Docebo Inc. (DCBO)

Nasdaq: DCBO · Services-Prepackaged Software · Toronto · filing with the SEC since 2020

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Grade6.2

◀ Past 6.7● Present 6.7▶ Future 5.5

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Docebo Inc.

Nine metrics read from its own filings, by tense

Headline grade

6.2/10

◀ Past6.725% of the headline

● Present6.735% of the headline

▶ Future5.540% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.7/1025% of the headline grade · 3 of 3 filed

Surviving crises

as filed

7.3/10

Has it survived what it has been through?

No warning events in its filings since 2020.

weight 22% of this tense · 73rd percentile among 230 sector filers · read for itself

From the record

Docebo Inc.'s filings since 2020 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

7.5/10

What has it actually done, year after year?

+34.2% a year over 7 filed years; profitable in 4 of 7.

weight 45% of this tense · 75th percentile among 213 sector filers · read for its customers

From the record

Docebo Inc.'s 7 filed years say what it did: revenue went from $41 million in fiscal 2019 to $243 million in fiscal 2025, up 34.2% a year; it rose in 6 of 6 years; it never fell from a peak; net income was positive in 4 of 7 of those years (its annual reports).

What it rests on

revenue growth over the filed span34.2%top 21% of its family
the share of years revenue rosetop 27% of its family
the share of filed years with a profittop 27% of its family
the deepest fall from a revenue peak0.0%top 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

5.4/10

How has it treated the people who own it?

Share count shrank 4.8% a year. 0% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 33% of this tense · 54th percentile among 152 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Docebo Inc.'s diluted share count shrank about 4.8% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearstop 6% of its family
cash returned against operating cash flowbottom 14% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

6.7/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

7.9/10

Is it financially healthy right now?

ROE 51%: 51¢ of profit per shareholder dollar. Leverage 64%: owes 64¢ per asset dollar.

weight 45% of this tense · 79th percentile among 217 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Docebo Inc. earned about 51 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 94 cents per dollar of everything the company owns. Leverage: it owed about 64 cents per dollar of assets, and net share issuance: its share count shrank 5.2% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 28% of its family
return on equitytop 6% of its family
gross profit against assetstop 2% of its family
the share count against the year beforetop 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

6.3/10

How strong is its position in its industry?

top 37% of 218 in its family; net margin 15.5%.

weight 33% of this tense · 63rd percentile among 218 sector filers · read for its customers

From the record

Docebo Inc.'s standing among 218 graded names in its industry family: revenue of $243 million in fiscal 2025 ranks in the bottom 40% by size; a net margin of 15.5% ranks in the top 20%; revenue growth of 19.3% a year over the last 3 filed years ranks in the top 30% (its annual reports).

What it rests on

revenue against the family$243Mbottom 40% of its family
net margin15.5%top 20% of its family
three-year revenue growth19.3%top 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

4.8/10

What are the people in charge doing?

SI estimate 4.8/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 157 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 157 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 157 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Docebo Inc.'s leadership is put at 4.8 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 157 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.5/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

6.4/10

How much room does it have to grow?

top 36% of 216 in its family for room to expand.

weight 22% of this tense · 64th percentile among 216 sector filers · read for itself

From the record

Docebo Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $74 million against no long-term debt tagged leaves 35.8% of its assets as net cash, top 18% of its family; cash from operations less capital spending is 11.2% of revenue (bottom 46%); a gross margin of 80.3% (top 19%); research spending of 20.7% of revenue (bottom 48%) (its annual report).

What it rests on

cash less debt against assets35.8%top 18% of its family
cash from operations less capital spending against revenue11.2%bottom 46% of its family
gross margin80.3%top 19% of its family
research spending against revenue20.7%bottom 48% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

5.2/10

What could actually drive growth from here?

top 48% of 213 in its family for growth drivers.

weight 45% of this tense · 52nd percentile among 213 sector filers · read for its customers

From the record

Docebo Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 19.3% a year over the last three filed years against 34.2% over all 7, slowing (bottom 26% of its family); the newest year grew 11.9% (bottom 46%); research spending grew 26.5% a year (top 13%); capital spending grew -3.2% a year (bottom 48%) (its annual reports). Docebo Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-14.9 points a yearbottom 26% of its family
the newest year's revenue growth11.9%bottom 46% of its family
three-year growth of research spending26.5%top 13% of its family
three-year growth of capital spending-3.2%bottom 48% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

5.4/10

Did its newest year beat what its own record pointed to?

top 46% of 194 in its family for expectations against reality.

weight 33% of this tense · 54th percentile among 194 sector filers · read for its shareholders

From the record

Docebo Inc.'s newest year against its own record: revenue of $243 million in fiscal 2025 came in 9.2% below the $267 million its prior three years' pace pointed to (bottom 17% of its family); net income of $38 million against a prior three-year average of $12 million (top 9%); a net margin of 15.5% against 6.3% before (top 47%) (its annual reports).

What it rests on

revenue against the prior three years' pace-9.2%bottom 17% of its family
net income against the prior three years' average+208%top 9% of its family
net margin against its prior average+9.2 pointstop 47% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton DCBO · research, not advice