UiPath, Inc. PATH
NYSEApplication softwareFinancials to Jul 31, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Jan 31 | Jul 31 |
|---|---|---|
| Cash | 0.9 | 0.6 |
| Securities | 0.6 | 0.7 |
| Long-term securities | 0.2 | 0.1 |
| Debt | 0.0 | 0.0 |
| Net cash | 1.7 | 1.4 |
| Equity | 2.1 | 1.9 |
- Debt / EBITDA
- 0.00×
- Debt / equity
- 0.00×
- Leases (7/31/26)
- $80M
- Diluted shares
- 523M
- Book value / share
- $3.73
- Price / book
- 3.5×
- Net cash / share
- $2.69
- Market cap
- $6.8B
- Enterprise value
- $5.4B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 13.4% | -1.0 pts | |
| Operating margin | 7.7% | +13.3 pts | |
| FCF margin | 7.1% | -4.4 pts | |
| Capex / revenue | 0.3% | +0.3 pts | |
| Annualized renewal run-rate | $1.9B | +12% | |
| Dollar-based net retention | 109.0% | +1.0 pts | |
| Customers with ARR of at least USD1 million | 387 | +21% | |
| Customers with ARR of at least USD100 thousand | 2,666 | +10% | |
| AI annualized renewal run-rate | ≥$250M | +50% | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About PATH
UiPath sells software that coordinates robots, AI agents and people across enterprise applications, plus implementation services. In FY2026, software licenses and subscriptions produced about 97% of revenue.
- Data Workflow Lockin
Automations embedded across applications, credentials, governance, and operating procedures create real rebuilding and validation work.
- Suite Bundling
A single platform spanning process intelligence, development, orchestration, testing, execution, and governance can reduce integration and procurement complexity.
- Oct 6, 2026
UiPath made Test Cloud available on Oracle Marketplace, adding a procurement route for testing Oracle and connected applications. The launch adds access to Oracle buyers; incremental sales were not reported. Source: https://www.uipath.com/newsroom/uipath-oracle-marketplace-test-cloud
- Oct 1, 2026
UiPath joined the NCQA AI Learning Collaborative, whose first work centers on prior authorization, extending its healthcare deployment relationships. Participation does not establish a paid contract or regulatory approval. Source: https://ir.uipath.com/news/detail/474/uipath-joins-ncqa-ai-learning-collaborative-to-advance-responsible-ai-in-healthcare
- Sep 30, 2026
UiPath and Snowflake launched two-way integration on Snowflake Marketplace, extending governed data access for automation while retaining an open, nonexclusive architecture. Source: https://ir.uipath.com/news/detail/473/uipath-and-snowflake-announce-two-way-integration-connecting-automation-and-governed-data-now-available-on-snowflake-marketplace
- Sep 29, 2026
UiPath and BDO expanded their controls partnership to develop continuous monitoring and testing accelerators, giving compliance buyers another implementation route. Revenue from the partnership was not reported. Source: https://ir.uipath.com/news/detail/472/uipath-and-bdo-expand-partnership-to-build-agentic-solution-accelerators-for-continuous-monitoring-and-testing
- Sep 28, 2026
The Southern District of New York dismissed the 2024 securities class action with prejudice; the September 30 judgment closed the case. This removes that trial-court claim but does not establish the outcome of other proceedings. Source: https://docs.justia.com/cases/federal/district-courts/new-york/nysdce/1:2024cv04702/623553/52
Ownership
Go deeper on PATH
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On this page
Financial record
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM | Trend | Change 2020–26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | ||||||||||
| Revenue | 2.21 | 3.61 | 1.96 | 1.93 | 2.32 | 2.55 | 2.96 | 3.29 | +5.0%/yr | |
| Cash flow | -2.36 | 0.17 | -0.12 | -0.02 | 0.53 | 0.57 | 0.68 | 0.71 | – | |
| Earnings | -3.41 | -0.55 | -1.16 | -0.60 | -0.16 | -0.13 | 0.52 | 0.69 | – | |
| Free cash flow | -2.50 | 0.15 | -0.15 | -0.06 | 0.52 | 0.55 | 0.65 | 0.69 | – | |
| Capex | 0.14 | 0.02 | 0.03 | 0.04 | 0.01 | 0.03 | 0.03 | 0.02 | -20.4%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | – | |
| Book value | -5.25 | -4.78 | 4.23 | 3.50 | 3.58 | 3.30 | 3.82 | 3.73 | – | |
| Diluted shares (M) | 152 | 168 | 455 | 548 | 564 | 560 | 545 | 523 | +23.7%/yr | |
| Totals ($B) | ||||||||||
| Revenue | 0.3 | 0.6 | 0.9 | 1.1 | 1.3 | 1.4 | 1.6 | 1.7 | +29.8%/yr | |
| Operating income | -0.5 | -0.1 | -0.5 | -0.3 | -0.2 | -0.2 | 0.1 | 0.2 | – | |
| Net income | -0.5 | -0.1 | -0.5 | -0.3 | -0.1 | -0.1 | 0.3 | 0.4 | – | |
| Free cash flow | -0.4 | 0.0 | -0.1 | -0.0 | 0.3 | 0.3 | 0.4 | 0.4 | – | |
| Buybacks | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.4 | 0.3 | 0.3 | +16.9%/yr | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Net cash | 0.2 | 0.5 | 1.9 | 1.8 | 1.9 | 1.7 | 1.7 | 1.4 | +$1.5B | |
| Margins & returns (%) | ||||||||||
| Gross margin | 82.3 | 89.2 | 81.1 | 83.0 | 85.0 | 82.7 | 83.2 | 82.6 | +0.8 pts | |
| Operating margin | -153.9 | -18.2 | -56.1 | -32.9 | -12.6 | -11.4 | 3.5 | 8.9 | +157.4 pts | |
| Net margin | -154.7 | -15.2 | -58.9 | -31.0 | -6.9 | -5.2 | 17.5 | 21.0 | +172.2 pts | |
| FCF margin | -113.2 | 4.3 | -7.6 | -3.2 | 22.3 | 21.4 | 21.9 | 21.1 | +135.0 pts | |
| ROIC | – | – | – | -158.3 | -89.7 | -55.8 | 6.9 | 17.1 | – | |
| Return on equity | – | – | -27.3 | -17.1 | -4.5 | -4.0 | 13.6 | 18.6 | – | |
| R&D % of revenue | 39.0 | 18.1 | 31.0 | 27.0 | 25.4 | 26.6 | 23.9 | 21.4 | -15.1 pts | |
| Stock pay % of revenue | 41.0 | 14.2 | 57.8 | 34.9 | 28.4 | 25.1 | 18.0 | 13.6 | -23.0 pts | |
| Capex % of revenue | 6.2 | 0.5 | 1.5 | 2.2 | 0.6 | 1.0 | 1.2 | 0.6 | -5.1 pts | |
Change uses 2020 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2020 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- medium
- Trajectory
- stable
- Pricing power
- weak
- Automation Platform96.9%2 claims
- Professional Services and Enablement3.1%No moat
Moat claims
- Applies to
- Automation Platform
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 9, 2026
Automations embedded across applications, credentials, governance, and operating procedures create real rebuilding and validation work. Existing-customer expansion is consistent with moderate workflow friction, but UiPath does not disclose migration rates or replacement costs; 109% net retention, near-flat customer count, interoperability, and statutory switching obligations argue against calling the lock-in durable.
Net retention improved from 107% in January to 109% in July 2026 and customers above USD1 million ARR reached 387; this supports continued expansion after deployment, while the selected AI cohort above 120% does not establish lower churn or measured replacement costs.
- Annualized renewal run-rate$1.9B+12%
- Dollar-based net retention109.0%+1.0 pts
- Customers with ARR of at least USD1 million387+21%
- Customers with ARR of at least USD100 thousand2,666+10%
- Paying customers~10,747-0%
- AI annualized renewal run-rate≥$250M+50%
- AI and deterministic customer cohort net retention≥120.0%
- USD100 thousand to USD1 million customer net retention114.0%
- Hyperscaler/ERP-native automation reduces need for a standalone RPA layer
- AI copilots/agent tools commoditize portions of bot building
- Security or governance failures reduce willingness to standardize on the platform
- EU Data Act switching and portability obligations reduce contractual or technical friction
- FilingUiPath Q2 FY2027 Form 10-QSep 8, 2026
- FilingUiPath Form 10-Q (quarter ended Apr 30, 2026)Jun 4, 2026
- FilingUiPath Form 10-Q (quarter ended Apr 30, 2026)Jun 4, 2026
- NewsUiPath Q2 FY2027 resultsSep 3, 2026
- Applies to
- Automation Platform
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 9, 2026
A single platform spanning process intelligence, development, orchestration, testing, execution, and governance can reduce integration and procurement complexity. The breadth has some bundling value, but larger enterprise-suite vendors can bundle more broadly and UiPath explicitly makes its orchestration layer interoperable and vendor-agnostic.
AI ARR exceeded USD250 million in July 2026 and the selected USD100 thousand to USD1 million cohort using both AI and deterministic automation had retention above 120% versus 114% for all customers in that size band; the broader suite gains use, but missing module attach rates and larger bundled rivals prevent judging the moat to be widening.
- Annualized renewal run-rate$1.9B+12%
- Dollar-based net retention109.0%+1.0 pts
- Customers with ARR of at least USD1 million387+21%
- Customers with ARR of at least USD100 thousand2,666+10%
- Paying customers~10,747-0%
- AI annualized renewal run-rate≥$250M+50%
- AI and deterministic customer cohort net retention≥120.0%
- USD100 thousand to USD1 million customer net retention114.0%
- AI and deterministic median initial ARR relative to deterministic-only customers~4
- Best-of-breed point solutions outperform bundled modules (process mining, testing, IDP)
- Large suite vendors replicate bundling and win via procurement consolidation
- Product sprawl increases complexity and harms UX
- FilingUiPath Q2 FY2027 Form 10-QSep 8, 2026
- FilingUiPath Form 10-K (FY ended Jan 31, 2026)Mar 25, 2026
- FilingUiPath Form 10-K (FY ended Jan 31, 2026) - Agentic platformMar 25, 2026
- FilingUiPath Form 10-Q (quarter ended Apr 30, 2026)Jun 4, 2026
Profile change log
- Oct 9, 2026 · business change
Daniel Dines adopted a trading plan through his holding company to sell up to 5 million Class A shares through February 1, 2027, with related Class B conversion. The planned sales can reduce his economic stake and voting power, while he remains a controlling shareholder; adoption is not a completed sale. Source: https://www.sec.gov/Archives/edgar/data/1734722/000173472226000047/path-20260901.htm
- Oct 9, 2026 · analyst revision
Forrester customer feedback supports the integrated platform and connector breadth, adding qualitative evidence for bundling. The market profile distinguishes UiPath’s USD66 billion current and USD142 billion future addressable-opportunity estimate from verified spending. Stable moat trajectories, claim strengths and the services no-moat judgment are unchanged; customer-group comparisons do not establish price control or measured replacement barriers.
- Oct 9, 2026 · business change
UiPath made Test Cloud available on Oracle Marketplace, adding a procurement route for testing Oracle and connected applications. The launch adds access to Oracle buyers; incremental sales were not reported. Source: https://www.uipath.com/newsroom/uipath-oracle-marketplace-test-cloud
- Oct 9, 2026 · business change
UiPath joined the NCQA AI Learning Collaborative, whose first work centers on prior authorization, extending its healthcare deployment relationships. Participation does not establish a paid contract or regulatory approval. Source: https://ir.uipath.com/news/detail/474/uipath-joins-ncqa-ai-learning-collaborative-to-advance-responsible-ai-in-healthcare
- Oct 9, 2026 · business change
UiPath and BDO expanded their controls partnership to develop continuous monitoring and testing accelerators, giving compliance buyers another implementation route. Revenue from the partnership was not reported. Source: https://ir.uipath.com/news/detail/472/uipath-and-bdo-expand-partnership-to-build-agentic-solution-accelerators-for-continuous-monitoring-and-testing
- Oct 9, 2026 · analyst revision
Compared the selected AI customer cohort with its 114% same-size retention benchmark, added currency and tax-audit risks, aligned market leaders with the full orchestration market, and added the January 2027 EU cloud-switching fee removal. Workflow lock-in, bundling strength and the services no-moat judgment remain unchanged.
- Oct 9, 2026 · business change
UiPath and Snowflake launched two-way integration on Snowflake Marketplace, extending governed data access for automation while retaining an open, nonexclusive architecture. Source: https://ir.uipath.com/news/detail/473/uipath-and-snowflake-announce-two-way-integration-connecting-automation-and-governed-data-now-available-on-snowflake-marketplace
- Oct 9, 2026 · business change
The Southern District of New York dismissed the 2024 securities class action with prejudice; the September 30 judgment closed the case. This removes that trial-court claim but does not establish the outcome of other proceedings. Source: https://docs.justia.com/cases/federal/district-courts/new-york/nysdce/1:2024cv04702/623553/52
- Oct 9, 2026 · business change
UiPath expanded governance, data integration and agent deployment controls, strengthening its platform for regulated enterprise workflows; incremental paid demand was not quantified. Source: https://ir.uipath.com/news/detail/469/uipath-enhances-and-strengthens-uipath-platform
- Oct 9, 2026 · business change
UiPath disclosed AI ARR above USD250 million and retention above 120% in a selected customer cohort at Investor Day. Adoption broadens the platform opportunity, but selected-cohort expansion is not company-wide retention. Source: https://d1io3yog0oux5.cloudfront.net/_7af8fa9f209ac0650c50df1ff23f81db/uipath/db/1172/26242/pdf/UiPath_Investor-Day_2026.pdf
- Oct 9, 2026 · business change
UiPath granted 5.3 million performance stock units to senior management with stock-price hurdles through 2029 and 2031, adding potential future dilution. Source: https://www.sec.gov/Archives/edgar/data/1734722/000173472226000050/path-20260731.htm
- Oct 9, 2026 · business change
UiPath promoted Hitesh Ramani to CFO, moved Ashim Gupta to COO only, expanded Brad Brubaker’s role and appointed Yazdi Bagli to the board, separating finance and operating leadership. Source: https://ir.uipath.com/news/detail/461/uipath-reports-second-quarter-fiscal-2027-financial-results
- Oct 9, 2026 · business change
UiPath bought WorkFusion, adding financial-crime AI agents. Initial cash consideration was USD160 million, with additional contingent consideration; integration expands the platform but reduces comparability of organic growth. Source: https://www.sec.gov/Archives/edgar/data/1734722/000173472226000050/path-20260731.htm
- Oct 9, 2026 · business change
UiPath bought Peak, adding pricing and inventory AI for retail and manufacturing. FY2026 acquisition cash outflow net of acquired cash was USD24.821 million. Source: https://www.sec.gov/Archives/edgar/data/1734722/000173472226000012/path-20260131.htm
- Oct 9, 2026 · analyst revision
Changed product-group weights from Q2 FY2027 to the audited FY2026 mix: platform from 95.0407% to about 96.91% and services from 4.9593% to about 3.09%. UiPath reports one operating segment. Changed the platform market from oligopoly to competitive to reflect the named suite, RPA and AI alternatives. Corrected a nonverbatim annual-report quotation by retaining its sourced explanation. Added stable moat trajectories, dated debate, founder control and linked markets; existing claim strengths and the services no-moat judgment are unchanged.
- Oct 9, 2026 · analyst revision
The owner changed the industry from Infrastructure software to Application software because UiPath automates business processes and orchestration for enterprise users.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global business orchestration and automation software
Enterprise software that builds, runs and governs workflows across applications using robotic process automation, API integrations, AI agents, document processing, process intelligence and application testing. Excludes implementation services, general-purpose cloud infrastructure and model training.
- Pegasystems
- Appian
- UiPath
- ServiceNow
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| PATH | 49 | 82.6% | 8.9% | |
| Industry median | 31 | 78 | 75.8% | 19.9% |
| Sector median | 77 | 75 | 64.7% | 23.8% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Businesses buy automation when labor savings, faster processing or compliance justify implementation cost. Higher wages can improve the payback case; hiring freezes can also delay projects.
- Legacy applications and regulated processes still need reliable execution, records and human approvals alongside AI reasoning.
- More agents and applications create more handoffs, supporting demand for shared orchestration and governance.
- Cloud marketplaces and connections to enterprise data lower procurement and integration friction.
- Large installed customer bases can adopt additional modules without rebuilding every established workflow.
- Enterprise-suite vendors can bundle automation with existing contracts, while AI coding and computer-use tools lower the cost of building or replacing traditional workflows.
- Weak business confidence, high financing costs and changes in public-sector budgets can lengthen sales cycles; recurring contracts soften but do not remove this exposure.
- Non-US sales and globally distributed engineering create currency exposure. Lower interest rates reduce investment income for net-cash vendors, while cloud hosting, model usage and skilled labor can increase delivery cost.
- Privacy rules, AI governance obligations and security failures can delay deployment or increase compliance costs. Portability and interoperability can reduce switching friction.
- Acquisitions can inflate vendor customer and ARR growth. Forecasts often combine overlapping RPA, orchestration, testing and vertical AI categories, making spending and market-share comparisons unreliable.
Bulls & bears
Can UiPath turn its installed robot base into paid AI orchestration expansion faster than enterprise suites and AI tools replace standalone automation?
Arguments
What to watch
- 1Dollar-based net retention and selected AI-cohort retention
- 2AI ARR and customers above USD1 million ARR
- 3Reported operating income, stock compensation and operating cash flow
Next check: Q3 FY2027 results on December 3, 2026. Track retention and how much new AI adoption contributes to annualized renewal run-rate.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 9, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 49/100 by <a href="https://www.findmymoat.com/stocks/XNYS:PATH">Find My Moat</a> (as of September 2026)Curation & Accuracy
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