Docebo Inc. (DCBO): fair value, margin of safety and Wheel Score

Is DCBO undervalued?

Docebo Inc. (DCBO) closed at 28.12 on 16 Oct 2026. The GLS average fair value - the simple average of the 7 valuation models that produced a positive number - is 42.54, which puts the price 34% below it. 4 of the 7 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.

The 7 models disagree widely: EPV gives 14.67 while GLS Growth gives 80.81. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.

The nightly engine files DCBO under High Growth: revenue and earnings growing fast enough that the growth-based models carry the valuation.

Nine valuation models for DCBO

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Financial health is average - DCBO passes 5 of the nine Piotroski tests, which falls one point short of the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 8.4 out of 10, built from ten years of revenue, earnings, margins, cash flow, share count and returns on capital scored for consistency - a high reading that points to a durable business.

Returns on capital are high - ROIC 47.8%, ROE 50.7%, ROA 18.2% - with debt at 0.06 times equity and a free-cash-flow yield of 4.9%.

Docebo Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Subscription Revenue 93%, Professional Services Revenue 7% (quarter Q3 FY2022).

Institutional ownership scores 3/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 72: Good

DCBO scores 72 out of 100 on the Wheel Score (Good band, 65-79). The score blends the margin of safety (Value, 25/25), Piotroski health (11/20), the GLS moat (13/15), the option premium on offer (16/20) and how easily the stock trades (7/20). Stability (7/20) is the part holding the score back.

Implied volatility is 75% on the near-the-money contracts 20-60 days out - above the 60% ceiling of the sweet spot. Premiums are large, but the Wheel Score tapers the Premium points (16 of 20) because volatility this high usually comes with a reason. Chain open interest is thin - 1,224 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.

Volume runs at 53k shares a day on a market cap of $702M, with a beta of 0.79 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 7 of 20.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.

Upcoming events

The next earnings report is due on 6 Nov 2026 (before the open), 21 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

Similar stocks in Software - Application

The 12 companies below are the closest to Docebo Inc. by market cap within the Software - Application industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

⚖ Compare DCBO with 7 of them   All Technology stocks →