DCBO
Docebo Inc.
DCBO's fundamentals are strong and it looks cheap: trading at 28x earnings, about a third of its usual 76x. Analysts expect strong earnings growth.
DCBO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Stable |
DCBO's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
DCBO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 19x | $32.48 | — |
| Cheap | 23x | $26.30 | -19% |
| Current | 28x | $32.48 | — |
| Fair | 75x | $86.97 | +168% |
| Expensive | 222x | $257 | +692% |
Historical ranges are pointers, not guarantees.
DCBO's PE is in its cheap range at 28x. If earnings grow as analysts expect, today's price would be 19x next year's earnings.
DCBO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for DCBO, with profitability improving.
DCBO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.72 | +49% |
| Q2 2026 | $1.16 | +68% |
| Q1 2026 | $1.18 | +59% |
| Q4 2025 | $1.29 | +50% |
| Q3 2025 | $0.74 | +30% |
| Q2 2025 | $0.69 | +30% |
| Q1 2025 | $0.74 | +252% |
| Q4 2024 | $0.86 | +975% |
| Q3 2024 | $0.57 | +1040% |
DCBO's earnings per share have climbed steadily: $1.16 over the past year, up 68% from the year before, and higher year over year for nine quarters in a row.
DCBO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $68.7M | +13% |
| Q1 2026 | $65.6M | +15% |
| Q4 2025 | $63M | +11% |
| Q3 2025 | $61.6M | +11% |
| Q2 2025 | $60.7M | +14% |
| Q1 2025 | $57.3M | +11% |
| Q4 2024 | $57M | +16% |
| Q3 2024 | $55.4M | +19% |
DCBO's revenue has grown year over year every quarter since late 2020: $69M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 7.1% | -1.3 points |
| Q1 2026 | -0.1% | -3 points |
| Q4 2025 | 15% | +1.2 points |
| Q3 2025 | 13% | +4.7 points |
| Q2 2025 | 8.4% | -0.2 points |
| Q1 2025 | 3% | -5.2 points |
| Q4 2024 | 14% | +12 points |
| Q3 2024 | 8.5% | +1.8 points |
DCBO's operating margin was 7.1% last quarter, down 1.3 points from the same quarter a year ago.
DCBO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$3.2M | -154% |
| Q1 2026 | $24M | +214% |
| Q4 2025 | $8.6M | -9.3% |
| Q3 2025 | $5.1M | +31% |
| Q2 2025 | $6M | -8% |
| Q1 2025 | $7.6M | -7% |
| Q4 2024 | $9.4M | +52% |
| Q3 2024 | $3.9M | -37% |
DCBO usually generates cash, though not every quarter: the latest was −$3M, but it generated $34M over the past year.
DCBO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -4.6% | -1.3M shares |
| 1 year | -11% | -3.4M shares |
| 3 years | -19% | -6.4M shares |
| 5 years | -18% | -6M shares |
| Available history | -5.8% | -1.7M shares |
DCBO has 27M diluted shares, down 11% from a year ago, with $82M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $16.3M |
| Q1 2026 | $62.2M |
| Q4 2025 | $6,909 |
| Q3 2025 | $3.4M |
| Q2 2025 | $34.2M |
| Q4 2024 | $238,000 |
| Q3 2024 | $5.9M |
| Q2 2024 | $5.1M |
DCBO spent $82M buying back its own shares over the past year.
DCBO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.0x | Healthy |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | -2.6x | Net Cash |
| Q3 2025 | -2.5x | Net Cash |
| Q2 2025 | -2.8x | Net Cash |
| Q3 2024 | -4.2x | Net Cash |
| Q2 2024 | -4.7x | Net Cash |
DCBO's net debt is about 2.0 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
DCBO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 72.1 | Overbought |
| Stochastic | 85.1 | Overbought |
DCBO's weekly RSI is 72 (overbought) and its Stochastic is 85 (overbought).
DCBO PE vs Technology Sector
| Metric | DCBO | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 28x | 0.3% above |
| PE % | 22 | 39 | 17 pts below |
DCBO is trading at 28x earnings, in line with the Technology sector's median of 28x.
DCBO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $27.7 | 17% above |
| 20 week MA | $24.3 | 34% above |
| 50 week MA | $21.1 | 54% above |
| 100 week MA | $26.2 | 24% above |
| 200 week MA | $34.0 | 4.5% below |
DCBO has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 4.5% below its 200-week average.
DCBO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $50.1 | $57.7 | +15% |
| 2021 | $57.7 | $68.1 | +18% |
| 2022 | $68.1 | $31.9 | -53% |
| 2023 | $31.9 | $48.4 | +51% |
| 2024 | $48.4 | $45.7 | -5.6% |
| 2025 | $45.7 | $22.2 | -51% |
| 2026 YTD | $22.2 | $32.5 | +46% |
DCBO is up 46% so far in 2026, after finishing lower in three of the previous six years.