UiPath, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jan 2026, Subscription services was 59% and Licenses was 38% of revenue; Licenses fell from 48% in the fiscal year to Jan 2024.

In the fiscal year to Jan 2026, Americas was 50% and Europe, Middle East, and Africa was 33% of revenue; Asia-Pacific fell from 20% in the fiscal year to Jan 2024.

Quarters: UiPath, Inc.'s SEC filings, named by the month they end. Fiscal years: UiPath, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $17.5 ends up as net income. Net margin rose from −31.0% to 17.5% over the past 3 years.

Circled: Oct 2025 (net 48.4%, operating 3.2%). Net margin is usually about 5 points above operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: UiPath, Inc.'s annual reports to the SEC; quarters: SEC filings.

Growth and margins together

Rule of 40 score 34.5 (growth 13.4% + FCF margin 21.1%): middling, short of the 40 line. Stock pay is 13.6% of revenue; counted as a cost, it brings the FCF margin down to 7.5%.

UiPath trades at 3.3× revenue on 13.4% growth. PLTR grows fastest of its peers, 95.9%, and costs 55.3×.

Growth: revenue in the quarter ended Jul 2026 against the quarter ended Jul 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Jul 2026. From SEC filings.

Customers and suppliers

In its latest annual report UiPath buys from One Vanderbilt Owner.

Changes since the previous annual report (10-K filed Mar 24, 2025)

Alphabet GOOGLNo longer named (was a partner)Amazon AMZNNo longer named (was a partner)Microsoft MSFTNo longer named (was a partner)

Only the companies UiPath names in its 10-K filed Mar 25, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 3.3x, below the peer median of 22.9x.

EV/revenue below the peer median of 22.9x: cheaper than its peers.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $15.40, 18% above the current price; 15% of 20 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

Buy or Strong Buy: 3 analysts (15%). Sell or Strong Sell: 2.

Over the past year the average of the analysts' latest price targets went from $14.09 to $15.57 (+11%), while PATH went from $14.09 to $13.10 (−7%). In the past three months targets were raised 13 times and cut 7 times. 1 upgrade and 2 downgrades over the year; the latest: DA Davidson moved it to Underperform from Neutral on Sep 28, 2026.

The day after each of these reports the stock moved +29.2% (Oct 2025, beat); −1.9% (Jan 2026, beat); +5.0% (Apr 2026, missed); −15.6% (Jul 2026, in line).

For the quarter ending Oct 2026 (UiPath reports on Dec 3, 2026), analysts expect adjusted earnings of $0.19 a share, 20% more than the $0.16 of a year earlier, and revenue of $443M, up 8% on a year earlier. For the fiscal year ending Jan 2027, they expect adjusted earnings of $0.79 a share, and revenue of $1.8B, up 11% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $363M in free cash flow over the year, of which $269M went back to shareholders (dividends plus buybacks), leaving $94M in the company.

UiPath had 523M diluted shares in the quarter ended Jul 2026, 3.7% fewer than a year earlier, and 0.1% fewer each year on average since Jul 2021. It spent $269M on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.5, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 5 funds whose copy leaves PATH out (on the exchange, not in the app yet): Coatue Management, Canada Pension Plan Investment Board, Swiss National Bank, Norges Bank, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 6 held PATH at the end of their latest quarter (for most, Q2 2026). Over that quarter 1 added shares, 5 cut and 3 sold all. The largest of them is Renaissance Technologies, 18.56M shares worth $238M at Sep 30, 2026, 422.3% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of PATH at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $86.0M of PATH on the open market in the 12 months to Nov 12, 2026; none bought. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Daniel Dines (CEO and Chairman; director), who sold $77.6M in 33 sales.

From the Form 4s filed with the SEC about UiPath, Inc. (70 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 55 other transactions (grants, shares withheld for tax and other transfers).