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Docebo Balance Sheet 2025-2011 | DCBO
Brief overview of Docebo 's balance sheet strength
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
Assets finished at $206.6 million versus $268.2 million initially, losing -23%. The balance sheet contracted.
Liability growth of +70.9% exceeded asset growth of -23%, increasing reliance on outside funding.
Shareholders' equity accounts for 35.9% of assets, previously 71.1%. Dependence on liabilities is moderate.
The period ended with net cash: net debt stood at -$71.5 million. This supports financial flexibility.
Cash accounts for 35.8% of assets versus 80.3% initially. The change indicates the degree of financial flexibility.
The accumulated result is -$184 million and remains below zero. The number alone does not explain whether losses, dividends or repurchases were the main cause.
Conclusion
Docebo 's financial structure is not clear-cut. Asset scale alone does not resolve questions about how those assets are funded.
Annual Balance Sheet Docebo
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-71.5 M | -91 M | -69.8 M | -213 M | -211 M | - | -45.3 M | 5.62 M | -17.9 K | - | - | - | - | - | - |
Long Term Debt |
1.94 M | 154 K | 639 K | 1.69 M | 2.69 M | - | 16 K | 4.02 M | 3.32 M | - | - | - | - | - | - |
Long Term Debt Current |
621 K | 1.34 M | 1.47 M | 1.37 M | 1.31 M | 1.26 M | 935 K | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | 8.21 M | 3.94 M | 5.19 M | 4.19 M | - | - | - | - | - | - |
Total Liabilities |
133 M | 133 M | 108 M | 91.5 M | 77.6 M | 53.9 M | 32.5 M | 30.1 M | 15.7 M | - | - | - | - | - | - |
Deferred Revenue |
- | - | - | - | - | 28.3 M | 18 M | 12.7 M | 7.58 M | - | - | - | - | - | - |
Retained Earnings |
-184 M | -205 M | -205 M | -74.9 M | -81.9 M | -67.9 M | -60.3 M | -48.3 M | -14.9 M | - | - | - | - | - | - |
Total Assets |
207 M | 191 M | 158 M | 284 M | 268 M | 254 M | 63.9 M | 13.3 M | 9.5 M | - | - | - | - | - | - |
Cash and Cash Equivalents |
74 M | 92.5 M | 72 M | 216 M | 215 M | 220 M | 46.3 M | - | - | - | - | - | - | - | - |
Book Value |
74.1 M | 57.8 M | 50.7 M | 192 M | 191 M | 200 M | 31.4 M | -16.8 M | -6.16 M | - | - | - | - | - | - |
Total Shareholders Equity |
74.1 M | 57.8 M | 50.7 M | 192 M | 191 M | 200 M | 31.4 M | - | - | - | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet Docebo
| 2025-Q4 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
1.94 M | 71 K | 154 K | 325 K | 499 K | 639 K | 881 K | 1.17 M | 1.43 M | - | - | - | 2.54 M | 2.69 M | - | - | - | 2.54 M | - | - | - | 2.48 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
133 M | 145 M | 133 M | 129 M | 113 M | 108 M | 118 M | 144 M | 99.9 M | - | - | - | 85.2 M | 77.5 M | - | - | - | 53.9 M | - | - | - | 32.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-184 M | -209 M | -205 M | -217 M | -200 M | -205 M | -129 M | -129 M | -73.6 M | - | - | - | -88.8 M | -81.9 M | - | - | - | -68.3 M | - | - | - | -60.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
207 M | 198 M | 191 M | 174 M | 173 M | 158 M | 254 M | 289 M | 295 M | - | - | - | 274 M | 268 M | - | - | - | 254 M | - | - | - | 63.9 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
74 M | 91.9 M | 92.5 M | 82 M | 80.6 M | 72 M | 171 M | 204 M | 216 M | - | - | - | 212 M | 215 M | - | - | 217 M | 220 M | - | - | - | 46.3 M | - | - | - | 3.76 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
74.1 M | 52.4 M | 57.8 M | 45.1 M | 59.6 M | 50.7 M | 136 M | 145 M | 195 M | - | - | - | 188 M | 191 M | - | - | - | 200 M | - | - | - | 31.4 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
74.1 M | 52.4 M | 57.8 M | 45.1 M | 59.6 M | 50.7 M | 136 M | 145 M | 195 M | - | - | - | 188 M | 191 M | - | - | 197 M | 200 M | - | - | - | 31.4 M | - | - | - | -16.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Docebo , providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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