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Uipath, Inc. (PATH) stock

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NYSE: PATH NYSE Application Software Next results ~December 2, 2026

C+ Fundamentals grade

Uipath, Inc. is a US-listed company in the application software industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$7.1

Cash-flow model

Base case. Range ~$5.9–$8.7 across our lower- and higher-growth cases (9.7%–19.7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 47% below it.

Price used: $13.34, November 2, 2026

Uipath, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 49 sales by directors and officers, last 12 monthsInsider trades
  • Funds267 adding, 257 cuttingOf 48 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Uipath files

Where Uipath stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $1.72bn, up 15.0% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 21.1%. Operating margin widened to 8.9% from -3.1%. The diluted share count is down 2.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $2.80 a share, against a share price of $13.39.

Source: 10-Q filed September 8, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 2, 2026 (estimated)

Uipath, Inc.'s trailing-twelve-month revenue grew 15.0% year on year, with a free-cash-flow margin of 21.1%. Where it stands out: net margin of 21.0% ranks 26 of 185 application software companies we cover.

Our discounted-cash-flow model values the business at ~$7.1 per share in the base case (~$5.9–$8.7 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 17.2% while net income grew 1694.5%: a 1677pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 12.0 points on a year ago.
  • Strong cash generation. 21.1% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 2.5% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.6bn.

Things to watch

  • Priced above our value. The share price of $13.34 is 47% above our value per share of $7.
  • Volatile shares. Over the past year the shares showed annualised volatility of 64% and a beta of 1.1 against the S&P 500.
  • Insiders selling. 5 insiders sold $89M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Heavily shorted. 25.0% of the shares available to trade are sold short (2.6 days of average volume to cover).

Latest results: FY2027 Q2

Filed September 8, 2026
Earnings per share
$0.15 against an average estimate of $0.15: beat by 1.6%
Revenue
$410m, up 13.4% on a year earlier
Share reaction
-15.6% in the first session after the results on September 3, 2026, against +0.7% for the S&P 500
Guidance given
revenue $440m to $445m (third quarter fiscal 2027); ARR $1.99bn to $2bn (third quarter fiscal 2027)
Next report
December 2, 2026; average EPS estimate $0.19

Uipath's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.8%
  • 1 week-6.7%
  • 1 month+1.7%
  • This year-18.6%
  • 1 year-15.9%
  • 5 years-75.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.7B
Operating margin
8.9%
Net margin
21.0%
EPS (TTM, diluted)
$0.68

Growth

Revenue growth
+15.0%
Change in growth rate
−0.3 pts
Share count change
−2.5%

Cash

Free cash flow (TTM)
$363M
FCF margin
21.1%
Stock pay % of revenue
13.6%

Earnings

Last results
September 3, 2026
Next results (est.)
December 2, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Partnership
  11. Announcement
  12. Partnership
  13. Insider trade
  14. Insider trade
  15. Results
  16. Guidance
  17. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Uipath, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 51.5% a year of cash-flow growth for five years.That is faster than the 14.0% a year revenue growth Uipath has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in51.5%
  • Last 12 months15.0%
  • 3 years a year14.4%
  • 5 years a year14.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($12.94, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$7.1
Price used
$12.94close November 3, 2026
Implied change
▼ 45%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Uipath, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($25.2M, FY2027 Q2 TTM), growing 10.1% and 12.4% in the next two years (forecasts, guidance and its record), then back to 14.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$5.9–~$8.7 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Uipath, Inc.'s free cash flow after stock-based pay ( $25.2M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Uipath, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.19 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$7.1 ~$5.9–$8.7 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$13 ~$11–$21 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.2 ~$0.1–$0.4 Left out: out of range vs price (0.01x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$9.0 ~$7.1–$13 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Uipath, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +28%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +2%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $3$3$4$4$5$5
8.5% $3$3$3$4$4$5
10% $3$3$3$3$4$4

Valuation multiples over time Market data may be delayed

At fiscal year end 20222023202420252026Now
Share price$36.53$15.36$22.98$14.22$12.59$13.34
Market value$16.6bn$8.4bn$13.0bn$8.0bn$6.9bn$7.1bn
+ Net debt (− = net cash)−$1.8bn−$1.4bn−$1.1bn−$879m−$871m−$607m
Enterprise value$14.8bn$7.0bn$11.9bn$7.1bn$6.0bn$6.5bn
Multiples
Price / sales 18.6x8.0x9.9x5.6x4.3x4.1x
Price / earnings ————24.3x19.7x
Price / free cash flow ——44.4x26.1x19.5x19.7x
EV / EBITDA ————81.2x38.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

43 /100

Weak moat

How hard Uipath's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.2% of total assets over 5 years.

  • Pricing power 20 / 20

    Gross margin has been a median 83.1%, moving by 0.6 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -17.3%; its worst year was -51.9%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 4 of 6 years, at a median 17.7% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 95.7% over five years; stock-based pay has been a median 29.3% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (58 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 2, 2026, after the close. Analysts expect revenue of $443m and EPS of $0.19 (range $0.16 to $0.22) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.79 +9% $1.8bn +11%
Next $0.92 +17% $1.9bn +8%

Next year's EPS estimate has moved +1.5% in 90 days, across 22 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 9 analysts raised Uipath, Inc.'s forecast and 5 cut it.

Consensus EPS forecast Uipath, Inc., last 90 days
$0.75 $0.80 $0.85 $0.90 $0.95 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.79 Current fiscal year, 60 days ago: $0.78 Current fiscal year, 30 days ago: $0.79 Current fiscal year, 7 days ago: $0.79 Current fiscal year, Now: $0.79 $0.79 Next fiscal year, 90 days ago: $0.91 Next fiscal year, 60 days ago: $0.91 Next fiscal year, 30 days ago: $0.92 Next fiscal year, 7 days ago: $0.92 Next fiscal year, Now: $0.92 $0.92

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.79$0.91
60 days ago $0.78$0.91
30 days ago $0.79$0.92
7 days ago $0.79$0.92
Now $0.79$0.92

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.15 $0.15 +1.6%
Apr 2026 $0.16 $0.15 −5.5%
Jan 2026 $0.25 $0.30 +17.8%
Oct 2025 $0.15 $0.16 +9.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 3, 2026
  • Revenue full year fiscal 2027 $1.789bn to $1.794bn
    “Revenue in the range of $1.789 billion to $1.794 billion” source
  • Revenue third quarter fiscal 2027 $440m to $445m
    “Revenue in the range of $440 million to $445 million” source
  • ARR full year fiscal 2027 $2.065bn to $2.07bn
    “ARR in the range of $2.065 billion to $2.070 billion as of January 31, 2027” source
  • Non-GAAP operating income full year fiscal 2027 about $445m Non-GAAP
    “Non-GAAP operating income of approximately $445 million.” source
  • ARR third quarter fiscal 2027 $1.992bn to $1.997bn
    “ARR in the range of $1.992 billion to $1.997 billion as of October 31, 2026” source
  • Non-GAAP operating income third quarter fiscal 2027 about $100m Non-GAAP
    “Non-GAAP operating income of approximately $100 million” source

How earlier guidance turned out

  • Revenue, second quarter fiscal 2027 guided $395m to $400m Above range: $410m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Uipath, Inc.'s revenue by +10.1% next year and +12.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.6%, weight 57%) , management guidance (+8.5%, weight 19%) and the company's own record (+14.7%, weight 25%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy314%
Hold1676%
Sell210%

Monthly trend

  1. Oct 2026216221
  2. Sep 2026216221
  3. Aug 202621620
  4. Jul 202621620

Counts of recommendations published by analysts covering Uipath, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
25.0%
of tradable shares
Days to cover
2.63
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
10.2%
of shares
Employees
3,981
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −15.9%

$15.86 on October 31, 2025 to $13.34

ThenNowEffect
Revenue (last 12 months) $1.5bn $1.7bn +15.0%
Net margin 1.3% 21.0% +1460.7%
P/E multiple n/m 19.7x −95.4%
Share count 548m 535m +2.5%

Biggest factor: p/e multiple.

Last 3 years −23.0%

$17.32 on November 3, 2023 to $13.34

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.7bn +49.9%
P/S multiple 8.4x 4.1x −50.6%
Share count 556m 535m +4.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
PATH−71%+95%−49%+29%−19%
Industry peers (median)−50%+19%+2%−21%−14%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
PATH33%58%33%50%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
PATH−76%−29%−60%−36%−47%
S&P 500−25%−10%−8%−19%−9%

Worst fall since April 21, 2021: 89% from May 24, 2021 to April 10, 2026. Getting back needed a 808% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$9.38 – $19.29
From 52-week high
−30.8%
vs 50-day average
−6.4%
vs 200-day average
+7.8%
Volatility (1 year)
64%
Beta vs S&P 500
1.06

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±12.8%
After a week
6 up, 6 down
typical move ±13.1%
After a month
3 up, 9 down
typical move ±14.6%
Results releasedNext dayS&P 500 next day5 days21 days
September 3, 2026 −15.6% +0.7% −23.6% −26.8%
May 28, 2026 +5.0% +0.8% +4.6% −4.3%
March 11, 2026 −1.9% −1.6% +7.4% −19.1%
December 3, 2025 +29.2% +0.4% +30.7% +12.1%
September 4, 2025 +5.6% +0.5% +7.4% +18.6%
May 29, 2025 +2.9% +0.3% +2.5% −1.1%
March 12, 2025 −15.1% −0.8% −8.0% −9.5%
December 5, 2024 −3.4% 0.0% −7.2% −13.9%
September 5, 2024 −5.9% −1.9% −5.5% −1.8%
May 29, 2024 −35.6% −1.4% −36.7% −32.4%
March 13, 2024 −7.7% −0.4% −5.4% −15.9%
November 30, 2023 +26.0% +1.0% +17.8% +19.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Uipath, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.00× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

PATH Uipath, Inc. Grade C+ $13.52

Own 100 shares, sell the $14.00 call expiring November 27, 2026 (25 days) for $0.46 a share — $46.00 per contract.

Previous session · Bid $0.46, ask $0.59, quoted Mon 2 Nov, 17:32 New York time with PATH at $13.52. Option prices move with the shares: check the live chain at your broker before trading.

  • If PATH ends below $14.00: you keep your shares and the $46.00 — 3.4% extra on the position, 49.7% a year at that pace.
  • If it ends above $14.00: your shares are sold at $14.00, a total return of 7.0% including the premium — at or above our value of ~$7.1.
$94 $0 −$261 Break-even $13.06 Price $13.52 ← Our value ~$7.1
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$46.00
Annualised
49.7%
Break-even
$13.06
Max gain
$94.50
Chance of selling
~44%

Collar

Own the shares, buy the $12.00 put and sell the $14.00 call, both expiring November 27, 2026 (25 days).

  • Net credit of $0.17 a share ($17.00 per contract of 100 shares).
  • Worst case at expiry: -10.0%, if the shares fall below $12.00 (-11.2% from today).
  • Best case at expiry: +4.8%, if the shares rise above $14.00 (+3.6%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $7.10: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Uipath, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Uipath, Inc.
$1.2B $1.4B $1.6B $1.8B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $1.2B Revenue (TTM), FY24 Q4: $1.3B Revenue (TTM), FY25 Q1: $1.4B Revenue (TTM), FY25 Q2: $1.4B Revenue (TTM), FY25 Q3: $1.4B Revenue (TTM), FY25 Q4: $1.4B Revenue (TTM), FY26 Q1: $1.5B Revenue (TTM), FY26 Q2: $1.5B Revenue (TTM), FY26 Q3: $1.6B Revenue (TTM), FY26 Q4: $1.6B Revenue (TTM), FY27 Q1: $1.7B Revenue (TTM), FY27 Q2: $1.7B $1.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $1.2B
FY24 Q4 $1.3B
FY25 Q1 $1.4B
FY25 Q2 $1.4B
FY25 Q3 $1.4B
FY25 Q4 $1.4B
FY26 Q1 $1.5B
FY26 Q2 $1.5B
FY26 Q3 $1.6B
FY26 Q4 $1.6B
FY27 Q1 $1.7B
FY27 Q2 $1.7B
Revenue growth, TTM YoY Uipath, Inc.
0% 10% 20% 30% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 16.5% Revenue growth, TTM YoY, FY24 Q4: 23.6% Revenue growth, TTM YoY, FY25 Q1: 22.7% Revenue growth, TTM YoY, FY25 Q2: 20.4% Revenue growth, TTM YoY, FY25 Q3: 16.5% Revenue growth, TTM YoY, FY25 Q4: 9.3% Revenue growth, TTM YoY, FY26 Q1: 7.2% Revenue growth, TTM YoY, FY26 Q2: 8.3% Revenue growth, TTM YoY, FY26 Q3: 10.1% Revenue growth, TTM YoY, FY26 Q4: 12.7% Revenue growth, TTM YoY, FY27 Q1: 15.2% Revenue growth, TTM YoY, FY27 Q2: 15.0% 15.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 16.5%
FY24 Q4 23.6%
FY25 Q1 22.7%
FY25 Q2 20.4%
FY25 Q3 16.5%
FY25 Q4 9.3%
FY26 Q1 7.2%
FY26 Q2 8.3%
FY26 Q3 10.1%
FY26 Q4 12.7%
FY27 Q1 15.2%
FY27 Q2 15.0%
Operating margin (TTM) Uipath, Inc.
-20% -10% 0% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: -18.6% Operating margin (TTM), FY24 Q4: -12.6% Operating margin (TTM), FY25 Q1: -12.4% Operating margin (TTM), FY25 Q2: -14.0% Operating margin (TTM), FY25 Q3: -12.8% Operating margin (TTM), FY25 Q4: -11.4% Operating margin (TTM), FY26 Q1: -8.9% Operating margin (TTM), FY26 Q2: -3.1% Operating margin (TTM), FY26 Q3: 0.6% Operating margin (TTM), FY26 Q4: 3.5% Operating margin (TTM), FY27 Q1: 6.0% Operating margin (TTM), FY27 Q2: 8.9% 8.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 -18.6%
FY24 Q4 -12.6%
FY25 Q1 -12.4%
FY25 Q2 -14.0%
FY25 Q3 -12.8%
FY25 Q4 -11.4%
FY26 Q1 -8.9%
FY26 Q2 -3.1%
FY26 Q3 0.6%
FY26 Q4 3.5%
FY27 Q1 6.0%
FY27 Q2 8.9%
FCF margin (TTM) Uipath, Inc.
18% 20% 22% 24% 26% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 20.0% FCF margin (TTM), FY24 Q4: 22.3% FCF margin (TTM), FY25 Q1: 24.0% FCF margin (TTM), FY25 Q2: 23.6% FCF margin (TTM), FY25 Q3: 21.9% FCF margin (TTM), FY25 Q4: 21.4% FCF margin (TTM), FY26 Q1: 21.6% FCF margin (TTM), FY26 Q2: 20.7% FCF margin (TTM), FY26 Q3: 20.1% FCF margin (TTM), FY26 Q4: 21.9% FCF margin (TTM), FY27 Q1: 22.4% FCF margin (TTM), FY27 Q2: 21.1% 21.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 20.0%
FY24 Q4 22.3%
FY25 Q1 24.0%
FY25 Q2 23.6%
FY25 Q3 21.9%
FY25 Q4 21.4%
FY26 Q1 21.6%
FY26 Q2 20.7%
FY26 Q3 20.1%
FY26 Q4 21.9%
FY27 Q1 22.4%
FY27 Q2 21.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 336 608 892 1,059 1,308 1,430 1,611 1,721
Gross profit 277 542 723 879 1,112 1,183 1,340 1,421
EBITDA −509 −98 −486 −330 −142 −145 74 169
Operating income −517 −110 −501 −348 −165 −163 57 153
Net income −520 −92 −526 −328 −90 −74 282 362
Diluted EPS −$3.41 −$0.55 −$1.16 −$0.60 −$0.16 −$0.13 $0.52 $0.68
Growth (year on year)
Revenue — +80.8% +46.8% +18.6% +23.6% +9.3% +12.7% +15.0%
Margins
Gross margin 82.3% 89.2% 81.1% 83.0% 85.0% 82.7% 83.2% 82.6%
EBITDA margin −151.3% −16.1% −54.5% −31.1% −10.9% −10.2% 4.6% 9.8%
Operating margin −153.9% −18.2% −56.1% −32.9% −12.6% −11.4% 3.5% 8.9%
Net margin −154.7% −15.2% −58.9% −31.0% −6.9% −5.2% 17.5% 21.0%
Free-cash-flow margin −111.6% 4.5% −7.2% −3.2% 22.3% 21.4% 21.9% 21.1%
Cash flow
Cash from operations −359 29 −55 −10 299 321 371 373
Capital spending 16 2 9 24 7 15 19 10
Free cash flow −375 27 −64 −34 292 306 352 363
Stock-based pay 138 86 516 370 372 358 291 235
Free cash flow after stock pay −513 −59 −579 −404 −80 −53 61 128
Balance sheet
Cash 234 358 1,769 1,402 1,062 879 871 607
Total debt — — — — — — — 0
Net debt (negative = net cash) −234 −358 −1,769 −1,402 −1,062 −879 −871 −607
Diluted shares 152m 168m 455m 548m 564m 560m 545m 535m
Returned to shareholders
Buybacks 129 0 0 0 103 391 329 269
Total returned 129 0 0 0 103 391 329 269

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · July 31, 2026
What it owns · $2.9bn
Short-term assets $1.9bnLonger-term assets $981m
What it owes, and who funded it · $2.9bn
Short-term liabilities $807mLonger-term liabilities $152mShareholders' equity $1.9bn
  • Short-term assets cover short-term liabilities $1.9bn of assets due within a year against $807m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.9bn short-term assets against $152m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Uipath, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$269M
Returned to shareholders
74%
of free cash flow
Buybacks, last 3 fiscal years
$822M
Diluted share count
−2.5%
year over year
Total shareholder yield
3.9%
dividends 0.0% + buybacks 3.9% of market value
R&D spending
21.4%
of revenue
Days sales outstanding
65 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated PATH YMM PEGA PCTY BILL ESTC Median
Revenue, last 12 months $1.7bn $1.7bn $1.7bn $1.8bn $1.7bn $1.8bn $482m
Revenue growth, last 12 months 15.0% 11.3% 0.9% 11.0% 13.0% 16.2% 12.0%
Revenue growth, 3-year average 14.4% — 8.9% 14.7% 16.0% 17.4% 11.1%
Revenue growth, latest quarter 13.4% — 3.1% 11.0% 13.8% 15.1% 11.9%
Gross margin 82.6% 63.0% 75.9% 69.2% 80.9% 75.5% 69.2%
Operating margin 8.9% 33.2% 9.9% 21.8% −4.4% −2.6% 1.1%
Operating margin, 3-year average −2.7% — 12.2% 19.8% −7.8% −4.8% −0.8%
Net margin 21.0% 35.7% 16.9% 15.2% −0.7% 20.8% 2.1%
Cash from operations / revenue 21.7% 37.0% 26.5% 30.1% 25.2% 19.6% 18.2%
Free-cash-flow margin 21.1% 36.0% 25.3% 28.1% 25.0% 19.4% 15.0%
Free-cash-flow margin, 3-year average 21.8% — 24.0% 26.5% 23.4% 17.2% 16.2%
Stock pay / revenue 13.6% 2.3% 8.3% 7.8% 13.9% 16.8% 9.3%
Change in share count −2.5% 0.1% 4.1% −3.1% −3.8% 2.2% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 15.0% 12.0% 77 of 184
Change in growth rate Growth -0.3pp +0.2pp 107 of 184
Gross margin Profitability 82.6% 69.8% 25 of 160
Operating margin Profitability 8.9% 1.1% 62 of 181
Net margin Profitability 21.0% 2.1% 26 of 185
Free-cash-flow margin Cash generation 21.1% 15.2% 71 of 180
Stock pay as % of revenue Cash generation 13.6% 9.3% 120 of 177
Change in share count Balance sheet -2.5% 1.7% 38 of 163
Days sales outstanding Balance sheet 65 days 57 days 98 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Products and services
Line of business Revenue Share YoY
Subscription Services $954M 59.3% ▲ 19.0%
Licenses $606M 37.7% ▲ 3.3%
Professional Services and Other $49.7M 3.1% ▲ 22.6%
Geography
Region Revenue Share YoY
Americas $799M 49.6% ▲ 14.9%
EMEA $528M 32.8% ▲ 15.3%
Asia Pacific $284M 17.6% ▲ 2.7%

From Uipath, Inc.'s 10-K filed March 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.9B
Institutions reporting
522
Shares held vs prior quarter
▲ 14.6%
Positions opened / closed
82 / 90

Top buyers and sellers, Q2 2026: 267 institutions bought and 257 sold ; the biggest buyer was Two Sigma Investments, LP (+11.5M shares) and the biggest seller Jane Street Group, LLC (−5.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $502M 46.2M 12.8% ▲ 7.2%
Tetragon Partners Gp Ltd $336M 30.9M 8.6% ▲ 22.8%
Vanguard Portfolio Management LLC $286M 26.3M 7.3% ▼ 0.6%
Vanguard Capital Management LLC $203M 18.7M 5.2% ▲ 0.6%
Two Sigma Investments, LP $163M 15.0M 4.2% ▲ 322.4%
State Street Corp $150M 13.8M 3.8% ▲ 3.6%
Senvest Management, LLC $131M 12.1M 3.3% ▲ 55.2%
Bank Of America Corp $123M 11.3M 3.1% ▲ 12.4%
Geode Capital Management, LLC $88.7M 8.2M 2.3% ▲ 1.3%
UBS Group AG $88.4M 8.1M 2.3% ▼ 13.5%
Dimensional Fund Advisors LP $86.7M 8.0M 2.2% ▲ 16.7%
Morgan Stanley $83.2M 7.7M 2.1% ▼ 10.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Uipath, Inc.'s complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $89.1M 49 trades by 5 insiders · 100% under pre-set plans
Net ▼ $89.1M net selling
Insider Date Trade Shares Price Value
Malpani Raghavendra CPO & CTO October 22, 2026 Sell pre-set plan 29,565 $14.00 $413,963
Dines Daniel CEO and Chairman October 16, 2026 Sell pre-set plan 47,600 $13.83 $658,427
Dines Daniel CEO and Chairman October 16, 2026 Sell pre-set plan 1,202,400 $12.98 $15.6M
Dines Daniel CEO and Chairman October 15, 2026 Sell pre-set plan 1,250,000 $13.44 $16.8M
Brubaker Brad Chief Legal & Admin Officer October 12, 2026 Sell pre-set plan 27,404 $13.63 $373,555
Malpani Raghavendra CPO & CTO October 9, 2026 Sell pre-set plan 29,564 $13.51 $399,265
Gupta Ashim COO October 2, 2026 Sell pre-set plan 66,052 $13.17 $869,773
Malpani Raghavendra CPO & CTO September 17, 2026 Sell pre-set plan 40,464 $14.00 $566,496
Malpani Raghavendra CPO & CTO September 16, 2026 Sell pre-set plan 98,429 $13.81 $1.4M
Gupta Ashim COO September 11, 2026 Sell pre-set plan 117,339 $13.85 $1.6M
Dines Daniel CEO and Chairman August 19, 2026 Sell pre-set plan 1,402,347 $16.07 $22.5M
Ramani Hitesh Chief Accounting Officer August 14, 2026 Sell pre-set plan 25,000 $16.75 $418,750

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 2, 2026 estimated from the company's past filing pattern, not announced

  • September 3, 2026
  • May 28, 2026
  • March 11, 2026
  • December 3, 2025
  • September 4, 2025
  • May 29, 2025

Recent SEC filings

Data status

When each part of this page on Uipath, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Uipath, Inc. in brief

What does Uipath, Inc. do?
Uipath, Inc. is a US-listed company in the application software industry. Its financial year ends in January.
What is Uipath, Inc.'s stock ticker?
Uipath, Inc. trades under the ticker PATH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Uipath, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Uipath, Inc. reported revenue of $1.7B, 15.0% higher than a year earlier, according to its SEC filings.
What is Uipath, Inc.'s free cash flow?
Uipath, Inc.'s free-cash-flow margin is 21.1% of revenue over the trailing twelve months, ranking 71 of the 180 application software companies we cover.
What is Uipath, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Uipath, Inc.'s free cash flow after stock-based pay gives ~$7.1 per share in the base case, and ~$5.9–$8.7 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Uipath, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Tetragon Partners Gp Ltd and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Uipath, Inc. buying back stock, and does it pay a dividend?
Uipath, Inc. spent $269M on share repurchases over the trailing twelve months, and its diluted share count fell 2.5% over the year.
What is Uipath, Inc.'s market cap?
On November 2, 2026, Uipath, Inc.'s market capitalisation was about $7.1B, with a price-to-earnings ratio of 19.7 and net debt of -$607M. Market figures come from third-party market data and may be delayed.
Who are Uipath, Inc.'s competitors?
In our Application Software peer group, the companies closest to Uipath, Inc. are Full Truck Alliance Co. Ltd., Pegasystems Inc, Paylocity Holding Corp, BILL Holdings, Inc. and Elastic N.V. The side-by-side comparison below sets their revenue, margins and growth against Uipath, Inc.'s.
Are insiders buying or selling Uipath, Inc. stock?
Over the last 12 months, Uipath, Inc.'s directors and officers reported 0 open-market purchases and 49 sales on Form 4. The insider trading page charts every trade.
When is Uipath, Inc.'s next earnings date?
Around December 2, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Uipath, Inc. announces its own schedule.