Docebo Inc. (TSX: DCBO), a Toronto-based leader in AI-powered learning management systems, continues to shape the future of corporate training across North America and globally. Its platform offers a comprehensive suite of tools, including AI Authoring, Salesforce integration, and advanced analytics, catering to diverse industries such as software, hospitality, and healthcare.
In Q1 2025, Docebo reported revenue of $57.3 million, marking an 11% year-over-year increase. Subscription revenue accounted for 95% of this total, highlighting the company’s strong recurring revenue model. Despite a net income decline to $1.5 million from $5.2 million in the previous year, the company achieved an adjusted EPS of $0.27, surpassing analyst expectations .
The company’s Annual Recurring Revenue (ARR) reached $225.1 million, reflecting a $23.9 million increase from Q1 2024. Docebo’s strategic shift towards AI-first learning solutions and recent FedRAMP certification position it well for future growth, particularly in the U.S. federal sector .
However, Docebo has revised its full-year revenue growth guidance to 9–10%, down from previous estimates, citing macroeconomic uncertainties and the impending loss of a significant client, Amazon Web Services (AWS)
📈 Stock Performance Analysis: Docebo Inc. (TSX: DCBO)
Docebo Inc. has experienced notable volatility over the past year, reflecting both macroeconomic headwinds in the tech sector and the company’s evolving position in the competitive cloud-based learning management market. After peaking in late 2023, shares have gradually corrected amid broader selloffs in growth-oriented technology stocks and ongoing investor caution.
However, Docebo’s fundamentals remain strong, and its focus on enterprise and mid-market clients continues to yield long-term contracts and growing recurring revenue. The company’s consistent year-over-year revenue growth and recent margin improvements have started to attract renewed interest from value-seeking investors.
Docebo’s integration of AI into its authoring tools and enterprise learning ecosystem also positions it well to benefit from the AI-driven tech tailwinds reshaping SaaS. As broader market sentiment recovers and the firm builds scale, the stock could present an attractive long-term buying opportunity.
📊 Key Stats: Docebo Inc. (TSX: DCBO)
| Code | Name | GIC Sector | Beta | 52-Week High | 52-Week Low | 50-Day MA | 200-Day MA | Shares Short | Short Ratio | Short Percent |
|---|---|---|---|---|---|---|---|---|---|---|
| DCBO | Docebo Inc | Information Technology | 1.635 | 75.08 | 35.75 | 42.36 | 56.93 | 269,584 | 4.42 | 0.019 |
📌 Docebo Inc. (TSX: DCBO) has a moderate beta of 1.635, indicating above-average volatility, and currently trades near its 52-week low, potentially presenting an opportunity for value-focused tech investors.
📉 Docebo Inc. (TSX: DCBO) stock has experienced significant volatility over the past year, peaking above $75 before trending downward to around $40. Despite the decline, long-term investors may view this as a potential entry point for a high-growth SaaS company in the learning technology sector.
📊 Peers Comparison: Docebo Inc. (TSX: DCBO)
| Code | Name | GIC Sector | Market Cap | Beta | 52-Week High | 52-Week Low | 50-Day MA | 200-Day MA | Shares Short | Short Ratio | Short % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SHOP | Shopify Inc | Information Technology | $194.75B | 2.668 | 183.53 | 72.36 | 133.43 | 132.36 | 7,523,859 | 2.58 | 0.0103 |
| CSU | Constellation Software Inc. | Information Technology | $108.71B | 1.084 | 5,300.00 | 3,600.30 | 4,750.96 | 4,537.04 | 82,493 | 2.29 | 0.0083 |
| GIB-A | CGI Inc | Information Technology | $33.65B | 0.653 | 175.20 | 131.82 | 145.21 | 154.06 | 1,937,821 | 3.47 | 0.0164 |
| CLS | Celestica Inc. | Information Technology | $18.24B | 1.502 | 206.57 | 55.10 | 123.05 | 115.18 | 2,834,506 | 2.92 | 0.0248 |
| DSG | Descartes Systems Group Inc | Information Technology | $13.44B | 0.598 | 177.98 | 121.84 | 145.17 | 150.75 | 453,795 | 2.63 | 0.0051 |
| OTEX | Open Text Corp | Information Technology | $10.18B | 1.159 | 46.63 | 32.41 | 36.66 | 40.91 | 5,845,031 | 6.39 | 0.0231 |
| KXS | Kinaxis Inc | Information Technology | $5.69B | 0.812 | 201.44 | 132.93 | 169.50 | 165.60 | 358,447 | 3.68 | 0.0049 |
| BB | BlackBerry Ltd | Information Technology | $3.27B | 1.055 | 8.86 | 2.89 | 5.30 | 4.61 | 8,252,014 | 3.73 | 0.0139 |
| LSPD | Lightspeed Commerce Inc | Information Technology | $2.20B | 2.853 | 26.60 | 10.50 | 13.90 | 19.05 | 3,500,853 | 4.58 | 0.0265 |
| ENGH | Enghouse Systems Ltd | Information Technology | $1.49B | 0.479 | 33.80 | 22.72 | 25.45 | 28.37 | 1,287,345 | 11.16 | 0.0089 |
📌 Docebo Inc. competes alongside leading Canadian and global tech firms such as Shopify, Kinaxis, and OpenText. While smaller in market cap, Docebo’s cloud-based LMS growth strategy puts it on track for potential long-term upside among SaaS-focused peers.
💰 Valuation Measures: Docebo Inc. (TSX: DCBO)
| Metric | Current | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 |
|---|---|---|---|---|---|---|
| Market Cap | $1.10B | $1.25B | $1.95B | $1.80B | $1.60B | $2.01B |
| Enterprise Value | $968.97M | $1.12B | $1.84B | $1.69B | $1.50B | $1.91B |
| Trailing P/E | 35.76 | 33.46 | 78.80 | 83.34 | 183.63 | 609.22 |
| Forward P/E | 26.81 | 24.45 | 35.59 | 35.59 | 43.29 | 57.47 |
| PEG Ratio (5yr expected) | — | — | — | — | — | — |
| Price/Sales | 3.68 | 4.11 | 6.93 | 7.20 | 6.65 | 9.08 |
| Price/Book | 14.95 | 15.08 | 30.16 | 31.39 | 19.55 | 29.17 |
| Enterprise Value/Revenue | 3.11 | 3.62 | 6.11 | 6.26 | 5.72 | 7.78 |
| Enterprise Value/EBITDA | 27.93 | 28.76 | 58.34 | 57.38 | 94.67 | 169.87 |
📌 Docebo’s valuation has become more attractive in recent quarters, with notable improvement in its Price/Sales and EV/Revenue ratios. While the high P/E ratios reflect its premium tech growth status, moderating Forward P/E levels suggest potential upside as earnings catch up to investor expectations.
✅ Final Thoughts
Docebo Inc. (TSX: DCBO) stands out as a promising player in the AI-powered learning management space. Its robust subscription model, strategic partnerships, and focus on innovation position it well for long-term growth. While recent challenges have led to revised guidance, the company’s fundamentals remain strong.
🚀 Key Takeaways
- Strong Subscription Model: 95% of revenue from subscriptions ensures steady cash flow.
- AI-Driven Innovation: Continuous investment in AI enhances platform capabilities.
- Strategic Partnerships: Collaborations with major clients bolster market position.
- Growth Potential: Despite short-term challenges, long-term prospects remain positive.