Docebo Inc.

DCBOCA

Docebo Inc. develops and provides learning management platform for training in Canada, the United States, and internationally. The company’s cloud platform consists of a learning suite, which includes Docebo Learn platform, a cloud-based learning platform that allows learning administrators to deliver personalized learning; Docebo Content Marketplace, an access to off-the-shelf learning content and provide predeveloped learning content; Insights module allows organizations to understand the results of learning programs with data visualizations; Learning Evaluation module to incorporate the learner’s perspective into analyses by collection of feedback; and Advanced Analytics Pack to integrate learning data into data ecosystem and BI tool. It also offers Communities module enabling interactive learner communities; eCommerce module that monetize from digital training contents, as well as manage and sells training offerings; eCommerce module to monetize training programs; Docebo Integrations; Headless Learning allows businesses to build learning experiences outside of the Docebo learning environment; Harmony Search, an AI-powered search capability. In addition, the company provides Docebo Creator enables organizations to design, scale, and deploy learning contents; Docebo for Salesforce, an integration of Salesforce’s APIs and technology architecture to deliver a learning experience within Salesforce workflows; Docebo Embed (OEM) enables original equipment manufacturers to embed and resell the Docebo learning platform; Docebo Branded Mobile App Publisher, allows organizations to create and distribute a branded version of Docebo’s mobile learning application; Docebo Extended Enterprise supports customer education, partner enablement, and retention by enabling organizations to train external audiences from a single LMS; and Docebo for Microsoft Teams. The company was founded in 2005 and is headquartered in Toronto, Canada.

Founded2005IPO year2020As of2026-08-04
Market Cap
$520M
Enterprise Value
$541M
EV / LTM Revenue
2.2x
EV / NTM Revenue
1.9x
Trading multiples

Enterprise value over trailing (LTM) vs. forward (NTM) fundamentals. Click an LTM cell to chart it.

LTM
trailing
NTM
forward
Revenue
1.9x
Gross Profit
2.3x
EBITDA
6.0x
Classification
Sector
Application Software
Sub-sector
Vertical Applications
Listing
DCBO
Country
CA
Historical valuation & fundamentals

EV / LTM Revenue

Annual financials & analyst forecasts

$MCY2021CY2022CY2023CY2024CY2025CY2026ECY2027E
Revenue YoY37%27%20%12%13%10%
Revenue$104M$143M$181M$217M$243M$274M$300M
Gross Profit$83M$115M$146M$176M$195M
Gross Profit Margin80.1%80.3%80.9%81.0%80.3%
EBITDA($11M)$10M$8M$27M$28M$85M$93M
EBITDA Margin-10.5%7.3%4.6%12.6%11.4%31.0%31.0%
EBIT($13M)$4M($4M)$19M$24M$83M$91M
Net Income($14M)$7M$3M$27M$38M$47M$55M
Free Cash Flow($4M)$1M$15M$28M$27M
FCF Margin-4.2%0.8%8.5%12.9%11.2%
Short-Term Debt$0M$0M$0M$0M$0.62M
Long-Term Debt$0M$0M$0M$0M$2M
Cash & Cash Equivalents$215M$216M$72M$93M$74M
Net Debt($215M)($216M)($72M)($93M)($71M)
Net Debt / EBITDA-20.6x-8.7x-3.4x-2.6x
Rule of 4037.9%35.0%32.9%23.1%
Figures in $M. True calendar years (Jan–Dec) built from quarterly data — income & cash-flow lines summed across the four quarters, balance sheet as of year-end. E columns are calendarized analyst consensus — gross profit, cash flow and balance-sheet lines are not estimated. Net debt = short-term debt + long-term debt − cash & cash equivalents; Rule of 40 = YoY revenue growth + FCF margin.