Docebo - Public Comps and Valuation Multiples

Docebo Overview

About Docebo

Docebo Inc is a provider of cloud-based learning management systems. The solutions provided by the company allow learning administrators to deliver scalable and flexible personalized learning experiences, from formal training to social learning to multiple internal, external, and blended audiences. The group provides an easy-to-use, configurable, and affordable learning platform with the end-to-end capabilities and critical functionality needed to train both internal and external workforces, partners, and customers. The majority of the revenue is derived from customers based in North America.

Founded

2016

HQ

Employees

991

Website

docebo.com

Sectors

Education Software
EduTech
B2B SaaS
Vertical SaaS

Financials

LTM Revenue $243M

LTM EBITDA $43.7M

EV

$502M

Valuation Multiples

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Docebo Financials

As of December 2025, Docebo reported last 12-month revenue of $243M and EBITDA of $43.7M.

In the same period, Docebo generated $196M in LTM gross profit and $20.4M in net income.

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Docebo P&L

In the most recent fiscal year, Docebo reported revenue of $156M and EBITDA of $19.6M.

Docebo expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$243M	XXX	$156M	XXX	XXX	XXX
Gross Profit	$196M	XXX	$126M	XXX	XXX	XXX
Gross Margin	81%	XXX	81%	XXX	XXX	XXX
EBITDA	$43.7M	XXX	$19.6M	XXX	XXX	XXX
EBITDA Margin	18%	XXX	13%	XXX	XXX	XXX
EBIT	$26.3M	XXX	$13.6M	XXX	XXX	XXX
EBIT Margin	11%	XXX	9%	XXX	XXX	XXX
Net Profit	$20.4M	XXX	$19.2M	XXX	XXX	XXX
Net Margin	8%	XXX	12%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Docebo including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $243M. EBITDA for the last twelve months was $43.7M. In the most recent fiscal year, Docebo achieved $156M in revenue and $19.6M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$243M	Analyst estimates available to subscribers	$156M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$196M	Analyst estimates available to subscribers	$126M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	80.5% gross margin	Analyst estimates available to subscribers	81.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$43.7M	Analyst estimates available to subscribers	$19.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	18.0% EBITDA margin	Analyst estimates available to subscribers	12.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$26.3M	Analyst estimates available to subscribers	$13.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	10.8% EBIT margin	Analyst estimates available to subscribers	8.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$20.4M	Analyst estimates available to subscribers	$19.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	8.4% net profit margin	Analyst estimates available to subscribers	12.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Docebo

This financial data table provides comprehensive performance metrics for Docebo, a company based in Canada. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Docebo generated $243M in revenue over the last twelve months.
The company achieved $43.7M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $196M.
Net income over the last twelve months reached $20.4M.

Fiscal Year Performance

In the most recent fiscal year, Docebo reported $156M in total revenue.
Fiscal year EBITDA was $19.6M.
The company maintained a gross profit margin of 81.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 12.6%.
Net profit margin reached 12.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Docebo. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Docebo Stock Performance

Docebo has current market cap of CAD 787M (or $565M), and EV of CAD 700M (or $502M).

Market Cap Evolution

Docebo Stock Data

As of January 19, 2026, Docebo's stock price is CAD 27 (or $20).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$502M	$565M	XXX	XXX	XXX	XXX	$1.24

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Docebo Valuation Multiples

Docebo's trades at 2.1x EV/Revenue multiple, and 11.5x EV/EBITDA.

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Docebo Financial Valuation Multiples

As of January 19, 2026, Docebo has market cap of $565M and EV of $502M.

Equity research analysts estimate Docebo's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Docebo has a P/E ratio of 27.7x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$565M	XXX	$565M	XXX	XXX	XXX
EV (current)	$502M	XXX	$502M	XXX	XXX	XXX
EV/Revenue	2.1x	XXX	2.1x	XXX	XXX	XXX
EV/EBITDA	11.5x	XXX	11.5x	XXX	XXX	XXX
EV/EBIT	19.1x	XXX	19.1x	XXX	XXX	XXX
EV/Gross Profit	2.6x	XXX	n/a	XXX	XXX	XXX
P/E	27.7x	XXX	27.7x	XXX	XXX	XXX
EV/FCF	15.4x	XXX	15.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Docebo Margins & Growth Rates

Docebo's last 12 month revenue growth is 7%

Docebo's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Docebo's rule of 40 is 12% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Docebo's rule of X is 36% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Docebo Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	7%	XXX	8%	XXX	XXX	XXX
EBITDA Margin	18%	XXX	18%	XXX	XXX	XXX
EBITDA Growth	20%	XXX	171%	XXX	XXX	XXX
Rule of 40	12%	XXX	25%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	36%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	32%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	20%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	72%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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