change to netincome | - | - | - | -10.20M | 2.67M |
| Capital expenditures | 1.00M | 1.25M | 0.64M | 1.08M | 1.15M |
| Change in working capital | -3.40M | 1.09M | 7.39M | 3.14M | 5.65M |
| Stock based compensation | 6.00M | 7.33M | 6.05M | 4.71M | 2.26M |
| Other non cash items | -7.91M | -6.27M | -5.46M | -15.68M | 0.40M |
| Free cash flow | 29.10M | 28.00M | 15.33M | 1.21M | -4.40M |
Sector: Technology Industry: Software - Application
|
Stock Name
|
Change
(CAD) |
Price
(CAD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| DCBO Docebo Inc |
1.05 2.49% |
43.27 | 14.22 | 11.40 | 2.65 | 6.33 | 1.65 | 14.38 |
| SHOP Shopify Inc |
10.67 5.33% |
210.86 | 138.91 | 70.92 | 20.17 | 12.93 | 14.73 | 88.85 |
| CRM Salesforce CDR (CAD Hedged) |
0.40 2.38% |
17.24 | 23.21 | 13.57 | 4.11 | 2.47 | 3.85 | 12.75 |
| NOWS ServiceNow CDR (CAD Hedged) |
0.07 0.50% |
13.94 | 323.25 | 114.94 | 38.22 | 38.75 | 7.52 | 33.05 |
| CSU Constellation Software Inc. |
44.70 1.30% |
3482.70 | 78.75 | 16.39 | 4.74 | 11.45 | 3.77 | 17.00 |
Docebo Inc. develops and provides learning management platform for training in Canada, the United States, and internationally. The company's cloud platform consists of a learning suite, which includes Docebo Learn platform, a cloud-based learning platform that allows learning administrators to deliver personalized learning; Docebo Content Marketplace, an access to off-the-shelf learning content and provide predeveloped learning content; Insights module allows organizations to understand the results of learning programs with data visualizations; Learning Evaluation module to incorporate the learner's perspective into analyses by collection of feedback; and Advanced Analytics Pack to integrate learning data into data ecosystem and BI tool. It also offers Communities module enabling interactive learner communities; eCommerce module that monetize from digital training contents, as well as manage and sells training offerings; eCommerce module to monetize training programs; Docebo Integrations; Headless Learning allows businesses to build learning experiences outside of the Docebo learning environment; Harmony Search, an AI-powered search capability. In addition, the company provides Docebo Creator enables organizations to design, scale, and deploy learning contents; Docebo for Salesforce, an integration of Salesforce's APIs and technology architecture to deliver a learning experience within Salesforce workflows; Docebo Embed (OEM) enables original equipment manufacturers to embed and resell the Docebo learning platform; Docebo Branded Mobile App Publisher, allows organizations to create and distribute a branded version of Docebo's mobile learning application; Docebo Extended Enterprise supports customer education, partner enablement, and retention by enabling organizations to train external audiences from a single LMS; and Docebo for Microsoft Teams. The company was founded in 2005 and is headquartered in Toronto, Canada.
| Name | Title | Year Born |
|---|---|---|
| Mr. Claudio Erba | Founder, CEO & Director | 1975 |
| Mr. Alessio Artuffo | Pres & COO | NA |
| Mr. Sukaran Mehta A.C.A., C.A., C.P.A., F.C.A. | Chief Financial Officer | NA |
| Mr. Martino Bagini | Chief Corp. Devel. Officer | NA |
| Mr. Michael W. McCarthy | VP of Investor Relations | NA |
| Mr. Domenic Di Sisto | Chief Legal Officer | 1974 |
| Rob Ayre | Communications & PR Mang. | NA |
| Ronda Morra | Global Director of PR & Communications | NA |
| Ms. Nina Simosko | Chief Sales Officer | 1969 |
| Mr. Ryan Brock | Chief Marketing Officer | NA |
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