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ValueScreener company report

UiPath Inc. (PATH)

NYSE / Technology / Software - Infrastructure

Share price

13.71 USD Market dataClose of Oct 15, 2026

Market capitalisation

7.14B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed Mar 25, 2026
Ratios computed
Oct 15, 2026
Filed years
7, FY2020 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

13.6% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

26.37x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

4.7% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2019 Revenue: 148.5M USDFY2019 Net income: -261.6M USDFY2020 Revenue: 336.2M USDFY2020 Net income: -519.9M USDFY2021 Revenue: 607.6M USDFY2021 Net income: -92.4M USDFY2022 Revenue: 892.3M USDFY2022 Net income: -525.6M USDFY2023 Revenue: 1.06B USDFY2023 Net income: -328.4M USDFY2024 Revenue: 1.31B USDFY2024 Net income: -89.9M USDFY2025 Revenue: 1.43B USDFY2025 Net income: -73.7M USDFY2026 Revenue: 1.61B USDFY2026 Net income: 282.3M USD
Revenue Net income8 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 26.37x at the close of 2026-10-15 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Software - Infrastructure industry (73 companies), 26.37x sits at the 55th percentile; the middle half of that group runs from 13.18x to 54.61x.

Is it good

Return on equity was 13.6% in FY2026, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Software - Infrastructure industry (114 companies), 13.6% sits at the 68th percentile; the middle half of that group runs from -25.7% to 16.2%.

Is it safe

Current ratio was 2.48 in FY2026, in the band labelled "At or above Graham's requirement" (2.00 and above), on lines anchored on Graham's defensive-investor criteria, suggesting short-term assets well above short-term obligations.

Today, against the Software - Infrastructure industry (129 companies), 2.48 sits at the 80th percentile; the middle half of that group runs from 1.00 to 2.21.

Year by year against peers
Whether UiPath Inc.'s return on equity stayed above the median of the Software - Infrastructure industry, year by year. (FY2025 to FY2026, 2 fiscal years of UiPath Inc. with a comparable figure)
The direction
Which way UiPath Inc.'s gross margin has moved, and how steadily. (FY2019 to FY2026, 8 filed years of UiPath Inc.)
What could explain it
What in UiPath Inc.'s filed statements could explain the movements. (5 readings drawn from the statement lines UiPath Inc. filed)
What to check next
What to check next on UiPath Inc., and where in its filings. (3 questions for UiPath Inc.)
In one paragraph
One paragraph on UiPath Inc.'s returns, cash, balance sheet and price. (10 of sixteen figures read for UiPath Inc.)

These are PATH’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research PATHPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Mar 25, 2026, accession 0001734722-26-000012.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

UiPath Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Return on equity13.6% ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Return on capital employed, pre-tax2.5% ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Return on assets8.9% ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Gross margin83.2% ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Operating margin3.5% ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Net margin17.5% ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
PATH 17.5%
PAYP 31.1%ACIW 12.9%BB 9.7%QLYS 29.6%RELY 4.2%
4.2%31.1%
Net margin: PATH against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

UiPath Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Current ratio2.48 ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Quick ratio2.48 ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Altman Z-score4.41 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Net debt
Why n/a

The FY2026 balance sheet carries no net debt we could read.

n/a ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Total assets 3.18BTotal liabilities 1.10BShareholders' equity 2.08BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What UiPath Inc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Mar 25, 2026, 0001734722-26-000012).

UiPath Inc: balance sheet position
Total assets3.18B FiledFY2026 10-K, filed Mar 25, 2026
Total liabilities1.10B FiledFY2026 10-K, filed Mar 25, 2026
Shareholders' equity2.08B FiledFY2026 10-K, filed Mar 25, 2026
Cash1.47B FiledFY2026 10-K, filed Mar 25, 2026
Total debtn/a FiledFY2026 10-K, filed Mar 25, 2026
Net debtn/a
Current ratio2.48
Debt to equityn/a
  • Debt to equity: FY2026: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Interest cover: FY2026: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

UiPath Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings26.37x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
P/E on trailing twelve months20.46x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book3.59x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Price to sales4.64x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Diluted earnings per share0.52 USD FiledFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Graham number6.69 USD ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012

We publish no fair value or price target of our own. Value PATH on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for UiPath Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

UiPath Inc: valuation
Share price13.71 USD
Market capitalisation7.14B USD
Enterprise value to EBITDAn/a
Graham number6.69 USD
Diluted earnings per share, FY20260.52 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Sep 8, 2021: low 16.55x, median 29.98x, high 622.33x, latest 20.46x. 340 trading days with a meaningful ratio, 942 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like UiPath Inc

  1. PayPay Corporation (PAYP)Market cap 9.92B USD
  2. ACI Worldwide, Inc. (ACIW)Market cap 5.30B USD
  3. BlackBerry Limited (BB)Market cap 5.11B USD
  4. Qualys, Inc. (QLYS)Market cap 6.67B USD
  5. Remitly Global, Inc. (RELY)Market cap 5.22B USD

Same industry (Software - Infrastructure) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

UiPath Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield4.7% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Free cash flow352.2M USD ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Free cash flow margin21.9% ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
FY2019 Net income: -261.6M USDFY2020 Free cash flow: -375.2M USDFY2020 Net income: -519.9M USDFY2021 Free cash flow: 27.2M USDFY2021 Net income: -92.4M USDFY2022 Free cash flow: -63.8M USDFY2022 Net income: -525.6M USDFY2023 Free cash flow: -33.8M USDFY2023 Net income: -328.4M USDFY2024 Free cash flow: 291.7M USDFY2024 Net income: -89.9M USDFY2025 Free cash flow: 305.6M USDFY2025 Net income: -73.7M USDFY2026 Free cash flow: 352.2M USDFY2026 Net income: 282.3M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

UiPath Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
26.37xFY2026Oct 15, 2026
3.59xFY2026Oct 15, 2026
n/aFY2026Oct 15, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
4.7%FY2026Oct 15, 2026
n/aFY2026Mar 25, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
n/aFY2026Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
n/aFY2026Mar 25, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
2.48FY2026Mar 25, 2026
4.64xFY2026Oct 15, 2026
n/aFY2026Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
4.41FY2026Oct 15, 2026
-2.41FY2026Mar 25, 2026
7/9FY2026Mar 25, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 7 filed fiscal years on record, FY2020 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

8 fiscal years, FY2019 to FY2026. 7 read from the annual reports UiPath Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

UiPath Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20261.61B56.8M282.3M0.52352.2M3.5%13.6%10-K, Mar 25, 20260001734722-26-000012
FY20251.43B-162.6M-73.7M-0.13305.6M-11.4%-4.0%10-K, Mar 24, 20250001734722-25-000007
FY20241.31B-164.7M-89.9M-0.16291.7M-12.6%-4.5%10-K, Mar 27, 20240001734722-24-000011
FY20231.06B-348.3M-328.4M-0.60-33.8M-32.9%-17.1%10-K, Mar 24, 20230001734722-23-000017
FY2022892.3M-500.9M-525.6M-1.16-63.8M-56.1%-27.4%10-K, Apr 4, 20220001734722-22-000006
FY2021607.6M-110.3M-92.4M-0.5527.2M-18.2%n/m10-K, Apr 4, 20220001734722-22-000006
FY2020336.2M-517.3M-519.9M-3.41-375.2M-153.9%n/a10-K, Apr 4, 20220001734722-22-000006
FY2019148.5M-257.2M-261.6M-0.50n/a-173.2%n/aMarket data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2019 to FY2026: 40.6%
  • Earnings: Earnings was not positive in both 2019 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2019 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2020 and 2026, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

UiPath Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.41 ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Piotroski F-score7/9 ComputedFY2026 10-K, filed Mar 25, 2026, 0001734722-26-000012
Named tests met0 of 30 Computed
Beta1.22 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 21 not met, 9 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); Low beta, profitable; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Z-score and coverage (Edward Altman); Cash-covered dividend; Clean books, high ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(12)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 12 figures could not be read on this company, among them Debt to Equity, EV/EBIT, Return on Invested Capital. Each blank in the table above names the rest, with its reason. 9 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 7 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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