Docebo Inc (DCBO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Docebo Inc stock $31.87, price $28.97, upside +10.0%, quality 86 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Docebo Inc
DCBO · USThe stock costs about what our calculation considers fair.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $14.70 – $92.32 · fair‑value band $19.47 – $51.40 · the $28.97 price screens below the $31.87 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 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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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 $28.97, while our model-based Fair Value estimate is $31.87, so the stock looks roughly fairly valued today (gap 9.1%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $70.10 per share, and 12 of the 24 models we run sit above the $28.97 price.
Bear case: the Economic Profit group reads lowest at $12.92, and 12 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $19.47 (bear) to $51.40 (bull), the price of $28.97 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 86/100 (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 $776M Small · P/E ratio 22.1 · P/S ratio 3.00 · EPS (TTM) $1.31 · Net margin 13.0% · Return on equity 195% · Return on assets (EBIT) 3.2% (5-year average) · Operating margin 9.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (medium confidence).
What moves the price
The share trades about 6% below its 52-week high and 97% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at 10%, DCBO screens cheaper than that median.
Fair Value models
All 24 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
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Recent news
- Docebo Inc (DCBO) (Q3 2026) Earnings Call Highlights: Accelerating Subscription Growth, $60 ...
- Docebo And 2 Other Canadian AI Stocks To Own
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 · 628 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)
- Dividend yield by industry
- EV/EBITDA by industry
- Piotroski F-Score screener with fair value
- 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 | Compare |
|---|---|---|---|---|
| Adobe Inc ADBE | $239.30 | $463.72 | +94% | vs DCBO |
| Salesforce, Inc CRM | $213.65 | $342.73 | +60% | vs DCBO |
| Uber Technologies, Inc UBER | $68.59 | $101.28 | +48% | vs DCBO |
| Intuit Inc INTU | $341.50 | $459.14 | +34% | vs DCBO |
| ServiceNow, Inc NOW | $101.97 | $112.17 | +10% | vs DCBO |
| SAP SE SAP | €210.75 | €173.59 | −18% | vs DCBO |
| Cadence Design Systems, Inc CDNS | $319.92 | $225.48 | −30% | vs DCBO |
| Automatic Data Processing, Inc ADP | $303.35 | $150.40 | −50% | vs DCBO |
| Shopify Inc SHOP | $148.91 | $64.96 | −56% | vs DCBO |
| Snowflake Inc SNOW | $275.88 | $73.81 | −73% | vs DCBO |
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Key figures of Docebo Inc
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