Docebo Inc. key statistics and ratios

In fiscal 2025, Docebo Inc. had return on equity of 56.9%, an operating margin of 9.6%, debt equal to 0.0% of equity and a current ratio of 1.22. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Docebo Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	79.8%	81.7%	80.1%	80.3%	80.9%	81.0%	80.3%
Operating margin	−23.7%	−12.1%	−12.9%	2.9%	−2.1%	9.8%	9.6%
Net margin	−28.7%	−12.7%	−13.0%	4.9%	1.6%	12.3%	15.5%
Free-cash-flow margin	−11.9%	5.9%	−4.2%	0.8%	8.5%	12.9%	11.2%
Return on equity	−38.0%	−6.9%	−7.0%	3.7%	2.3%	49.3%	56.9%
Return on assets	−18.7%	−5.0%	−5.2%	2.5%	1.3%	15.3%	18.9%
Asset turnover	0.65	0.40	0.40	0.52	0.82	1.24	1.22
Current ratio	2.07	5.24	3.63	3.12	1.26	1.20	1.22
Debt to equity	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	15.7x	n/m	149.9x	178.7x
Effective tax rate	—	—	—	9.8%	41.4%	−12.7%	—
R&D as % of revenue	22.8%	21.3%	19.5%	17.3%	19.6%	20.2%	20.7%
Capital spending as % of revenue	0.9%	1.7%	1.1%	0.8%	0.4%	0.6%	0.4%
Free cash flow ÷ net income	—	—	—	17.2%	539.8%	104.7%	72.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 3 checks passed · December 31, 2025

What it owns · $207m

Short-term assets $152mLonger-term assets $55m

What it owes, and who funded it · $207m

Short-term liabilities $124mLonger-term liabilities $9mShareholders' equity $74m

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.

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.

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Figures from Docebo Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Docebo Inc.