Docebo Financials

DCBO

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Docebo (DCBO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 65/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Docebo's revenue grew 11.9% year-over-year to $242.7M, a solid pace of expansion. This earns a growth score of 53/100.

Leverage

100

Docebo carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Docebo's current ratio of 1.22 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 20/100, which could limit financial flexibility.

Cash Flow

Docebo has a free cash flow margin of 11.2%, earning a moderate score of 53/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

100

Docebo earns a strong 50.6% return on equity (ROE), meaning it generates $51 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 46.3% the prior year.

Piotroski F-Score Neutral

6/9

Docebo passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

0.75x

For every $1 of reported earnings, Docebo generates $0.75 in operating cash flow ($28.2M OCF vs $37.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$242.7M

YoY+11.9%

5Y CAGR+31.0%

Docebo generated $242.7M in revenue in fiscal year 2025. This represents an increase of 11.9% from the prior year.

EBITDA

N/A

Net Income

$37.5M

YoY+40.3%

Docebo reported $37.5M in net income in fiscal year 2025. This represents an increase of 40.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$27.2M

YoY-2.9%

5Y CAGR+48.9%

Docebo generated $27.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 2.9% from the prior year.

Cash & Debt

$74.0M

YoY-20.0%

5Y CAGR-19.5%

Docebo held $74.0M in cash against $1.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

29M

YoY-5.0%

5Y CAGR-2.5%

Docebo had 29M shares outstanding in fiscal year 2025. This represents a decrease of 5.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

15.5%

YoY+3.1pp

5Y CAGR+28.2pp

Docebo's net profit margin was 15.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.1 percentage points from the prior year.

Return on Equity

50.6%

YoY+4.3pp

5Y CAGR+54.6pp

Docebo's ROE was 50.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$981K

YoY-21.2%

5Y CAGR-1.9%

Docebo invested $981K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 21.2% from the prior year.

DCBO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$242.7M+11.9%	$216.9M+20.0%	$180.8M+26.5%	$142.9M+37.1%	$104.2M+65.7%	$62.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$130K-8.5%	$142K-31.1%	$206K-22.6%	$266K-21.1%	$337K-5.9%	$358K
Income Tax	-$13.1M-332.3%	-$3.0M-250.7%	$2.0M+162.6%	$764K+344.2%	$172K-48.8%	$336K
Net Income	$37.5M+40.3%	$26.7M+841.4%	$2.8M-59.5%	$7.0M+151.6%	-$13.6M-69.7%	-$8.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q1'25	Q4'24	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	N/A	$57.3M	N/A	$55.4M+7.8%	$51.4M+4.3%	$49.3M+6.0%	$46.5M+6.7%	$43.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$20K	N/A	$36K-12.2%	$41K-4.7%	$43K-15.7%	$51K-3.8%	$53K
Income Tax	N/A	$883K	N/A	$382K+196.5%	-$396K-550.0%	$88K-91.2%	$997K+78.7%	$558K
Net Income	N/A	$1.5M	N/A	$5.0M-4.1%	$5.2M+60.4%	$3.2M-20.4%	$4.0M+171.3%	-$5.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DCBO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$206.6M+8.4%	$190.7M+20.4%	$158.4M-44.2%	$283.7M+5.8%	$268.2M+5.5%	$254.2M
Current Assets	$151.5M-1.8%	$154.2M+21.3%	$127.2M-51.8%	$263.6M+4.8%	$251.6M+4.9%	$239.7M
Cash & Equivalents	$74.0M-20.0%	$92.5M+28.6%	$72.0M-66.7%	$216.3M+0.5%	$215.3M-2.0%	$219.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$55.2M+21.2%	$45.6M+9.1%	$41.8M+11.3%	$37.5M+35.5%	$27.7M+76.4%	$15.7M
Goodwill	$14.5M+5.0%	$13.9M-2.8%	$14.3M+138.2%	$6.0M+12.8%	$5.3M-5.3%	$5.6M
Total Liabilities	$132.6M-0.3%	$133.0M+23.5%	$107.7M+17.7%	$91.5M+17.9%	$77.6M+43.8%	$53.9M
Current Liabilities	$123.8M-3.7%	$128.6M+27.8%	$100.7M+19.3%	$84.4M+21.8%	$69.3M+51.5%	$45.7M
Long-Term Debt	$1.9M+1159.1%	$154K-75.9%	$639K-62.2%	$1.7M-37.1%	$2.7M+5.7%	$2.5M
Total Equity	$74.1M+28.3%	$57.8M+13.9%	$50.7M-73.6%	$192.2M+0.8%	$190.7M-4.8%	$200.3M
Retained Earnings	-$184.0M+10.4%	-$205.4M-0.3%	-$204.8M-173.5%	-$74.9M+8.6%	-$81.9M-19.9%	-$68.3M

Metric	Q4'25	Q1'25	Q4'24	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23
Total Assets	$206.6M+4.5%	$197.7M+3.6%	$190.7M+9.5%	$174.1M+0.6%	$173.1M+9.3%	$158.4M-37.7%	$254.2M-12.0%	$289.0M
Current Assets	$151.5M-6.3%	$161.8M+4.9%	$154.2M+9.5%	$140.8M-0.1%	$140.9M+10.8%	$127.2M-43.4%	$224.7M-13.2%	$258.9M
Cash & Equivalents	$74.0M-19.4%	$91.9M-0.7%	$92.5M+12.8%	$82.0M+1.7%	$80.6M+12.1%	$72.0M-57.8%	$170.6M-16.3%	$203.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$55.2M+8.3%	$51.0M+11.9%	$45.6M+13.1%	$40.3M-10.6%	$45.0M+7.8%	$41.8M+2.2%	$40.9M+3.7%	$39.4M
Goodwill	$14.5M+3.5%	$14.0M+1.4%	$13.9M-3.3%	$14.3M+2.0%	$14.0M-1.4%	$14.3M+44.6%	$9.9M-1.8%	$10.0M
Total Liabilities	$132.6M-8.7%	$145.2M+9.2%	$133.0M+3.0%	$129.1M+13.8%	$113.4M+5.4%	$107.7M-9.1%	$118.5M-18.0%	$144.4M
Current Liabilities	$123.8M-11.9%	$140.6M+9.3%	$128.6M+3.0%	$124.8M+15.2%	$108.4M+7.7%	$100.7M-9.2%	$110.8M-19.5%	$137.6M
Long-Term Debt	$1.9M+2631.0%	$71K-53.9%	$154K-52.6%	$325K-34.9%	$499K-21.9%	$639K-27.5%	$881K-24.6%	$1.2M
Total Equity	$74.1M+41.3%	$52.4M-9.2%	$57.8M+28.2%	$45.1M-24.5%	$59.6M+17.6%	$50.7M-62.6%	$135.7M-6.1%	$144.5M
Retained Earnings	-$184.0M+11.9%	-$208.8M-1.7%	-$205.4M+5.4%	-$217.0M-8.7%	-$199.6M+2.5%	-$204.8M-59.2%	-$128.6M+0.5%	-$129.3M

DCBO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$28.2M-3.7%	$29.2M+83.2%	$16.0M+597.7%	$2.3M+170.3%	-$3.3M-167.9%	$4.8M
Capital Expenditures	$981K-21.2%	$1.2M+96.1%	$635K-41.3%	$1.1M-5.6%	$1.1M+5.9%	$1.1M
Free Cash Flow	$27.2M-2.9%	$28.0M+82.7%	$15.3M+1170.0%	$1.2M+127.4%	-$4.4M-218.6%	$3.7M
Investing Cash Flow	-$1.8M-23.1%	-$1.5M+84.3%	-$9.5M-324.1%	-$2.2M-96.1%	-$1.1M+67.6%	-$3.5M
Financing Cash Flow	-$46.6M-581.9%	-$6.8M+95.5%	-$151.0M-9131.3%	$1.7M+296.2%	$422K-99.8%	$172.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$18.4M	N/A	N/A	N/A	N/A

Metric	Q4'25	Q1'25	Q4'24	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23
Operating Cash Flow	N/A	$7.9M-18.3%	$9.7M	N/A	$8.4M+30.1%	$6.5M+4.2%	$6.2M+14.0%	$5.5M
Capital Expenditures	N/A	$298K+3.8%	$287K	N/A	$203K-18.5%	$249K+107.5%	$120K-24.5%	$159K
Free Cash Flow	N/A	$7.6M-19.0%	$9.4M	N/A	$8.2M+32.1%	$6.2M+2.2%	$6.1M+15.1%	$5.3M
Investing Cash Flow	N/A	-$298K-3.8%	-$287K	N/A	-$203K+18.5%	-$249K-107.5%	-$120K+98.7%	-$9.0M
Financing Cash Flow	N/A	-$8.8M-538.2%	$2.0M	N/A	$521K+100.5%	-$105.4M-170.1%	-$39.0M-370.3%	-$8.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$238K	N/A	N/A	N/A	-$29.2M	N/A

DCBO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	15.5%+3.1pp	12.3%+10.8pp	1.6%-3.3pp	4.9%+18.0pp	-13.1%-0.3pp	-12.7%
Return on Equity	50.6%+4.3pp	46.3%+40.7pp	5.6%+2.0pp	3.6%+10.8pp	-7.1%-3.1pp	-4.0%
Return on Assets	18.1%+4.1pp	14.0%+12.2pp	1.8%-0.7pp	2.5%+7.5pp	-5.1%-1.9pp	-3.1%
Current Ratio	1.22+0.0	1.20-0.1	1.26-1.9	3.12-0.5	3.63-1.6	5.24
Debt-to-Equity	0.03+0.0	0.000.0	0.010.0	0.010.0	0.010.0	0.01
FCF Margin	11.2%-1.7pp	12.9%+4.4pp	8.5%+7.6pp	0.8%+5.1pp	-4.2%-10.1pp	5.9%

Metric	Q4'25	Q1'25	Q4'24	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	2.6%	N/A	8.9%-1.1pp	10.1%+3.5pp	6.5%-2.2pp	8.7%+21.7pp	-13.0%
Return on Equity	N/A	2.8%	N/A	11.0%+2.3pp	8.7%+2.3pp	6.3%+3.4pp	3.0%+6.9pp	-3.9%
Return on Assets	N/A	0.8%	N/A	2.9%-0.1pp	3.0%+1.0pp	2.0%+0.4pp	1.6%+3.6pp	-2.0%
Current Ratio	1.22+0.1	1.15-0.0	1.20+0.1	1.13-0.2	1.30+0.0	1.26-0.8	2.03+0.1	1.88
Debt-to-Equity	0.03+0.0	0.000.0	0.000.0	0.010.0	0.010.0	0.010.0	0.010.0	0.01
FCF Margin	N/A	13.4%	N/A	N/A	16.0%+3.4pp	12.6%-0.5pp	13.1%+1.0pp	12.2%

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Frequently Asked Questions

What is Docebo's annual revenue?

Docebo (DCBO) reported $242.7M in total revenue for fiscal year 2025. This represents a 11.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Docebo's revenue growing?

Docebo (DCBO) revenue grew by 11.9% year-over-year, from $216.9M to $242.7M in fiscal year 2025.

Is Docebo profitable?

Yes, Docebo (DCBO) reported a net income of $37.5M in fiscal year 2025, with a net profit margin of 15.5%.

How much debt does Docebo have?

As of fiscal year 2025, Docebo (DCBO) had $74.0M in cash and equivalents against $1.9M in long-term debt.

What is Docebo's net profit margin?

Docebo (DCBO) had a net profit margin of 15.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Docebo's return on equity (ROE)?

Docebo (DCBO) has a return on equity of 50.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Docebo's free cash flow?

Docebo (DCBO) generated $27.2M in free cash flow during fiscal year 2025. This represents a -2.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Docebo's operating cash flow?

Docebo (DCBO) generated $28.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Docebo's total assets?

Docebo (DCBO) had $206.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Docebo's capital expenditures?

Docebo (DCBO) invested $981K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Docebo have outstanding?

Docebo (DCBO) had 29M shares outstanding as of fiscal year 2025.

What is Docebo's current ratio?

Docebo (DCBO) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.

What is Docebo's debt-to-equity ratio?

Docebo (DCBO) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Docebo's return on assets (ROA)?

Docebo (DCBO) had a return on assets of 18.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Docebo's Piotroski F-Score?

Docebo (DCBO) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Docebo's earnings high quality?

Docebo (DCBO) has an earnings quality ratio of 0.75x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Docebo?

Docebo (DCBO) scores 65 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.