Docebo Inc.
DCBO · Services-Prepackaged Software · EDGAR filings ↗
Grade
B76Profitable LMS/SaaS franchise with excellent returns but decelerating top-line growth.
Strengths
- Top-decile returns (ROE 50.6% 91st, ROA 18% 94th) with high gross margin (80%, 78th) and net margin 15% (76th)
- Net income +40% (81st pct) and positive free cash flow (FCF margin 34th... 11% of revenue)
Risks
- Revenue growth slowed to ~12% (40th pct) — a real growth stall for a SaaS name
- Modest cash ($74M, 15th pct) and OCF margin (29th pct) relative to software peers
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, CITADEL ADVISORS LLC
- Notable holderHeld by 2 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC (as of 2026-03-31)
Key metrics
Gross margin
80.3%
Operating margin
9.6%
Net margin
15.5%
Return on equity
50.6%
Return on assets
18.2%
Revenue growth (QoQ)
11.9%
Net-income growth
40.3%
Current ratio
1.2×
Free cash flow
$27M
Tangible book value
$60M
Cash & investments
$74M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-02-27 | 2025-12-31 | 0001628280-26-012566 ↗ |
| 40-F | 2025-02-28 | 2024-12-31 | 0001628280-25-008863 ↗ |
| 40-F | 2024-02-23 | 2023-12-31 | 0001628280-24-006515 ↗ |
| 40-F | 2023-03-09 | 2022-12-31 | 0001628280-23-007142 ↗ |
| 40-F | 2022-03-10 | 2021-12-31 | 0001628280-22-005638 ↗ |
| 40-F | 2021-03-11 | 2020-12-31 | 0001829959-21-000009 ↗ |