What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Funds35 adding, 40 cuttingOf 15 active managers that changed their stake, 9 added; quarter to June 30, 2026Fund buyers and sellers→
Value diary
Our note on each quarter Docebo files
Where Docebo stands after its latest Filing
Revenue for the twelve months was $243m, up 11.9% on a year earlier, slower than the 20.0% growth a quarter earlier. Free-cash-flow margin rose to 11.2% from -4.2% a year earlier. Operating margin widened to 9.6% from -12.9%. The diluted share count is down 5.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $26.23 a share, against a share price of $29.67.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are
as published at the time. Not investment advice.
The Fundamentalytics view
Next results ~November 6, 2026 (estimated)
Docebo Inc.'s trailing-twelve-month revenue grew 11.9% year on year, with a free-cash-flow margin of 11.2%. Where it stands out: change in share count of -5.2% ranks 13 of 163 application software companies we cover. Where it lags: change in growth rate of -8.1pp ranks 162 of 184 application software companies we cover.
Our discounted-cash-flow model values the business at ~$26 per share in the base case (~$21–$34 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 2.9% while net income grew 40.3%: a 43pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our
methodology. Observations, not recommendations.
Shrinking share count. Diluted shares fell 5.2% in a year, so each share owns more of the business.
Net cash. Cash exceeds long-term debt by $0.1bn.
Things to watch
Growth slowing. The growth rate is 8.1 points lower than a quarter earlier.
Weak cash conversion. Free cash flow was 72% of net income over the last 12 months.
Below peers: days sales outstanding. Days sales outstanding of 83 days ranks 123 of 162 application software companies we cover (median 57 days).
Latest results
Earnings per share
$0.35 against an average estimate of $0.29: beat by 22.0%
Next report
November 6, 2026; average EPS estimate $0.47
Docebo's figures from its SEC filings and results release; estimates are the analysts' average. Not a
recommendation.
Price chart
1 day-0.4%
1 week-3.0%
Closing prices to 2026-11-02. Price change only, dividends excluded.
Loading chart…
Third-party market data · may be delayed
At a glance
Trailing twelve months, from SEC filings
Profitability
Revenue (TTM)
$243M
Operating margin
9.6%
Net margin
15.5%
EPS (TTM, diluted)
$1.28
Growth
Revenue growth
+11.9%
Change in growth rate
−8.1 pts
Share count change
−5.2%
Cash
Free cash flow (TTM)
$27.2M
FCF margin
11.2%
Stock pay % of revenue
2.5%
News & updates
Updated November 2, 2026
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for DCBO from the sources we follow. See filings →
Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.
The share price implies about 17.5% a year of cash-flow growth for five years.That is slower than the 31.0% a year revenue growth Docebo has delivered.
Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital
item), so the cash-flow base behind this reading may be unusually low or high.
Priced in17.5%
Last 12 months11.9%
3 years a year19.3%
5 years a year31.0%
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which
the model value equals the share price ($28.85, Nov 3, 2026). Cash-flow growth then fades to 2.5% a
year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
How we got here: a discounted-cash-flow model of Docebo Inc.'s free cash flow after
stock-based pay with after-tax interest added back ($19.5M, FY2025 Q4
TTM), growing 15.6% a year for five years and fading to 2.5%, discounted at 8.5%. Lower
and higher growth cases span ~$20–~$34
; that spread sets a 15% margin before we rate Buy or Sell.
Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating
meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General
research, not personal advice — it does not consider your circumstances. Prices can
fall as well as rise.
Our value per share comes from a discounted-cash-flow model of Docebo Inc.'s free cash
flow after stock-based pay (
$19.5M, FY2025 Q4 TTM, with after-tax interest added back): growth for
five years as below (the first two years from forecasts, guidance and the company's
record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims
subtracted. These are model values under
stated assumptions, not price targets or recommendations.
Valuation models
We value Docebo Inc. as an operating company, with every model that fits that kind of
business.
Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a
beta of 1.1 times a 4.5% equity risk premium.
Value per share by model
Model
Value per share
In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims.
~$26 ~$21–$34
Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts.
~$29 ~$24–$49
Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years.
~$9.0 ~$6.3–$13
Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns.
~$6.6 ~$5.8–$7.7
Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out.
~$19 ~$6.6–$29
4 models
Different models fail in different ways, so where several apply we average them rather than
trust one. Peer-based models compare Docebo Inc. with Application Software in our coverage, using
third-party market data. Model values are estimates under stated assumptions, updated as new
filings arrive; not price targets or investment advice. How each model works.
What moves the value
Revenue growth 5 points lower ▼ −22%
Revenue growth 5 points higher ▲ +29%
Free-cash-flow margin 1 point lower ▼ −8%
Last year's free-cash-flow margin change, if it persists ▼ −12%
Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth →
−5% growth
0% growth
5% growth
10% growth
15% growth
20% growth
7%
$12
$16
$20
$26
$34
$44
8.5%
$10
$12
$16
$20
$25
$33
10%
$9
$10
$13
$16
$20
$26
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.
A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.
Forecasts and guidance
Next results: November 6, 2026, before the open.
Analysts expect revenue of $70m and EPS of $0.47 (range $0.31 to $0.60) for the quarter.
Analysts' consensus
Docebo Inc.: consensus estimates
Fiscal year
EPS
Growth
Revenue
Growth
Current
$1.69
+23%
$276m
+14%
Next
$2.09
+24%
$303m
+10%
Next year's EPS estimate has moved +4.2% in 90 days, across 8 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is +5.1% on 90 days ago.
In the last 30 days, 6 analysts raised Docebo Inc.'s forecast and 2 cut it.
Consensus EPS forecastDocebo Inc., last 90 days
Current fiscal year Next fiscal year
Average of analysts' published estimates (third-party data).
View chart data
Period
Current fiscal year
Next fiscal year
90 days ago
$1.61
$2.01
60 days ago
$1.74
$2.08
30 days ago
$1.74
$2.08
7 days ago
$1.69
$2.08
Now
$1.69
$2.09
Earnings against estimates
Docebo Inc.: reported EPS against the consensus estimate
Quarter to
Estimate
Actual
Surprise
Jun 2026
$0.29
$0.35
+22.0%
Mar 2026
$0.35
$0.34
−2.2%
Dec 2025
$0.36
$0.45
+26.3%
Sept 2025
$0.33
$0.34
+2.2%
Adjusted EPS as companies report it, against the average analyst estimate.
Analyst recommendations
11 analysts, Nov 2026
Buy1091%
Hold19%
Sell00%
Monthly trend
Strong buy
Buy
Hold
Sell
Strong sell
Nov 202646111
Oct 202646111
Sep 202646111
Counts of recommendations published by analysts covering Docebo Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or
price target, and these are not Fundamentalytics ratings.
Positioning
Short interest
—
of tradable shares
Days to cover
19.34
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
24%
of shares
Held by insiders
64.4%
of shares
Employees
966
full time
Consensus figures average analysts' published estimates (third-party data); guidance is the company's own.
Neither is our forecast. Short
interest is reported twice a month and lags. Market data may be delayed.
This section is general information, not investment advice or a personal recommendation, and it does not
take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies
miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose
money. See our disclaimer.
Share-price performance
Market data may be delayed
Recent prices are available. Older price history and the statistics that need it are being loaded in the background.
Price behaviour
52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—
Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares
typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.
How Docebo Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are
delayed, read November 2, 2026. Check the live chain at your broker before trading.
Cash-secured put
Not offered: fundamentals grade C+ (needs B+ or better).
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Covered call
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Collar
Not offered: no liquid put and call pair for the same expiry.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone:
put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or
news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early
assignment are not modelled.
Growth, profitability, cash generation and balance sheet are percentiles against the
companies we cover in the same industry, from SEC filings (100 = best). Value compares the
share price with our modelled value range (50 = at our base value; higher = cheaper).
A description of reported data and our model — not a quality score or advice.
Fundamentals
Revenue (TTM)Docebo Inc.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
View chart data
Period
Revenue (TTM)
FY19 Q4
$41.4M
FY20 Q4
$62.9M
FY21 Q4
$104.2M
FY22 Q4
$142.9M
FY23 Q4
$180.8M
FY24 Q4
$216.9M
FY25 Q4
$242.7M
Revenue growth, TTM YoYDocebo Inc.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
View chart data
Period
Revenue growth, TTM YoY
FY20 Q4
51.8%
FY21 Q4
65.7%
FY22 Q4
37.1%
FY23 Q4
26.5%
FY24 Q4
20.0%
FY25 Q4
11.9%
Operating margin (TTM)Docebo Inc.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
View chart data
Period
Operating margin (TTM)
FY19 Q4
-23.7%
FY20 Q4
-12.1%
FY21 Q4
-12.9%
FY22 Q4
2.9%
FY23 Q4
-2.1%
FY24 Q4
9.8%
FY25 Q4
9.6%
FCF margin (TTM)Docebo Inc.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
View chart data
Period
FCF margin (TTM)
FY19 Q4
-11.9%
FY20 Q4
5.9%
FY21 Q4
-4.2%
FY22 Q4
0.8%
FY23 Q4
8.5%
FY24 Q4
12.9%
FY25 Q4
11.2%
Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 40-F. Generated November 3, 2026. Definitions in our methodology.
Where the money goes
FY2025, from the 10-K
Each dollar Docebo took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
Revenue $243M
Other income $14.3M · 5.9%
Cost of revenue $47.9M · 19.7%
Gross profit $195M · 80.3%
Research and development $50.1M · 20.7%
Other operating costs $121M · 50.1%
Operating income $23.2M · 9.6%
Net income $37.5M · 15.5%
Where Docebo's revenue went, FY2025
Revenue
$243M
Other income
$14.3M
5.9% of revenue
Cost of revenue
$47.9M
19.7% of revenue
Gross profit
$195M
80.3% of revenue
Research and development
$50.1M
20.7% of revenue
Other operating costs
$121M
50.1% of revenue
Operating income
$23.2M
9.6% of revenue
Net income
$37.5M
15.5% of revenue
Shares of revenue. Source: Docebo's 10-K for FY2025, as filed with the SEC.
"Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.
Financial statements
US$ millions unless shown otherwise.
Fiscal years, plus the last twelve months (LTM) when newer.
Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income
plus depreciation and amortisation. Free cash flow is cash from operations minus capital
spending. Growth is left blank when last year's figure was a loss or under 2% of revenue.
Share counts and EPS are restated for stock splits. A dash means the company didn't report
the figure.
✓Short-term assets cover short-term liabilities $152m of assets due within a year against $124m of liabilities due within a year.
✓Short-term assets cover long-term liabilities $152m short-term assets against $9m of longer-dated liabilities.
·More cash than debt Cash or debt not separately reported. Not assessable.
·Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
·Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
·A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
✓Operating profit covers interest at least five times over Operating income of $23m against $130,000 of interest.
From Docebo Inc.'s latest balance sheet as filed. Checks are fixed, documented rules
(methodology), counted only where the company reports
the figures — a dot means the filing doesn't break the item out. Descriptions of reported
data, not advice.
Median of all 185 companies we cover in application software. Shaded:
best of the six on that line (lowest for stock pay and share-count growth). 3-year figures
average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.
Peer comparison
185 application software companies
Measures ranked against peers
Measure
Company
Peer median
Rank
Revenue growth Growth
11.9%
12.0%
95 of 184
Change in growth rate Growth
-8.1pp
+0.2pp
162 of 184
Gross margin Profitability
80.3%
69.8%
32 of 160
Operating margin Profitability
9.6%
1.1%
59 of 181
Net margin Profitability
15.5%
2.1%
42 of 185
Free-cash-flow margin Cash generation
11.2%
15.2%
104 of 180
Stock pay as % of revenue Cash generation
2.5%
9.3%
18 of 177
Change in share count Balance sheet
-5.2%
1.7%
13 of 163
Days sales outstanding Balance sheet
83 days
57 days
123 of 162
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
Top buyers and sellers, Q2 2026: 35 institutions
bought and 40 sold
; the biggest buyer was Sparta 24 Ltd (+200K shares) and the biggest seller Cat Rock Capital Management LP (−1.1M). See which funds bought and sold →
Largest reported holders, June 30, 2026
Manager
Value
Shares
Share of 13F value
Shares QoQ
Beutel, Goodman & Co Ltd.
$27.6M
1.5M
30.7%
▼ 1.0%
Topline Capital Management, LLC
$11.9M
665K
13.2%
▼ 24.4%
Arrowstreet Capital, Limited Partnership
$11.1M
622K
12.4%
▲ 1.1%
Quadrature Capital Ltd
$5.3M
296K
5.9%
▲ 184.0%
Sparta 24 Ltd.
$3.6M
200K
4.0%
New
Two Sigma Investments, LP
$3.5M
196K
3.9%
▼ 28.4%
Essex Investment Management Co LLC
$3M
165K
3.3%
▼ 4.2%
Louisbourg Investments Inc.
$2.9M
160K
3.2%
▲ 69.2%
Morgan Stanley
$2.5M
142K
2.8%
▲ 280.9%
Renaissance Technologies LLC
$1.9M
108K
2.1%
▼ 0.2%
Acadian Asset Management LLC
$1.4M
81K
1.6%
▲ 436.1%
Goldman Sachs Group Inc
$1.4M
77K
1.5%
▼ 2.8%
From Form 13F filings with the SEC (
quarterly data sets), as reported by each
manager for June 30, 2026 and filed up to 45 days later. 13F reports cover
long US-listed positions of managers above $100M only, so this is not Docebo Inc.'s complete
shareholder register. Values are as reported by the filers
.
No open-market insider trades reported in the last 12 months.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares
withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule
10b5-1 plan. See every insider trade since five years ago, on a price chart.
Docebo Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Docebo Inc.'s stock ticker?
Docebo Inc. trades under the ticker DCBO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Docebo Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Docebo Inc. reported revenue of $243M, 11.9% higher than a year earlier, according to its SEC filings.
What is Docebo Inc.'s free cash flow?
Docebo Inc.'s free-cash-flow margin is 11.2% of revenue over the trailing twelve months, ranking 104 of the 180 application software companies we cover.
What is Docebo Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Docebo Inc.'s free cash flow after stock-based pay gives ~$26 per share in the base case, and ~$21–$34 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Docebo Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Beutel, Goodman & Co Ltd., Topline Capital Management, LLC and Arrowstreet Capital, Limited Partnership. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Docebo Inc.'s competitors?
In our Application Software peer group, the companies closest to Docebo Inc. are PDF Solutions Inc, Vtex, GCL Global Holdings Ltd, Onespan Inc. and C3.ai, Inc. The side-by-side comparison below sets their revenue, margins and growth against Docebo Inc.'s.
When is Docebo Inc.'s next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Docebo Inc. announces its own schedule.
Follow research on Docebo Inc.
New research on the companies we cover arrives in the weekly email. Free, one email a week.
