Docebo’s re-accelerating enterprise SaaS growth, AI expansion, and 0.24 PEG create an asymmetric long-term opportunity despite leveraged buybacks.
Overview
Docebo Inc. (DCBO) is a cloud SaaS provider serving enterprise, mid-market, and public-sector learning requirements through a platform that combines LMS functionality with AI, skills intelligence, external training, and corporate knowledge tools. **The recurring-revenue base is highly attractive: subscriptions represent 93% of revenue, while the largest legacy OEM customer has declined to only 2.5% of ARR from 8.4% a year earlier.** Q2 2026 revenue rose 13.0% year over year to $68.65 million, beating consensus by 2.65%, and adjusted diluted EPS of $0.35 exceeded the $0.2981 estimate by 17.4%. ARR reached $255.1 million, up 9.5%, and ACV increased 27.0% to $74.8 thousand, indicating stronger enterprise mix. Management raised FY2026 revenue guidance to $274.5–$276.5 million and subscription guidance to $255.5–$257.5 million, although EBITDA guidance stayed at $54.5–$56.5 million because of healthcare and R&D investment. At $20.43, valuation is approximately 2.0x trailing EV/Sales, 12.9x forward P/E, and 0.24x PEG. Catalysts include Agent Hub and Enterprise Knowledge releases, healthcare execution, and public-sector wins.