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Docebo Valuation Multiples

Discover revenue and EBITDA valuation multiples for Docebo and similar public comparables like FLOWSPARKS, ReadyTech, and Alef Education.

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

Canada
Employees

991

Website

docebo.com

Financials

LTM Revenue $318M

LTM EBITDA $52.0M

EV

$711M

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Docebo Financials

Docebo has a last 12-month revenue (LTM) of $318M and a last 12-month EBITDA of $52.0M.

In the most recent fiscal year, Docebo achieved revenue of $157M and an EBITDA of $19.7M.

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

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Docebo P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $318M XXX $157M XXX XXX XXX
Gross Profit $258M XXX $127M XXX XXX XXX
Gross Margin 81% XXX 81% XXX XXX XXX
EBITDA $52.0M XXX $19.7M XXX XXX XXX
EBITDA Margin 16% XXX 13% XXX XXX XXX
EBIT $33.9M XXX $13.6M XXX XXX XXX
EBIT Margin 11% XXX 9% XXX XXX XXX
Net Profit $37.6M XXX $19.3M XXX XXX XXX
Net Margin 12% XXX 12% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

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Docebo Stock Performance

As of May 30, 2025, Docebo's stock price is CAD 38 (or $27).

Docebo has current market cap of CAD 1.1B (or $802M), and EV of CAD 985M (or $711M).

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Docebo Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$711M $802M XXX XXX XXX XXX $1.08

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Docebo Valuation Multiples

As of May 30, 2025, Docebo has market cap of $802M and EV of $711M.

Docebo's trades at 4.5x EV/Revenue multiple, and 36.1x EV/EBITDA.

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 29.6x.

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Docebo Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $802M XXX $802M XXX XXX XXX
EV (current) $711M XXX $711M XXX XXX XXX
EV/Revenue 3.1x XXX 4.5x XXX XXX XXX
EV/EBITDA 18.9x XXX 36.1x XXX XXX XXX
EV/EBIT 29.1x XXX 52.1x XXX XXX XXX
EV/Gross Profit 3.8x XXX n/a XXX XXX XXX
P/E 29.6x XXX 41.6x XXX XXX XXX
EV/FCF 20.9x XXX 35.2x XXX XXX XXX

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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 11% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Docebo's rule of X is 33% (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 2025 FY 2026 FY 2027
Revenue Growth 7% XXX 28% XXX XXX XXX
EBITDA Margin 16% XXX 13% XXX XXX XXX
EBITDA Growth 22% XXX 163% XXX XXX XXX
Rule of 40 11% XXX 19% XXX XXX XXX
Bessemer Rule of X XXX XXX 33% 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

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Docebo Public Comps

See public comps and valuation multiples for Education Software comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Alef Education XXX XXX XXX XXX XXX XXX
51 Talk XXX XXX XXX XXX XXX XXX
Janison XXX XXX XXX XXX XXX XXX
ReadyTech XXX XXX XXX XXX XXX XXX
FLOWSPARKS XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Docebo M&A and Investment Activity

Docebo acquired  XXX companies to date.

Last acquisition by Docebo was  XXXXXXXX, XXXXX XXXXX XXXXXX . Docebo acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Docebo

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Docebo

When was Docebo founded? Docebo was founded in 2016.
Where is Docebo headquartered? Docebo is headquartered in Canada.
How many employees does Docebo have? As of today, Docebo has 991 employees.
Who is the CEO of Docebo? Docebo's CEO is Mr. Alessio Artuffo.
Is Docebo publicy listed? Yes, Docebo is a public company listed on TSE.
What is the stock symbol of Docebo? Docebo trades under DCBO ticker.
When did Docebo go public? Docebo went public in 2019.
Who are competitors of Docebo? Similar companies to Docebo include e.g. Alef Education, 51 Talk, Janison, ReadyTech.
What is the current market cap of Docebo? Docebo's current market cap is $802M
What is the current revenue of Docebo? Docebo's last 12 months revenue is $318M.
What is the current revenue growth of Docebo? Docebo revenue growth (NTM/LTM) is 7%.
What is the current EV/Revenue multiple of Docebo? Current revenue multiple of Docebo is 3.1x.
Is Docebo profitable? Yes, Docebo is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Docebo? Docebo's last 12 months EBITDA is $52.0M.
What is Docebo's EBITDA margin? Docebo's last 12 months EBITDA margin is 16%.
What is the current EV/EBITDA multiple of Docebo? Current EBITDA multiple of Docebo is 18.9x.
What is the current FCF of Docebo? Docebo's last 12 months FCF is $47.1M.
What is Docebo's FCF margin? Docebo's last 12 months FCF margin is 15%.
What is the current EV/FCF multiple of Docebo? Current FCF multiple of Docebo is 20.9x.

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