DCBO
9/9 ScoreDocebo Inc.
Analysis Date: February 17, 2026
Docebo Inc. provides a cloud-based learning management system to train internal and external workforces, partners, and customers in North America, Europe, and the Asia-Pacific region. Its platform helps customers to centralize learning materials from peer enterprises and learners into one learning management system (LMS) to expedite and enrich the learning process, increase productivity, and grow teams uniformly. The company's learning platform includes Docebo Learn LMS, a cloud-based learning platform; Docebo Shape, an AI-based learning content creation tool; Docebo Content that allows to unlock the industry's best-learning content; Docebo Learning Impact, a learning measurement tool; Docebo Learning Analytics that allows learning administrators to prove their learning programs are powering their business, as well as connecting learning data to business results; Docebo Connect that connects Docebo to custom tech stack and making integrations; and Docebo Flow that allows businesses to directly inject learning into the flow of work. It also provides Docebo for Salesforce, a native integration that leverages Salesforce's application programming interface and technology architecture to produce a learning experience; and Docebo Embed (OEM) that allows original equipment manufacturers to embed and re-sell Docebo as a part of their software. In addition, the company offers Docebo Mobile App Publisher product that allows companies to create and publish own branded version of Docebo Go.Learn mobile learning applications; Docebo Extended Enterprise that breeds customer education, partner enablement, and retention; and Docebo Discover, Coach & Share that enhances the learning experience to create a culture of social learning. It serves customers in the technology, media, manufacturing, consulting and professional services, and retail industries. The company was formerly known as Docebo Canada, Inc. Docebo Inc. founded in 2005 and is based in Toronto, Canada.
Buffettology Criteria
All 9 of 9 criteria passed
High ROE
Return on Equity > 12%
Value: 47.3%
High ROIC
Return on Invested Capital > 9%
Value: 39.1%
Cash Machine
FCF / Assets > 5%
Value: 14.7%
Fair Valuation
Earnings Yield > 3.5%
Value: 4.1%
Share Buybacks
Share Count is Dropping
Value: -7.1%
Defensible Moat
Gross Profit Margin > 40%
Value: 80.4%
Simple Business
Not in a speculative sector (e.g., Biotech)
Value: Technology
Conservative Debt
Debt to Equity < 1.5
Value: 0.06x
Consistent Growth
5-Year Growth is Positive
Value: 280.9%
Analysis Summary
This looks like a company with a powerful moat and excellent returns on capital, a combination that's always worth noting. The balance sheet is exceptionally clean, and management seems to be a good steward of shareholder capital with those buybacks. While the growth rate is modest, the price isn't exorbitant and the underlying business characteristics are very appealing.
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