Learning Management Systems (LMS) / EdTech / Enterprise SaaS
Strategic Profile
Docebo has demonstrated momentum in bookings and is pursuing an AI-first strategy while positioning government as a longer-dated growth driver. The recent acquisition of 365Talents is strategic, adding skills intelligence capabilities that complement learning execution. The company trades at a valuation discount to peers, with an EV/revenue multiple of 2.6x for FY26 versus a median of 4.0x in the industry.
Cyborg Score Rationale
Q4 2025 marked one of Docebo's strongest quarters with gross bookings performance being the strongest since 2021 and Adjusted EBITDA margins reaching 21.2%. The company beat estimated earnings by 36%, reporting an EPS of $0.45 versus an estimate of $0.33. However, management acknowledged enterprise performance challenges in 2025, creating execution risk going forward.
Top Insights
With 365Talents acquisition, Docebo enters 2026 as a true multi-product company, closing the loop between skills intelligence and learning execution
Docebo's defensibility stems from the complexity of enterprise learning infrastructure and the data embedded in those workflows
Enterprise segment is 'the real lever' for growth acceleration, with management acknowledging 2025 underperformance but noting early signs of business turnaround
In 2025, Docebo publicly declared an 'AI-first roadmap strategy' and achieved FedRAMP Moderate Authorization
Named Competitors
Go1 — LMS and learning content platform
Cornerstone Learn — Enterprise talent management and learning platform
SuccessFactors Learning — Integrated HCM and learning platform
Recent Developments
(Jan 2026) Acquisition of 365Talents with integration already in production
(Feb 2026) Q4 2025 earnings beat: EPS of $0.45 vs. estimate of $0.33 (36% beat)
(Feb 2026) Q4 gross bookings performance strongest since 2021 with 21.2% Adjusted EBITDA margin
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