UiPath, Inc. (PATH)

Price$15.25Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkValuation looks balanced after the selloff, with net cash cushioning a still-uncertain AI growth story.

UiPath, Inc. is the NYSE-listed company under ticker PATH. Using roughly 521 million total Class A and B shares outstanding and July liquidity of $1.405 billion, the current quote implies an equity value near $7.3 billion and an enterprise value near $5.9 billion. Against fiscal 2027 revenue guidance around $1.79 billion, that is roughly 3.3 times sales. That multiple looks reasonable, not obviously cheap, for low-teens recurring-revenue growth facing AI disruption risk.

Big pictureGrowth is steady rather than explosive, while cash generation and recurring revenue give the model resilience.

Second-quarter revenue rose 13% and ARR, the annualized value of recurring subscriptions and support, rose 12% to $1.938 billion. Net retention was 109%, meaning existing customers collectively spent about 9% more than a year earlier. GAAP operating income turned positive, and operating cash flow was $162.6 million for the first half. Demand is not immune to cycles: enterprise procurement and budgeting make bookings seasonal, and weaker IT spending can lengthen large-deal sales cycles.

Business strengthA cash-rich balance sheet and improving profitability offset meaningful stock compensation and acquisition spending.

At July 31, UiPath held $1.405 billion of cash and marketable securities, while the balance sheet showed no conventional borrowing line; lease liabilities and purchase commitments still matter. First-half stock-based compensation was $98.3 million, down sharply year over year but still material. Buybacks used $268.5 million and reduced total shares outstanding despite employee equity issuance. Cash also funded the WorkFusion acquisition, so liquidity has fallen from January even as the core business remained cash-generative.

What could change the storyThe valuation can improve on proven AI monetization, or compress if retention and deal momentum weaken.

Bull case: ARR growth stays around 12%-15%, net retention stabilizes above 108%, GAAP margins keep expanding, and buybacks continue to exceed dilution as Maestro and agentic products move from pilots into production. Bear case: net retention falls near 100%, generative AI reduces pricing power, or enterprise budget cycles delay large deals; then roughly 3.3 times guided revenue could still be expensive. The September 22 Investor Day is the next concrete test of monetization and medium-term targets.

AI: News

Q2 beats, guidance raisedRevenue and ARR grew double digits, while full-year revenue guidance moved slightly higher.

On September 3, UiPath reported fiscal Q2 revenue of $410 million, up 13%, and ARR of $1.938 billion, up 12%. GAAP operating income was $32 million and quarter operating cash flow was $31 million. Management lifted full-year revenue guidance to $1.789-$1.794 billion, but Q3 revenue guidance of $440-$445 million left investors focused on whether AI products can accelerate growth.

Leadership roles reshuffledHitesh Ramani became CFO as Ashim Gupta shifted fully to the operating role.

Also on September 3, UiPath promoted Hitesh Ramani from deputy CFO and chief accounting officer to chief financial officer. Ashim Gupta moved to focus exclusively on chief operating officer responsibilities across sales, demand generation, and delivery. Brad Brubaker became chief legal and administrative officer, and Yazdi Bagli joined the board. The changes put clearer accountability around finance and execution after several years of strategic repositioning.

Post-earnings selloff deepensShares fell sharply as investors questioned AI competition and the pace of recurring-revenue acceleration.

On September 4, shares fell sharply despite the revenue beat. Barron's reported that analysts focused on intensifying AI competition and whether agentic tools will produce sustained ARR acceleration; Canaccord downgraded the shares to Hold. The market reaction matters because it reset valuation lower, but it also signals that investors now want evidence of monetization rather than product announcements alone.

Investor Day scheduledManagement will outline strategy and targets at a September 22 Investor Day in Las Vegas.

UiPath announced on August 25 that it will host an Investor Day on September 22. The event is a near-term catalyst because investors are looking for clearer evidence that agentic automation and Maestro can expand customer spending, improve retention, and support durable margins. Guidance on medium-term growth, product adoption, and capital allocation could materially shift the current bull-versus-bear debate.

Loading local price history

Revenue

2020

2021

2022

2023

2024

2025

2026

Net income

2020

2021

2022

2023

2024

2025

2026

Free cash flow

2020

2021

2022

2023

2024

2025

2026

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

2026

Financial statements

	2026	2025	2024	2023	2022	2021	2020
Revenue	$1.61B	$1.43B	$1.31B	$1.06B	$892.3M	$607.6M	$336.2M
Gross profit	$1.34B	$1.18B	$1.11B	$878.5M	$723.4M	$541.8M	$276.8M
Gross margin	83.17%	82.73%	85.02%	82.99%	81.07%	89.16%	82.33%
Research & development	$385.2M	$380.7M	$332.1M	$285.8M	$276.7M	$109.9M	$131.1M
Operating expenses	$1.28B	$1.35B	$1.28B	$1.23B	$1.22B	$652.1M	$794.0M
Operating income	$56.8M	−$162.6M	−$164.7M	−$348.3M	−$500.9M	−$110.3M	−$517.3M
Operating margin	3.52%	−11.37%	−12.59%	−32.90%	−56.14%	−18.16%	−153.88%
EBITDA	$73.7M	−$145.3M	−$142.1M	−$329.6M	−$486.2M	−$98.0M	−$508.6M
EBITDA margin	4.58%	−10.17%	−10.87%	−31.13%	−54.50%	−16.13%	−151.30%
Net income	$282.3M	−$73.7M	−$89.9M	−$328.4M	−$525.6M	−$92.4M	−$519.9M
Net profit margin	17.53%	−5.15%	−6.87%	−31.02%	−58.91%	−15.21%	−154.67%
Basic EPSper basic share	$0.52	-$0.13	-$0.16	-$0.60	-$1.16	-$0.55	-$3.41
Diluted EPSper diluted share	$0.52	-$0.13	-$0.16	-$0.60	-$1.16	-$0.55	-$3.41

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈10.18%of listed shares

BlackRock, Inc.46.15M shares · Jun 30, 2026

View holders

Top 20 reported holders of PATH
Holder	% owned
BlackRock, Inc.	≈10.18%46.15M shares
Tetragon Partners GP Ltd	≈6.83%30.95M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈5.80%26.32M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.13%18.71M shares
TWO SIGMA INVESTMENTS, LP	≈3.32%15.03M shares
STATE STREET CORP	≈3.05%13.83M shares
Senvest Management, LLC	≈2.67%12.09M shares
BANK OF AMERICA CORP /DE/	≈2.49%11.29M shares
Dines Daniel	≈2.12%9.62M shares
GEODE CAPITAL MANAGEMENT, LLC	≈1.80%8.15M shares
UBS Group AG	≈1.79%8.13M shares
DIMENSIONAL FUND ADVISORS LP	≈1.76%7.98M shares
MORGAN STANLEY	≈1.69%7.66M shares
JUPITER ASSET MANAGEMENT LTD	≈1.67%7.56M shares
FEDERATED HERMES, INC.	≈1.56%7.06M shares
Alphabet Inc.	≈1.55%7.03M shares
GOLDMAN SACHS GROUP INC	≈1.48%6.7M shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	≈1.20%5.45M shares
NORGES BANK	≈1.06%4.79M shares
D. E. Shaw & Co., Inc.	≈1.04%4.72M shares

Percentages use 453.43M shares of this listed class outstanding on May 29, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)151$114.91M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jan 26, 2026Form 4 · 10b5-1	Dines DanielCEO and Chairman	SellClass A Commmon Stock	45.0K	$15.01	$675.5K	27.89M
Jan 23, 2026Form 4 · 10b5-1	Dines DanielCEO and Chairman	SellClass A Commmon Stock	45.0K	$15.23	$685.4K	27.94M
Jan 22, 2026Form 4 · 10b5-1	Dines DanielCEO and Chairman	SellClass A Commmon Stock	45.0K	$15.02	$675.9K	27.98M
Jan 15, 2026Form 4 · 10b5-1	Dines DanielCEO and Chairman	SellClass A Commmon Stock	45.0K	$15.38	$692.1K	28.03M
Jan 14, 2026Form 4 · 10b5-1	Dines DanielCEO and Chairman	SellClass A Commmon Stock	45.0K	$15.68	$705.6K	28.07M