Stocks DCBO Financial statements
Financial statementsDocebo Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Docebo Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 41.4 | 62.9 | 104 | 143 | 181 | 217 | 243 |
| Cost of revenue | 8.37 | 11.5 | 20.8 | 28.2 | 34.5 | 41.3 | 47.9 |
| Gross profit | 33.1 | 51.4 | 83.5 | 115 | 146 | 176 | 195 |
| Research and development | 9.44 | 13.4 | 20.4 | 24.8 | 35.5 | 43.9 | 50.1 |
| Operating income | -9.81 | -7.63 | -13.4 | 4.19 | -3.71 | 21.3 | 23.2 |
| Pre-tax income | -11.3 | -7.68 | -13.4 | 7.78 | 4.85 | 23.7 | 24.4 |
| Income tax | 0.61 | 0.34 | 0.17 | 0.76 | 2.01 | -3.02 | -13.1 |
| Net income | -11.9 | -8.02 | -13.6 | 7.02 | 2.84 | 26.7 | 37.5 |
| EBITDA | -9.12 | -6.42 | -11.4 | 6.52 | -0.57 | 24.7 | 26.4 |
| EPS, basic | -0.53 | -0.28 | -0.41 | 0.21 | 0.09 | 0.88 | 1.31 |
| EPS, diluted | -0.53 | -0.28 | -0.41 | 0.21 | 0.08 | 0.86 | 1.28 |
Balance sheet
| FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 46.3 | 220 | 215 | 216 | 72 | 92.5 | 74 |
| Receivables | 10.1 | 15.7 | 27.7 | 37.5 | 41.8 | 45.6 | 55.2 |
| Total current assets | 58.9 | 240 | 252 | 264 | 127 | 154 | 152 |
| Property, plant and equipment | 1.48 | 2.29 | 2.65 | 2.62 | 2.11 | 2 | 2.05 |
| Lease right-of-use assets | 2.42 | 2.8 | 3.06 | 2.04 | 1.34 | 1.13 | 2.39 |
| Goodwill | 0 | 5.6 | 5.3 | 5.98 | 14.3 | 13.9 | 14.5 |
| Intangible assets | 0 | 2.1 | 1.58 | 1.15 | 2.4 | 1.67 | 1.03 |
| Total assets | 63.9 | 254 | 268 | 284 | 158 | 191 | 207 |
| Accounts payable | 9.59 | 16.1 | 22.9 | 26 | 31.7 | 34.9 | 36 |
| Total current liabilities | 28.5 | 45.7 | 69.3 | 84.4 | 101 | 129 | 124 |
| Lease liabilities | 2.48 | 2.54 | 2.69 | 1.69 | 0.64 | 0.15 | 1.94 |
| Total liabilities | 32.5 | 53.9 | 77.6 | 91.5 | 108 | 133 | 133 |
| Total debt | 0.04 | 0.02 | 0 | ||||
| Retained earnings | -60.3 | -68.3 | -81.9 | -74.9 | -205 | -205 | -184 |
| Total equity | 31.4 | 200 | 191 | 192 | 50.7 | 57.8 | 74.1 |
| Total liabilities and equity | 63.9 | 254 | 268 | 284 | 158 | 191 | 207 |
Cash flow statement
| FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | -11.9 | -8.02 | -13.6 | 7.02 | 2.84 | 26.7 | 37.5 |
| Depreciation and amortization | 0.69 | 1.21 | 2.02 | 2.33 | 3.14 | 3.38 | 3.19 |
| Cash from operations | -4.58 | 4.79 | -3.25 | 2.29 | 16 | 29.2 | 28.2 |
| Capital expenditures | -0.37 | -1.08 | -1.15 | -1.08 | -0.64 | -1.25 | -0.98 |
| Cash from investing | -0.37 | -3.53 | -1.15 | -2.25 | -9.52 | -1.5 | -1.84 |
| Debt repaid | -14.1 | -0.3 | -0.02 | 0 | |||
| Cash from financing | 47.4 | 172 | 0.42 | 1.67 | -151 | -6.84 | -46.6 |
| Exchange rate effect | 0.1 | -0.15 | -0.36 | -0.75 | 0.22 | -0.32 | 1.81 |
| Free cash flow | -4.95 | 3.71 | -4.4 | 1.21 | 15.3 | 28 | 27.2 |
| Income taxes paid | 0.25 | 0.59 | 0.88 | 0.29 | 3.18 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 80.3% | Gross profit / revenue. |
| Operating margin | 9.6% | Operating income / revenue. |
| EBITDA margin | 10.9% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 10.1% | Pre-tax income / revenue. |
| Net margin | 15.5% | Net income / revenue. |
| FCF margin | 11.2% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 11.6% | Cash from operations / revenue. |
| Effective tax rate | -53.5% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on assets (ROA) | 18.9% | Net income / average total assets. |
| R&D / revenue | 20.7% | Research and development expense / revenue. |
| Capex / revenue | 0.4% | Capital expenditures / revenue. |
| D&A / revenue | 1.3% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 11.9% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 19.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 31.0% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 10.9% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 19.3% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 30.6% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 9.1% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 77.1% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 7.1% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 59.4% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | 40.3% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 74.8% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS growth, 1y | 48.8% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 82.7% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -3.7% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 130.9% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 42.5% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -2.9% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 182.4% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 48.9% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 8.4% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -10.0% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | -4.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.22x | Current assets / current liabilities. |
| Quick ratio | 1.04x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.60x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 64.1% | Total liabilities / total assets. |
| Working capital | $27.7M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 7.5% | (Goodwill + intangible assets) / total assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 1.22x | Revenue / average total assets. |
| Fixed asset turnover | 120x | Revenue / average property, plant and equipment. |
| Receivables turnover | 4.82x | Revenue / average receivables. |
| Days sales outstanding | 76 days | 365 x average receivables / revenue. |
| Days payables | 270 days | 365 x average accounts payable / cost of revenue. |
| FCF conversion | 72.5% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 3.5% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $1.28 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| EPS, basic | $1.31 | Net income per basic share, as reported (split-adjusted). |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $568.7M | Share price x shares outstanding. |
| Enterprise value | $494.7M | Market cap + total debt - cash - short-term investments. |
| P/E | 15.2x | Market cap / net income. Only when net income is positive. |
| P/S | 2.34x | Market cap / revenue. |
| P/FCF | 20.9x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 20.2x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.04x | Enterprise value / revenue. |
| EV/EBIT | 21.3x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 18.7x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 18.2x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 4.8% | Free cash flow / market cap. |
| Earnings yield | 6.6% | Net income / market cap (the inverse of P/E). |
| PEG | 0.18x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was Docebo Inc.'s revenue in fiscal 2025?
Docebo Inc. reported revenue of $242.7M for fiscal 2025, 11.9% higher than the year before.
Was Docebo Inc. profitable in fiscal 2025?
Yes. Net income was $37.5M, a net margin of 15.5%.
How much free cash flow did Docebo Inc. generate in fiscal 2025?
Cash from operations of $28.2M minus capital expenditures of $981.0K left free cash flow of $27.2M.