MeritValue

Docebo Inc.

DCBOdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Docebo Inc. earns about 20% on equity, far above its ~9% cost of capital, and has bought back 13% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $2.53 and $58.99 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$104.2M1$142.9M2$180.8M3$216.9M4$242.7M4
Net income−$13.6M5$7.02M6$2.84M7$26.7M8$37.5M8
Operating cash flow−$3.25M9$2.29M10$16M11$29.2M12$28.2M12
Capital expenditure$1.15M13$1.08M14$635,00015$1.25M16$981,00016
Free cash flow (derived)−$4.4M9$1.21M10$15.3M11$28M12$27.2M12
Total debt$017————
Cash & equivalents$215.3M18$216.3M19$72M20$92.5M20$74M20
Diluted shares32.9M32.9M30.3M30.3M28.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$25.77
your share of equity
Profit it earned you last year
$13.05
Free cash flow it threw off
$9.46
Debt you’d be carrying
—

10 shares is a claim on $25.77 of net worth that earned you $13.05 and generated $9.46 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
20% avg · 5y
FY21 -7%FY22 4%FY23 6%FY24 46%FY25 51%

It earned about 20% on equity, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−13% shares · 5y

Share count is down 13% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $2.53 and $58.99 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$58.99
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$27.2M
DCF · Growth Exit 5Y
$33.42
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$27.2M
Earnings Power Value
$2.53
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$7.02M
  • growthAssumed0.0%
Graham Number
$8.62
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $33.42
The three cases
Bear0.0%$16.09
Base20.0%$33.42
Bull20.0%$33.42

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 40-F · period ending 2021-12-31 · accession 0001628280-23-007142 (RevenueFromContractsWithCustomers)
  2. 40-F · period ending 2022-12-31 · accession 0001628280-24-006515 (RevenueFromContractsWithCustomers)
  3. 40-F · period ending 2023-12-31 · accession 0001628280-25-008863 (RevenueFromContractsWithCustomers)
  4. 40-F · period ending 2024-12-31 · accession 0001628280-26-012566 (RevenueFromContractsWithCustomers)
  5. 40-F · period ending 2021-12-31 · accession 0001628280-23-007142 (ProfitLoss)
  6. 40-F · period ending 2022-12-31 · accession 0001628280-24-006515 (ProfitLoss)
  7. 40-F · period ending 2023-12-31 · accession 0001628280-25-008863 (ProfitLoss)
  8. 40-F · period ending 2024-12-31 · accession 0001628280-26-012566 (ProfitLoss)
  9. 40-F · period ending 2021-12-31 · accession 0001628280-23-007142 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2022-12-31 · accession 0001628280-24-006515 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F · period ending 2023-12-31 · accession 0001628280-25-008863 (CashFlowsFromUsedInOperatingActivities)
  12. 40-F · period ending 2024-12-31 · accession 0001628280-26-012566 (CashFlowsFromUsedInOperatingActivities)
  13. 40-F · period ending 2021-12-31 · accession 0001628280-23-007142 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 40-F · period ending 2022-12-31 · accession 0001628280-24-006515 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 40-F · period ending 2023-12-31 · accession 0001628280-25-008863 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  16. 40-F · period ending 2024-12-31 · accession 0001628280-26-012566 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 40-F · period ending 2021-12-31 · accession 0001628280-22-005638 (Borrowings)
  18. 40-F · period ending 2021-12-31 · accession 0001628280-24-006515 (CashAndCashEquivalents)
  19. 40-F · period ending 2022-12-31 · accession 0001628280-25-008863 (CashAndCashEquivalents)
  20. 40-F · period ending 2023-12-31 · accession 0001628280-26-012566 (CashAndCashEquivalents)