Docebo (DCBO)


Market Price (7/26/2026): $19.365 | Market Cap: $543.7 MilSector: Information Technology | Industry: Application Software

Docebo (DCBO)


Market Price (7/26/2026): $19.365
Market Cap: $543.7 Mil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, FCF Yield is 8.1%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%

Megatrend and thematic drivers
Megatrends include Cloud Computing, Artificial Intelligence, and Future of Work. Themes include Software as a Service (SaaS), Show more.

Weak multi-year price returns
2Y Excs Rtn is -83%, 3Y Excs Rtn is -111%

Key risks
DCBO key risks include [1] the potential for churn from large enterprise clients and [2] challenges in successfully executing its complex AI-first strategy.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, FCF Yield is 8.1%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%
2 Megatrend and thematic drivers
Megatrends include Cloud Computing, Artificial Intelligence, and Future of Work. Themes include Software as a Service (SaaS), Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -83%, 3Y Excs Rtn is -111%
4 Key risks
DCBO key risks include [1] the potential for churn from large enterprise clients and [2] challenges in successfully executing its complex AI-first strategy.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/20/2026

Docebo (DCBO) stock has gained about 10% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Performance and Raised Full-Year Guidance.

Docebo reported robust financial results for fiscal Q1 2026 (ending March 31, 2026) on May 8, 2026. The company met analyst expectations with an Earnings Per Share (EPS) of $0.34. Sales significantly increased to USD 65.62 million, up from USD 57.3 million in the prior year's comparable quarter. Notably, Adjusted EBITDA grew to $11.0 million, representing 16.8% of total revenue, compared to $8.9 million (15.6%) in fiscal Q1 2025. Free Cash Flow saw a substantial increase to $27.6 million, or 42.0% of total revenue, from $9.0 million (15.7%) in the previous year. Following these strong results, Docebo raised its full-year fiscal 2026 revenue guidance by approximately $3.5 million.

2. Strategic Product Innovations and Enhanced AI Integration.

On April 21, 2026, Docebo unveiled significant product advancements at its Inspire 2026 event, launching "Docebo AgentHub." This major platform release integrates enterprise knowledge, skills intelligence, and agentic AI, signaling the company's evolution beyond traditional Learning Management Systems (LMS). Additionally, Docebo introduced its Companion and the Model Context Protocol (MCP) Server, which expanded learning into everyday workflows and enabled integration with leading AI assistants such as Claude, Microsoft Copilot, and ChatGPT. The earlier acquisition of 365Talents further bolstered Docebo's skills intelligence capabilities, strengthening its AI-driven learning solutions.

Show more
Updated on 7/20/2026

Docebo (DCBO) stock has gained about 10% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Performance and Raised Full-Year Guidance.

Docebo reported robust financial results for fiscal Q1 2026 (ending March 31, 2026) on May 8, 2026. The company met analyst expectations with an Earnings Per Share (EPS) of $0.34. Sales significantly increased to USD 65.62 million, up from USD 57.3 million in the prior year's comparable quarter. Notably, Adjusted EBITDA grew to $11.0 million, representing 16.8% of total revenue, compared to $8.9 million (15.6%) in fiscal Q1 2025. Free Cash Flow saw a substantial increase to $27.6 million, or 42.0% of total revenue, from $9.0 million (15.7%) in the previous year. Following these strong results, Docebo raised its full-year fiscal 2026 revenue guidance by approximately $3.5 million.

2. Strategic Product Innovations and Enhanced AI Integration.

On April 21, 2026, Docebo unveiled significant product advancements at its Inspire 2026 event, launching "Docebo AgentHub." This major platform release integrates enterprise knowledge, skills intelligence, and agentic AI, signaling the company's evolution beyond traditional Learning Management Systems (LMS). Additionally, Docebo introduced its Companion and the Model Context Protocol (MCP) Server, which expanded learning into everyday workflows and enabled integration with leading AI assistants such as Claude, Microsoft Copilot, and ChatGPT. The earlier acquisition of 365Talents further bolstered Docebo's skills intelligence capabilities, strengthening its AI-driven learning solutions.

3. Positive Analyst Sentiment and Price Target Adjustments.

Analyst firms maintained an overall positive outlook on Docebo during the period. Zacks Equity Research upgraded Docebo to a "Strong Buy" rating on April 27, 2026, citing growing optimism regarding the company's earnings prospects. On April 22, 2026, Cantor Fitzgerald reiterated an "overweight" rating with a $28.00 price objective. While ATB Cormark Capital Markets slightly adjusted their price target from $36.00 to $35.00, they maintained an "outperform" rating. The consensus rating remained "Moderate Buy" with an average target price of $31.08.

4. Announcement of a Substantial Share Repurchase Program.

On July 17, 2026, Docebo announced its board of directors approved a substantial issuer bid to repurchase for cancellation up to US$70,000,000 of its outstanding common shares at a price of US$20.40 per share. This strategic move indicates management's confidence in the company's valuation and aims to enhance shareholder value by reducing the number of outstanding shares, which can positively impact earnings per share.

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Stock Movement Drivers

Fundamental Drivers

The 10.9% change in DCBO stock from 3/31/2026 to 7/25/2026 was primarily driven by a 29.4% change in the company's P/E Multiple.
(LTM values as of)33120267252026Change
Stock Price ($)17.4719.3710.9%
Change Contribution By: 
Total Revenues ($ Mil)2432513.4%
Net Income Margin (%)15.5%13.7%-11.3%
P/E Multiple12.215.829.4%
Shares Outstanding (Mil)2628-6.6%
Cumulative Contribution10.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/25/2026
ReturnCorrelation
DCBO10.9% 
Market (SPY)13.6%4.8%
Sector (XLK)32.3%7.2%

Fundamental Drivers

The -12.7% change in DCBO stock from 12/31/2025 to 7/25/2026 was primarily driven by a -44.1% change in the company's P/E Multiple.
(LTM values as of)123120257252026Change
Stock Price ($)22.2019.37-12.7%
Change Contribution By: 
Total Revenues ($ Mil)2372516.1%
Net Income Margin (%)9.5%13.7%43.8%
P/E Multiple28.315.8-44.1%
Shares Outstanding (Mil)29282.4%
Cumulative Contribution-12.7%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/25/2026
ReturnCorrelation
DCBO-12.7% 
Market (SPY)8.7%13.4%
Sector (XLK)22.3%11.7%

Fundamental Drivers

The -33.1% change in DCBO stock from 6/30/2025 to 7/25/2026 was primarily driven by a -58.4% change in the company's P/E Multiple.
(LTM values as of)63020257252026Change
Stock Price ($)28.9419.37-33.1%
Change Contribution By: 
Total Revenues ($ Mil)22325112.6%
Net Income Margin (%)10.3%13.7%32.6%
P/E Multiple38.015.8-58.4%
Shares Outstanding (Mil)30287.8%
Cumulative Contribution-33.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/25/2026
ReturnCorrelation
DCBO-33.1% 
Market (SPY)20.6%20.7%
Sector (XLK)39.5%16.4%

Fundamental Drivers

The -50.9% change in DCBO stock from 6/30/2023 to 7/25/2026 was primarily driven by a -81.6% change in the company's P/E Multiple.
(LTM values as of)63020237252026Change
Stock Price ($)39.4319.37-50.9%
Change Contribution By: 
Total Revenues ($ Mil)15225164.8%
Net Income Margin (%)10.0%13.7%37.2%
P/E Multiple85.915.8-81.6%
Shares Outstanding (Mil)332818.1%
Cumulative Contribution-50.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/25/2026
ReturnCorrelation
DCBO-50.9% 
Market (SPY)72.6%36.4%
Sector (XLK)106.1%32.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
DCBO Return3%-51%46%-7%-50%-14%-71%
Peers Return-2%-45%32%8%-18%-35%-59%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
DCBO Win Rate42%33%50%58%42%43% 
Peers Win Rate41%33%65%48%44%39% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
DCBO Max Drawdown-40%-64%-26%-37%-55%-36% 
Peers Max Drawdown-22%-58%-36%-46%-49%-48% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: WDAY, ORCL, SKIL, COUR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/24/2026 (YTD)

How Low Can It Go

EventDCBOS&P 500
2023 SVB Regional Banking Crisis
  % Loss-20.0%-6.7%
  % Gain to Breakeven24.9%7.1%
  Time to Breakeven33 days31 days

Compare to WDAY, ORCL, SKIL, COUR

In The Past

Docebo's stock fell -4.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.5% gain to breakeven.

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Compare to WDAY, ORCL, SKIL, COUR

In The Past

Docebo's stock fell -4.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Docebo (DCBO)

Docebo Inc. (DCBO) provides a cloud-based learning management system (LMS) designed to help organizations effectively train their internal workforces, external partners, and customers. The company's platform centralizes learning materials and tools to streamline and enrich the education process, ultimately aiming to boost productivity and foster consistent team growth across various departments and external relationships.

The core of Docebo's offering is its comprehensive Docebo Learn LMS. This is supported by an ecosystem of specialized tools, including Docebo Shape for AI-driven content creation, Docebo Content for accessing industry-leading learning materials, and Docebo Learning Impact and Analytics for measuring the effectiveness and business value of training programs. Docebo also offers integration solutions like Docebo Connect and Docebo Flow to embed learning directly into existing workflows, along with specific integrations for platforms such as Salesforce and OEM partners.

Docebo serves a wide array of industries globally, including technology, media, manufacturing, consulting and professional services, and retail. Its customer base is distributed across North America, Europe, and the Asia-Pacific region, all seeking to leverage a robust and scalable learning platform to enhance their educational initiatives for employees, partners, and customers.

AI Analysis | Feedback

Here are a few brief analogies for Docebo:

  • Salesforce for corporate learning.

  • Workday for learning and development.

AI Analysis | Feedback

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  • Docebo Learn LMS: A core cloud-based learning platform.
  • Docebo Shape: An AI-based tool for creating learning content.
  • Docebo Content: A service that provides access to premium learning content.
  • Docebo Learning Impact: A tool designed for measuring the effectiveness of learning programs.
  • Docebo Learning Analytics: Helps administrators connect learning data to business results and prove program value.
  • Docebo Connect: Facilitates integrations between Docebo and a customer's existing technology stack.
  • Docebo Flow: Enables the direct injection of learning content into the workflow.
  • Docebo for Salesforce: A native integration that provides a seamless learning experience within the Salesforce platform.
  • Docebo Embed (OEM): Allows original equipment manufacturers to embed and resell Docebo as part of their software.
  • Docebo Mobile App Publisher: Enables companies to create and publish their own branded mobile learning applications.
  • Docebo Extended Enterprise: Supports customer education, partner enablement, and retention initiatives.
  • Docebo Discover, Coach & Share: Enhances the learning experience to foster a culture of social learning.
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AI Analysis | Feedback

Docebo (DCBO) primarily sells its cloud-based learning management system to other companies (Business-to-Business, B2B).

The provided company description does not list specific major customer companies by name. However, it identifies the industries in which Docebo serves customers:

  • Technology
  • Media
  • Manufacturing
  • Consulting and professional services
  • Retail industries

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  • Amazon Web Services (AMZN)

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Alessio Artuffo - President and Chief Executive Officer

Alessio Artuffo assumed the role of CEO for Docebo in September 2024, having previously served as Interim CEO since March 2024. He joined Docebo in 2012 as the Director of International Business Operations and has held successive leadership positions including Chief Operating Officer, Chief Revenue Officer, and President. He was instrumental in establishing Docebo's North American operations and has been credited with helping to grow the company's revenue significantly. Beyond Docebo, he serves on the board of Viafoura and is an advisor for Gamindo.

Brandon Farber - Chief Financial Officer

Brandon Farber was promoted to Chief Financial Officer in April 2025, after serving as Interim Chief Financial Officer since March 2025. He joined Docebo in October 2021 as Vice President of Finance and was promoted to Senior Vice President of Finance in January 2023. Mr. Farber brings over 15 years of experience spanning technology, private equity, and venture capital. Prior to Docebo, he held finance positions at Constellation Software and Finastra, a financial technology company owned by Vista Equity Partners, where his responsibilities included business planning, finance operations, operational excellence, and mergers and acquisitions. He began his career at KPMG Canada.

Claudio Erba - Chief Innovation Officer

Claudio Erba is the founder of Docebo, which he established in 2005. He served as the company's Chief Executive Officer for many years before transitioning to Chief Innovation Officer in February 2024. Under his leadership, Docebo grew from a startup to a company with over 1000 employees and achieved IPOs on the Toronto Stock Exchange in 2019 and NASDAQ in 2020. He is also the President of Algoritmica SRL since 2018 and a Venture Partner at Emerge Venture Lab Ltd. He co-founded Docebo with Fabio Pirovano.

Fabio Pirovano - Chief Product Officer

Fabio Pirovano is the Chief Product Officer at Docebo, where he is responsible for the development and execution of the company's product strategy. He has played a key role in launching several innovative products that have enhanced Docebo's market position. He holds a Bachelor's degree in Computer Science from Politecnico di Milano and an MBA from SDA Bocconi. He co-founded Docebo with Claudio Erba.

Kyle Lacy - Chief Marketing Officer

Kyle Lacy is a seasoned marketing executive with nearly two decades of experience, having led high-growth software companies through scaling, transformation, and acquisition. As Chief Marketing Officer at Docebo, he oversees global brand strategy, demand generation, and go-to-market execution. Prior to Docebo, Mr. Lacy was CMO at Jellyfish and Senior Vice President of Marketing at Seismic. He was also instrumental in building Lessonly, which was acquired by Seismic for $300 million in 2021. His career also includes leadership roles at OpenView, Salesforce, and ExactTarget.

AI Analysis | Feedback

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Key Risks to Docebo (DCBO)

  • Slowing Revenue Growth and Intense Competition: Docebo faces the risk of its revenue growth decelerating, potentially lagging behind its industry peers and the broader e-learning market. This slowdown is primarily attributed to an increasingly competitive online corporate training industry, with various platforms offering innovative training methods, and prevailing macroeconomic headwinds that lead companies to reduce non-essential software spending. For instance, Docebo's projected revenue growth of 11.40% for the full 2025 fiscal year raises concerns about potential market share loss. The company's Q1 2025 guidance was revised downwards to 9-10% revenue growth for the full year, indicating a further slowdown.
  • Customer Churn and Pricing Strategy Impact: Docebo faces the risk of customer churn, including the loss of key accounts. A notable example is the non-renewal of the "Skills Builder" use case by Amazon Web Services (AWS), Docebo's largest OEM customer, which is expected to result in an approximate $4 million annual recurring revenue (ARR) headwind starting in Q1 2026, as AWS brings this functionality in-house. Additionally, Docebo's revision of its pricing grid in 2024, with renewal cycles occurring in 2025, could lead some customers to either not renew their subscriptions or opt for less expensive plans, potentially causing a temporary slowdown in revenue growth. Increased customer churn rates, particularly from Dayforce, have also been highlighted as a concern amidst a highly competitive market and economic uncertainties.
  • Risks Associated with AI in its Platform: Given Docebo's "AI-first" strategy and heavy reliance on artificial intelligence for product differentiation, the company is exposed to risks related to the use of AI in its platform. These risks include potential "reputational harm or liability" stemming from flawed algorithms, insufficient datasets, or biased information. Some enterprise customers have already expressed concerns about the high risks, compliance requirements, and potential regulatory fines associated with AI, leading them to disable AI functionalities within Docebo's platform. Furthermore, the evolving regulatory landscape for AI, with new standards and laws being adopted in regions like Canada (Draft Bill C-27) and the EU (EU AI Act), could introduce additional challenges and compliance burdens.
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AI Analysis | Feedback

The rapid advancement and integration of generative AI within enterprise productivity and collaboration tools could lead to the emergence of highly personalized, adaptive, and 'in-the-flow-of-work' learning solutions. These AI-first platforms could dynamically create and deliver learning content, assess knowledge, and adapt to individual needs without relying on a centralized, pre-structured learning management system (LMS) or separate content creation tools, thereby diminishing the fundamental value and necessity of traditional LMS providers like Docebo.

AI Analysis | Feedback

The addressable markets for Docebo's main products and services are substantial and show significant growth.

Learning Management Systems (LMS)

The global Learning Management System (LMS) market was valued at approximately $28.58 billion in 2025 or $26.8 billion in 2025, with some estimates at $24.09 billion in 2025 and $28.9 billion in 2025. It is projected to reach between $100.6 billion by 2034 (global, CAGR 15.84%) and $188.1 billion by 2035 (global, CAGR 20.6%). Other projections estimate the global LMS market to be worth $123.78 billion by 2033 (CAGR 20.2% from 2026 to 2033). For North America, the LMS market was valued at $7.2 billion, $10.8 billion in 2024, and $12.54 billion in 2025. It is projected to reach $52.4 billion by 2033 (CAGR 19.14% from 2025 to 2033) or $34.76 billion by 2032 (CAGR of 15.7% from 2025 to 2032). North America consistently holds a significant share of the global LMS market, accounting for over 36% of global revenue in 2025, over 43.2% in 2025, and 42.70% in 2025. The corporate learning management system market, a key segment for Docebo, was valued globally at $15.02 billion in 2025 and is projected to increase to $42.09 billion by 2030, with a CAGR of 22.9%. Another estimate places the global corporate LMS market at $16.1 billion in 2024, expected to reach $93.1 billion by 2033, growing at a CAGR of 20.43% from 2025 to 2033. North America accounted for over 36.9% of the global corporate LMS market revenue share in 2024.

Learning Analytics and Learning Impact

The global learning analytics solution market was valued at $7.35 billion in 2025 and is expected to reach $34.83 billion by 2033, growing at a CAGR of 21.45% during the forecast period. Similarly, the global education and learning analytics market size was valued at $46.2 billion in 2025 and is projected to reach $145.3 billion by 2034, exhibiting a CAGR of 13.16% from 2026 to 2034. North America dominated the learning analytics solution market with a 37.3% share in 2025 and the education and learning analytics market with a 36.8% market share in 2025.

AI-Based Learning Content Creation (Docebo Shape)

The global generative AI in content creation market, which includes AI-based learning content creation tools like Docebo Shape, was valued at approximately $19.75 billion in 2025 and is predicted to increase to about $143.09 billion by 2035, expanding at a CAGR of 21.90% from 2026 to 2035. Another report valued the global AI-powered content creation market at $2.15 billion in 2024, projected to reach $10.59 billion by 2033, growing at a CAGR of 19.4% from 2025 to 2033. North America held the largest revenue share in the global AI-powered content creation market, at 39.9% in 2024.

Docebo's Specific Market Estimates

Docebo's investor presentation identifies a global learning addressable market of approximately $30 billion, with $18.5 billion attributed to Customer Experience (CX) and $11.5 billion to Employee Experience (EX). The company also identifies a total addressable market of approximately $2.7 billion in the U.S. federal and state/local/education (SLED) sectors, with $1.2 billion for the U.S. Federal Government and $1.5 billion for U.S. SLED.

AI Analysis | Feedback

Docebo (DCBO) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

  1. Expansion within the Enterprise Customer Segment: Docebo has shown improving execution in attracting and expanding within the enterprise customer segment, which has been a driver for its Annual Recurring Revenue (ARR) growth. The company's ability to win significant enterprise customers validates its competitive edge.
  2. AI-First Platform Strategy and Product Innovation: Docebo is focused on an "AI-First platform strategy" and has an ambitious product roadmap that leverages artificial intelligence to enhance the learner experience. This includes the launch of new AI-powered products like AI content authoring (Q4 2024) and Virtual Coach (AI role simulation), with plans to monetize future external search capabilities.
  3. Strategic Acquisition and Integration of 365Talents: The acquisition of 365Talents is a significant driver, projected to add $7.5 million in ARR and grow at 30% annually for the next three years. This acquisition positions Docebo as a multi-product company, enhancing its skills intelligence offering and aiming to improve win rates and cross-sell opportunities within its existing customer base, particularly in the latter half of 2026.
  4. Growth in the Public Sector: Docebo is actively expanding its reach in the public sector, including securing new U.S. federal government customers like the U.S. Department of Energy, following its FedRAMP certification. This expansion into the public sector, including stronger adoption in the US and European public sectors, is seen as unlocking a potentially massive new revenue stream.
  5. Increase in Average Contract Value and Net Dollar Retention Rate: Docebo has demonstrated an increase in its Average Contract Value (ACV), reaching $55,229 as of December 31, 2024, up from $51,689 at the end of 2023. While the Net Dollar Retention Rate (NDR) was 99% for fiscal year 2025, management anticipates strong NRR trends in Q2, Q3, and Q4 2026, with the 365Talents acquisition expected to contribute to its acceleration. This suggests existing customers are increasing their spend with Docebo.

AI Analysis | Feedback

Share Repurchases

  • Docebo completed a share buyback program between October 1, 2025, and December 31, 2025, repurchasing 954,967 shares for CA$38.32 million, representing 3.23% of shares.
  • On January 29, 2026, Docebo announced a substantial issuer bid to repurchase up to 2,941,176 shares, or 10.23% of its shares, for US$60 million at US$20.40 per share.
  • This US$60 million substantial issuer bid expired on March 10, 2026, with the company expecting to repurchase and cancel 2,941,176 shares, representing approximately 10.2% of shares outstanding as of February 1, 2026.

Outbound Investments

  • On January 20, 2026, Docebo acquired the French AI-powered skills intelligence company 365Talents for approximately $54.6 million in cash, with potential additional earn-out payments of up to $5.1 million.
  • The acquisition was funded through a combination of cash on hand and borrowings under Docebo's existing credit facility.
  • This acquisition aims to strengthen Docebo's AI skills platform by integrating skills intelligence directly into learning workflows.

Capital Expenditures

  • In the last 12 months (prior to March 2026), capital expenditures were approximately -$981,000.
  • Docebo invested $298,000 in capital expenditures in Q1 2025, an increase of 3.8% from the prior quarter, primarily for funding long-term assets and infrastructure.

Better Bets vs. Docebo (DCBO)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

DCBOWDAYORCLSKILCOURMedian
NameDocebo Workday Oracle SkillsoftCoursera  
Mkt Price19.37135.34114.996.355.3719.37
Mkt Cap0.534.4330.60.10.90.9
Rev LTM2519,85467,358483774774
Op Inc LTM231,15622,442-30-8823
FCF LTM442,972-23,68666844
FCF 3Y Avg332,427-4,09146233
CFO LTM453,17831,977239090
CFO 3Y Avg332,65623,824228181

Growth & Margins

DCBOWDAYORCLSKILCOURMedian
NameDocebo Workday Oracle SkillsoftCoursera  
Rev Chg LTM12.6%13.3%17.4%-3.9%9.8%12.6%
Rev Chg 3Y Avg18.2%15.1%10.6%-4.5%12.1%12.1%
Rev Chg Q14.5%13.5%20.6%-4.7%9.1%13.5%
QoQ Delta Rev Chg LTM3.4%3.2%5.1%-1.0%2.2%3.2%
Op Inc Chg LTM32.9%82.9%24.3%16.2%3.9%24.3%
Op Inc Chg 3Y Avg174.0%175.2%17.8%35.2%19.6%35.2%
Op Mgn LTM9.0%11.7%33.3%-6.2%-11.4%9.0%
Op Mgn 3Y Avg6.4%7.5%31.7%-9.3%-15.0%6.4%
QoQ Delta Op Mgn LTM-1.1%1.0%1.0%0.5%-1.1%0.5%
CFO/Rev LTM17.9%32.3%47.5%4.7%11.6%17.9%
CFO/Rev 3Y Avg14.9%30.4%39.7%4.4%11.3%14.9%
FCF/Rev LTM17.6%30.2%-35.2%1.2%8.9%8.9%
FCF/Rev 3Y Avg14.5%27.7%-4.5%0.9%8.6%8.6%

Valuation

DCBOWDAYORCLSKILCOURMedian
NameDocebo Workday Oracle SkillsoftCoursera  
Mkt Cap0.534.4330.60.10.90.9
P/S2.23.54.90.11.22.2
P/Op Inc24.129.714.7-1.9-10.314.7
P/EBIT26.025.013.7-0.8-10.313.7
P/E15.840.619.3-0.4-14.215.8
P/CFO12.110.810.32.510.110.3
Total Yield6.3%2.5%6.9%-259.0%-7.0%2.5%
Dividend Yield0.0%0.0%1.8%0.0%0.0%0.0%
FCF Yield 3Y Avg4.7%5.5%-0.9%4.6%5.4%4.7%
D/E0.20.10.510.30.00.2
Net D/E0.0-0.00.48.2-0.90.0

Returns

DCBOWDAYORCLSKILCOURMedian
NameDocebo Workday Oracle SkillsoftCoursera  
1M Rtn14.8%19.0%-24.3%3.3%-6.8%3.3%
3M Rtn6.2%13.0%-33.4%-1.2%1.7%1.7%
6M Rtn4.1%-28.5%-34.6%-33.1%-17.4%-28.5%
12M Rtn-38.4%-44.0%-52.6%-56.8%-56.6%-52.6%
3Y Rtn-48.9%-41.2%3.1%-77.0%-59.7%-48.9%
1M Excs Rtn12.3%13.9%-27.5%-11.0%-12.6%-11.0%
3M Excs Rtn5.6%13.8%-38.8%-7.2%-14.3%-7.2%
6M Excs Rtn-1.9%-35.3%-42.2%-41.9%-24.3%-35.3%
12M Excs Rtn-55.4%-60.4%-68.5%-72.7%-56.6%-60.4%
3Y Excs Rtn-111.4%-103.9%-62.0%-141.0%-123.3%-111.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment243217181  
Professional services   118
Subscription revenue   13296
Total243217181143104


Price Behavior

Price Behavior
Market Price$19.37 
Market Cap ($ Bil)0.5 
First Trading Date12/03/2020 
Distance from 52W High-39.8% 
   50 Days200 Days
DMA Price$18.15$20.13
DMA Trenddownindeterminate
Distance from DMA6.7%-3.8%
 3M1YR
Volatility63.9%54.1%
Downside Capture10.52116.05
Upside Capture37.0436.60
Correlation (SPY)1.1%20.6%
DCBO Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.860.290.710.831.011.17
Up Beta-0.92-0.450.700.760.831.16
Down Beta-0.16-0.30-0.871.301.281.13
Up Capture177%39%96%35%46%72%
Bmk +ve Days11244067140429
Stock +ve Days11223663124380
Down Capture165%107%154%104%127%108%
Bmk -ve Days10172358112321
Stock -ve Days10192762126367

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DCBO
DCBO-39.0%53.9%-0.72-
Sector ETF (XLK)35.9%24.8%1.1916.7%
Equity (SPY)17.6%12.7%1.0020.7%
Gold (GLD)19.2%28.1%0.61-4.1%
Commodities (DBC)34.7%19.1%1.42-7.4%
Real Estate (VNQ)13.8%14.1%0.698.8%
Bitcoin (BTCUSD)-46.2%42.9%-1.3216.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DCBO
DCBO-20.4%52.2%-0.24-
Sector ETF (XLK)19.4%25.6%0.6847.1%
Equity (SPY)12.8%17.1%0.5848.5%
Gold (GLD)17.0%18.4%0.757.5%
Commodities (DBC)9.6%19.5%0.383.9%
Real Estate (VNQ)3.0%18.9%0.0635.0%
Bitcoin (BTCUSD)15.3%53.4%0.4728.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DCBO
DCBO-9.1%52.4%-0.13-
Sector ETF (XLK)24.1%24.8%0.8847.1%
Equity (SPY)14.9%17.9%0.7147.7%
Gold (GLD)11.3%16.1%0.578.2%
Commodities (DBC)7.2%17.9%0.324.6%
Real Estate (VNQ)5.2%20.7%0.2134.4%
Bitcoin (BTCUSD)58.1%66.2%0.9828.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity0.6 Mil
Short Interest: % Change Since 63020266.5%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest9.8 days
Basic Shares Quantity28.1 Mil
Short % of Basic Shares2.2%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/08/20266-K
12/31/202502/27/202640-F
09/30/202511/07/20256-K
06/30/202508/08/20256-K
03/31/202505/09/20256-K
12/31/202402/28/202540-F
09/30/202411/08/20246-K
06/30/202408/08/20246-K
03/31/202405/10/20246-K
12/31/202302/23/202440-F
09/30/202311/09/20236-K
06/30/202308/10/20236-K
03/31/202305/11/20236-K
12/31/202203/09/202340-F
09/30/202211/10/20226-K
06/30/202208/11/20226-K
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/08/20266-K
12/31/202502/27/202640-F
09/30/202511/07/20256-K
06/30/202508/08/20256-K
03/31/202505/09/20256-K
12/31/202402/28/202540-F
09/30/202411/08/20246-K
06/30/202408/08/20246-K
03/31/202405/10/20246-K
12/31/202302/23/202440-F
09/30/202311/09/20236-K
06/30/202308/10/20236-K
03/31/202305/11/20236-K
12/31/202203/09/202340-F
09/30/202211/10/20226-K
06/30/202208/11/20226-K
03/31/202205/12/20226-K
12/31/202103/10/202240-F
09/30/202111/12/20216-K
06/30/202108/12/20216-K
03/31/202105/13/20216-K

Investor Activity (13F)

Updated Jul 26, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Cat Rock Capital Management LP$19.2 Mil3.0%14Hold13F
Topline Capital Management, LLC$15.4 Mil2.5%43Hold13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Long Path Partners LP$21.6 Mil7.4%7Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Cat Rock Capital Management LP$19.2 Mil3.0%14Hold13F
Topline Capital Management, LLC$15.4 Mil2.5%43Hold13F
Core Cache Last Updated: 7/25/2026