# Uipath (PATH.US)

Canonical: https://gigainvestors.com/s/PATH

Analysis as of: 2026-10-16T07:31:02.577Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $13.71 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 7

- Operating margin variation: 1.13×

Chart: Operating margin; fiscal year observations.

- FY2019: -1.73×

- FY2020: -1.54×

- FY2021: -0.18×

- FY2022: -0.56×

- FY2023: -0.33×

- FY2024: -0.13×

- FY2025: -0.11×

- FY2026: 0.04×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -114.3%

- ROIC, second-lowest year: -198.4%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 82.9%

- Recent gross margin (lower of latest and 3-year median): 83.0%

- Years with nonpositive capital: 2

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: -32.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: -183.1%

- FY2021: -19.9%

- FY2022: -724.7%

- FY2023: -198.4%

- FY2024: -114.3%

- FY2025: -62.2%

- FY2026: 10.8%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$716M

- Net income, five-year total: -$735M

- Working capital / revenue, annual change: -0.4 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: -$524M

- FY2023: -$328M

- FY2024: -$75M

- FY2025: -$71M

- FY2026: $282M

### management: fail

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: -0.55 to -0.13 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 26.5%

- Diluted shares, 5-year annual growth: 26.5%

- Per-share value change: $0.42

- Per-share value, starting three-year median: -$0.55

- Per-share value, ending three-year median: -$0.13

- Buybacks concentrated in cheaper years (correlation): 0.70

- Average buyback yield: 2.1%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- ROIC, last three-year median: -62.2%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.50

- FY2020: -$3.41

- FY2021: -$0.55

- FY2022: -$1.16

- FY2023: -$0.60

- FY2024: -$0.16

- FY2025: -$0.13

- FY2026: $0.52

### accounting: fail

- restructuring or one-time charges in at least three of five years

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -2.8%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 4

- Stock compensation / operating cash flow: 78.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.31×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2020: -31.6%

- FY2021: -14.0%

- FY2022: -18.3%

- FY2023: -11.6%

- FY2024: -13.2%

- FY2025: -13.8%

- FY2026: -2.8%

## Holders

## Price story

Down 73% since Oct 2021 · "UiPath falls after DA Davidson downgrades the stock, citing concerns about its artificial-intelligence pricing." (finance.yahoo.com, Sep 2026) · sales +12.7%

Story as of 2026-10-16T09:59:21.818Z; price observation 2026-10-15.

- 2025-05-30: UiPath Tops Q1, Raises FY26 Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/uipath-tops-q1-raises-fy26-144555820.html))

- 2025-09-05: UiPath raises FY26 revenue guidance to $1.576B while agentic automation momentum builds ([seekingalpha.com](https://seekingalpha.com/news/4492549-uipath-raises-fy26-revenue-guidance-to-1_576b-while-agentic-automation-momentum-builds?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-12-04: UiPath outlines Q4 revenue target of up to $467M as agentic automation momentum accelerates ([seekingalpha.com](https://seekingalpha.com/news/4528358-uipath-outlines-q4-revenue-target-of-up-to-467m-as-agentic-automation-momentum-accelerates?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-29: Uipath expects FY2027 revenue $1.776B-$1.781B while raising non-GAAP operating income outlook to ~$430M ([seekingalpha.com](https://seekingalpha.com/news/4598273-uipath-expects-fy2027-revenue-1_776b-1_781b-while-raising-non-gaap-operating-income-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-07-17: Stock Market Today, July 17: UiPath Gains on Retail AI Partnership ([nasdaq.com](https://www.nasdaq.com/articles/stock-market-today-july-17-uipath-gains-retail-ai-partnership))

- 2026-09-04: UiPath Tumbles 14% as Guided Slowdown Overshadows Revenue Beat ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/uipath-tumbles-14-guided-slowdown-144002432.html))

### Sales · FY2025–2026

sales +12.7%; source https://www.sec.gov/Archives/edgar/data/1734722/000173472226000012/path-20260131.htm; observed 2026-03-25.

- FY2019: $148M 

- FY2020: $336M 

- FY2021: $608M 

- FY2022: $892M 

- FY2023: $1.1B 

- FY2024: $1.3B 

- FY2025: $1.4B 

- FY2026: $1.6B 

### Gross margin · FY2026

gross margin 83%; source https://www.sec.gov/Archives/edgar/data/1734722/000173472226000012/path-20260131.htm; observed 2026-03-25.

- FY2019: 71.5% 

- FY2020: 82.3% 

- FY2021: 89.2% 

- FY2022: 81.1% 

- FY2023: 83.0% 

- FY2024: 85.0% 

- FY2025: 82.7% 

- FY2026: 83.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software infrastructure; annual sales are USD 1.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1734722/000173472226000012/path-20260131.htm (filed 2026-03-25); FY2026: revenue 1610572000; grossProfit 1336440000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 82.7% to 85% during 2024–26.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2024: grossProfit / revenue = 85%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2025: grossProfit / revenue = 82.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1734722/000173472226000012/path-20260131.htm (filed 2026-03-25); FY2026: grossProfit / revenue = 83%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); 8-year return on capital observations [[2020,-1.8314677608020473],[2021,-0.19883006342108867],[2022,-7.2470579402285376],[2023,-1.9838173965708683],[2024,-1.1425129822779616],[2025,-0.6224802853833142],[2026,0.10768730666016532]]; median -1.1425129822779616. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 9.5% of cash earnings; paid no dividends in 7 years.

- Source: https://www.sec.gov/Archives/edgar/data/1734722/000173472226000012/path-20260131.htm (filed 2026-03-25); FY2026: growth capex 2079000; upkeep 16969000; cash acquisitions 24821000; owner earnings 282330000. Growth capex plus acquisitions / owner earnings = 0.09527857471752914.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Dividend observations: [[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1734722/000173472226000012/path-20260131.htm (filed 2026-03-25); FY2026: cash repurchases 329101000 USD.

### Are managers owners

Insiders own 10.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PATH.US SharesStats.PercentInsiders = 10.723 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Closing price 13.71 USD; reporting-to-trading FX 1; FY2026 annual sales per share 2.955937304995779; price multiple 4.638122729067685. FY2026 cash earnings/share 0.5181698050875454. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-04: $72.00 per share

- 2021-05: $79.82 per share

- 2021-06: $67.93 per share

- 2021-07: $62.56 per share

- 2021-08: $63.20 per share

- 2021-09: $52.61 per share

- 2021-10: $50.25 per share

- 2021-11: $48.25 per share

- 2021-12: $43.13 per share

- 2022-01: $36.53 per share

- 2022-02: $34.71 per share

- 2022-03: $21.59 per share

- 2022-04: $17.83 per share

- 2022-05: $17.07 per share

- 2022-06: $18.19 per share

- 2022-07: $18.33 per share

- 2022-08: $16.45 per share

- 2022-09: $12.61 per share

- 2022-10: $12.65 per share

- 2022-11: $12.47 per share

- 2022-12: $12.71 per share

- 2023-01: $15.36 per share

- 2023-02: $14.84 per share

- 2023-03: $17.56 per share

- 2023-04: $14.08 per share

- 2023-05: $17.89 per share

- 2023-06: $16.57 per share

- 2023-07: $18.08 per share

- 2023-08: $15.81 per share

- 2023-09: $17.11 per share

- 2023-10: $15.53 per share

- 2023-11: $19.76 per share

- 2023-12: $24.84 per share

- 2024-01: $22.98 per share

- 2024-02: $23.75 per share

- 2024-03: $22.67 per share

- 2024-04: $18.97 per share

- 2024-05: $12.26 per share

- 2024-06: $12.68 per share

- 2024-07: $12.17 per share

- 2024-08: $12.88 per share

- 2024-09: $12.80 per share

- 2024-10: $12.36 per share

- 2024-11: $14.21 per share

- 2024-12: $12.71 per share

- 2025-01: $14.22 per share

- 2025-02: $12.30 per share

- 2025-03: $10.30 per share

- 2025-04: $11.94 per share

- 2025-05: $13.31 per share

- 2025-06: $12.80 per share

- 2025-07: $11.75 per share

- 2025-08: $11.12 per share

- 2025-09: $13.38 per share

- 2025-10: $15.86 per share

- 2025-11: $13.86 per share

- 2025-12: $16.39 per share

- 2026-01: $12.59 per share

- 2026-02: $10.73 per share

- 2026-03: $11.10 per share

- 2026-04: $10.30 per share

- 2026-05: $11.72 per share

- 2026-06: $10.87 per share

- 2026-07: $12.76 per share

- 2026-08: $18.67 per share

- 2026-09: $12.84 per share

- 2026-10: $13.71 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1734722/000173472226000012/path-20260131.htm); period 2026-01-31, filed 2026-03-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.