Docebo Inc (DCBO) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Docebo Inc $29.86, price $22.59, upside +32.2%, quality 83 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Docebo Inc
DCBO · USUndervalued, solidFair Value upside is positive and quality is strong.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $14.70 – $92.32 · fair‑value band $18.25 – $48.73 · the $22.59 price screens below the $29.86 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Company profile
Docebo Inc. develops and provides learning management platform for training in Canada, the United States, and internationally.
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Docebo Inc. develops and provides learning management platform for training in Canada, the United States, and internationally. The company's cloud platform consists of a learning suite, which includes Docebo Learn platform, a cloud-based learning platform that allows learning administrators to deliver personalized learning; Docebo Content Marketplace, an access to off-the-shelf learning content and provide predeveloped learning content; Insights module allows organizations to understand the results of learning programs with data visualizations; Learning Evaluation module to incorporate the learner's perspective into analyses by collection of feedback; and Advanced Analytics Pack to integrate learning data into data ecosystem and BI tool. It also offers Communities module enabling interactive learner communities; eCommerce module that monetize from digital training contents, as well as manage and sells training offerings; eCommerce module to monetize training programs; Docebo Integrations; Headless Learning allows businesses to build learning experiences outside of the Docebo learning environment; Harmony Search, an AI-powered search capability. In addition, the company provides Docebo Creator enables organizations to design, scale, and deploy learning contents; Docebo for Salesforce, an integration of Salesforce's APIs and technology architecture to deliver a learning experience within Salesforce workflows; Docebo Embed (OEM) enables original equipment manufacturers to embed and resell the Docebo learning platform; Docebo Branded Mobile App Publisher, allows organizations to create and distribute a branded version of Docebo's mobile learning application; Docebo Extended Enterprise supports customer education, partner enablement, and retention by enabling organizations to train external audiences from a single LMS; and Docebo for Microsoft Teams. The company was founded in 2005 and is headquartered in Toronto, Canada.
Stock analysis
Docebo Inc (DCBO) currently trades at $22.59, while our model-based Fair Value estimate is $29.86, implying the stock looks roughly 24.3% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $68.89 per share, and 16 of the 24 models we run sit above the $22.59 price.
Bear case: the Economic Profit group reads lowest at $10.81, and 8 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: $18.25 (bear) to $48.73 (bull), the price of $22.59 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 83/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Docebo Inc reported revenue of $243M in FY2025 versus $104M in FY2021, a compound +23.5%/yr. Reported net income was $37.5M in FY2025.
Key figures
Market cap $664M · P/E ratio 19.3 · P/S ratio 2.98 · EPS (TTM) $1.17 · Net margin 15.5% · Return on equity 133% · Return on assets (EBIT) 3.2% · Operating margin −0.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 24% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at 32%, DCBO screens cheaper than that median.
Fair Value models
All 24 models by family
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Set up alert →Quality Score breakdown
Of which business quality 80 · Market factors (momentum, volatility) 46
Revenue & earnings trend
Growth Forecast
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Compare Docebo Inc with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 721 stocks
Valuation Multiplesvs Software - Application median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Information Technology sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Software - Application stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SAP SE SAP | €184.18 | €159.06 | −14% |
| Shopify Inc SHOP | $142.34 | $64.36 | −55% |
| Uber Technologies, Inc UBER | $69.89 | $104.82 | +50% |
| Salesforce, Inc CRM | $233.28 | $344.41 | +48% |
| ServiceNow, Inc NOW | $140.78 | $154.86 | +10% |
| Cadence Design Systems, Inc CDNS | $309.09 | $225.14 | −27% |
| Snowflake Inc SNOW | $334.81 | $75.08 | −78% |
| Datadog, Inc DDOG | $251.49 | $32.92 | −87% |
| Adobe Inc ADBE | $238.25 | $454.04 | +91% |
| Automatic Data Processing, Inc ADP | $263.68 | $177.51 | −33% |
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Key figures of Docebo Inc
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