UiPath (PATH)
Market Price (6/18/2026): $10.39 | Market Cap: $5.4 BilSector: Information Technology | Industry: Systems Software
UiPath (PATH)
Market Price (6/18/2026): $10.39Market Cap: $5.4 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%, FCF Yield is 7.0% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Megatrend and thematic driversMegatrends include Automation & Robotics, Artificial Intelligence, and Cloud Computing. Themes include Process / Warehouse Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -113% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24% Key risksPATH key risks include [1] its core RPA solutions being superseded by advanced AI, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%, FCF Yield is 7.0% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Artificial Intelligence, and Cloud Computing. Themes include Process / Warehouse Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -113% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24% |
| Key risksPATH key risks include [1] its core RPA solutions being superseded by advanced AI, Show more. |
Qualitative Assessment
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UiPath (PATH) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Mixed Analyst Sentiment and Growth Concerns Despite Solid Financials: UiPath reported strong financial results for both fiscal Q4 2026 (ended January 31, 2026) and fiscal Q1 2027 (ended April 30, 2026). For fiscal Q4 2026, Annual Recurring Revenue (ARR) grew 11% year-over-year to $1.853 billion, with revenue increasing 14% year-over-year to $481 million. The company also achieved its first full year of GAAP profitability. In fiscal Q1 2027, revenue reached $418 million, up 17% year-over-year, beating analyst forecasts by 5.33%, and EPS of $0.15 exceeded expectations by 15.38%. ARR grew 12% year-over-year to $1.901 billion. Despite this performance, analyst sentiment was mixed, with some expressing concerns over "potentially cautious guidance" for fiscal year 2027 and a perception of "slower growth compared to previous years." Several firms downgraded or lowered price targets, citing a "lack of clear evidence for sustainable AI monetization" and "sluggish net new ARR and moderate growth guidance." This balance of strong current results against perceived future growth uncertainties contributed to the stock's stable trend.
2. Strategic Shift to Agentic AI and Enterprise Orchestration Amidst Rising Competition: UiPath continued its strategic focus on "agentic automation" and "agentic business orchestration," integrating AI capabilities into its platform. This pivot showed traction in fiscal Q1 2027, with 16 of the top 20 deals including AI components, and AI expansion deals being six times larger than non-AI deals. The company also became a Gold Member of the Agentic AI Foundation in February 2026. However, this strategic shift also intensified competition within a rapidly evolving AI landscape. Analysts raised "questions around the long-term durability of UiPath's value proposition" and its ability to compete effectively against larger enterprise software peers, creating investor caution.
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UiPath (PATH) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Mixed Analyst Sentiment and Growth Concerns Despite Solid Financials: UiPath reported strong financial results for both fiscal Q4 2026 (ended January 31, 2026) and fiscal Q1 2027 (ended April 30, 2026). For fiscal Q4 2026, Annual Recurring Revenue (ARR) grew 11% year-over-year to $1.853 billion, with revenue increasing 14% year-over-year to $481 million. The company also achieved its first full year of GAAP profitability. In fiscal Q1 2027, revenue reached $418 million, up 17% year-over-year, beating analyst forecasts by 5.33%, and EPS of $0.15 exceeded expectations by 15.38%. ARR grew 12% year-over-year to $1.901 billion. Despite this performance, analyst sentiment was mixed, with some expressing concerns over "potentially cautious guidance" for fiscal year 2027 and a perception of "slower growth compared to previous years." Several firms downgraded or lowered price targets, citing a "lack of clear evidence for sustainable AI monetization" and "sluggish net new ARR and moderate growth guidance." This balance of strong current results against perceived future growth uncertainties contributed to the stock's stable trend.
2. Strategic Shift to Agentic AI and Enterprise Orchestration Amidst Rising Competition: UiPath continued its strategic focus on "agentic automation" and "agentic business orchestration," integrating AI capabilities into its platform. This pivot showed traction in fiscal Q1 2027, with 16 of the top 20 deals including AI components, and AI expansion deals being six times larger than non-AI deals. The company also became a Gold Member of the Agentic AI Foundation in February 2026. However, this strategic shift also intensified competition within a rapidly evolving AI landscape. Analysts raised "questions around the long-term durability of UiPath's value proposition" and its ability to compete effectively against larger enterprise software peers, creating investor caution.
3. Significant Share Repurchases Providing Stock Support: UiPath actively engaged in share repurchases, which provided a floor for its stock price. Following the completion of a $1 billion stock repurchase program, a new $500 million authorization was announced in March 2026. Notably, since April 30, 2026, UiPath repurchased 20 million shares at an average price of $11.47 and an additional 2 million shares at $9.63, totaling over $230 million in buybacks. These substantial repurchases, well exceeding the USD 5 million threshold, signaled strong management confidence and acted as a significant counter-balance to selling pressures, helping the stock remain largely at the same level.
4. Broader Macroeconomic Scrutiny and Valuation Concerns: The period was characterized by continued macroeconomic scrutiny, impacting IT budgets. Despite UiPath's operational performance, broader tech sector slowdowns and valuation concerns influenced investor sentiment. UiPath's price-to-earnings (P/E) ratio raised valuation concerns in Q4 fiscal 2026. Analysts noted that UiPath's projected revenue growth trajectory for calendar year 2027 (10%) was lower than that of its infrastructure software peers (13%), contributing to a valuation discount. This cautious macroeconomic environment and comparative valuation pressures likely constrained significant upward movement, contributing to the stock's sideways trend.
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Stock Movement Drivers
Fundamental Drivers
The -4.7% change in PATH stock from 2/28/2026 to 6/17/2026 was primarily driven by a -34.2% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6172026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.73 | 10.23 | -4.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,553 | 1,672 | 7.7% |
| Net Income Margin (%) | 14.8% | 19.6% | 32.4% |
| P/E Multiple | 24.9 | 16.4 | -34.2% |
| Shares Outstanding (Mil) | 532 | 524 | 1.7% |
| Cumulative Contribution | -4.7% |
Market Drivers
2/28/2026 to 6/17/2026| Return | Correlation | |
|---|---|---|
| PATH | -4.7% | |
| Market (SPY) | 8.3% | 9.4% |
| Sector (XLK) | 34.1% | 21.9% |
Fundamental Drivers
The -26.2% change in PATH stock from 11/30/2025 to 6/17/2026 was primarily driven by a -95.6% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6172026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.86 | 10.23 | -26.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,497 | 1,672 | 11.7% |
| Net Income Margin (%) | 1.3% | 19.6% | 1352.9% |
| P/E Multiple | 368.5 | 16.4 | -95.6% |
| Shares Outstanding (Mil) | 536 | 524 | 2.4% |
| Cumulative Contribution | -26.2% |
Market Drivers
11/30/2025 to 6/17/2026| Return | Correlation | |
|---|---|---|
| PATH | -26.2% | |
| Market (SPY) | 9.0% | 13.9% |
| Sector (XLK) | 30.2% | 23.8% |
Fundamental Drivers
The -23.1% change in PATH stock from 5/31/2025 to 6/17/2026 was primarily driven by a -37.5% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6172026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.31 | 10.23 | -23.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,430 | 1,672 | 17.0% |
| P/S Multiple | 5.1 | 3.2 | -37.5% |
| Shares Outstanding (Mil) | 551 | 524 | 5.2% |
| Cumulative Contribution | -23.1% |
Market Drivers
5/31/2025 to 6/17/2026| Return | Correlation | |
|---|---|---|
| PATH | -23.1% | |
| Market (SPY) | 27.2% | 24.2% |
| Sector (XLK) | 61.8% | 30.4% |
Fundamental Drivers
The -42.8% change in PATH stock from 5/31/2023 to 6/17/2026 was primarily driven by a -65.8% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6172026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.89 | 10.23 | -42.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,059 | 1,672 | 58.0% |
| P/S Multiple | 9.4 | 3.2 | -65.8% |
| Shares Outstanding (Mil) | 554 | 524 | 5.8% |
| Cumulative Contribution | -42.8% |
Market Drivers
5/31/2023 to 6/17/2026| Return | Correlation | |
|---|---|---|
| PATH | -42.8% | |
| Market (SPY) | 84.3% | 41.0% |
| Sector (XLK) | 130.9% | 41.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PATH Return | -37% | -71% | 95% | -49% | 29% | -36% | -85% |
| Peers Return | 2% | -45% | 44% | 33% | 8% | -31% | -20% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| PATH Win Rate | 33% | 33% | 58% | 33% | 50% | 33% | |
| Peers Win Rate | 47% | 22% | 60% | 62% | 52% | 23% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PATH Max Drawdown | - | -76% | -29% | -60% | -36% | -47% | |
| Peers Max Drawdown | -30% | -51% | -24% | -20% | -31% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SSNC, PEGA, APPN, MSFT, NOW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/17/2026 (YTD)
How Low Can It Go
| Event | PATH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.9% | -18.8% |
| % Gain to Breakeven | 46.9% | 23.1% |
| Time to Breakeven | 182 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.1% | -7.8% |
| % Gain to Breakeven | 12.5% | 8.5% |
| Time to Breakeven | 12 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.3% | -9.5% |
| % Gain to Breakeven | 16.7% | 10.5% |
| Time to Breakeven | 21 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.8% | -6.7% |
| % Gain to Breakeven | 23.1% | 7.1% |
| Time to Breakeven | 14 days | 31 days |
In The Past
UiPath's stock fell -31.9% during the 2025 US Tariff Shock. Such a loss loss requires a 46.9% gain to breakeven.
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Asset Allocation
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| Event | PATH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.9% | -18.8% |
| % Gain to Breakeven | 46.9% | 23.1% |
| Time to Breakeven | 182 days | 79 days |
In The Past
UiPath's stock fell -31.9% during the 2025 US Tariff Shock. Such a loss loss requires a 46.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About UiPath (PATH)
UiPath (PATH) provides an end-to-end automation platform primarily focused on Robotic Process Automation (RPA). The company's core mission is to help organizations streamline operations by automating repetitive, rule-based tasks across various departments. Its platform intelligently combines artificial intelligence (AI) with tools for desktop recording and system log analysis, enabling businesses to discover, analyze, and identify processes ideal for automation.
The UiPath platform offers a comprehensive suite of interrelated software designed for the entire automation lifecycle. Key offerings include low-code development environments that empower users, even without prior coding knowledge, to create both attended (human-assisted) and unattended (standalone) automations, often referred to as "robots." The platform also provides centralized tools for deploying, managing, testing, and measuring the performance of these automations and integrated machine learning models enterprise-wide, facilitating compliance and optimizing workflows between robots and human teams. Furthermore, UiPath offers maintenance, support, and professional services like training to ensure effective platform adoption.
UiPath serves a diverse range of primary customers, including large organizations in sectors such as banking, healthcare, financial services, and government entities. While operating globally, its main geographical presence spans the United States, Romania, and Japan, where it helps these industries enhance efficiency, reduce operational costs, and improve business outcomes through intelligent automation.
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Here are 1-3 brief analogies to describe UiPath:
- Salesforce for internal business process automation.
- Zapier for large enterprise workflow automation.
- Canva for automating business tasks without needing to code.
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- Automation Platform: An end-to-end platform offering a suite of software for building, managing, running, and governing robotic process automation solutions.
- Process Discovery & Analysis Tools: Software leveraging AI, desktop recording, and system log mining to discover, analyze, and identify processes suitable for automation.
- Automation Design & Development Environment: Low-code development tools enabling users to create attended and unattended automations without prior coding knowledge.
- RPA Robots: Deployable software robots that execute automations in either highly immersive attended experiences or standalone, unattended modes.
- Automation Management & Governance Tools: Centralized tools designed to manage, test, deploy, and govern automations and ML models across the enterprise.
- Automation Analytics & Monitoring: Features enabling users to track, measure, and forecast automation performance and ensure compliance with business standards.
- Software Maintenance & Support: Services providing ongoing maintenance and technical support for UiPath's software.
- Professional Services: Services including training and implementation to facilitate the adoption and effective use of the UiPath platform.
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Daniel Dines, Chief Executive Officer
Daniel Dines is the co-founder and Chief Executive Officer of UiPath, a role he has held since June 1, 2024, and has served as Chairman since the company's founding in 2005. He established DeskOver, which later evolved into UiPath, in 2005, initially offering custom software development. Before founding UiPath, Mr. Dines worked as a software development engineer at Microsoft for five years. He is also a co-founder and General Partner at Crew Capital.
Ashim Gupta, Chief Operating Officer and Chief Financial Officer
Ashim Gupta serves as UiPath's Chief Operating Officer, a role he took on in August 2024, and has been the Chief Financial Officer since November 2019. He initially joined UiPath in February 2018 as Chief Customer Success Officer. Prior to his tenure at UiPath, Mr. Gupta spent nearly two decades at General Electric, where he held various finance positions, including Chief Information Officer for its shared service organization and Chief Financial Officer of GE Engineered Systems and GE Water. Notably, he was also a customer of UiPath during his time at GE.
Graham Sheldon, Chief Product Officer
Graham Sheldon is the Chief Product Officer at UiPath, a position he assumed in December 2022. In this role, he is responsible for defining the vision, roadmap, and strategy for the UiPath Business Automation Platform. Before joining UiPath, Mr. Sheldon spent over two decades at Microsoft, where his most recent role was Corporate Vice President of Product for Microsoft Teams. His extensive experience at Microsoft also included managing engineering, product, and design for products such as Dynamics, Bing, Bing Ads, and MSN.
Raghu Malpani, Chief Technology Officer
Raghu Malpani is the Chief Technology Officer at UiPath, where he is responsible for guiding the company's technological vision and strategy. He has a strong background in engineering and leadership, with previous roles at companies including Microsoft and Facebook. Mr. Malpani's expertise encompasses cloud computing and data platforms.
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Key Risks to UiPath (PATH)
UiPath, a leading provider of robotic process automation (RPA) solutions, faces several key risks inherent in the rapidly evolving automation and artificial intelligence (AI) landscape. These risks primarily revolve around intense competition, the disruptive potential of emerging AI technologies, and broader macroeconomic uncertainties.
The most significant risk to UiPath's business is the
intense and evolving competitive landscape.
UiPath not only contends with traditional RPA rivals like Automation Anywhere and Blue Prism but also faces increasing pressure from large technology companies such as Microsoft (with Power Automate) and ServiceNow. These tech giants often bundle automation and AI capabilities within their extensive enterprise platforms, providing a compelling, and sometimes lower-cost, alternative to UiPath's specialized offerings. This trend can erode UiPath's market share and pricing power, especially as AI-driven no-code tools become more prevalent.Closely related to competition is the risk of
technological disruption from advanced AI and agentic automation.
While UiPath is actively integrating AI into its platform, the rapid advancements in AI, particularly the emergence of "AI-native vendors" and agentic automation, pose a fundamental threat. There is a plausible scenario where newer AI-native tools could perform complex automated tasks directly, potentially reducing or eliminating the need for traditional RPA platforms and rendering some of UiPath's current solutions less desirable or even obsolete. This rapid technological evolution demands continuous innovation and adaptation from UiPath to maintain its relevance and competitive edge.Finally,
macroeconomic uncertainty and varying market acceptance
pose a substantial risk to UiPath's growth trajectory. Global economic slowdowns and general uncertainty can lead to reduced customer budgeting and delayed enterprise deals, directly impacting UiPath's revenue and financial performance. Furthermore, the pace at which businesses adopt new RPA and AI technologies varies significantly across industries and regions, which can affect UiPath's growth and market penetration.AI Analysis | Feedback
The rapid emergence and integration of advanced generative artificial intelligence (AI) models and AI agents into broader enterprise software and cloud platforms by major technology companies represent a clear emerging threat to UiPath's core Robotic Process Automation (RPA) business model. While UiPath's platform incorporates AI, its foundation is rooted in automating repetitive tasks by mimicking human interaction with user interfaces and systems. Advanced AI agents, powered by large language models, are increasingly capable of understanding natural language instructions, generating code, interacting with APIs directly, and performing more complex cognitive tasks, potentially automating processes at a deeper, more intelligent, and less brittle level than traditional UI-based RPA. As these AI agents become more sophisticated and are integrated directly into widely used enterprise productivity suites (e.g., Microsoft 365 Copilot) or cloud infrastructure, they could bypass or significantly diminish the need for dedicated RPA platforms.
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UiPath (PATH) operates within the Robotic Process Automation (RPA) and broader automation platform markets.
Robotic Process Automation (RPA) Market
- The global Robotic Process Automation market was valued at approximately $4.03 billion in 2024 and is projected to reach $36.03 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 31.50% from 2025 to 2032.
- Another estimate indicates the global RPA market was valued at $2.6 billion in 2022 and is forecast to grow to $66 billion by 2032, with a CAGR of 37.9%.
- The global RPA market size was also valued at over $4.98 billion in 2025 and is expected to expand to over $44.56 billion by 2035, growing at a CAGR of approximately 24.5% between 2026 and 2035.
Regional Market Sizes for RPA
- North America held a significant share of the robotic process automation market, accounting for 56.00% in 2025.
- The U.S. robotic process automation market is predicted to reach an estimated value of $22.32 billion by 2032.
- The Asia Pacific region is positioned for a 30.72% CAGR to 2031.
- Specific country projections for 2026 include Japan at $0.58 billion, China at $1.54 billion, and India at $1.18 billion.
Economic Impact Associated with UiPath
- The aggregate revenue associated with the UiPath ecosystem worldwide is expected to increase from $5 billion in 2020 to $16.5 billion in 2025.
- The economic benefits derived from the use of UiPath's RPA software by its customers are projected to grow from $7 billion worldwide in 2021 to $55 billion in 2025, with a cumulative impact of $129 billion over the five years ending in 2025.
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UiPath (PATH) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Expansion of AI-driven and Agentic Automation Offerings: UiPath is positioning itself as a leader in agentic automation, leveraging artificial intelligence (AI) to enable enterprises to automate complex business processes autonomously. The company views generative AI as a significant tailwind and is continuously innovating its platform to expand its competitive moat by integrating AI agents, the Maestro orchestration platform, and Intelligent Document Processing solutions. UiPath reported that AI-related offerings contributed $200 million in Annual Recurring Revenue (ARR) for the first time in Q4 FY2026.
- Increased Adoption and Expansion within Existing Enterprise Customers: A significant driver is the deepening adoption of UiPath's platform by its large enterprise customer base. The company has shown strong momentum in customers with ARR of $100,000 or more, which increased from 2,292 in Q4 FY2025 to 2,565 in Q4 FY2026, and customers with $1 million or more in ARR, which grew from 317 to 357 over the same period. This indicates a successful strategy in getting existing high-value customers to expand their use of the platform.
- Strategic Partnerships: Collaborations with major technology and consulting firms are expected to fuel growth. UiPath has expanded its strategic alliance with Deloitte for an Agentic ERP offering powered by UiPath Maestro and is engaged in partnerships with companies like Microsoft, which analysts believe can support growth. These partnerships help extend UiPath's reach and integrate its automation capabilities into broader enterprise solutions.
- Targeted Customer Acquisition in Key Enterprise Verticals: UiPath focuses on acquiring new enterprise customers that are likely to make significant, long-term investments in automation. The company has been successful in signing new enterprise logos, emphasizing a strategy of targeting customers with a propensity to invest. Furthermore, UiPath is developing sector-focused solutions, particularly in high-value workloads within industries such as healthcare, financial services, and the public sector, which are anticipated to support larger deals.
- Continued Product Innovation and Platform Development: UiPath's commitment to product innovation, particularly around its "agentic automation platform," is a core driver. The company’s vision and roadmap for agentic automation are designed to expand its market opportunity by enabling customers to automate more complex and variable workflows, thereby delivering enterprise-wide AI transformation. Innovations like AI coding agents are expected to generate and maintain production-grade automations, further enhancing the platform's value proposition.
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Share Repurchases
- UiPath completed a $1 billion stock repurchase program.
- The company's board authorized a new $500 million stock repurchase program with no specified expiration date.
- For the full fiscal year ending January 31, 2026, UiPath returned approximately $337 million to stockholders by repurchasing 30.9 million shares at an average price of $10.92.
Share Issuance
- UiPath's Initial Public Offering (IPO) occurred in April 2021.
- Shares outstanding were 0.564 billion in 2024, representing a 2.89% increase from 2023.
- In 2023, shares outstanding were 0.548 billion, an increase of 20.54% from 2022.
Outbound Investments
- UiPath acquired WorkFusion, Inc., a provider of robotic process automation and chatbot solutions, in February 2026.
- In March 2025, UiPath acquired Peak, a Manchester-based AI company, to enhance its vertical AI solutions strategy and expand its agentic automation platform.
- UiPath made a Seed round investment in H Company on May 21, 2024, as part of its four investments across sectors like Agentic AI, Artificial Intelligence, and Business Intelligence.
Capital Expenditures
- Capital expenditures were $21 million in fiscal year 2025.
- Capital expenditures for fiscal year 2024 were $7.34 million.
- The company plans to make significant investments in research and development to enhance its technology, particularly through the addition of agentic AI capabilities to the UiPath Platform.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| What a Downturn Does to UiPath Stock | 06/09/2026 | |
| UiPath Stock (+7.5%): S&P 400 Inclusion Fuels Forced Buying Frenzy | 12/25/2025 | |
| UiPath Stock Leaps 7.5% In One Day, Should You Buy The Stock? | 12/25/2025 | |
| Does UiPath Stock Lead the Pack? | 12/25/2025 | |
| UiPath Earnings Notes | 12/24/2025 | |
| PATH (+24%) : GAAP Profitability Sparks Institutional Re-Rate | 12/05/2025 | |
| What Is Happening With UiPath Stock? | 12/05/2025 | |
| Is UiPath Stock Built to Withstand More Downside? | 10/17/2025 | |
| PATH Dip Buy Analysis | 07/10/2025 | |
| UiPath (PATH) Valuation Ratios Comparison | 05/15/2025 | |
| ARTICLES | ||
| UiPath Stock (+7.5%): S&P 400 Inclusion Fuels Forced Buying Frenzy | 12/25/2025 | |
| Where Does UiPath Stock Rank Among Competitors? | 12/25/2025 | |
| Buy or Sell UiPath Stock? | 12/25/2025 | |
| How UiPath Stock Gained 60% | 12/05/2025 | |
| Does UiPath’s Pivot To Agentic AI Make The Stock A Buy? | 10/07/2025 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 48.30 |
| Mkt Cap | 10.7 |
| Rev LTM | 4,053 |
| Op Inc LTM | 836 |
| FCF LTM | 978 |
| FCF 3Y Avg | 791 |
| CFO LTM | 1,143 |
| CFO 3Y Avg | 934 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.6% |
| Rev Chg 3Y Avg | 15.2% |
| Rev Chg Q | 17.8% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Inc Chg LTM | 24.2% |
| Op Inc Chg 3Y Avg | 69.9% |
| Op Mgn LTM | 12.4% |
| Op Mgn 3Y Avg | 12.3% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 28.9% |
| CFO/Rev 3Y Avg | 24.8% |
| FCF/Rev LTM | 22.9% |
| FCF/Rev 3Y Avg | 23.6% |
Price Behavior
| Market Price | $10.23 | |
| Market Cap ($ Bil) | 5.5 | |
| First Trading Date | 04/21/2021 | |
| Distance from 52W High | -47.0% | |
| 50 Days | 200 Days | |
| DMA Price | $10.69 | $13.01 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -4.3% | -21.4% |
| 3M | 1YR | |
| Volatility | 57.5% | 63.9% |
| Downside Capture | 183.11 | 216.49 |
| Upside Capture | 43.05 | 136.25 |
| Correlation (SPY) | 8.4% | 23.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.45 | -0.73 | 0.01 | 0.56 | 1.20 | 1.58 |
| Up Beta | -1.16 | -1.39 | -0.54 | -0.67 | 0.12 | 1.18 |
| Down Beta | -4.26 | -5.27 | -0.35 | -0.74 | 1.19 | 1.22 |
| Up Capture | 54% | 36% | 46% | 113% | 143% | 734% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 21 | 34 | 59 | 118 | 373 |
| Down Capture | -324% | 47% | 28% | 172% | 157% | 113% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 19 | 28 | 64 | 128 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PATH | |
|---|---|---|---|---|
| PATH | -20.0% | 63.7% | -0.11 | - |
| Sector ETF (XLK) | 54.0% | 22.9% | 1.81 | 30.2% |
| Equity (SPY) | 24.5% | 12.4% | 1.48 | 24.2% |
| Gold (GLD) | 24.7% | 27.5% | 0.79 | 2.1% |
| Commodities (DBC) | 22.7% | 18.9% | 0.95 | 5.4% |
| Real Estate (VNQ) | 10.6% | 13.8% | 0.49 | -2.3% |
| Bitcoin (BTCUSD) | -38.7% | 42.4% | -1.04 | 16.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PATH | |
|---|---|---|---|---|
| PATH | -33.0% | 63.4% | -0.37 | - |
| Sector ETF (XLK) | 22.3% | 25.2% | 0.78 | 49.4% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 49.1% |
| Gold (GLD) | 16.9% | 18.3% | 0.75 | 5.6% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 8.2% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 33.6% |
| Bitcoin (BTCUSD) | 12.3% | 54.2% | 0.42 | 27.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PATH | |
|---|---|---|---|---|
| PATH | -17.6% | 64.1% | -0.32 | - |
| Sector ETF (XLK) | 25.1% | 24.7% | 0.92 | 48.4% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 47.6% |
| Gold (GLD) | 12.4% | 16.1% | 0.63 | 5.7% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 9.2% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 32.6% |
| Bitcoin (BTCUSD) | 60.4% | 66.8% | 1.00 | 24.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/28/2026 | 1.2% | 0.8% | |
| 3/11/2026 | -8.2% | 0.6% | -24.2% |
| 9/4/2025 | 5.9% | 7.7% | 18.9% |
| 5/29/2025 | 2.9% | 2.5% | -1.1% |
| 3/12/2025 | -15.7% | -8.7% | -10.1% |
| 12/5/2024 | -0.9% | -4.8% | -11.7% |
| 9/5/2024 | -6.0% | -5.7% | -2.0% |
| 5/29/2024 | -34.0% | -35.1% | -30.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 5 |
| # Negative | 12 | 10 | 14 |
| Median Positive | 12.0% | 8.7% | 11.2% |
| Median Negative | -9.6% | -8.4% | -12.2% |
| Max Positive | 26.7% | 26.9% | 20.4% |
| Max Negative | -34.0% | -35.1% | -38.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/28/2026 | 1.2% | 0.8% | |
| 3/11/2026 | -8.2% | 0.6% | -24.2% |
| 9/4/2025 | 5.9% | 7.7% | 18.9% |
| 5/29/2025 | 2.9% | 2.5% | -1.1% |
| 3/12/2025 | -15.7% | -8.7% | -10.1% |
| 12/5/2024 | -0.9% | -4.8% | -11.7% |
| 9/5/2024 | -6.0% | -5.7% | -2.0% |
| 5/29/2024 | -34.0% | -35.1% | -30.7% |
| 3/13/2024 | -6.9% | -4.5% | -15.2% |
| 11/30/2023 | 26.7% | 18.5% | 20.4% |
| 9/6/2023 | 11.5% | 12.0% | 0.1% |
| 5/24/2023 | -11.2% | 9.7% | -3.1% |
| 3/15/2023 | 17.6% | 10.8% | 10.7% |
| 12/1/2022 | 12.5% | 1.4% | -4.9% |
| 9/6/2022 | -11.2% | -8.1% | -12.7% |
| 6/1/2022 | 16.7% | 26.9% | 11.2% |
| 3/30/2022 | -25.7% | -26.8% | -38.6% |
| 12/8/2021 | -1.4% | -11.7% | -17.8% |
| 9/7/2021 | -9.6% | -10.5% | -17.8% |
| 6/8/2021 | -9.6% | -7.9% | -10.0% |
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 5 |
| # Negative | 12 | 10 | 14 |
| Median Positive | 12.0% | 8.7% | 11.2% |
| Median Negative | -9.6% | -8.4% | -12.2% |
| Max Positive | 26.7% | 26.9% | 20.4% |
| Max Negative | -34.0% | -35.1% | -38.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/04/2026 | 10-Q |
| 01/31/2026 | 03/25/2026 | 10-K |
| 10/31/2025 | 12/08/2025 | 10-Q |
| 07/31/2025 | 09/08/2025 | 10-Q |
| 04/30/2025 | 06/03/2025 | 10-Q |
| 01/31/2025 | 03/24/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/06/2024 | 10-Q |
| 04/30/2024 | 06/03/2024 | 10-Q |
| 01/31/2024 | 03/27/2024 | 10-K |
| 10/31/2023 | 12/04/2023 | 10-Q |
| 07/31/2023 | 09/07/2023 | 10-Q |
| 04/30/2023 | 06/02/2023 | 10-Q |
| 01/31/2023 | 03/24/2023 | 10-K |
| 10/31/2022 | 12/05/2022 | 10-Q |
| 07/31/2022 | 09/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/04/2026 | 10-Q |
| 01/31/2026 | 03/25/2026 | 10-K |
| 10/31/2025 | 12/08/2025 | 10-Q |
| 07/31/2025 | 09/08/2025 | 10-Q |
| 04/30/2025 | 06/03/2025 | 10-Q |
| 01/31/2025 | 03/24/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/06/2024 | 10-Q |
| 04/30/2024 | 06/03/2024 | 10-Q |
| 01/31/2024 | 03/27/2024 | 10-K |
| 10/31/2023 | 12/04/2023 | 10-Q |
| 07/31/2023 | 09/07/2023 | 10-Q |
| 04/30/2023 | 06/02/2023 | 10-Q |
| 01/31/2023 | 03/24/2023 | 10-K |
| 10/31/2022 | 12/05/2022 | 10-Q |
| 07/31/2022 | 09/08/2022 | 10-Q |
| 04/30/2022 | 06/03/2022 | 10-Q |
| 01/31/2022 | 04/04/2022 | 10-K |
| 10/31/2021 | 12/10/2021 | 10-Q |
| 07/31/2021 | 09/08/2021 | 10-Q |
| 04/30/2021 | 06/09/2021 | 10-Q |
| 01/31/2021 | 04/21/2021 | 424B4 |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2027 Earnings Reported 5/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Revenue | 395.00 Mil | 397.50 Mil | 400.00 Mil | ||||
| Q2 2027 ARR | 1.93 Bil | 1.93 Bil | 1.93 Bil | ||||
| Q2 2027 Non-GAAP operating income | 75.00 Mil | ||||||
| 2027 Revenue | 1.78 Bil | 1.78 Bil | 1.78 Bil | 1.3% | Raised | Guidance: 1.76 Bil for 2027 | |
| 2027 ARR | 2.06 Bil | 2.06 Bil | 2.06 Bil | 0.3% | Raised | Guidance: 2.05 Bil for 2027 | |
| 2027 Non-GAAP operating income | 430.00 Mil | 3.6% | Raised | Guidance: 415.00 Mil for 2027 | |||
Prior: Q4 2026 Earnings Reported 3/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | 395.00 Mil | 397.50 Mil | 400.00 Mil | ||||
| Q1 2027 ARR | 1.89 Bil | 1.90 Bil | 1.90 Bil | ||||
| Q1 2027 Non-GAAP Operating Income | 80.00 Mil | ||||||
| 2027 Revenue | 1.75 Bil | 1.76 Bil | 1.76 Bil | ||||
| 2027 ARR | 2.05 Bil | 2.05 Bil | 2.06 Bil | ||||
| 2027 Non-GAAP Operating Income | 415.00 Mil | ||||||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1262026 | 15.01 | 45,000 | 675,621 | 418,788,706 | Form |
| 2 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1262026 | 15.23 | 45,000 | 685,562 | 425,635,961 | Form |
| 3 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1262026 | 15.02 | 45,000 | 676,044 | 420,402,994 | Form |
| 4 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1152026 | 15.38 | 45,000 | 691,888 | 430,947,903 | Form |
| 5 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1142026 | 15.68 | 45,000 | 705,622 | 440,207,850 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1262026 | 15.01 | 45,000 | 675,621 | 418,788,706 | Form |
| 2 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1262026 | 15.23 | 45,000 | 685,562 | 425,635,961 | Form |
| 3 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1262026 | 15.02 | 45,000 | 676,044 | 420,402,994 | Form |
| 4 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1152026 | 15.38 | 45,000 | 691,888 | 430,947,903 | Form |
| 5 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1142026 | 15.68 | 45,000 | 705,622 | 440,207,850 | Form |
| 6 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1092026 | 17.17 | 45,000 | 772,736 | 484,395,001 | Form |
| 7 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1062026 | 15.99 | 45,000 | 719,716 | 453,318,795 | Form |
| 8 | Gupta, Ashim | COO & CFO | Direct | Sell | 1062026 | 16.10 | 67,468 | 1,086,498 | 8,970,323 | Form |
| 9 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1052026 | 15.73 | 45,000 | 707,931 | 446,603,542 | Form |
| 10 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1022026 | 16.38 | 45,000 | 737,307 | 465,872,917 | Form |
| 11 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12312025 | 16.55 | 45,000 | 744,628 | 471,243,690 | Form |
| 12 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12312025 | 16.82 | 45,000 | 756,950 | 479,798,076 | Form |
| 13 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12292025 | 16.44 | 45,000 | 739,579 | 469,527,551 | Form |
| 14 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12292025 | 16.90 | 45,000 | 760,617 | 483,643,982 | Form |
| 15 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12292025 | 16.91 | 45,000 | 761,134 | 484,734,173 | Form |
| 16 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12232025 | 16.49 | 45,000 | 742,014 | 473,299,154 | Form |
| 17 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12232025 | 16.49 | 45,000 | 742,100 | 474,095,790 | Form |
| 18 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12192025 | 16.07 | 45,000 | 723,290 | 462,802,171 | Form |
| 19 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12182025 | 16.23 | 45,000 | 730,156 | 467,926,229 | Form |
| 20 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12172025 | 16.11 | 45,000 | 725,080 | 465,398,317 | Form |
| 21 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12162025 | 16.26 | 45,000 | 731,516 | 470,260,185 | Form |
| 22 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12152025 | 17.30 | 45,000 | 778,437 | 501,202,457 | Form |
| 23 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12152025 | 17.91 | 45,000 | 805,774 | 519,609,685 | Form |
| 24 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12112025 | 18.56 | 45,000 | 835,254 | 539,455,014 | Form |
| 25 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12102025 | 18.61 | 45,000 | 837,482 | 541,731,143 | Form |
| 26 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12092025 | 19.13 | 45,000 | 861,070 | 557,850,934 | Form |
| 27 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12082025 | 19.21 | 45,000 | 864,608 | 561,007,013 | Form |
| 28 | Brubaker, Brad | GC & Chief Legal Officer | Direct | Sell | 12082025 | 18.55 | 27,580 | 511,736 | 11,788,832 | Form |
| 29 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12052025 | 18.20 | 45,000 | 818,784 | 532,092,878 | Form |
| 30 | Dines, Daniel | CEO and Chairman | Direct | Sell | 11052025 | 15.07 | 45,000 | 678,366 | 441,519,561 | Form |
| 31 | Dines, Daniel | CEO and Chairman | Direct | Sell | 11042025 | 15.02 | 45,000 | 676,094 | 440,716,581 | Form |
| 32 | Dines, Daniel | CEO and Chairman | Direct | Sell | 11032025 | 16.23 | 45,000 | 730,188 | 476,708,672 | Form |
| 33 | Dines, Daniel | CEO and Chairman | Direct | Sell | 10312025 | 15.72 | 45,000 | 707,270 | 462,453,428 | Form |
| 34 | Dines, Daniel | CEO and Chairman | Direct | Sell | 10302025 | 15.73 | 45,000 | 707,643 | 463,405,287 | Form |
| 35 | Dines, Daniel | CEO and Chairman | Direct | Sell | 10292025 | 16.29 | 45,000 | 732,933 | 480,699,564 | Form |
| 36 | Dines, Daniel | CEO and Chairman | Direct | Sell | 10292025 | 17.16 | 45,000 | 772,344 | 507,319,906 | Form |
| 37 | Dines, Daniel | CEO and Chairman | Direct | Sell | 10292025 | 16.73 | 45,000 | 752,670 | 495,149,563 | Form |
| 38 | Dines, Daniel | CEO and Chairman | Direct | Sell | 10242025 | 15.46 | 45,000 | 695,601 | 458,301,897 | Form |
| 39 | Dines, Daniel | CEO and Chairman | Direct | Sell | 10232025 | 15.19 | 45,000 | 683,338 | 450,905,996 | Form |
| 40 | Dines, Daniel | CEO and Chairman | Direct | Sell | 10222025 | 15.53 | 45,000 | 698,904 | 461,875,911 | Form |
| 41 | Ramani, Hitesh | Chief Accounting Officer | Direct | Sell | 10222025 | 15.47 | 5,000 | 77,336 | 2,827,051 | Form |
| 42 | Dines, Daniel | CEO and Chairman | Direct | Sell | 10212025 | 15.57 | 45,000 | 700,614 | 463,706,592 | Form |
| 43 | Ramani, Hitesh | Chief Accounting Officer | Direct | Sell | 10212025 | 15.68 | 10,000 | 156,800 | 3,022,728 | Form |
| 44 | Dines, Daniel | CEO and Chairman | Direct | Sell | 10202025 | 15.71 | 45,000 | 707,022 | 468,654,796 | Form |
| 45 | Ramani, Hitesh | Chief Accounting Officer | Direct | Sell | 10202025 | 15.65 | 10,000 | 156,500 | 3,173,444 | Form |
| 46 | Ramani, Hitesh | Chief Accounting Officer | Direct | Sell | 10172025 | 15.73 | 10,000 | 157,345 | 3,347,924 | Form |
| 47 | Dines, Daniel | CEO and Chairman | Direct | Sell | 10172025 | 15.62 | 45,000 | 702,900 | 466,625,398 | Form |
| 48 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10162025 | 17.21 | 122,734 | Form | ||
| 49 | Ramani, Hitesh | Chief Accounting Officer | Direct | Sell | 10162025 | 16.35 | 10,000 | 163,521 | 3,642,860 | Form |
| 50 | Brubaker, Brad | GC & Chief Legal Officer | Direct | Sell | 10152025 | 16.68 | 27,580 | 459,927 | 11,055,237 | Form |
| 51 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10152025 | 16.92 | 122,734 | 2,077,212 | 2,077,212 | Form |
| 52 | Ramani, Hitesh | Chief Accounting Officer | Direct | Sell | 10152025 | 16.68 | 10,000 | 166,801 | 3,882,727 | Form |
| 53 | Ramani, Hitesh | Chief Accounting Officer | Direct | Sell | 10152025 | 16.54 | 10,000 | 165,351 | 4,014,325 | Form |
| 54 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10142025 | 16.33 | 122,734 | 2,004,823 | 4,009,646 | Form |
| 55 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10142025 | 17.06 | 122,734 | 2,093,891 | 6,281,673 | Form |
| 56 | Ramani, Hitesh | Chief Accounting Officer | Direct | Sell | 10142025 | 17.01 | 10,000 | 170,056 | 4,298,608 | Form |
| 57 | Gupta, Ashim | COO & CFO | Direct | Sell | 10142025 | 17.28 | 240,874 | 4,162,059 | 12,028,197 | Form |
| 58 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10102025 | 18.37 | 122,734 | 2,254,881 | 9,019,525 | Form |
| 59 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10092025 | 16.57 | 122,734 | 2,034,230 | 10,171,151 | Form |
| 60 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10082025 | 14.89 | 122,734 | 1,827,522 | 10,965,129 | Form |
| 61 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10072025 | 14.99 | 122,733 | 1,839,755 | 12,878,393 | Form |
| 62 | Brubaker, Brad | GC & Chief Legal Officer | Direct | Sell | 10062025 | 15.00 | 66,665 | 999,982 | 10,357,854 | Form |
| 63 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10062025 | 14.24 | 122,733 | 1,748,233 | 13,985,967 | Form |
| 64 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10032025 | 13.01 | 122,733 | 1,596,229 | 14,366,148 | Form |
| 65 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10022025 | 12.84 | 122,733 | 1,576,039 | 15,760,480 | Form |
| 66 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 10012025 | 13.33 | 122,733 | 1,635,540 | 17,991,033 | Form |
| 67 | Brubaker, Brad | GC & Chief Legal Officer | Direct | Sell | 10012025 | 15.00 | 16,083 | 241,263 | 11,872,051 | Form |
| 68 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 9302025 | 14.81 | 122,733 | 1,817,443 | 21,809,414 | Form |
| 69 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 9292025 | 12.33 | 122,733 | 1,513,777 | 19,679,181 | Form |
| 70 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 9262025 | 12.08 | 122,733 | 1,482,799 | 20,759,267 | Form |
| 71 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 9252025 | 12.02 | 122,733 | 1,474,846 | 22,122,769 | Form |
| 72 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 9242025 | 12.44 | 122,733 | 1,527,314 | 24,437,111 | Form |
| 73 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 9232025 | 12.96 | 122,733 | 1,590,927 | 27,045,841 | Form |
| 74 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 9222025 | 12.20 | 122,733 | 1,496,925 | 26,944,741 | Form |
| 75 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 9192025 | 11.92 | 122,733 | 1,463,358 | 27,803,882 | Form |
| 76 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 9182025 | 11.93 | 122,733 | 1,463,935 | 29,278,777 | Form |
| 77 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 9172025 | 11.71 | 122,733 | 1,437,719 | 30,192,179 | Form |
| 78 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 9102025 | 12.01 | 45,000 | 540,464 | 32,429,407 | Form |
| 79 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 8012025 | 12.00 | 9,988 | 119,856 | 55,180,656 | Form |
| 80 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7302025 | 12.06 | 45,000 | 542,776 | 55,584,849 | Form |
| 81 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7292025 | 12.20 | 45,000 | 548,788 | 56,749,316 | Form |
| 82 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7282025 | 12.16 | 45,000 | 547,402 | 57,153,395 | Form |
| 83 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7252025 | 12.25 | 45,000 | 551,151 | 58,095,921 | Form |
| 84 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7242025 | 12.55 | 45,000 | 564,768 | 60,096,034 | Form |
| 85 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7232025 | 12.56 | 45,000 | 565,402 | 60,728,953 | Form |
| 86 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7222025 | 12.47 | 45,000 | 561,231 | 60,842,130 | Form |
| 87 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7212025 | 12.72 | 45,000 | 572,229 | 62,606,634 | Form |
| 88 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7182025 | 12.38 | 45,000 | 557,154 | 61,514,457 | Form |
| 89 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7172025 | 12.45 | 45,000 | 560,142 | 62,404,499 | Form |
| 90 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7162025 | 12.43 | 45,000 | 559,206 | 62,859,427 | Form |
| 91 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7152025 | 12.50 | 45,000 | 562,612 | 63,804,958 | Form |
| 92 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7142025 | 12.44 | 45,000 | 559,593 | 64,022,115 | Form |
| 93 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7112025 | 12.71 | 45,000 | 572,094 | 66,024,428 | Form |
| 94 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7102025 | 13.06 | 45,000 | 587,650 | 68,407,428 | Form |
| 95 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7092025 | 13.17 | 45,000 | 592,668 | 69,584,175 | Form |
| 96 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7082025 | 13.21 | 45,000 | 594,513 | 70,395,307 | Form |
| 97 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7072025 | 13.11 | 45,000 | 590,116 | 70,464,841 | Form |
| 98 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7032025 | 13.01 | 45,000 | 585,594 | 70,510,411 | Form |
| 99 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7022025 | 12.54 | 45,000 | 564,250 | 68,504,725 | Form |
| 100 | Gupta, Ashim | COO & CFO | Direct | Sell | 7022025 | 12.72 | 56,322 | 716,489 | 10,940,204 | Form |
| 101 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 7012025 | 12.84 | 45,000 | 577,971 | 70,748,480 | Form |
| 102 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6302025 | 12.78 | 45,000 | 575,194 | 70,983,807 | Form |
| 103 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6272025 | 12.78 | 45,000 | 575,014 | 71,536,608 | Form |
| 104 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6262025 | 12.38 | 45,000 | 556,983 | 69,850,322 | Form |
| 105 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6252025 | 12.55 | 45,000 | 564,714 | 71,384,568 | Form |
| 106 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6242025 | 12.49 | 45,000 | 561,942 | 71,596,106 | Form |
| 107 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6232025 | 12.10 | 45,000 | 544,320 | 69,895,236 | Form |
| 108 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6202025 | 12.35 | 45,000 | 555,826 | 71,928,593 | Form |
| 109 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6182025 | 12.34 | 45,000 | 555,268 | 72,411,652 | Form |
| 110 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6172025 | 12.41 | 45,000 | 558,585 | 73,402,736 | Form |
| 111 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6162025 | 12.24 | 45,000 | 550,602 | 72,904,305 | Form |
| 112 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6162025 | 12.40 | 45,000 | 558,099 | 74,455,070 | Form |
| 113 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6122025 | 12.85 | 45,000 | 578,286 | 77,726,470 | Form |
| 114 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6122025 | 13.05 | 45,000 | 587,282 | 79,522,822 | Form |
| 115 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6102025 | 13.19 | 45,000 | 593,492 | 80,957,200 | Form |
| 116 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6092025 | 13.08 | 45,000 | 588,722 | 80,895,253 | Form |
| 117 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6062025 | 13.11 | 45,000 | 589,779 | 81,630,342 | Form |
| 118 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6052025 | 13.17 | 45,000 | 592,492 | 82,598,405 | Form |
| 119 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6042025 | 12.94 | 45,000 | 582,480 | 81,785,059 | Form |
| 120 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6032025 | 12.61 | 45,000 | 567,670 | 80,273,352 | Form |
| 121 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 6022025 | 13.31 | 45,000 | 598,784 | 85,271,774 | Form |
| 122 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 5142025 | 13.18 | 45,000 | 592,920 | 85,029,682 | Form |
| 123 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 5132025 | 13.12 | 45,000 | 590,508 | 85,274,289 | Form |
| 124 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 5122025 | 12.83 | 45,000 | 577,494 | 83,972,453 | Form |
| 125 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 5092025 | 12.51 | 45,000 | 562,842 | 82,404,772 | Form |
| 126 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 5082025 | 12.16 | 45,000 | 547,286 | 80,674,456 | Form |
| 127 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 5072025 | 12.03 | 45,000 | 541,278 | 80,330,178 | Form |
| 128 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 5062025 | 12.01 | 14,900 | 178,915 | 80,732,282 | Form |
| 129 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 5052025 | 12.03 | 24,979 | 300,445 | 81,047,310 | Form |
| 130 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 5022025 | 12.02 | 45,000 | 540,684 | 81,261,861 | Form |
| 131 | Gupta, Ashim | COO & CFO | Direct | Sell | 5022025 | 12.01 | 98,795 | 1,186,054 | 11,852,998 | Form |
| 132 | Gupta, Ashim | COO & CFO | trust | Sell | 5022025 | 12.00 | 505 | Form | ||
| 133 | Dines, Daniel | CEO and Chairman | See Footnote | Sell | 5012025 | 12.01 | 45,000 | 540,261 | 81,738,548 | Form |
| 134 | Ramani, Hitesh | Chief Accounting Officer | Direct | Sell | 4072025 | 10.19 | 12,500 | 127,322 | 3,207,417 | Form |
PATH Trade Sentinel
OVERWEIGHT (Score 9-10)
CONVICTION RATIONALE
The Probability-Adjusted Skew is compelling at over 2.0x. The analysis concludes that while the competitive threat from Microsoft is real and creates significant friction ('CONTESTED' moat), it is primarily contained to the low-end of the market. UiPath's defensible leadership in the high-value enterprise segment, combined with the powerful secular tailwind of AI-driven automation, provides a clear path for the 'Alpha Driver' to succeed. The market appears to be overly focused on the 'Anti-Alpha' (Microsoft competition), creating an attractive risk/reward profile.
STOCK ARCHETYPE
High-Beta CompounderUiPath is a high-growth SaaS company in a secularly growing market (automation), justifying high valuation multiples. However, its growth is decelerating, making it highly sensitive to execution and competitive dynamics, which is characteristic of a High-Beta Compounder whose thesis rests on growth durability.
INVESTMENT THESIS
The primary long thesis is UiPath's successful pivot from a legacy RPA provider to a comprehensive, AI-powered 'agentic automation' platform. This shift allows UiPath to capture higher-value, more complex enterprise workflows, defending its incumbency in the Global 2000 and driving expansion revenue (upsell) even as the basic RPA market commoditizes.
- UiPath is consistently ranked a leader by Gartner for its comprehensive, end-to-end platform.
- The company is winning large enterprise deals with customers like Henry Schein and KLM Royal Dutch Airlines who require robust, governable, and scalable AI-powered platforms.
- The global Robotic Process Automation (RPA) market is projected to grow at a CAGR of over 25% through 2034, with the key secular shift being the integration of AI to create 'Agentic Automation'.
PRIMARY RISK
The single biggest risk is the structural threat from Microsoft's Power Automate, which is bundled at a low or no incremental cost within ubiquitous Microsoft 365 and Azure enterprise agreements. This creates a permanent pricing and distribution disadvantage for UiPath, commoditizing the low-to-mid-market for simple task automation and capping UiPath's ability to acquire new customers in that segment.
- Net Revenue Retention has declined from 121% in Q3 FY24 to 107% as of Q3 FY26, a major red flag indicating maturity and/or competitive pressure.
- ARR growth has decelerated from 23.57% in FY 2024 to 11% in the latest quarter (Q3 FY26).
- UiPath is classified as 'Losing' to Microsoft Power Automate in the 'Departmental Automator' customer segment due to unbeatable price and distribution.
| KPI | Threshold | Rationale |
|---|---|---|
| Annualized Renewal Run-rate (ARR) Growth YoY | >10% | This is the primary forward-looking metric. A drop below 10% would signal a structural slowdown and break the 'compounder' thesis, warranting an immediate reassessment. |
| Dollar-Based Net Retention Rate | >105% | This KPI measures customer expansion and churn. The recent decline to 107% is a major concern. A fall below 105% would indicate that competitive pressure from Microsoft is causing significant net churn and killing the expansion thesis. |
| Net New ARR (QoQ) | Positive Sequential Growth | The strong sequential increase from $31M in Q2 to $59M in Q3 FY26 was a key driver of the recent stock surge. Continued positive momentum is required to prove that new business acquisition is healthy despite competition. |
Enterprise AI Platform vs. The 'Good Enough' Commodity
BULL VIEW
Bulls bet the AI pivot will re-accelerate growth as enterprises pay a premium for a governable, scalable, end-to-end automation platform that Microsoft cannot replicate.
CORE TENSION
Can UiPath's superior enterprise-grade AI platform outrun commoditization from Microsoft's bundled, lower-priced Power Automate, especially as growth metrics are already decelerating?
PREVAILING SENTIMENT
The Dollar-Based Net Retention Rate has declined to 107% and ARR growth has slowed to 11% YoY, indicating mounting pressure on customer expansion and new business.
BEAR VIEW
Bears see decelerating ARR and net retention as proof that Microsoft's distribution and pricing power are creating a structural ceiling on growth and profitability.
| Timeline | Event & Metric To Watch |
|---|---|
Around March 11, 2026 | FY26 Q4 Earnings & FY27 Guidance Watch: FY 2027 revenue growth guidance and Dollar-Based Net Retention Rate. The key is whether the deceleration trend continues, stabilizes, or reverses. |
Ongoing (Q1-Q2 2026) | Microsoft or ServiceNow Major Customer Win Watch: Press releases or earnings calls from key competitors announcing displacement of UiPath at a large enterprise, citing lower TCO or platform integration. |
Ongoing (Q1-Q2 2026) | Macro Shock: Enterprise Tech Layoffs Watch: Major tech or financial services companies (key RPA users) announcing significant layoffs and explicitly citing 'AI-driven efficiencies' as a primary reason. |
Deadline: August 2, 2026 | EU AI Act Compliance Disclosure Watch: Company guidance on financial provisions or increased R&D/Legal expenses needed to comply with the EU AI Act, which could classify UiPath's systems as 'high-risk'. |
| Date | Event | Stock Impact |
|---|---|---|
2025-08-19 | Agentic Automation Trial Launch Details: UiPath announced a free 60-day trial for Agentic Automation for Flex Enterprise customers, a key strategic initiative to drive adoption of its new AI-powered platform. | Slight -1.6% pullback $11.17 -> $10.99 |
2025-09-04 | Q2 FY26 Earnings Beat & Raised Guidance Details: UiPath reported Q2 revenue and EPS that beat analyst estimates and lifted its full-year revenue guidance, citing strong operational performance. | Muted (-0.3%) $10.88 -> $10.85 |
2025-12-03 | Q3 FY26 Earnings Beat & Raise Details: UiPath reported its first GAAP profitable quarter, with revenue of $411M and ARR of $1.782B (+11% YoY), beating estimates and raising Q4 guidance. | Rose significantly by 3.9% $14.30 -> $14.86 |
2025-12-24 | Inclusion in S&P MidCap 400 Index Details: UiPath was announced to be joining the S&P MidCap 400, effective before market open on Jan 2, 2026. The news triggered forced buying from index-tracking funds. | Surged +7.5% $15.96 -> $17.16 |
2026-01-15 | Insider Selling Activity Details: Reports noted consistent insider selling by CEO Daniel Dines, with multiple sales of 45,000 shares in January 2026, raising questions about internal sentiment. | Fell notably by -3.0% $14.79 -> $14.34 |
2026-01-20 | Strategic Threat: Competitor ServiceNow Expands OpenAI Partnership Details: Key competitor ServiceNow announced a multi-year agreement with OpenAI. This intensifies the 'platformization' threat, where larger players embed advanced AI, potentially reducing demand for specialized tools like UiPath. | Flat (0.2%) $14.34 -> $14.37 |
Position Sizing
1% - 3%
CONSERVATIVE
Stock is in an Explosive Volatility regime (6.6x S&P) with Spiking near-term uncertainty. The Bearish sentiment, expensive valuation, and deteriorating moat signal significant headwinds, mandating a Conservative sizing.
Diversification Alternatives
NOW
SECTORUnlike PATH, ServiceNow is the platform consolidator, not the niche product being consolidated. It has a wider moat, stronger pricing power, and higher growth visibility.
DDOG
SECTORDatadog is a best-in-class leader in the mission-critical observability market. It does not face the same existential 'good-enough' bundling threat from a single mega-cap competitor.
UiPath is pivoting from a Robotic Process Automation (RPA) tool provider to the central orchestration platform for enterprise-wide 'Agentic AI', where software agents autonomously execute complex workflows.
Filter all news through the lens of the Agentic AI platform pivot. The key question is whether this strategy is translating into re-accelerated ARR growth and expanding enterprise adoption.
Annual Recurring Revenue (ARR) growth accelerating above 15% YoY; Net Revenue Retention (NRR) stabilizing or increasing from 107%; significant customer wins for new 'Agentic' solutions; partnerships with major AI model providers (e.g., Google, OpenAI) leading to tangible product integrations.
ARR growth decelerating or falling below 10%; NRR declining further; announcements of major customers choosing competing platforms like Microsoft Power Automate for enterprise-wide automation; management commentary indicating a delay in the revenue contribution from new AI products.
Generic announcements about AI partnerships without specific product integrations; small customer wins; quarterly fluctuations in professional services revenue; minor revisions to analyst price targets without a change in the core thesis.
Repricing Catalyst
The primary catalyst is the successful market adoption of UiPath's new 'Agentic AI' platform, which moves beyond simple task automation (RPA) to orchestrating complex, AI-driven business processes. Success is measured by a re-acceleration of ARR growth and an increase in large enterprise customers (>$1M ARR) adopting the full platform, potentially driving revenue growth back towards the high teens.
Subscription Services (SaaS & Maintenance)
$1.6B TTM (60% of Total) · 89% MarginWhat It Is
Cloud-based (SaaS) and on-premise software subscriptions for the UiPath Business Automation Platform, including UiPath Studio, Robots, Orchestrator, AI Center, and new Agentic AI tools.
Who Pays & How
Enterprises like Deloitte, SAP, and IBM pay recurring fees to automate complex, end-to-end business processes. High switching costs are created by deep integration into core workflows (e.g., ERP, CRM), making it costly and time-consuming to replace.
Competition
License Fees
$1.0B TTM (37% of Total) · 85% MarginWhat It Is
Term-based licenses for on-premise use of UiPath's proprietary automation software.
Who Pays & How
Enterprises in regulated industries or with specific data residency requirements that prefer on-premise deployments pay for term licenses to access the software.
Competition
Professional Services & Other
$0.1B TTM (3% of Total) · 85% MarginWhat It Is
Implementation, training, and consulting services.
Who Pays & How
New or expanding customers pay for these services to ensure successful deployment and adoption of the automation platform.
Competition
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Systems Software Resources |
| CNET |
| ZDNet |
| Gartner |
| Software Development Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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