Docebo Inc. Common Shares (DCBO)

FairStock Score: 84/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for a business I can understand, durable competitive advantages, and a price that leaves margin of safety. Docebo sells cloud learning software to train employees and customers. The model is recurring, which is attractive, but the figures do not yet prove a wide moat. Revenue in the latest quarter, 2026-Q2, was $68.7M, with net income of $2.3M, a 3.29% margin. Revenue growth is 14.53%, but profit growth is -209.84%, so growth is not flowing to the bottom line. Financial health is a mixed bag. Debt to equity is only 0.03, and trailing free cash flow is $35.0M, a 7.7% FCF yield on the $457.4M market cap. That is a real positive. But the FairStock-calculated Piotroski F-Score is 5/9, Altman Z-Score is 0.02, and ROCE is 10.54%, while ROE of 195.48% looks distorted by a small equity base. At the 2026-10-13 close of $27.39, P/E is 23.82, P/B is 6.68, and EV/EBITDA is 20.66. These are not obviously cheap for a company with thin margins and uneven profit. The 52-week range of $14.39 to $28.72 shows the stock has re-rated. I would want evidence of durable margin expansion and cash conversion before calling it a bargain. FairStock Score 84/100 suggests the screen likes something, but Graham would ask where the proven earnings power is.

In plain English: Docebo makes cloud software that companies use to train employees and customers. Sales are growing, but profits are thin and have fallen sharply, so the business looks mixed rather than clearly strong. At $27.39, the stock looks about fairly priced on cash flow, not an obvious bargain, though it carries very little debt.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer