UiPath (PATH)
Market Price (2/15/2026): $11.32 | Market Cap: $6.0 BilSector: Information Technology | Industry: Systems Software
UiPath (PATH)
Market Price (2/15/2026): $11.32Market Cap: $6.0 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| 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 -22% | Weak multi-year price returns2Y Excs Rtn is -93%, 3Y Excs Rtn is -97% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 598x |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% | Meaningful 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 14% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Attractive yieldFCF Yield is 5.2% | Key risksPATH key risks include [1] its core RPA solutions being superseded by advanced AI, Show more. | |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Artificial Intelligence, and Cloud Computing. Themes include Process / Warehouse Automation, Show more. |
| 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 -22% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Attractive yieldFCF Yield is 5.2% |
| 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 -93%, 3Y Excs Rtn is -97% |
| Meaningful 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 14% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 598x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Key risksPATH key risks include [1] its core RPA solutions being superseded by advanced AI, Show more. |
Qualitative Assessment
AI Analysis | Feedback
UiPath (PATH) stock has lost about 30% since 10/31/2025 because of the following key factors:
1. Slowing Annual Recurring Revenue (ARR) Growth and Declining Net Revenue Retention (NRR). Despite exceeding revenue estimates for Q3 Fiscal 2026 (ended October 31, 2025), UiPath's Annual Recurring Revenue (ARR) growth of 11% year-over-year and its net revenue retention (NRR) rate of 107% were perceived as "a little slow" by some, especially given heightened expectations around agentic AI. More critically, the NRR declined from 113% in the prior year, suggesting potential difficulties in retaining and expanding business with existing customers, further compounded by an 11% year-over-year decrease in net new Annual Recurring Revenue (NNARR).
2. Conservative Guidance and "AI is the Death of Software" Narrative. UiPath's management provided conservative guidance for Q4 Fiscal 2026, explicitly stating that agentic automation adoption was "still in its early phases" and not expected to provide a "material top line contribution in fiscal 2026." This cautious outlook, combined with a broader market narrative suggesting that advanced AI could diminish the value of existing software solutions, contributed to dampened investor enthusiasm and pressure on the stock.
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1. Slowing Annual Recurring Revenue (ARR) Growth and Declining Net Revenue Retention (NRR). Despite exceeding revenue estimates for Q3 Fiscal 2026 (ended October 31, 2025), UiPath's Annual Recurring Revenue (ARR) growth of 11% year-over-year and its net revenue retention (NRR) rate of 107% were perceived as "a little slow" by some, especially given heightened expectations around agentic AI. More critically, the NRR declined from 113% in the prior year, suggesting potential difficulties in retaining and expanding business with existing customers, further compounded by an 11% year-over-year decrease in net new Annual Recurring Revenue (NNARR).
2. Conservative Guidance and "AI is the Death of Software" Narrative. UiPath's management provided conservative guidance for Q4 Fiscal 2026, explicitly stating that agentic automation adoption was "still in its early phases" and not expected to provide a "material top line contribution in fiscal 2026." This cautious outlook, combined with a broader market narrative suggesting that advanced AI could diminish the value of existing software solutions, contributed to dampened investor enthusiasm and pressure on the stock.
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Stock Movement Drivers
Fundamental Drivers
The -28.6% change in PATH stock from 10/31/2025 to 2/14/2026 was primarily driven by a -93.8% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2142026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.86 | 11.32 | -28.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,497 | 1,553 | 3.8% |
| Net Income Margin (%) | 1.3% | 14.8% | 997.3% |
| P/E Multiple | 421.6 | 26.2 | -93.8% |
| Shares Outstanding (Mil) | 536 | 532 | 0.7% |
| Cumulative Contribution | -28.6% |
Market Drivers
10/31/2025 to 2/14/2026| Return | Correlation | |
|---|---|---|
| PATH | -28.6% | |
| Market (SPY) | -0.0% | 31.9% |
| Sector (XLK) | -7.2% | 37.5% |
Fundamental Drivers
The -3.7% change in PATH stock from 7/31/2025 to 2/14/2026 was primarily driven by a -12.6% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 2142026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.75 | 11.32 | -3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,451 | 1,553 | 7.0% |
| P/S Multiple | 4.4 | 3.9 | -12.6% |
| Shares Outstanding (Mil) | 548 | 532 | 3.0% |
| Cumulative Contribution | -3.7% |
Market Drivers
7/31/2025 to 2/14/2026| Return | Correlation | |
|---|---|---|
| PATH | -3.7% | |
| Market (SPY) | 8.2% | 34.9% |
| Sector (XLK) | 6.4% | 39.7% |
Fundamental Drivers
The -20.4% change in PATH stock from 1/31/2025 to 2/14/2026 was primarily driven by a -30.1% change in the company's P/S Multiple.| (LTM values as of) | 1312025 | 2142026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.22 | 11.32 | -20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,411 | 1,553 | 10.1% |
| P/S Multiple | 5.6 | 3.9 | -30.1% |
| Shares Outstanding (Mil) | 551 | 532 | 3.5% |
| Cumulative Contribution | -20.4% |
Market Drivers
1/31/2025 to 2/14/2026| Return | Correlation | |
|---|---|---|
| PATH | -20.4% | |
| Market (SPY) | 14.3% | 42.7% |
| Sector (XLK) | 21.5% | 47.7% |
Fundamental Drivers
The -26.3% change in PATH stock from 1/31/2023 to 2/14/2026 was primarily driven by a -52.3% change in the company's P/S Multiple.| (LTM values as of) | 1312023 | 2142026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.36 | 11.32 | -26.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,040 | 1,553 | 49.4% |
| P/S Multiple | 8.1 | 3.9 | -52.3% |
| Shares Outstanding (Mil) | 550 | 532 | 3.4% |
| Cumulative Contribution | -26.3% |
Market Drivers
1/31/2023 to 2/14/2026| Return | Correlation | |
|---|---|---|
| PATH | -26.3% | |
| Market (SPY) | 74.0% | 45.8% |
| Sector (XLK) | 109.5% | 45.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PATH Return | -37% | -71% | 95% | -49% | 29% | -32% | -84% |
| Peers Return | 2% | -45% | 44% | 33% | 8% | -27% | -15% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| PATH Win Rate | 33% | 33% | 58% | 33% | 50% | 0% | |
| Peers Win Rate | 47% | 22% | 60% | 62% | 52% | 0% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PATH Max Drawdown | -42% | -76% | -10% | -57% | -23% | -32% | |
| Peers Max Drawdown | -24% | -50% | -5% | -10% | -21% | -29% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[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 2/13/2026 (YTD)
How Low Can It Go
| Event | PATH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -87.6% | -25.4% |
| % Gain to Breakeven | 706.8% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to SSNC, PEGA, APPN, MSFT, NOW
In The Past
UiPath's stock fell -87.6% during the 2022 Inflation Shock from a high on 5/24/2021. A -87.6% loss requires a 706.8% gain to breakeven.
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About UiPath (PATH)
UiPath Inc. provides an end-to-end automation platform that offers a range of robotic process automation (RPA) solutions primarily in the United States, Romania, and Japan. The company offers a suite of interrelated software to build, manage, run, engage, measure, and govern automation within the organization. Its platform combines artificial intelligence with desktop recording, back-end mining of both human activity and system logs, and intuitive visualization tools, which enables users to discover, analyze, and identify processes to automate in a centralized portal; offers low-code development environments that allows users in an organization to create attended and unattended automations without any prior knowledge of coding; deploys robots in highly immersive attended experiences or in standalone, unattended modes behind the scenes, and can leverage native connectors built for commonly used line-of-business applications; offers centralized tools designed to manage, test, and deploy automations and ML models across the enterprise; allows customers to manage long running processes that orchestrate work between robots and humans; and enable users to track, measure, and forecast the performance of automation in their enterprise and help businesses ensure compliance with business standards. In addition, the company provides maintenance and support for its software, as well as professional services, such as training and implementation services to facilitate the adoption of its platform. It serves banking, healthcare, financial services, and government entities. UiPath Inc. was founded in 2005 and is headquartered in New York, New York.
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Here are 1-3 brief analogies to describe UiPath:
- Salesforce for business process automation.
- The Roomba for your computer tasks.
- Squarespace for building digital workers.
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Major Products of UiPath (PATH)
- UiPath Automation Platform: A comprehensive software solution for designing, deploying, managing, and executing Robotic Process Automation (RPA) workflows across an enterprise, available both on-premises and as a cloud service.
- Process and Task Mining: Tools that analyze user actions and system logs to identify, map, and prioritize business processes ripe for automation.
- AI Services (e.g., Document Understanding, AI Center): AI-powered capabilities that enable robots to understand unstructured data, extract information from documents, and integrate custom machine learning models into automation workflows.
- UiPath Apps: A low-code platform for building custom front-end applications that orchestrate and interact with automation processes.
- UiPath Test Suite: A set of tools designed to automate the testing of applications and business processes, ensuring quality and reliability of software and automations.
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UiPath (Symbol: PATH) Major Customers
UiPath (symbol: PATH) primarily sells its Robotic Process Automation (RPA) and automation software solutions to **other companies (B2B)**. The company serves a vast and diverse customer base across numerous industries globally. While UiPath does not typically disclose a short list of individual "major customers" by name, as their enterprise software is adopted by thousands of organizations, their clientele consists of a broad range of global enterprises, including many Fortune 100 and Fortune 500 companies, as well as mid-market businesses. Their customers span across virtually all industries, leveraging UiPath's platform to automate repetitive tasks, improve operational efficiency, and accelerate digital transformation. Key sectors where UiPath has a significant presence include:- Financial Services: Including major banks, insurance companies, and investment firms, such as JPMorgan Chase & Co. (NYSE: JPM) and UBS Group AG (NYSE: UBS). Many other unnamed large financial institutions utilize UiPath.
- Healthcare & Life Sciences: Hospitals, pharmaceutical companies, and healthcare providers use UiPath to streamline administrative and clinical processes. Examples often cited in their materials include Novartis AG (NYSE: NVS).
- Manufacturing & Automotive: Global manufacturers and automotive companies automate supply chain, production, and back-office operations. Examples like Toyota Motor Corporation (NYSE: TM) have been mentioned in their ecosystem.
- Telecommunications: Major telecom providers use UiPath for network operations, customer service, and billing processes.
- Public Sector & Government: Various government agencies and public sector entities globally.
- Retail & Consumer Goods: Large retail chains and consumer goods companies for inventory management, customer service, and supply chain automation.
- Business Process Outsourcing (BPO) Providers: Many large BPO firms use UiPath as a core part of their service offerings to clients.
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- Microsoft (MSFT)
- Amazon.com, Inc. (AMZN)
- Alphabet Inc. (GOOGL)
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UiPath Management Team
Daniel Dines, Chief Executive Officer Daniel Dines is the co-founder and CEO of UiPath, a leading enterprise automation and AI software company. Born in Romania, Dines worked for Microsoft in Seattle from 2000 to 2005 before returning to Romania to co-found DeskOver in 2005, which later evolved into UiPath in 2015. He has been instrumental in shaping the company's mission to help humans reduce the time and stress associated with repetitive administrative tasks, with a vision for UiPath to become a global tech leader. Under his guidance, UiPath experienced significant growth, including its initial public offering (IPO) in April 2021. Dines initially served as CEO, then as co-CEO with Robert Enslin, and later transitioned to Executive Chairman and Chief Innovation Officer, before resuming the role of sole CEO in June 2024. Ashim Gupta, Chief Financial Officer and Chief Operating Officer Ashim Gupta serves as the Chief Financial Officer and Chief Operating Officer of UiPath. He joined UiPath in 2018 as Chief Customer Success Officer and was appointed CFO in 2019, later adding the COO role to his responsibilities in 2024. Prior to his tenure at UiPath, Gupta spent nearly two decades at General Electric (GE), holding various finance roles including SVP and Chief Information and Automation Officer for GE's Finance and Shared Services Group and CFO of GE Water. At GE, he was a UiPath customer and played a key role in enhancing operational and financial processes through advanced technologies, including scaling GE's first robotics platform using UiPath robots. He is recognized for his expertise in finance, digital and IT strategy, and mergers and acquisitions. Graham Sheldon, Chief Product Officer Graham Sheldon is the Chief Product Officer at UiPath. In this role, he oversees the company's product strategy and development. Brad Brubaker, Chief Legal Officer and General Counsel Brad Brubaker is the Chief Legal Officer and General Counsel for UiPath. In this position, he is responsible for the company's legal affairs. Public records show that Brubaker has sold shares of UiPath stock on multiple occasions. Vijay Khanna, Chief Corporate Development Officer Vijay Khanna serves as the Chief Corporate Development Officer of UiPath. His role involves driving growth in technology businesses and focusing on the company's corporate development strategies.AI Analysis | Feedback
The key risks to UiPath's business include the rapidly evolving competitive landscape, particularly with the rise of advanced Artificial Intelligence (AI), challenges in customer adoption and platform implementation, and security vulnerabilities and compliance concerns.
- Evolving Competitive Landscape and AI Disruption: UiPath operates in a highly competitive and rapidly changing environment. The emergence and advancement of new AI technologies, particularly generative AI, pose a significant risk to UiPath's traditional Robotic Process Automation (RPA) solutions. There is an ongoing question of whether UiPath's existing RPA offerings can maintain traction or if they risk being superseded by newer AI techniques, necessitating a pivot into potentially more competitive AI markets.
- Customer Adoption, Implementation, and Scalability Challenges: UiPath faces risks related to the adoption, successful implementation, and scalability of its automation platform. Complexities in identifying suitable processes for automation, managing data across disparate systems, integrating with legacy IT infrastructures, and managing organizational change can lead to customer dissatisfaction. Ineffective or improper implementation of UiPath's products could adversely affect customer retention and the company's growth prospects, especially given that a limited number of customers may represent a substantial portion of its revenue.
- Security Vulnerabilities and Compliance Risks: As UiPath's platform automates critical business processes and often handles sensitive data, security vulnerabilities represent a significant risk. The platform is susceptible to various attack scenarios, including injection attacks and supply chain vulnerabilities, which could lead to data breaches, harmful command execution, or the introduction of unsafe packages. Additionally, ensuring compliance with data privacy and security regulations while automating sensitive processes presents ongoing challenges that could result in reputational harm or liability.
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- Competition from Hyperscalers and Enterprise Software Vendors: Major technology companies like Microsoft (with Power Automate) and SAP (with Build Process Automation) are increasingly offering comprehensive automation suites that integrate RPA, process mining, and low-code capabilities directly into their existing enterprise platforms. These vendors have vast customer bases, deep product integrations, and often bundle automation features with their core offerings, creating a highly competitive environment. This can reduce the need for dedicated RPA platforms like UiPath for organizations already invested in these ecosystems, impacting market share and pricing power.
- Rapid Advancements in Generative AI and Autonomous AI Agents: The unprecedented pace of innovation in Generative AI and the development of autonomous AI agents pose a potential long-term threat to the traditional Robotic Process Automation (RPA) paradigm. While UiPath is actively integrating AI into its platform, a future where AI agents can more autonomously understand, plan, and execute complex business processes through natural language instructions, potentially interacting with applications directly via APIs or advanced UI comprehension, could diminish the need for detailed, rule-based bot development and orchestration that is central to current RPA platforms. This could shift the core value proposition of automation from task-centric RPA to more dynamic, AI-driven process execution.
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UiPath's total addressable market (TAM) for its enterprise automation platform, which encompasses Robotic Process Automation (RPA) and AI-driven solutions, is estimated to exceed $60 billion globally. Some analysts note this TAM is approximately $65 billion. UiPath is strategically moving beyond being solely an RPA provider to become a broader AI automation platform, which allows it to capitalize on a significantly larger market.
For Robotic Process Automation (RPA), which is a core component of UiPath's offerings:
- The global robotic process automation market size was valued at $4.03 billion in 2024 and is projected to reach $36.03 billion by 2032, with a compound annual growth rate (CAGR) of 31.50% during the forecast period of 2025 to 2032.
- Another estimate places the global RPA market size at $18.18 billion in 2024, with a projection to grow to $72.64 billion by 2032, exhibiting a CAGR of 18.2% from 2025 to 2032.
- A further estimate indicates the global robotic process automation market size was approximately $22.80 billion in 2024 and is predicted to increase to about $211.06 billion by 2034, expanding at a CAGR of 25.01% from 2025 to 2034.
Regional breakdowns for the RPA market in 2024 include:
- North America held the largest share of the RPA market, accounting for 44.22% in 2024, with the U.S. market specifically predicted to reach $22.32 billion by 2032.
- The European RPA market was valued at $6.37 billion in 2024 and is expected to grow at a CAGR of 25.36% from 2025 to 2034.
- The Asia Pacific RPA market was valued at $7.14 billion in 2024 and is expanding at a CAGR of 27.52% from 2025 to 2034.
For the broader automation software market, relevant to UiPath's expanded focus:
- The global automation software market size was estimated at $19.9 billion in 2021 and is projected to reach $76.4 billion by 2030, growing at a CAGR of 16.5% from 2022 to 2030.
- The global software-defined automation market size was estimated at $33.69 billion in 2023 and is projected to reach $81.77 billion by 2030, with a CAGR of 13.1% from 2024 to 2030. North America accounted for approximately 37% of this market in 2023.
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UiPath (PATH) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market trends. These drivers include a strong focus on advanced automation capabilities, expansion within its enterprise customer base, and strategic improvements to its go-to-market approach.
- Agentic Automation and AI Integration: A primary driver of future revenue growth for UiPath is its strategic pivot towards "Agentic Automation," which integrates traditional Robotic Process Automation (RPA) with advanced Artificial Intelligence (AI) to create more autonomous and intelligent automation solutions. The company has launched new products and capabilities such as Autopilot, Agent Builder, Agentic Orchestration, and Agentic Testing. While a material top-line impact from these agentic solutions is anticipated more in fiscal year 2027, management has expressed confidence in their long-term growth potential. UiPath is also actively developing AI agents and introducing solutions like UiPath Maestro for end-to-end orchestration, purpose-built UiPath Solutions for specific industries, UiPath Screenplay, and API Workflows to accelerate AI transformation efforts for organizations.
- Expansion of Enterprise Customer Base: UiPath continues to demonstrate growth in its enterprise customer base, successfully penetrating larger organizations. The company has reported an increase in the number of customers with Annualized Renewal Run-rate (ARR) of $100,000 or more, as well as those with ARR exceeding $1 million. This expansion into larger accounts and increased adoption at the C-suite level are critical for sustained revenue growth.
- Go-to-Market (GTM) Organization Improvements and Customer-Centricity: UiPath's management has emphasized efforts to stabilize its go-to-market organization and reinvigorate its commitment to customer-centricity. These improvements are aimed at accelerating innovation and deepening relationships with strategic partners, which are expected to translate into enhanced sales performance and improved customer retention.
- Growth in Cloud Adoption and SaaS Transition: The company is experiencing significant growth in its cloud Annual Recurring Revenue (ARR), reflecting a successful migration of customers to cloud-based solutions. This transition to a Software-as-a-Service (SaaS) model, while potentially causing short-term revenue headwinds due to the consumption model, is expected to drive more predictable and recurring revenue streams in the long term.
- Strategic Partnerships: UiPath is actively leveraging and deepening alliances with key strategic partners, including Microsoft and Deloitte. Furthermore, the company is collaborating with leading AI providers such as OpenAI, NVIDIA, Google (specifically with Gemini models), and Snowflake to enhance its AI capabilities and integrate them into its platform. These partnerships are crucial for driving recurring revenue growth and expanding customer value by offering advanced, integrated solutions.
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Share Repurchases
- UiPath authorized a stock repurchase program of $500 million in September 2023, valid until March 1, 2025.
- In August 2024, the board authorized an additional $500 million, increasing the total authorized amount for share repurchases to $554 million.
- During the second quarter of fiscal year 2025 (ending July 31, 2025), UiPath repurchased 8.3 million shares of its Class A common stock at an average price of $12.10 per share.
Share Issuance
- UiPath completed its Initial Public Offering (IPO) in April 2021, raising $1.3 billion.
- In the IPO, UiPath directly issued and sold 13,000,000 shares of Class A common stock at $56.00 per share, including the full exercise of the underwriters' option to purchase additional shares.
- The company's 2021 Employee Stock Purchase Plan (ESPP) authorized the issuance of 32.7 million shares of Class A common stock as of July 31, 2025.
Inbound Investments
- Prior to its IPO, UiPath secured approximately $2 billion from investors over the years.
- This included a $750 million Series F funding round in February 2021, which valued the company at $35 billion.
Outbound Investments
- In March 2021, UiPath acquired Cloud Elements to enhance its API-based automation capabilities.
- In July 2022, the company acquired Re:infer, a natural language processing developer, for an undisclosed sum, which formed the basis for its Communications Mining technology.
- In March 2025, UiPath acquired Peak, a UK-based AI company specializing in agentic solutions for inventory and pricing optimization, for an undisclosed sum.
Capital Expenditures
- UiPath anticipates future investments in its business and capital expenditures as part of its strategy to grow its platform and release new functionality.
- Capital expenditures in Q4 2025 were reported as $7.4 million, maintaining consistency with prior quarters.
- The company plans to make significant investments in research and development to enhance its technology and deliver functionalities that expand the scope of automation for customers through agentic AI capabilities.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| 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 | |
| UiPath Stock Up 20% in One Month, Should You Buy The Stock? | 02/25/2025 | |
| 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 | 57.97 |
| Mkt Cap | 12.5 |
| Rev LTM | 3,947 |
| Op Inc LTM | 855 |
| FCF LTM | 894 |
| FCF 3Y Avg | 721 |
| CFO LTM | 1,047 |
| CFO 3Y Avg | 857 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.3% |
| Rev Chg 3Y Avg | 14.4% |
| Rev Chg Q | 16.3% |
| QoQ Delta Rev Chg LTM | 3.9% |
| Op Mgn LTM | 15.0% |
| Op Mgn 3Y Avg | 11.5% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 27.4% |
| CFO/Rev 3Y Avg | 22.9% |
| FCF/Rev LTM | 23.2% |
| FCF/Rev 3Y Avg | 21.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 12.5 |
| P/S | 4.1 |
| P/EBIT | 37.6 |
| P/E | 22.8 |
| P/CFO | 18.3 |
| Total Yield | 4.3% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 2.7% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -17.8% |
| 3M Rtn | -22.1% |
| 6M Rtn | -19.6% |
| 12M Rtn | -20.9% |
| 3Y Rtn | 17.4% |
| 1M Excs Rtn | -19.9% |
| 3M Excs Rtn | -23.4% |
| 6M Excs Rtn | -25.9% |
| 12M Excs Rtn | -31.5% |
| 3Y Excs Rtn | -49.4% |
Price Behavior
Price Behavior
| Market Price | $11.32 | |
| Market Cap ($ Bil) | 6.0 | |
| First Trading Date | 04/21/2021 | |
| Distance from 52W High | -41.3% | |
| 50 Days | 200 Days | |
| DMA Price | $15.38 | $13.55 |
| DMA Trend | up | down |
| Distance from DMA | -26.4% | -16.4% |
| 3M | 1YR | |
| Volatility | 77.8% | 62.6% |
| Downside Capture | 430.75 | 221.32 |
| Upside Capture | 278.01 | 166.47 |
| Correlation (SPY) | 29.3% | 42.4% |
PATH Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.30 | 1.48 | 1.79 | 2.04 | 1.35 | 1.78 |
| Up Beta | 1.31 | -5.24 | -1.56 | 0.00 | 1.18 | 1.38 |
| Down Beta | -2.16 | -1.49 | 0.10 | 1.92 | 0.92 | 1.42 |
| Up Capture | 73% | 399% | 290% | 336% | 232% | 1377% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 7 | 16 | 26 | 58 | 116 | 372 |
| Down Capture | 722% | 479% | 335% | 233% | 145% | 113% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 13 | 25 | 35 | 66 | 130 | 362 |
[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 | -21.8% | 62.8% | -0.16 | - |
| Sector ETF (XLK) | 19.0% | 27.6% | 0.61 | 47.8% |
| Equity (SPY) | 14.0% | 19.4% | 0.55 | 42.9% |
| Gold (GLD) | 74.3% | 25.3% | 2.17 | 1.1% |
| Commodities (DBC) | 7.0% | 16.7% | 0.24 | 9.9% |
| Real Estate (VNQ) | 7.9% | 16.6% | 0.28 | 23.0% |
| Bitcoin (BTCUSD) | -29.8% | 44.9% | -0.65 | 23.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PATH | |
|---|---|---|---|---|
| PATH | -30.7% | 64.6% | -0.32 | - |
| Sector ETF (XLK) | 16.2% | 24.8% | 0.59 | 50.7% |
| Equity (SPY) | 13.3% | 17.0% | 0.62 | 49.8% |
| Gold (GLD) | 22.1% | 17.0% | 1.06 | 7.4% |
| Commodities (DBC) | 10.5% | 18.9% | 0.44 | 9.1% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 35.1% |
| Bitcoin (BTCUSD) | 8.3% | 57.2% | 0.37 | 25.9% |
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 | -16.7% | 64.6% | -0.32 | - |
| Sector ETF (XLK) | 23.0% | 24.2% | 0.86 | 50.7% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 49.8% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | 7.4% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 9.1% |
| Real Estate (VNQ) | 6.4% | 20.7% | 0.27 | 35.1% |
| Bitcoin (BTCUSD) | 67.9% | 66.7% | 1.07 | 25.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 7 | 4 |
| # Negative | 11 | 10 | 13 |
| Median Positive | 12.0% | 9.7% | 14.8% |
| Median Negative | -9.6% | -8.4% | -11.7% |
| Max Positive | 26.7% | 18.5% | 20.4% |
| Max Negative | -34.0% | -35.1% | -38.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gupta, Ashim | COO & CFO | Direct | Sell | 1062026 | 16.10 | 67,468 | 1,086,498 | 8,970,323 | Form |
| 2 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1062026 | 15.99 | 45,000 | 719,716 | 453,318,795 | Form |
| 3 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1052026 | 15.73 | 45,000 | 707,931 | 446,603,542 | Form |
| 4 | Dines, Daniel | CEO and Chairman | Direct | Sell | 1022026 | 16.38 | 45,000 | 737,307 | 465,872,917 | Form |
| 5 | Dines, Daniel | CEO and Chairman | Direct | Sell | 12312025 | 16.82 | 45,000 | 756,950 | 479,798,076 | Form |
PATH Trade Sentinel
Core Investment Debate
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
BEARISH
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.
Next 6 months: Risks and Catalysts
| 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'. |
Key Events in Last 6 Months
| 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 |
Risk Management
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.
Core Thesis: ServiceNow is becoming the essential AI-powered platform for enterprise digital transformation, integrating disparate workflows into a single system of record, driving durable, long-term growth.
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.
Core Thesis: The increasing complexity of cloud infrastructure and applications creates a secular tailwind for Datadog's unified monitoring and security platform, driving consistent, high-margin growth.
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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