Estados financieros detallados de Docebo Inc. (DCBO): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Docebo Inc. registró ingresos de $242.7M en el último ejercicio fiscal, con un CAGR de 5 años del 31.0%.
Márgenes de los últimos 12 meses: margen bruto 79.4%, margen operativo 8.6%, margen neto 13.0%. El flujo de caja libre creció a un CAGR del 51.0% en 5 años.
Al precio actual de $24.09, DCBO cotiza a un P/E de 20.91 y un ROE del 113.64%. La capitalización bursátil es de $611M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $9.9M | $17.1M | $27.1M | $41.4M | $62.9M | $104.2M | $142.9M | $180.8M | $216.9M | $242.7M |
| Coste de Ventas | $2.6M | $4.4M | $5.7M | $8.4M | $11.5M | $20.8M | $28.2M | $34.5M | $41.3M | $47.9M |
| Beneficio Bruto | $7.2M | $12.8M | $21.4M | $33.1M | $51.4M | $83.5M | $114.7M | $146.3M | $175.6M | $194.8M |
| I+D | $2.0M | $3.9M | $6.6M | $9.4M | $13.4M | $20.4M | $24.8M | $35.5M | $43.9M | $50.1M |
| Generales y Administrativos | $8.0M | $15.1M | $22.6M | $31.8M | $42.6M | $74.0M | $94.5M | $107.0M | $109.4M | $117.1M |
| Gastos Operativos | $10.1M | $19.2M | $29.4M | $42.9M | $59.0M | $96.9M | $110.5M | $150.1M | $156.7M | $170.4M |
| Beneficio Operativo | -$2.9M | -$6.9M | -$9.0M | -$9.8M | -$7.6M | -$13.4M | $4.2M | -$3.7M | $18.9M | $24.5M |
| EBITDA | -$2.8M | -$8.6M | -$10.8M | -$9.9M | -$6.0M | -$10.9M | $10.5M | $8.3M | $27.3M | $27.8M |
| Gastos por Intereses | 0 | $172831 | 0 | $814505 | $470613 | $425225 | $278509 | $297354 | $222764 | $146000 |
| Beneficio Antes de Impuestos | -$2.9M | -$8.2M | -$11.7M | -$11.3M | -$7.7M | -$13.4M | $7.8M | $4.8M | $23.7M | $24.4M |
| Impuestos | 0 | 0 | -$2.1M | $609000 | $336000 | $172000 | $764000 | $2.0M | -$3.0M | -$13.1M |
| Beneficio Neto | -$2.8M | -$7.3M | -$11.3M | -$11.9M | -$8.0M | -$13.6M | $7.0M | $2.8M | $26.7M | $37.5M |
| BPA | $-0.10 | $-0.26 | $-0.37 | $-0.49 | $-0.26 | $-0.41 | $0.20 | $0.09 | $0.88 | $1.33 |
| BPA Diluido | $-0.09 | $-0.24 | $-0.37 | $-0.49 | $-0.26 | $-0.41 | $0.20 | $0.08 | $0.86 | $1.30 |
| Acciones en Circulación (Diluidas) | $30.1M | $30.1M | $30.1M | $24.4M | $28.9M | $32.9M | $34.0M | $33.7M | $30.9M | $29.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $61.6M | $63.0M | $65.6M | $68.7M |
| Beneficio Bruto | $49.5M | $50.3M | $51.3M | $54.5M |
| Beneficio Operativo | $8.1M | $9.4M | -$39000 | $4.9M |
| EBITDA | $9.0M | $10.0M | $641000 | $4.8M |
| Beneficio Neto | $6.1M | $26.9M | -$1.6M | $2.3M |
| BPA | $0.21 | $0.95 | $-0.06 | $0.09 |
| BPA Diluido | $0.21 | $0.93 | $-0.06 | $0.08 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $3.4M | $3.8M | $46.3M | $219.7M | $215.3M | $216.3M | $72.0M | $92.5M | $73.9M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $99000 | $174000 | $83000 | $43000 | 0 |
| Cuentas por Cobrar | $4.4M | $6.1M | $10.2M | $15.8M | $27.8M | $38.0M | $42.7M | $45.6M | $56.0M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $8.4M | $11.6M | $58.9M | $238.4M | $251.6M | $263.6M | $127.2M | $154.2M | $141.6M |
| Inmovilizado Material | $1.1M | $1.3M | $3.9M | $5.1M | $5.7M | $4.7M | $3.5M | $3.1M | $4.4M |
| Fondo de Comercio | 0 | 0 | 0 | $5.6M | $5.3M | $6.0M | $14.3M | $13.9M | $14.5M |
| Activos Intangibles | 0 | 0 | 0 | $2.1M | $1.6M | $1.1M | $2.4M | $1.7M | $1.0M |
| Activos Totales | $9.5M | $13.3M | $63.9M | $255.0M | $268.2M | $283.7M | $158.4M | $190.7M | $206.3M |
| Cuentas por Pagar | $3.8M | $6.8M | $9.6M | $16.1M | $22.9M | $26.0M | $31.7M | $34.9M | $35.9M |
| Deuda a Corto | $20350 | $5.4M | $20000 | $1.3M | 0 | 0 | 0 | 0 | $619869 |
| Pasivos Corrientes | $11.5M | $24.9M | $28.5M | $45.7M | $69.3M | $84.4M | $100.7M | $128.6M | $123.6M |
| Deuda a Largo | $3.3M | $4.0M | $16000 | 0 | 0 | 0 | 0 | 0 | $1.9M |
| Pasivos Totales | $15.7M | $30.1M | $32.5M | $54.7M | $77.6M | $91.5M | $107.7M | $133.0M | $132.3M |
| Reservas | -$14.9M | -$48.3M | -$60.3M | -$68.3M | -$81.9M | -$74.9M | -$204.8M | -$205.4M | -$183.7M |
| Patrimonio Neto | -$5.1M | -$16.8M | $31.4M | $200.3M | $190.7M | $192.2M | $50.7M | $57.8M | $74.0M |
| Deuda Total | $3.3M | $9.4M | $3.5M | $3.8M | $4.0M | $3.1M | $2.1M | $1.5M | $4.5M |
| Deuda Neta | -$17917 | $5.6M | -$42.8M | -$215.8M | -$211.4M | -$213.4M | -$69.9M | -$91.1M | -$69.4M |
| Capital Circulante | -$3.1M | -$13.3M | $30.4M | $192.7M | $182.3M | $179.2M | $26.5M | $25.6M | $18.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $66.1M | $73.9M | $63.4M | $45.7M |
| Activos Totales | $173.2M | $206.3M | $254.4M | $242.7M |
| Pasivos Totales | $128.0M | $132.3M | $255.0M | $243.0M |
| Patrimonio Neto | $45.2M | $74.0M | -$618025 | -$306000 |
| Deuda Total | $2.9M | $4.5M | $84.1M | $93.8M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$2.9M | -$8.2M | -$11.7M | -$11.9M | -$8.0M | -$13.6M | $7.0M | $2.8M | $26.7M | $38.2M |
| Amortizaciones | $62507 | $184232 | $169043 | $693000 | $1.2M | $2.0M | $2.3M | $3.1M | $3.4M | $3.2M |
| Compensación en Acciones | $157903 | $152767 | $253251 | $659000 | $1.6M | $2.3M | $4.7M | $6.0M | $7.3M | 0 |
| Cambio en Capital Circulante | $1.6M | $3.4M | $5.6M | $3.5M | $7.5M | $5.7M | $3.1M | $7.4M | $1.1M | -$3.4M |
| Flujo de Caja Operativo | -$1.0M | -$3.0M | -$2.9M | -$4.6M | $4.8M | -$3.3M | $2.3M | $16.0M | $29.2M | $30.1M |
| Inversiones (CapEx) | -$257891 | -$688973 | -$410393 | -$366000 | -$1.1M | -$1.1M | -$1.1M | -$635000 | -$1.2M | -$998173 |
| Adquisiciones | 0 | 0 | 0 | 0 | -$2.5M | 0 | -$1.2M | -$8.9M | -$250000 | -$859000 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$159.4M | -$11.0M | -$47.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$1.3M | -$3.7M | -$3.4M | -$4.9M | $3.7M | -$4.4M | $1.2M | $15.3M | $28.0M | $29.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $5.3M | $8.7M | $24.1M | -$3.1M |
| Inversiones (CapEx) | -$223000 | -$174429 | -$107492 | -$172000 |
| Flujo de Caja Libre | $5.1M | $8.6M | $24.0M | -$3.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.9M | 0 | 0 | $2.5M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +73.8% | +58.1% | +53.1% | +51.8% | +65.7% | +37.1% | +26.5% | +20.0% | +11.9% |
| Crecimiento Beneficio Neto (anual) | | -165.5% | -54.1% | -5.7% | +32.7% | -69.7% | +151.6% | -59.5% | +841.4% | +40.3% |
| Crecimiento BPA (anual) | | -168.6% | -42.3% | -32.4% | +46.9% | -57.7% | +148.8% | -56.4% | +908.0% | +51.1% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | -19.0% | +18.8% | +13.6% | +3.6% | -1.1% | -8.1% | -5.1% |
| Crecimiento FCF (anual) | | -183.6% | +8.5% | -47.3% | +175.0% | -218.6% | +127.4% | +1170.0% | +82.7% | +3.9% |
| Margen Bruto | 73.3% | 74.6% | 79.1% | 79.8% | 81.7% | 80.1% | 80.3% | 80.9% | 81.0% | 80.3% |
| Margen Operativo | -29.9% | -40.2% | -33.1% | -23.7% | -12.1% | -12.9% | 2.9% | -2.1% | 8.7% | 10.1% |
| Margen EBITDA | -28.4% | -50.1% | -39.9% | -23.8% | -9.6% | -10.5% | 7.3% | 4.6% | 12.6% | 11.4% |
| Margen Neto | -28.0% | -42.7% | -41.6% | -28.7% | -12.7% | -13.0% | 4.9% | 1.6% | 12.3% | 15.5% |
| Margen FCF | -13.1% | -21.4% | -12.4% | -11.9% | 5.9% | -4.2% | 0.8% | 8.5% | 12.9% | 12.0% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | 18.3% | -5.4% | -4.4% | -1.3% | 9.8% | 41.4% | -12.7% | -53.5% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.04 | $-0.12 | $-0.11 | $-0.20 | $0.13 | $-0.13 | $0.04 | $0.46 | $0.91 | $0.99 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $28.5M | $28.5M | $30.1M | $24.4M | $28.9M | $32.9M | $33.1M | $32.5M | $30.2M | $28.7M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 113.64% |
| Rentabilidad sobre capital invertido | 22.58% |
| Rentabilidad sobre activos | 13.84% |
| Margen bruto | 79.40% |
| Margen operativo | 8.64% |
| Margen neto | 12.98% |
Salud financiera
| Deuda / Patrimonio | -306.43 |
| Ratio corriente | 0.83 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.31 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -516.53 | -192.31 | -135.14 | -102.04 | -250.35 | -164.29 | 165.70 | 554.18 | 50.88 | 16.69 |
| P/VC | 0.00 | -278.90 | -89.69 | 38.82 | 9.40 | 11.61 | 5.70 | 31.02 | 23.42 | 8.61 |
| P/V | 144.41 | 83.07 | 55.58 | 29.39 | 29.93 | 21.24 | 7.67 | 8.70 | 6.24 | 2.62 |
| Margen Bruto | 73.3% | 74.6% | 79.1% | 79.8% | 81.7% | 80.1% | 80.3% | 80.9% | 81.0% | 80.3% |
| Margen Operativo | -29.9% | -40.2% | -33.1% | -23.7% | -12.1% | -12.9% | 2.9% | -2.1% | 8.7% | 10.1% |
| Margen Neto | -28.0% | -42.7% | -41.6% | -28.7% | -12.7% | -13.0% | 4.9% | 1.6% | 12.3% | 15.5% |