Docebo Inc.
Docebo Inc. is a software company that provides an AI-powered learning management platform for organizations. Docebo supports enterprise training across employees, customers, partners, and external audiences by helping businesses create, deliver, track, and analyze learning programs in one system. Its platform combines learning management, content delivery, skills intelligence, reporting, and workflow automation to support scalable training operations. Docebo serves a wide range of industries and is used by companies that need flexible digital learning tools for onboarding, compliance, sales enablement, customer education, and partner training. The company’s cloud-based model allows organizations to centralize learning activities and manage knowledge across distributed teams, making it a significant player in the enterprise learning and educational software market.
$27.59
-$0.53 (-1.88%)
EOD Oct 16, 2026
10.09% operating margin is respectable but not wide. ROIC at 36.02%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 11.9%, still solid.
Even for strong businesses, today's 24x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
24.2x earnings, 21.1x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$259M
▲ +11.9% YoY
Net Income (TTM)
$34M
▲ +40.3% YoY
Op. Margin
8.64%
▲ +1.4pp YoY
ROIC
36.02%
▲ +2.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$35M
▼ -2.9% YoY
Op. Cash Flow (TTM)
$36M
▼ -10.5% YoY
Net Debt
-$71M
Net Cash Position
Cash & Equiv.
$74M
3Y CAGR: +19.3%
3Y CAGR: +182.4%
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Is Docebo (DCBO) overvalued?
At a P/E of 24.2 and a price-to-free-cash-flow of 21.1, Docebo (DCBO) trades below a two-stage DCF intrinsic value of about $68.68 per share, so at $27.59 the stock looks undervalued (148.9% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Docebo scores 95/100 on Intrinsiqq's quality scorecard (a high-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is Docebo's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $68.68 per share for DCBO, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $51.51. At today's $27.59, that puts the stock about 148.9% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is Docebo a high-quality business?+
Docebo scores 95 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a high-quality business on these measures. Recent fundamentals include a 8.6% operating margin and a 36.0% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is Docebo a good stock to buy right now?+
That depends on valuation and quality together, not either alone. DCBO currently trades below its estimated intrinsic value and scores 95/100 on quality (high-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.