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UiPath Inc. (PATH)

Fair Value
TechnologySoftware - InfrastructureUnited States

Fundamental

78

Price

$12.84

Market Cap

$6.57B

Part 1 · What the company is worth

Overview

UiPath sells software that automates repetitive computer work — the kind of copy-pasting between screens that office workers do by hand. Its "robots" watch how a task is performed and then repeat it, and the platform is increasingly adding AI that can decide what to do next rather than just follow a fixed script. Customers range from banks to hospitals automating back-office processes such as invoice handling and claims processing.

How it makes money

Most revenue comes from subscriptions billed as customers use the platform over time, tracked internally as annualized renewal run-rate. A smaller, declining portion is one-time software licenses, and a thin slice is professional services helping customers get automations running. Growth depends less on signing new logos than on getting existing customers to automate more processes and pay for more usage within their accounts.

Revenue by segment

Subscription services56.1%

Recurring fees for ongoing access to the automation platform, now the majority and the growing part of revenue.

Licenses41.1%

Upfront software licenses tied to on-premises or self-managed deployments, a legacy model the company is moving away from.

Professional services and other2.8%

Implementation, training and support work billed separately from the software itself.

Competitive moat

Switching costs · Narrow

Once a customer has built automations into daily workflows around UiPath's platform, security model and multi-tenant infrastructure, replacing it means re-engineering those processes. The company also points to a large, engaged user community as a source of stickiness. But it names market competition among its own top risks, so the advantage looks real but not unassailable.

What drives demand

Moderately cyclical

As enterprise software funded from corporate IT and operations budgets, spending can slow when companies tighten costs, and the company itself warns that customer retention and renewal are not guaranteed. Recurring subscription billing smooths the impact compared to a one-time license sale, but growth still depends on customers' willingness to expand automation spending.

Key risks

  • Revenue concentrated in few customers — A limited number of customers account for a substantial share of revenue and renewal run-rate; losing one or seeing it not renew would hurt disproportionately.
  • Renewal is not guaranteed — Subscriptions must be renewed and often expanded to sustain growth; the company acknowledges it may fail to retain customers or grow their spending as expected.
  • Intense competition — The automation and AI software market is competitive, with rivals ranging from large platform vendors to specialized automation and agentic-AI startups.
  • Still operating at a net loss — The company has a history of net losses and expects significant ongoing expenses, which makes profitability dependent on continued revenue growth outpacing cost growth.
  • Cybersecurity and data privacy — The platform automates access to customers' internal systems and data, so a security breach or privacy failure could damage trust and trigger regulatory exposure.

Customer concentration

The company states that a limited number of customers represent a substantial portion of its revenue and annualized renewal run-rate, without disclosing the exact percentage.

The case for

Buyers argue that automations embedded deep in customers' daily workflows are costly to rip out, that the shift from one-time licenses to recurring subscriptions makes revenue more predictable, and that adding agentic AI on top of its existing robot workforce lets UiPath sell more into accounts it already has rather than needing to win new ones.

The case against

Sellers worry that a limited number of large customers drive a substantial share of revenue, that renewal and expansion are not guaranteed in a competitive market crowded with both established platforms and AI-native challengers, and that the company still has not proven it can turn recurring growth into sustained profit.

Written by the editors, published on August 18, 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on September 19, 2026 with claude-haiku-4-5 — shared with all users

P/E: 28.6Score: 80Market cap: $3.70T

Microsoft sells Power Automate, a robotic process automation and workflow product bundled into the Microsoft 365 and Power Platform stack, and pursues the same enterprise IT buyer UiPath sells to.

P/E: 22.2Score: 74Market cap: $18.42B

Its SS&C Blue Prism unit is one of the original enterprise RPA platforms and competes for the same regulated, governance-heavy automation deployments in banking, insurance and healthcare.

P/E: 83.8Score: 74Market cap: $135.92B

ServiceNow sells enterprise workflow orchestration with its own RPA and AI agent capabilities, absorbing the same automation budget UiPath targets inside large IT and operations organisations.

P/E: 18.9Score: 70Market cap: $5.47B

Pegasystems combines business process management with its own RPA and process mining tooling, competing for the same end-to-end process automation projects in financial services, insurance and telecoms.

P/E: 1763.5Score: 62Market cap: $2.53B

Appian's low-code process automation platform includes native RPA and process mining, and is evaluated alongside UiPath by enterprises automating document-heavy back-office workflows.

Automation Anywhere, Inc.Not tracked

Automation Anywhere is the other large pure-play automation vendor, selling an RPA and AI agent platform to the same large-enterprise back-office and shared-services buyers, and is regularly shortlisted against UiPath.

Balance Sheet & Liquidity

Revenue

$1.72B

Trailing 12 months (through 7/31/2026)

Net Income

$362M

Trailing 12 months (through 7/31/2026)

Free Cash Flow

$352M

Total Equity

$2.08B

Total Liabilities

$1.10B

Current Ratio

2.39

Interest Coverage

-

Debt/EBITDA

1.08

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

General caseFairly Valued

Fair Value

$12.11

Current Price

$12.84

Margin of Safety

-6.0%

Fair Value Range

$7.87 - $16.35

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$15.91
Discounted cash flow (DCF):Not enough data to compute it
Earnings multiple (P/E):$10.73
Graham growth formula:$10.91
Earnings power value (EPV):$2.26
Justified P/B:$7.99
Dividend discount (Gordon):Not enough data to compute it
P/FFO, funds from operations:Not enough data to compute it
Mid-cycle earnings:Not enough data to compute it
Revenue multiple:$16.79
Analyst Consensus:Hold (9B / 18H / 1S)
Last Earnings Surprise:-1.12%

Valuation Metrics

P/E Ratio

19.16

ROE

13.6%

P/B Ratio

3.01

P/FCF

16.15

Gross Margin

82.6%

ROIC

5.8%

Profitability Radar

Value Creation (Economic Moat)

ROIC

5.8%

WACC

10.1%

ROIC − WACC

-4.3 pp

ROIC is below the cost of capital — the company is destroying value for every dollar invested.

Fundamental Analysis Criteria

Passed (19)

  • EPS shows upward trend
  • ROIC 5.8%
  • Gross Margin 82.6%
  • P/FCF 16.15
  • Debt/Equity ratio
  • Operating Margin 8.9%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 18.4%
  • Revenue Growth 5Y 21.5%
  • Earnings Surprise avg 3.5%
  • Earnings Quality (OCF/NI) 1.03
  • Share Dilution -4.2%
  • Net Margin Trend 21.0% vs 1.3%
  • Piotroski F-Score 8/9

Failed (5)

  • Price CAGR -21.28%
  • P/B Ratio 3.01
  • Price below Graham Number
  • DCF valuation (Unknown)
  • Analyst Consensus 32% Buy

Unavailable (3)

  • Dividend Payout NaN%
  • Interest Coverage
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-Score

8/9

Strong financial health

score
criteria

Earnings Quality

1.03

High quality: earnings backed by cash

Share Dilution

-4.2%

Buying back shares. Shareholder friendly

Institutional Holdings

Governance

Executive Team

NameTitleAge
Mr. Daniel Solomon DinesCo-Founder, CEO, & Executive Chairman of the Board53
Mr. Ashim GuptaChief Operating Officer46
Mr. Brad C. Brubaker J.D.Chief Administrative Officer, General Counsel, Chief Legal Officer & Secretary61
Mr. Hitesh RamaniCFO, Chief Accounting Officer Principal Financial & Accounting Officer47
Mr. Raghavendra MalpaniChief Product & Technology Officer47
Ms. Allise FurlaniSenior Director of Investor Relations-
Mr. Michael AtallaChief Marketing Officer-
Agi GarabaChief People Officer-

Audit Risk

2

Board Risk

8

Compensation Risk

6

Shareholder Rights Risk

10

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Documents

  • Annual Report (10-K)

    A yearly overview of the business, its financial results, and the risks it faces.

    Filed on 2026-03-25

    View document
  • Quarterly Report (10-Q)

    A snapshot of financial performance for the most recent three-month period.

    Filed on 2026-09-08

    View document
  • Current Report (8-K)

    An announcement of a major event, such as a leadership change or big news.

    Filed on 2026-09-03

    View document

via SEC EDGAR

Income History

via SEC EDGAR

Latest News

Recent headlines for PATH, sourced from Markets Gazette.

  • 8d agoNEUTRAL
    Bybit Adds PATH, CYPH And HUT Equity Perpetuals With Up To 25x Leverage

    Bybit has launched USDT-margined perpetual futures contracts tracking the equity prices of UiPath (PATH), Cypherpunk Technologies (CYPH), and Hut 8 (HUT). These synthetic derivatives, available on Bybit's TradFi perpetual desk, offer up to 25x leverage and operate 24/7, mirroring crypto perpetuals. While providing continuous trading access to traditional asset prices, these contracts are distinct from spot shares or direct stock ownership, lacking voting rights or physical delivery. This move signifies a trend of crypto derivatives platforms expanding into multi-asset offerings, potentially attracting traditional market speculation into a high-leverage, always-on environment.

  • 5/29/2026NEUTRAL
    Transcript: UiPath Q1 2027 Earnings Conference Call

    UiPath Inc. held its Q1 2027 Earnings Conference Call on May 29, 2026. While the transcript itself does not contain specific financial figures or forward-looking statements that would immediately impact the stock price, it provides management's detailed commentary on the company's performance, strategic initiatives, and market outlook. Investors and analysts will scrutinize the call for insights into revenue growth, customer acquisition, product development, and competitive positioning. The absence of immediate, quantifiable data in the title suggests a neutral initial market reaction, pending deeper analysis of the transcript's qualitative information.

  • 5/13/2026NEGATIVE
    Why Is UiPath Stock Falling On Wednesday?

    UiPath Inc. (PATH) experienced a significant stock decline on Wednesday, driven by a notable increase in short interest and growing concerns over competitive pressures. The emergence of advanced AI tools from competitors like Anthropic is raising questions about UiPath's market position and future growth prospects in the rapidly evolving automation and AI landscape. Investors are closely monitoring analyst outlooks for potential shifts in strategy or market share. The combination of increased bearish sentiment and competitive threats suggests a challenging period ahead for the company's stock.

  • 3/16/2026POSITIVE
    This Artificial Intelligence (AI) Stock Is Down Around 30% This Year. Could It Be a Steal of a Deal?

    UiPath Inc. (PATH), a leader in Robotic Process Automation (RPA), has seen its stock decline approximately 30% year-to-date. Despite the downturn, the company's core business of automating enterprise processes positions it favorably to capitalize on the widespread corporate investment in artificial intelligence. Analysts suggest that this significant price drop may present a compelling buying opportunity for investors looking to gain exposure to the AI-driven automation trend, anticipating a potential rebound as the market recognizes UiPath's strategic value.

  • 3/16/2026NEUTRAL
    Is It Time to Buy UiPath With the Stock Beaten Down?

    UiPath Inc. (PATH) shares have experienced a challenging start to the year, prompting a discussion on whether it's an opportune moment to invest. Despite recent stock performance, the company is positioned to capitalize on a significant future growth opportunity. Investors are weighing the current downturn against the long-term potential of UiPath's automation platform. The article suggests that the current valuation might present a buying opportunity for those who believe in the company's future prospects, but does not provide concrete financial data to support a definitive buy or sell recommendation.

  • 3/12/2026NEGATIVE
    Stock Market Today, March 12: UiPath Shares Drop After Slower Growth Outlook Offsets First Full-Year Profit

    UiPath Inc. reported its first full-year profit, a significant milestone for the automation software company. However, this achievement was overshadowed by a weaker-than-expected growth outlook for the upcoming fiscal year, leading to a divided response from Wall Street analysts. The company's shares experienced a notable decline as investors focused on the deceleration in future growth prospects rather than the current profitability. This mixed signal suggests potential headwinds for UiPath, prompting caution among stakeholders regarding its near-term trajectory and valuation.

  • 3/12/2026NEUTRAL
    UiPath (PATH) Q4 2026 Earnings Call Transcript

    UiPath Inc. is scheduled to release its Q4 2026 earnings on March 12, 2026. While the content of the earnings call transcript is not available, the market will be closely watching for key performance indicators, revenue figures, and management's outlook for the upcoming fiscal year. Investors will be keen to assess the company's progress in the automation and AI space, particularly its ability to convert its strong market position into sustained profitability and growth. Any guidance provided on future revenue, earnings, and strategic initiatives will be critical for shaping investor sentiment and the stock's trajectory.

  • 3/11/2026POSITIVE
    UiPath Stock Surges Into The Close, Shares Continue To Climb After Hours As Q4 Earnings Top Expectations

    UiPath Inc. (NYSE:PATH) announced its fourth-quarter fiscal 2026 financial results, surpassing earnings expectations. The company's stock experienced a significant surge into the closing bell and continued its upward trajectory in after-hours trading. This positive performance indicates strong investor confidence and suggests that UiPath's strategic initiatives and operational execution are resonating well within the market. Investors will be closely watching for further guidance and the company's outlook for the upcoming fiscal year.

  • 3/11/2026NEUTRAL
    UiPath Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

    UiPath, Inc. (NYSE: PATH) is scheduled to release its fourth-quarter earnings on March 11th. Current analyst consensus forecasts earnings per share of $0.26 and revenue projections of $464.49 million. The stock concluded Tuesday's trading session at $11.59. Recent analyst actions include upgrades from Neutral to Outperform by Macquarie and Oppenheimer in January 2022. While these revisions suggest a positive outlook from some analysts, the upcoming earnings report itself is the primary determinant of immediate market reaction, making the current outlook neutral pending the official results.

  • 2/26/2026POSITIVE
    Stock Market Today, Feb. 26: UiPath Advances as It Moves to Shape Agentic AI Standards

    UiPath Inc. shares surged following the announcement that the company has joined a prominent industry group focused on establishing standards for agent-based artificial intelligence. This strategic move positions UiPath as a key player in shaping the future development of AI, suggesting a potential strengthening of its technological leadership and an expansion of market opportunities. Investors reacted positively to the news, interpreting it as a signal of innovation and commitment to standardization, crucial elements for the widespread adoption of AI technologies. This initiative could translate into competitive advantages and enhanced long-term confidence for the company.

via Markets Gazette