Latest Ratios: P/E Ratio 14.2x · EV/EBITDA 16.4x · ROE 58.0%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $530M | $652M | $1.4B | $1.6B | $1.1B | $2.2B | $1.9B | — | — | — |
| Enterprise Value | $461M | $583M | $1.3B | $1.6B | $915M | $2.0B | $1.7B | — | — | — |
| P/E Ratio → | 14.18 | 17.08 | 52.06 | 573.90 | 165.70 | — | — | — | — | — |
| P/S Ratio | 2.15 | 2.64 | 6.39 | 9.01 | 7.89 | 21.24 | 29.93 | — | — | — |
| P/B Ratio | 7.32 | 8.82 | 23.98 | 32.12 | 5.87 | 11.61 | 9.40 | — | — | — |
| P/FCF | 18.23 | 22.41 | 49.47 | 106.29 | 934.67 | — | 507.64 | — | — | — |
| P/OCF | 17.62 | 21.66 | 47.36 | 102.07 | 493.07 | — | 393.10 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.36 | 5.97 | 8.62 | 6.40 | 19.21 | 26.50 | — | — | — |
| EV / EBITDA | 16.38 | 20.70 | 52.45 | — | 140.37 | — | — | — | — | — |
| EV / EBIT | 18.51 | 22.83 | 54.16 | 303.29 | 112.15 | — | — | — | — | — |
| EV / FCF | — | 20.02 | 46.22 | 101.74 | 758.01 | — | 449.47 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.0% | 79.0% | 81.0% | 80.9% | 80.3% | 80.1% | 81.7% | 79.8% | 79.1% | 74.6% |
| Operating Margin | 10.1% | 10.1% | 9.8% | -2.1% | 2.9% | -12.9% | -12.1% | -23.7% | -33.1% | -40.2% |
| Net Profit Margin | 15.5% | 15.5% | 12.3% | 1.6% | 4.9% | -13.0% | -12.7% | -28.7% | -41.6% | -42.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 58.0% | 58.0% | 49.3% | 2.3% | 3.7% | -7.0% | -6.9% | -163.1% | — | — |
| ROA | 19.2% | 19.2% | 15.3% | 1.3% | 2.5% | -5.2% | -5.0% | -30.9% | -98.9% | -77.0% |
| ROIC | 411.0% | 411.0% | — | — | — | — | — | — | — | — |
| ROCE | 34.4% | 34.4% | 35.5% | -2.9% | 2.1% | -6.6% | -6.2% | -82.7% | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.03 | 0.04 | 0.02 | 0.02 | 0.02 | 0.11 | — | — |
| Debt / EBITDA | 0.16 | 0.16 | 0.06 | — | 0.47 | — | — | — | — | — |
| Net Debt / Equity | — | -0.94 | -1.58 | -1.38 | -1.11 | -1.11 | -1.08 | -1.36 | — | — |
| Net Debt / EBITDA | -2.47 | -2.47 | -3.69 | — | -32.71 | — | — | — | — | — |
| Debt / FCF | — | -2.39 | -3.25 | -4.56 | -176.66 | — | -58.18 | — | — | — |
| Interest Coverage | 39.44 | 39.44 | 107.28 | 17.29 | 29.29 | -30.42 | -15.40 | -12.96 | — | -46.68 |
Net cash position: cash ($74M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.15 | 1.15 | 1.20 | 1.26 | 3.12 | 3.63 | 5.21 | 2.07 | 0.47 | 0.73 |
| Quick Ratio | 1.15 | 1.15 | 1.20 | 1.26 | 3.12 | 3.63 | 5.21 | 2.07 | 0.47 | 0.73 |
| Cash Ratio | 0.60 | 0.60 | 0.72 | 0.72 | 2.57 | 3.11 | 4.80 | 1.62 | 0.15 | 0.29 |
| Asset Turnover | — | 1.20 | 1.14 | 1.14 | 0.50 | 0.39 | 0.25 | 0.65 | 2.04 | 1.80 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 82.76 | 76.73 | 86.26 | 96.96 | 97.28 | 91.60 | 89.83 | 82.75 | 93.95 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.0% | 5.9% | 1.9% | 0.2% | 0.6% | — | — | — | — | — |
| FCF Yield | 5.5% | 4.5% | 2.0% | 0.9% | 0.1% | — | 0.2% | — | — | — |
| Buyback Yield | 9.0% | 7.3% | 0.8% | 9.8% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 9.0% | 7.3% | 0.8% | 9.8% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $29M | $31M | $34M | $34M | $33M | $29M | $24M | $30M | $30M |
Enterprise Software Consolidation Headwinds
As reported in recent financial statements, Docebo's forward P/E of 10.91 and P/S of 2.04 suggest that the market is pricing the company as a maturing software entity rather than a high-growth disruptor, reflecting a cautious outlook on its ability to sustain historical expansion rates.
The current valuation multiples appear to reflect a transition phase where investors are discounting the company's growth potential in favor of its newfound GAAP profitability. Given the deceleration in top-line growth, the current P/S ratio warrants investigation into whether the market is adequately pricing the risk of enterprise software consolidation.
Based on the provided financial data, Docebo's ROIC has exhibited extreme volatility, swinging from a peak of 157.9% in 2025Q4 to a negative 0.2% in 2026Q1, which indicates that the company's ability to compound capital is currently inconsistent and highly sensitive to quarterly accounting adjustments.
The dramatic shift in ROIC suggests that the company's capital allocation strategy, particularly regarding recent share repurchases and debt issuance, is significantly impacting its return profile. Investors should monitor whether this volatility is a structural byproduct of the company's current capital structure or merely a temporary artifact of aggressive balance sheet management.
According to the latest quarterly filings, Docebo's DSO has remained relatively stable near 76 days, yet the significant DPO levels exceeding 200 days suggest that the company is heavily reliant on stretching supplier payments to manage its underlying cash conversion cycle and liquidity position.
The high DPO relative to DSO indicates that Docebo is effectively utilizing its vendor relationships as a source of interest-free financing. While this supports short-term cash flow, it may indicate limited leverage with suppliers or a strategic necessity to preserve cash for other operational priorities.
As evidenced by the reported figures, Docebo's current ratio has compressed to 0.79 in 2026Q1, down from 1.26 in 2023Q4, signaling a tightening liquidity position that may limit the company's flexibility to navigate unexpected operational downturns or fund future strategic initiatives without external financing.
The decline in the current ratio below parity suggests that the company's short-term assets are no longer sufficient to cover its immediate liabilities. This trend warrants close monitoring, as it may indicate that the company's aggressive capital allocation strategy is beginning to constrain its operational safety net.
Based on the company's business model, the P/E ratio is a frequently misapplied metric that obscures the true earning power of the firm by failing to account for the significant non-cash stock-based compensation expenses that distort GAAP net income figures.
Analysts should instead focus on free cash flow yield or EV/EBITDA, as these metrics better capture the underlying cash generation of the platform. Relying on P/E in this context may lead to an inaccurate assessment of the company's valuation, as it ignores the impact of non-operating items on the bottom line.
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Quick answers to the most common questions about buying DCBO stock.
Docebo Inc.'s current P/E ratio is 14.2x. The historical average is 78.3x.
Docebo Inc.'s current EV/EBITDA is 16.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.6x.
Docebo Inc.'s return on equity (ROE) is 58.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -9.1%.
Based on historical data, Docebo Inc. is trading at a P/E of 14.2x. Compare with industry peers and growth rates for a complete picture.
Docebo Inc. has 79.0% gross margin and 10.1% operating margin. Operating margin between 10-20% is typical for established companies.
Docebo Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.