Logo

DCBO

Docebo Inc.

DCBO

Docebo Inc. • NASDAQ
$20.98 ▲ 0.58% (+0.12)
Market Cap $622.90 M
52w High $50.80
52w Low $20.20
Dividend Yield 0%
P/E 28.74
Volume 41.55K
Outstanding Shares 29.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $60.939M ▲ $40.153M ▼ $6.041M ▲ 9.914% ▲ $0.21 ▲ $8.992M ▲
Q2-2025 $60.732M ▲ $45.008M ▲ $3.076M ▲ 5.065% ▲ $0.11 ▲ $5.556M ▲
Q1-2025 $57.296M ▲ $44.193M ▲ $1.474M ▼ 2.573% ▼ $0.049 ▼ $3.186M ▼
Q4-2024 $57.041M ▲ $38.566M ▼ $11.91M ▲ 20.88% ▲ $0.39 ▲ $9.295M ▲
Q3-2024 $55.433M $40.254M $4.959M 8.946% $0.17 $6.265M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $66.129M ▲ $173.229M ▲ $127.992M ▼ $45.237M ▲
Q2-2025 $64.581M ▼ $171.232M ▼ $136.548M ▼ $34.684M ▼
Q1-2025 $91.898M ▼ $197.673M ▲ $145.24M ▲ $52.433M ▼
Q4-2024 $92.583M ▲ $190.713M ▲ $132.952M ▲ $57.761M ▲
Q3-2024 $82.099M $174.136M $129.08M $45.056M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $6.109M ▲ $5.293M ▼ $-826K ▼ $-3.308M ▲ $1.554M ▲ $5.07M ▼
Q2-2025 $3.076M ▲ $6.244M ▼ $-544K ▼ $-33.976M ▼ $-27.299M ▼ $5.956M ▼
Q1-2025 $1.474M ▼ $7.945M ▼ $-298K ▼ $-8.799M ▼ $-666K ▼ $7.647M ▼
Q4-2024 $11.91M ▲ $9.727M ▲ $-287K ▲ $2.008M ▲ $10.507M ▲ $9.44M ▲
Q3-2024 $4.959M $4.335M $-471K $-4.571M $-51K $3.864M

Revenue by Products

Product Q1-2022Q2-2022Q3-2022
Professional Services Revenue
Professional Services Revenue
 $0 ▲$0 ▲$0 ▲
Subscription Revenue
Subscription Revenue
 $30.00M ▲$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Docebo’s income statement shows a clear shift from “growth with small losses” to “growth with real profits.” Revenue has been climbing steadily each year, and gross profit has risen along with it, suggesting the core business has attractive economics. Over time, operating losses have narrowed and then turned into operating profit, with net income now firmly positive rather than just breaking even. In plain terms, the company has moved from investing heavily to grow, to now demonstrating it can grow while making money. The main watchpoint is whether this balance between continued growth spending and profitability can be maintained as competition intensifies.

Balance Sheet

Balance Sheet The balance sheet looks relatively clean and simple. The company carries no debt, which reduces financial risk and gives more flexibility in downturns. It holds a meaningful cash balance, though that cash cushion is smaller than it was a few years ago, implying prior investment, acquisitions, or higher costs. Total assets and equity have come down from earlier peaks, reflecting an asset-light software model but also some dilution of book value over time. Overall, the financial structure is conservative, but the reduced cash buffer means management discipline on spending and working capital will matter more going forward.

Cash Flow

Cash Flow Cash generation has improved in step with profitability. Operating cash flow has moved from roughly break-even to clearly positive, showing that reported profits are increasingly backed by real cash in the door. Free cash flow follows a similar pattern, helped by very low capital spending needs typical of cloud software businesses. This combination suggests the business model can scale without heavy investment in physical assets. The main questions to monitor are how consistently the company can sustain positive free cash flow while still funding product development and sales expansion, and whether cash outlays for things like acquisitions or large contracts will periodically tighten liquidity.

Competitive Edge

Competitive Edge Docebo operates in a crowded learning management market, but it has carved out a defensible niche. Its platform is built around artificial intelligence from the ground up, not just as an add-on feature, which helps differentiate the user experience and automation level versus many rivals. The company focuses on larger, complex organizations that need to train employees, customers, and partners all on one system, which tends to create stickier, long-term relationships. Its pursuit of FedRAMP status opens the door to U.S. government and related sectors, which can be both sizable and demanding customers. The “land-and-expand” strategy—starting with one use case, then growing within accounts—supports recurring revenue growth and increases switching costs over time. The main competitive risks are fast-moving innovation by other LMS and HR-tech vendors, pricing pressure, and the need to keep integrations and AI capabilities clearly ahead of alternatives.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Docebo’s strategy. The company has built an AI-first learning platform with tools that create content, generate video presenters, coach learners through simulations, and surface relevant materials using natural-language search. Its Harmony initiative aims to act as a learning and development co-pilot, automating complex design and admin work, which could materially raise customer productivity if it gains traction. Partnerships, such as working with Google Cloud on generative AI, extend its R&D reach and help it stay current with cutting-edge technology. The opportunity is to turn these innovations into clear business outcomes—better learner engagement, faster content creation, and measurable performance improvements—while the risk is that the broader AI and SaaS market is evolving so quickly that today’s differentiators could become industry standards over time.

Summary

Docebo has transitioned from a fast-growing but loss-making SaaS company into one that combines solid growth with emerging profitability and healthy free cash flow. Its balance sheet is simple and low risk, with no debt, though the smaller cash cushion versus prior years puts more emphasis on disciplined execution. Competitively, the firm benefits from deep AI integration, an enterprise and multi-audience focus, and growing credibility in regulated markets, all of which can support long-term recurring revenue. At the same time, it operates in a highly competitive, innovation-driven space where maintaining product leadership and demonstrating clear return on investment for customers will be crucial. Overall, the story is of a software company that has materially improved its financial foundations while leaning heavily on AI-driven innovation to defend and expand its position in corporate learning.

NEWS

November 7, 2025 · 6:00 AM UTC

Docebo Reports Third Quarter 2025 Results

Read more

October 14, 2025 · 4:05 PM UTC

Docebo to Host Third Quarter Fiscal 2025 Conference Call

Read more