Docebo Financials

DCBO

Source SEC Filings (10-K/10-Q) Data as of 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).

Rhea AI DCBO FY2025 2026-04-22

Profitability is scaling faster than balance-sheet risk as cash-light reinvestment lets more revenue reach the bottom line.

FY2025’s 50.6% return on equity looks exceptional, but with debt-to-equity at just 0.03x and equity of only $74.1M, the bigger driver is a still-thin equity base rather than leverage. The important confirmation is earnings quality: operating cash flow reached $28.2M, so the profit step-up is being supported by cash generation rather than borrowed capital.

The business has become decisively asset-light: free cash flow rose from $15.3M in FY2023 to $27.2M in FY2025, with capex staying small relative to cash generation. That means more incremental profit is being kept inside the model instead of being consumed by maintaining the operating base.

The balance sheet is lightly levered but only moderately liquid: long-term debt is just $1.9M and cash is $74.0M, yet the current ratio is only 1.2x. In FY2025, higher earnings coincided with a larger receivables balance, so day-to-day cash is more exposed to collection timing than to interest burden.

Financial Health Signals

Financial Health Score 44/100

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.

Growth

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.

Leverage

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.

Liquidity

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.

Cash Flow

Docebo converts 11.2% of revenue into free cash flow ($27.2M). This strong cash generation earns a score of 70/100.

Piotroski F-Score Partial

6/8

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.

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 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.