UiPath

PATH · NYSE · Information Technology · Financials, fiscal 2020 to 2026

PATH · Last close · October 26, 2026

$14.30

UiPath's revenue rose 12.7% to $1.6 billion in fiscal 2026. Its operating margin was 3.5%, up from −11.4% a year earlier. Free cash flow was $352 million, up 15.2%. It paid out $329 million in dividends and buybacks, 93% of free cash flow. The diluted share count fell 2.7%.

UiPath, Inc. Latest fiscal year ended January 31, 2026 10-K filed March 25, 2026 · 0001734722-26-000012 Updated October 16, 2026

Revenue

$1.6B

12.7%

Operating margin

3.5%

14.9 pts

Net income

$282M

Free cash flow

$352M

15.2%

Return on capital

13.7%

Market cap

$7.5B

Oct 26 close

P/E

21.3x

On $0.67 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. UiPath has no borrowings (its balance sheets have no debt line), so debt is counted as zero. UiPath's interest coverage is blank for fiscal 2026: it has no borrowings and reported no interest expense.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value UiPath yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from UiPath's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from UiPath's fiscal 2026 free cash flow of $352M, net cash of $1.5B at January 31, 2026 and 545 million diluted shares, from its filings. The scenarios are fitted to UiPath: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 15.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Systems Software), plus 1 point as a smaller company, worth $7.5B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to UiPath's own revenue growth, as above. Cautious: growth of 7.5% then 5% a year, 2% after year 10, a 12% discount rate. Base: growth of 15% then 9% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 22.5% then 13% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $14.30
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from UiPath's earnings per share of $0.67 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 34×, the middle of UiPath's own P/E today, its peers' median and its sector's median (the Information Technology median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to July 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: CommVault Systems, Nutanix.

Earnings growth in the years ahead (% a year) Starts at UiPath's revenue growth over the last 3 years, 15.0% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $14.30
Value at this multiple, against the last close: —
UiPath's P/E at the last close: 21.3×

Company	Last close	Earnings per share	P/E today
CommVault SystemsCVLT	$167.73	$1.57	106.8×
UiPathPATH	$14.30	$0.67	21.3×
NutanixNTNX	$72.71	$5.17	14.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	1,865	1,757	1,880	1,630	1,472
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−1,865	−1,757	−1,880	−1,630	−1,472
Net debt to EBITDA	—	—	—	—	−20.0x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	−725.0x	−535.0x	−292.6x	−526.1x	—
Current ratio	4.3x	3.7x	3.6x	2.9x	2.5x
Quick ratio	4.3x	3.7x	3.6x	2.9x	2.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought UiPath shares on the open market, and 5 insiders sold $91.2 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 22, 2026	Raghavendra MalpaniCpo & CTO	Sold plan	29,565	$14.00	$413,963	Form 4
Oct 16, 2026	Daniel DinesCEO and Chairman, Director, 10% owner	Sold plan	1,250,000	$13.01	$16.3 million	Form 4
Oct 15, 2026	Daniel DinesCEO and Chairman, Director, 10% owner	Sold plan	1,250,000	$13.44	$16.8 million	Form 4
Sep 17, 2026	Raghavendra MalpaniCpo & CTO	Sold plan	40,464	$14.00	$566,496	Form 4
Sep 16, 2026	Raghavendra MalpaniCpo & CTO	Sold plan	98,429	$13.81	$1.4 million	Form 4
Sep 11, 2026	Ashim GuptaCOO	Sold plan	117,339	$13.85	$1.6 million	Form 4
Aug 19, 2026	Daniel DinesCEO and Chairman, Director, 10% owner	Sold plan	1,402,347	$16.07	$22.5 million	Form 4
Aug 14, 2026	Hitesh RamaniChief Accounting Officer	Sold plan	25,000	$16.75	$418,750	Form 4
Aug 13, 2026	Hitesh RamaniChief Accounting Officer	Sold plan	25,000	$16.50	$412,500	Form 4
Jan 26, 2026	Daniel DinesCEO and Chairman, Director, 10% owner	Sold plan	45,000	$15.01	$675,450	Form 4
Jan 23, 2026	Daniel DinesCEO and Chairman, Director, 10% owner	Sold plan	45,000	$15.23	$685,350	Form 4
Jan 22, 2026	Daniel DinesCEO and Chairman, Director, 10% owner	Sold plan	45,000	$15.02	$675,900	Form 4

The latest 12 of 50 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	5 of 9	7 of 9
Accruals ratio	−13.7%	−13.6%	−2.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put UiPath side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
UiPath	FY26	12.7%	3.5%	21.9%	13.7%	−20.0x	7
Rubrik	FY26	48.5%	−26.2%	19.2%	—	—	5	Compare
CommVault Systems	FY26	18.9%	6.2%	20.0%	—	−0.2x	6	Compare
Check Point	FY25	6.2%	30.5%	43.0%	—	−2.8x	7	Compare
Nutanix	FY26	12.4%	9.6%	29.5%	—	−2.9x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	336	608	892	1,059	1,308	1,430	1,611
Revenue growth	—	80.8%	46.8%	18.6%	23.6%	9.3%	12.7%
Gross profit	277	542	723	878	1,112	1,183	1,340
Research and development	131	110	277	286	332	381	385
Operating income	−517	−110	−501	−348	−165	−163	57
Net income	−520	−92	−526	−328	−90	−74	282
Diluted EPS (US$)	−3.41	−0.55	−1.16	−0.60	−0.16	−0.13	0.52
Diluted shares (millions)	152	168	455	548	564	560	545
Cash flow
Cash from operations	−359	29	−55	−10	299	321	371
Capital expenditure	16	2	9	24	7	15	19
Free cash flow	−375	27	−64	−34	292	306	352
Dividends paid	0	0	0	0	0	0	0
Share buybacks	129	0	0	0	103	391	329
Acquisitions	18	20	6	30	0	0	25
Stock-based compensation	138	86	516	370	372	358	291
Balance sheet at fiscal year end
Cash and short-term investments	234	460	1,865	1,757	1,880	1,630	1,472
Debt incl. finance leases	0	0	0	0	0	0	0
Total assets	—	866	2,572	2,735	2,955	2,865	3,179
Total liabilities	—	448	650	815	939	1,020	1,097
Shareholders' equity	−800	−804	1,922	1,920	2,016	1,846	2,083
Margins and ratios
Gross margin	82.3%	89.2%	81.1%	83.0%	85.0%	82.7%	83.2%
Operating margin	−153.9%	−18.2%	−56.1%	−32.9%	−12.6%	−11.4%	3.5%
Net margin	−154.7%	−15.2%	−58.9%	−31.0%	−6.9%	−5.2%	17.5%
Free cash flow margin	−111.6%	4.5%	−7.2%	−3.2%	22.3%	21.4%	21.9%
Return on capital	—	—	—	—	—	—	13.7%
Return on equity	—	—	−94.0%	−17.1%	−4.6%	−3.8%	14.4%
Return on assets	—	—	−30.6%	−12.4%	−3.2%	−2.5%	9.3%
Net debt to EBITDA	—	—	—	—	—	—	−20.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: UiPath's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with UiPath.