# Docebo Inc. (DCBO.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Technology / Software. Price C$34.38, market value C$856 million.

## Valuation
- **P/E (trailing): 21.6×** (5-yr avg 267.6×, 3-yr avg 285.8×). Docebo Inc. trades at 21.6× trailing earnings, well below its own five-year average of 267.6×: cheap by its own standards. The Technology median in the September 2026 study was 32.1×. Forward P/E is 12.0×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.23**. A PEG of 0.23 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 2.4×**. Each dollar of revenue is priced at 2.4×.
- **Price / book: 8.4×**. The shares trade at 8.4× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 21.1×**. Enterprise value is 21.1× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 5.5%** (5-yr avg 1.1%). Free cash flow equals 5.5% of the market value, above its five-year average of 1.1%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 4.6%**. The inverse of the P/E: 4.6% of the price is earned each year.

## Profitability
- **Gross margin: 78.1%**. Docebo Inc. keeps 78.1% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 8.7%**. 8.7% of revenue is left after running the business.
- **Net margin: 15.5%**. 15.5% of each dollar of sales reaches the bottom line.
- **Return on equity: 51.6%**. A 51.6% return on equity is extremely high; check whether buybacks or debt have shrunk the equity base, which flatters the ratio.
- **Return on invested capital: 858.4%**. Return on all capital, debt included, is 858.4%: comfortably above what that capital costs.
- **Return on assets: 16.5%**. Each dollar of assets produces 16.5% of profit.

## Growth
- **Revenue growth (1 yr): 13.8%** (3-yr 20.0%/yr, 5-yr 31.5%/yr). Revenue grew 13.8% over the last year, against 31.5% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 51.2%** (3-yr 83.6%/yr). Earnings per share rose 51.2%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 188.9%/yr**. Free cash flow has compounded at 188.9% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.03**. Debt is 0.03 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. Docebo Inc. holds more cash than debt.
- **Interest coverage: 9.6×**. Operating profit covers interest 9.6× over, a safe margin.
- **Current ratio: 1.15** (quick 1.15). Current assets cover the next year's liabilities 1.15 times.
- **Altman Z-score: 6.08**. A Z-score of 6.08 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Docebo Inc. does not currently pay a dividend, but it returned 13.2% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): -20.3%** (YTD 12.8%, 3-mo 42.5%). The shares are down 20.3% over twelve months including dividends.
- **From 52-week high: -21.8%** (73.0% above the low). Trading 22% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 59**. An RSI of 59 is neutral.
- **Beta (1 yr): 0.38** (volatility 55%). Beta of 0.38 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=DCBO.TO · Page: https://foliofundamentals.com/stocks/dcbo.to

Not investment advice.