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UiPath Inc. (PATH)

適正価値
TechnologySoftware - InfrastructureUnited States

ファンダメンタル

78

株価

$12.84

時価総額

$6.57B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

セグメント別売上高

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.

競争優位性(moat)

スイッチングコスト · 狭い

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.

需要を左右する要因

中程度の景気循環性

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.

主なリスク

  • 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.

顧客集中度

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.

強気材料

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.

弱気材料

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 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.

貸借対照表と流動性

売上高

$1.72B

直近12か月(2026/7/31まで)

純利益

$362M

直近12か月(2026/7/31まで)

フリーキャッシュフロー

$352M

自己資本合計

$2.08B

負債合計

$1.10B

流動比率

2.39

利払い倍率

-

負債/EBITDA

1.08

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$12.11

現在株価

$12.84

安全マージン

-6.0%

適正価値レンジ

$7.87 - $16.35

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$15.91
ディスカウンテッド・キャッシュフロー(DCF):算出に必要なデータが不足しています
利益倍率(P/E):$10.73
グレアムの成長公式:$10.91
収益力価値(EPV):$2.26
正当化されたP/B:$7.99
配当割引モデル(ゴードン):算出に必要なデータが不足しています
P/FFO(運用から生まれる資金):算出に必要なデータが不足しています
中間サイクル利益:算出に必要なデータが不足しています
売上高倍率:$16.79
アナリスト・コンセンサス:保有 (9B / 18H / 1S)
直近の決算サプライズ:-1.12%

バリュエーション指標

P/E レシオ

19.16

ROE

13.6%

P/B レシオ

3.01

P/FCF

16.15

粗利益率

82.6%

ROIC

5.8%

収益性レーダー

価値創造(経済的モート)

ROIC

5.8%

WACC

10.1%

ROIC − WACC

-4.3 pp

ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。

ファンダメンタル分析基準

合格(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

不合格(5)

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

データなし(3)

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

Piotroski F-スコア

8/9

財務健全性が高い

score
criteria

利益の質

1.03

高品質:利益はキャッシュに裏付けられている

株式希薄化

-4.2%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
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-

監査リスク

2

取締役会リスク

8

報酬リスク

6

株主権利リスク

10

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-03-25

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-09-08

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-03

    書類を見る

via SEC EDGAR

業績推移

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