Docebo Financials
Docebo (DCBO) reported $242.7M in revenue for fiscal year 2025, up 11.9% from the prior fiscal year. This page shows its 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).
Docebo’s business model is showing operating leverage: growth now drops into cash, while the surplus cash cushion is being worked down.
In the latest year, net income climbed from$26.7M to$37.5M . Yet operating cash flow stayed roughly flat near$28M , which suggests the profit lift came partly from a-$13.1M tax line and more cash tied up in receivables rather than from the same degree of cash conversion.
The balance sheet has shifted from cash-rich to working-capital disciplined: cash fell from
This is an asset-light business in cash terms: capital spending was just
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Docebo's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Docebo, and counted as zero in the overall score.
Docebo's revenue grew 11.9% year-over-year to $242.7M, a solid pace of expansion. This earns a growth score of 77/100.
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 86/100, indicating a strong balance sheet with room for future borrowing.
Docebo's current ratio of 1.22 indicates adequate short-term liquidity, earning a score of 30/100. The company can meet its near-term obligations, though with limited headroom.
Docebo converts 11.2% of revenue into free cash flow ($27.2M). This strong cash generation earns a score of 70/100.
Not available for Docebo, and counted as zero in the overall score.
Docebo passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
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
Earnings & Revenue
Docebo generated $242.7M in revenue in fiscal year 2025. This represents an increase of 11.9% from the prior year.
Docebo reported $37.5M in net income in fiscal year 2025. This represents an increase of 40.3% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
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.
Docebo held $74.0M in cash against $1.9M in long-term debt as of fiscal year 2025, with $123.8M of liabilities due within a year.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
DCBO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Revenue | $242.7M+11.9% | $216.9M+20.0% | $180.8M+26.5% | $142.9M+37.1% | $104.2M+65.7% | $62.9M+51.8% | $41.4M |
| Interest Expense | $130K-8.5% | $142K-31.1% | $206K-22.6% | $266K-21.1% | $337K-5.9% | $358K+28.8% | $278K |
| Income Tax | -$13.1M-332.3% | -$3.0M-250.7% | $2.0M+162.6% | $764K+344.2% | $172K-48.8% | $336K-44.8% | $609K |
| Net Income | $37.5M+40.3% | $26.7M+841.4% | $2.8M-59.5% | $7.0M+151.6% | -$13.6M-69.7% | -$8.0M+32.7% | -$11.9M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EPS (Diluted).
DCBO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $206.6M+8.4% | $190.7M+20.4% | $158.4M-44.2% | $283.7M+5.8% | $268.2M+5.5% | $254.2M+298.1% | $63.9M |
| Current Assets | $151.5M-1.8% | $154.2M+21.3% | $127.2M-51.8% | $263.6M+4.8% | $251.6M+4.9% | $239.7M+306.7% | $58.9M |
| Cash & Equivalents | $74.0M-20.0% | $92.5M+28.6% | $72.0M-66.7% | $216.3M+0.5% | $215.3M-2.0% | $219.7M+374.6% | $46.3M |
| Accounts Receivable | $55.2M+21.2% | $45.6M+9.1% | $41.8M+11.3% | $37.5M+35.5% | $27.7M+76.4% | $15.7M+55.2% | $10.1M |
| Goodwill | $14.5M+5.0% | $13.9M-2.8% | $14.3M+138.2% | $6.0M+12.8% | $5.3M-5.3% | $5.6M | $0 |
| Total Liabilities | $132.6M-0.3% | $133.0M+23.5% | $107.7M+17.7% | $91.5M+17.9% | $77.6M+43.8% | $53.9M+66.1% | $32.5M |
| Current Liabilities | $123.8M-3.7% | $128.6M+27.8% | $100.7M+19.3% | $84.4M+21.8% | $69.3M+51.5% | $45.7M+60.2% | $28.5M |
| Long-Term Debt | $1.9M+1159.1% | $154K-75.9% | $639K-62.2% | $1.7M-37.1% | $2.7M+5.7% | $2.5M+2.6% | $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+538.3% | $31.4M |
| Retained Earnings | -$184.0M+10.4% | -$205.4M-0.3% | -$204.8M-173.5% | -$74.9M+8.6% | -$81.9M-19.9% | -$68.3M-13.3% | -$60.3M |
Not reported in any period shown, so not listed: Inventory.
DCBO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| 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+204.6% | -$4.6M |
| Capital Expenditures | $981K-21.2% | $1.2M+96.1% | $635K-41.3% | $1.1M-5.6% | $1.1M+5.9% | $1.1M+195.4% | $366K |
| 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+175.0% | -$4.9M |
| 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-864.8% | -$366K |
| Financing Cash Flow | -$46.6M-581.9% | -$6.8M+95.5% | -$151.0M-9131.3% | $1.7M+296.2% | $422K-99.8% | $172.3M+263.7% | $47.4M |
| Share Buybacks | N/A | $18.4M | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
DCBO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Net Margin | 15.5%+3.1pp | 12.3%+10.8pp | 1.6%-3.3pp | 4.9%+18.0pp | -13.1%-0.3pp | -12.7%+16.0pp | -28.7% |
| 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%+34.0pp | -38.0% |
| 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%+15.5pp | -18.7% |
| Current Ratio | 1.220.0x | 1.20-0.1x | 1.26-1.9x | 3.12-0.5x | 3.63-1.6x | 5.24+3.2x | 2.07 |
| Debt-to-Equity | 0.030.0x | 0.000.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.01-0.1x | 0.08 |
| FCF Margin | 11.2%-1.7pp | 12.9%+4.4pp | 8.5%+7.6pp | 0.8%+5.1pp | -4.2%-10.1pp | 5.9%+17.8pp | -11.9% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin.
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Where Docebo Ranks
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.
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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 44 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.