A tech stock can look terrific during a pullback when the share price drops faster than the business does. That is the key. You want a company that is still growing revenue, adding customers, staying profitable, and investing in the future, even while the market gets nervous. When that happens, a lower price can turn into a much better long-term entry point. That is what makes Docebo (TSX:DCBO) interesting on the TSX today.
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DCBO
Docebo is a Canadian software company focused on corporate learning. Its platform helps businesses train employees, customers, and partners using cloud-based learning management tools, with a growing push into AI-powered content and skills intelligence. In short, it helps companies teach people what they need to know without the whole process becoming a painful mess. That may not sound flashy, but it sits right at the intersection of workplace software, AI, and ongoing skills development.
Over the last year, the company has kept moving beyond a basic learning platform story. In January 2026, Docebo acquired 365Talents, a deal meant to add AI-powered skills intelligence and workforce readiness tools to its offering. Management said the acquisition should help connect learning with talent development more directly, which gives the platform a broader role inside customer organizations. That is a meaningful step, as software that becomes more central to a company’s operations tends to be harder to replace.
There have been other encouraging signs. Docebo stock said its fourth quarter was one of its strongest on record, with the best gross bookings performance since 2021, and it also launched a substantial issuer bid for up to US$60 million of shares. That buyback move matters. When management is willing to repurchase stock after a major decline, it usually signals confidence that the market is undervaluing the business.
Into earnings
The earnings story is still quite healthy. For the full-year 2025, Docebo stock reported revenue of US$242.7 million, up 11.9% from 2024. Net income rose 40.3% to US$37.5 million, while diluted earnings per share climbed to US$1.28 from US$0.88. In the fourth quarter alone, revenue reached US$63 million, up 10.5%, and net income jumped 125.5% to US$26.9 million. Those are not the numbers of a business falling apart.
Profitability also looks stronger than many growth investors might expect. Docebo stock said its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin reached 21.2% in the fourth quarter, and commentary around the results highlighted solid sales execution, especially in mid-market and enterprise deals. The company also said its share count declined 5% year over year, which helps show that growth is not being bought with runaway dilution. That makes the earnings quality look a lot better than the usual “maybe profitable someday” tech story.
Valuation is where the opportunity starts to show up. DCBO stock holds a market cap of about $867.5 million and a trailing price-to-earnings ratio near 17.3. For a software company that is still growing in the double digits, earning real profits, and expanding its artificial intelligence (AI) capabilities, that does not look stretched. The main risk is that growth has cooled from the hyper-growth days, so investors may stay picky if results do not accelerate. But the flip side is that the stock no longer needs fantasy-level expectations to work.
Bottom line
Docebo stock fits the kind of stock you buy for decades because the need it serves is not going away. Companies will keep needing to train people, reskill workers, and use smarter software to manage that process. With a profitable model, fresh AI tools, and a share price still well below its high, Docebo stock looks like one terrific Canadian tech stock that is down now but could reward patient investors for a very long time.
