Recent News
On July 30, 2025 Docebo announced management participation at a slate of investor conferences in August and September, including Oppenheimer’s Technology, Internet & Comms event, Canaccord Growth Conference, and Citi’s Global TMT Conference; the release noted webcasts and investor-access details for presentations.
Technical Analysis
ADX at 26.27 indicates a strong trend environment; the directional indicators show DI+ at 12.74 decreasing and DI- at 29.39 increasing, which signals directional pressure skewed toward sellers and reinforces a bearish near-term bias.
MACD sits at -0.74 and trends downward while remaining below its signal line (-0.42), indicating continuing bearish momentum rather than a bullish momentum reversal; this limits conviction for a sustained near-term advance until MACD rises above the signal line.
MRO reads -35.26 and trends lower; the negative value implies the price sits below the model target and therefore carries potential upward mean-reversion pressure, but the deep negative reading also reflects significant deviation from the target that would require a technical catalyst to resolve.
RSI at 45.09 and trending lower denotes weakening momentum without extreme oversold conditions, suggesting room for additional downside before a high-probability reversal signal emerges.
Price sits below short-, medium-, and long-term averages: the close at $27.24 falls under the 20-day ($29.00), 50-day ($30.31) and 200-day ($32.89) averages, with the 12-day EMA ($28.48) trending down — collectively implying the path of least resistance remains lower until price reclaims a series of moving averages.
Ichimoku components place the price beneath Senkou A ($31.10) and Senkou B ($29.75), and the latest close lies below the lower Bollinger 1σ band ($27.54), signaling downside pressure with a nearby lower-band mean-reversion possibility near $26.07 (lower 2σ).
Fundamental Analysis
Revenue totaled $60,732,000 with YoY revenue growth of 86.71% and quarter-over-quarter revenue growth of 1,241.61%, indicating rapid top-line expansion from recent comparisons. Gross profit reached $49,148,000 with a gross margin of 80.93%, a level above the industry peer mean of 72.321% and near the industry peer median of 68.585%.
Operating income at $5,082,000 produced an operating margin of 8.37%, and EBIT of $4,709,000 yields an EBIT margin of 7.75%, both below the industry peer mean (operating margin mean 34.016%, EBIT margin mean 34.255%) and industry peer median levels; margins trail typical peer profitability despite strong top-line growth.
Net income from continuing operations reached $3,076,000 and diluted EPS came in at $0.29 versus an estimate of $0.22, an EPS surprise of 31.82%. Forward EPS sits at $0.255 with a forward P/E around 113.97x, while trailing P/E reads roughly 102.21x—valuation multiples that reflect growth expectations despite compressed operating margins.
Cash and equivalents total $64,575,000 with operating cash flow of $6,244,000 and free cash flow of $5,956,000; free cash flow yield near 0.69% exceeds the industry peer mean of roughly 0.53% and aligns with the industry peer median of ~0.69%, indicating cash conversion roughly in line with peers even as free cash growth slowed modestly QoQ.
Leverage remains light: total debt $1,374,000 produces a debt-to-assets of 0.80%, well below the industry peer mean of 16.12%. Return on equity at 8.87% sits above the industry peer mean of 6.97% and slightly above the industry peer median of 7.93%, showing modest capital return despite negative retained earnings carried on the balance sheet.
Valuation summary: the current valuation as determined by WMDST registers as fair-valued, reflecting high revenue growth and solid cash generation but offset by compressed operating margins and elevated market multiples (P/E and PS ratios).
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-08 |
| NEXT REPORT DATE: | 2025-11-07 |
| CASH FLOW | Begin Period Cash Flow | $ 91.9 M |
| Operating Cash Flow | $ 6.2 M | |
| Capital Expenditures | $ -288.00 K | |
| Change In Working Capital | $ -948.00 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -27.30 M | |
| End Period Cash Flow | $ 64.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 60.7 M | |
| Forward Revenue | $ 36.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 11.6 M | |
| Depreciation | — | |
| Depreciation and Amortization | $ 847.0 K | |
| Research and Development | $ 12.7 M | |
| Total Operating Expenses | $ 55.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 49.1 M | |
| EBITDA | $ 5.6 M | |
| EBIT | $ 4.7 M | |
| Operating Income | $ 5.1 M | |
| Interest Income | $ 568.0 K | |
| Interest Expense | $ 26.0 K | |
| Net Interest Income | $ 542.0 K | |
| Income Before Tax | $ 4.7 M | |
| Tax Provision | $ 1.6 M | |
| Tax Rate | 34.316 % | |
| Net Income | $ 3.1 M | |
| Net Income From Continuing Operations | $ 3.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.22 | |
| EPS Actual | $ 0.29 | |
| EPS Difference | $ 0.07 | |
| EPS Surprise | 31.818 % | |
| Forward EPS | $ 0.26 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 171.2 M | |
| Intangible Assets | $ 15.9 M | |
| Net Tangible Assets | $ 18.8 M | |
| Total Current Assets | $ 136.0 M | |
| Cash and Short-Term Investments | $ 64.6 M | |
| Cash | $ 64.6 M | |
| Net Receivables | $ 39.8 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 39.5 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 131.1 M | |
| Net Debt | — | |
| Total Debt | $ 1.4 M | |
| Total Liabilities | $ 136.5 M | |
| EQUITY | ||
| Total Equity | $ 34.7 M | |
| Retained Earnings | $ -219.78 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 1.20 | |
| Shares Outstanding | 28.789 M | |
| Revenue Per-Share | $ 2.11 | |
| VALUATION | Market Capitalization | $ 870.1 M |
| Enterprise Value | $ 806.9 M | |
| Enterprise Multiple | 145.221 | |
| Enterprise Multiple QoQ | -48.734 % | |
| Enterprise Multiple YoY | -19.531 % | |
| Enterprise Multiple IPRWA | high: 634.148 DCBO: 145.221 mean: 91.214 median: 82.154 low: -577.222 |
|
| EV/R | 13.285 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.937 | |
| Asset To Liability | 1.254 | |
| Debt To Capital | 0.038 | |
| Debt To Assets | 0.008 | |
| Debt To Assets QoQ | 41.197 % | |
| Debt To Assets YoY | -25.117 % | |
| Debt To Assets IPRWA | high: 1.095 mean: 0.161 median: 0.098 DCBO: 0.008 low: 0.002 |
|
| Debt To Equity | 0.04 | |
| Debt To Equity QoQ | 84.921 % | |
| Debt To Equity YoY | -9.628 % | |
| Debt To Equity IPRWA | high: 3.008 mean: 0.299 median: 0.176 DCBO: 0.04 low: -0.874 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 25.085 | |
| Price To Book QoQ | 32.42 % | |
| Price To Book YoY | -9.549 % | |
| Price To Book IPRWA | high: 34.07 DCBO: 25.085 mean: 12.066 median: 10.727 low: -16.218 |
|
| Price To Earnings (P/E) | 102.213 | |
| Price To Earnings QoQ | -16.707 % | |
| Price To Earnings YoY | -60.634 % | |
| Price To Earnings IPRWA | high: 564.562 mean: 139.073 median: 130.187 DCBO: 102.213 low: -357.639 |
|
| PE/G Ratio | 13.8 | |
| Price To Sales (P/S) | 14.326 | |
| Price To Sales QoQ | -17.361 % | |
| Price To Sales YoY | -35.454 % | |
| Price To Sales IPRWA | high: 113.355 median: 48.199 mean: 45.684 DCBO: 14.326 low: 1.219 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 113.97 | |
| Forward PE/G | 15.387 | |
| Forward P/S | 24.011 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 16.207 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.329 | |
| Asset Turnover Ratio QoQ | 11.595 % | |
| Asset Turnover Ratio YoY | 7.608 % | |
| Asset Turnover Ratio IPRWA | high: 0.416 DCBO: 0.329 mean: 0.13 median: 0.129 low: 0.0 |
|
| Receivables Turnover | 1.467 | |
| Receivables Turnover Ratio QoQ | 5.284 % | |
| Receivables Turnover Ratio YoY | 3.481 % | |
| Receivables Turnover Ratio IPRWA | high: 4.687 DCBO: 1.467 mean: 1.421 median: 1.257 low: 0.131 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 62.204 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 12.284 | |
| CapEx To Revenue | -0.005 | |
| CapEx To Depreciation | 0.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 34.7 M | |
| Net Invested Capital | $ 34.7 M | |
| Invested Capital | $ 34.7 M | |
| Net Tangible Assets | $ 18.8 M | |
| Net Working Capital | $ 4.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.493 | |
| Current Ratio | 1.038 | |
| Current Ratio QoQ | -9.829 % | |
| Current Ratio YoY | -6.786 % | |
| Current Ratio IPRWA | high: 9.787 mean: 1.695 median: 1.353 DCBO: 1.038 low: 0.079 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.247 | |
| Cost Of Debt | 1.368 % | |
| Interest Coverage Ratio | 181.115 | |
| Interest Coverage Ratio QoQ | 135.116 % | |
| Interest Coverage Ratio YoY | 65.402 % | |
| Interest Coverage Ratio IPRWA | DCBO: 181.115 high: 155.372 median: 54.034 mean: 37.776 low: -203.84 |
|
| Operating Cash Flow Ratio | 0.097 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 293.317 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -13.376 % | |
| Revenue Growth | 5.997 % | |
| Revenue Growth QoQ | 1241.611 % | |
| Revenue Growth YoY | 86.706 % | |
| Revenue Growth IPRWA | high: 32.808 % median: 9.099 % mean: 6.945 % DCBO: 5.997 % low: -28.474 % |
|
| Earnings Growth | 7.407 % | |
| Earnings Growth QoQ | -125.588 % | |
| Earnings Growth YoY | -162.958 % | |
| Earnings Growth IPRWA | high: 157.143 % DCBO: 7.407 % median: 5.491 % mean: 4.775 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 80.926 % | |
| Gross Margin QoQ | 1.016 % | |
| Gross Margin YoY | 0.321 % | |
| Gross Margin IPRWA | high: 91.297 % DCBO: 80.926 % mean: 72.321 % median: 68.585 % low: 33.069 % |
|
| EBIT Margin | 7.754 % | |
| EBIT Margin QoQ | 86.036 % | |
| EBIT Margin YoY | -21.732 % | |
| EBIT Margin IPRWA | high: 74.313 % median: 43.473 % mean: 34.255 % DCBO: 7.754 % low: -124.558 % |
|
| Return On Sales (ROS) | 8.368 % | |
| Return On Sales QoQ | 100.768 % | |
| Return On Sales YoY | -15.534 % | |
| Return On Sales IPRWA | high: 76.082 % median: 44.901 % mean: 34.016 % DCBO: 8.368 % low: -115.372 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 6.0 M | |
| Free Cash Flow Yield | 0.685 % | |
| Free Cash Flow Yield QoQ | -11.039 % | |
| Free Cash Flow Yield YoY | 24.545 % | |
| Free Cash Flow Yield IPRWA | high: 6.936 % median: 0.694 % DCBO: 0.685 % mean: 0.528 % low: -8.108 % |
|
| Free Cash Growth | -22.113 % | |
| Free Cash Growth QoQ | 16.421 % | |
| Free Cash Growth YoY | 4.144 % | |
| Free Cash Growth IPRWA | high: 278.713 % median: 25.957 % mean: 12.178 % DCBO: -22.113 % low: -316.997 % |
|
| Free Cash To Net Income | 1.936 | |
| Cash Flow Margin | 20.994 % | |
| Cash Flow To Earnings | 4.145 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.668 % | |
| Return On Assets QoQ | 119.763 % | |
| Return On Assets YoY | -38.427 % | |
| Return On Assets IPRWA | high: 18.439 % median: 4.609 % mean: 3.905 % DCBO: 1.668 % low: -24.058 % |
|
| Return On Capital Employed (ROCE) | 11.731 % | |
| Return On Equity (ROE) | 0.089 | |
| Return On Equity QoQ | 215.51 % | |
| Return On Equity YoY | -19.846 % | |
| Return On Equity IPRWA | high: 0.214 DCBO: 0.089 median: 0.079 mean: 0.07 low: -0.337 |
|
| DuPont ROE | 7.062 % | |
| Return On Invested Capital (ROIC) | 8.918 % | |
| Return On Invested Capital QoQ | 213.132 % | |
| Return On Invested Capital YoY | -251.05 % | |
| Return On Invested Capital IPRWA | high: 14.979 % DCBO: 8.918 % median: 7.176 % mean: 5.594 % low: -13.978 % |
|