Is Docebo / DCBO Halal?
Docebo Inc. (TSX: DCBO) is a Toronto-based cloud learning-management-system (LMS) SaaS provider, dual-listed on the TSX and Nasdaq, earning revenue from SaaS subscriptions and professional services. The software business clears gate one, and ~16.5% debt-and-leases-to-market-cap with ~0.04% interest income clears gate two — a PASS, re-checked every quarter.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — PASS
Docebo sells cloud-based learning management software to enterprises — SaaS subscription revenue plus professional services for implementation, training, and integration. Enterprise learning software is a permissible business activity under AAOIFI-style screens, and no haram revenue segment is disclosed in the filings. Gate one: PASS.
Gate two: the ratios — PASS
Debt-and-leases-to-market-cap: ~16.5% (ceiling ~33%) — PASS. At June 30, 2026, Docebo reported total borrowings of US$88.0 million and lease obligations of US$5.8 million (US$1.94 million current + US$3.88 million non-current) — about US$93.8 million in total when leases are included, consistent with the other screeners on this site. Against a market cap of roughly CA$807 million on September 28, 2026 (CA$32.41 TSX close x ~24.9 million listed shares), the ratio is about 16.5% at a USD/CAD rate of 1.418 — under the ~33% ceiling. The company also held US$45.7 million of cash.
Non-compliant income: ~0.04% (ceiling ~5%) — PASS. Q2 2026 revenue was US$68.65 million against gross interest income of just US$24 thousand — about 0.04%, far under the ~5% screen. The H1 2026 cross-check (US$259 thousand on US$134.27 million of revenue, ~0.19%) confirms the same picture. Note the company is a net payer of financing costs — net finance cost of US$1.08 million in Q2 2026 — after drawing ~US$90 million on its revolving credit facility in June 2026. Gate two: PASS.
What other screeners say
No verified current third-party rating was found for Docebo on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The PASS rating here rests on this site's own screening methodology, not on a third-party endorsement.
The bottom line
This screener gives Docebo Inc. (TSX: DCBO) a PASS. Q2 2026 (reported August 7, 2026) delivered revenue of US$68.7 million with net finance cost of US$1.08 million after the June 2026 credit-facility draw; total borrowings were US$88.0 million against US$45.7 million of cash. Snapshot dated September 28, 2026; re-checked quarterly after earnings — further borrowing or a lower market cap could change the answer.
The purification angle: Docebo's interest income is negligible (US$24 thousand on US$68.65 million of revenue), so dividend purification math is minimal — but if you want to run the numbers on any dividend, the purification calculator is here.
Frequently asked questions
Is Docebo stock halal?
This screener gives Docebo Inc. (TSX: DCBO) a PASS. Learning-management software clears the business-activity screen, and the ratio math passes: about US$88.0 million of borrowings (US$93.8 million with leases) at June 30, 2026 against a market cap of about CA$807 million on September 28, 2026 — roughly 15.5% (16.5% with leases), under the ~33% ceiling. Interest income of US$24 thousand on US$68.65 million of Q2 2026 revenue is about 0.04%, well under the ~5% screen.
What are Docebo's debt and market-cap figures?
Docebo reported total borrowings of US$88.0 million (US$87,950 thousand) at June 30, 2026, per its Q2 2026 unaudited interim financial statements, plus lease obligations of US$5.8 million (US$1,941 thousand current + US$3,877 thousand non-current) — about US$93.8 million in total with leases included (the company also held US$45.7 million of cash). Against a market cap of roughly CA$807 million on September 28, 2026 (CA$32.41 close x ~24.9 million listed shares), the debt-and-leases-to-market-cap ratio is about 16.5% at a USD/CAD rate of 1.418 — under the ~33% AAOIFI ceiling, measured with leases included, consistent with the other screeners on this site.
Does Docebo earn interest income?
Docebo disclosed gross interest income of just US$24 thousand in Q2 2026 against revenue of US$68,650 thousand — about 0.04%, far under the ~5% screen (the H1 2026 figure of US$259 thousand on US$134.27 million of revenue is ~0.19%). Note the income statement presents a net finance cost of US$1,084 thousand in Q2 2026 — the US$24 thousand is gross interest income only, and the company is a net payer of financing costs after drawing ~US$90 million on its revolving credit facility.
Do any third-party screeners agree with this screener?
No verified current third-party rating was found for Docebo on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The PASS rating here rests on this site's own screening methodology, not on a third-party endorsement.
What could change Docebo's halal screener?
The debt ratio sits at ~16.5% — under the ~33% ceiling — but Docebo drew on its revolving credit facility in June 2026 (~US$90 million outstanding at quarter-end), so further borrowing or a lower market cap could push the ratio up. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.