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While global capital markets are anxious about hardware computing shortages, two Canadian software stocks are quietly entering the radar of long-term investors with solid earnings growth and highly attractive valuations.
Kinaxis (TSX:KXS) and Docebo (TSX:DCBO) – the former deeply focused on AI-driven supply chain planning software, the latter specializing in enterprise AI-powered learning management platforms. Both stocks have pulled back significantly from their all-time highs – Kinaxis down 42%, Docebo down a striking 83%. Yet it is precisely this divergence between “market sentiment trough” and “fundamentals continuing to improve” that forms the core investment thesis.
Kinaxis’s customer list includes global top-tier manufacturers such as Ford, Lockheed Martin, and Unilever. In 2025, the company’s SaaS revenue grew 17% year over year, exceeding its initial guidance range of 11-13%. Annual recurring revenue (ARR) rose 20%, significantly higher than the 12% growth in 2024. Adjusted EBITDA increased 30% to US$138.4 million, representing a margin of 25%.
New customer wins in the fourth quarter included a top-five global semiconductor foundry, a major global storage company, and Marathon Petroleum. Notably, the number of deals with an average contract value exceeding US$1 million reached an all-time high for the full year – a direct reflection of large enterprise customers’ recognition of the platform’s value.
The company recently commercially launched Maestro Agent Studio, a no-code platform that allows supply chain teams to build and deploy AI agents directly inside the software. Even more noteworthy is the shift in its pricing model – a new usage-based and AI-activity-based pricing mechanism that provides a clear path to long-term monetization. CEO Razat Gaurav clearly stated on the earnings call that the company is evolving from a “supply chain planning solution” to a “composable agentic supply chain orchestration platform,” significantly expanding its addressable market.
Analysts forecast that Kinaxis’s free cash flow will grow from US$112 million in 2025 to US$253 million in 2030. If priced at 20 times forward free cash flow, the stock could double within the next four years. Additionally, the company is aggressively buying back shares, with a repurchase program of up to approximately US$284 million, as management believes the current valuation is significantly undervalued.
Docebo provides AI-powered learning management software to enterprises such as Target and Databricks, used to train supplier networks or operate monetized customer academies. In 2025, the number of customers spending more than US$100,000 annually grew 25% year over year, indicating accelerating penetration in the high-end enterprise market. EBITDA rose 40% year over year in the fourth quarter and 30% for the full year.
The company recently acquired 365Talents, a skills intelligence platform. Management candidly noted that this product gap had cost Docebo enterprise deals in 2025. The acquisition not only fills the gap, but management has also set a target of 30% annual growth from this asset over the next three years.
Docebo’s current stock price is down 83% from its all-time highs, significantly underperforming the broader market. Analysts forecast its free cash flow will expand from US$27.2 million in 2025 to US$85 million in 2030. Even if priced at just 10 times forward free cash flow, the stock could double within the next four years. The company is also actively buying back shares, with management clearly stating that the current valuation is at “depressed levels.”
What Kinaxis and Docebo have in common is this: they are not hot-money plays chasing the AI concept, but rather enterprise software companies that have already deeply embedded AI capabilities into their core products and found clear paths to monetization. Both have achieved profitable growth, with customer quality continuing to improve, and both management teams are using real money to buy back shares, expressing confidence in current valuations.
The AI-driven disruption of enterprise workflows is not slowing down; it is speeding up. For investors willing to position themselves at the “market sentiment bottom,” these two Canadian AI software stocks offer a rare combination of margin of safety and growth resilience.
