Docebo Inc. (DCBO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+38.9%

$41.03

vs $29.55 price

Levered DCF

$43.33

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.69

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.69×	50.88×	554.18×	165.7×	-164.29×	-250.35×	-102.04×	-135.14×
P/B	8.61×	23.42×	31.02×	5.7×	11.61×	9.4×	38.82×	-89.69×
P/S	2.62×	6.24×	8.7×	7.67×	21.24×	29.93×	29.39×	55.58×
EV / EBITDA	20.43×	46.25×	181.54×	84.13×	-183.46×	-276.22×	-119.22×	-138.38×
Gross margin	80.3%	81.0%	80.9%	80.3%	80.1%	81.7%	79.8%	79.1%
Operating margin	10.1%	8.7%	-2.1%	2.9%	-12.9%	-12.1%	-23.7%	-33.1%
Net margin	15.5%	12.3%	1.6%	4.9%	-13.0%	-12.7%	-28.7%	-41.6%
Current ratio	1.15×	1.2×	1.26×	3.12×	3.63×	5.21×	2.07×	0.47×
Debt / equity	0.06×	0.03×	0.04×	0.02×	0.02×	0.02×	0.11×	-0.56×
Interest coverage	167.66×	84.87×	-12.48×	15.03×	-31.63×	-16.21×	-12.04×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	50.7%	46.3%	5.6%	3.7%	-7.1%	-4.0%	-38.0%	67.2%
Return on invested capital	29.4%	29.8%	-3.7%	1.9%	-6.7%	-3.6%	-27.0%	117.6%
Return on assets	18.2%	14.0%	1.8%	2.5%	-5.1%	-3.1%	-18.7%	-84.7%
Free cash flow yield	4.6%	2.1%	1.0%	0.1%	-0.2%	0.2%	-0.4%	-0.2%
Earnings yield	5.9%	2.0%	0.2%	0.6%	-0.6%	-0.4%	-1.0%	-0.7%
Enterprise value	$567.6M	$1.3B	$1.5B	$882.6M	$2B	$1.7B	$1.2B	$1.5B
Net debt / EBITDA	-2.5×	-3.34×	-8.43×	-20.32×	19.36×	35.75×	4.34×	-0.52×
Cash conversion cycle (days)	-190	-231	-249	-240	-304	-418	-329	-355