BlackBerry vs UiPath
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The short version
- UiPath is the larger business, with $1.6B of revenue in fiscal 2026 against $549M for BlackBerry, about 2.9 times as much.
- UiPath grew revenue faster (12.7%, against 2.7%).
- BlackBerry kept more of each dollar of sales as operating profit (8.8% operating margin, against 3.5%).
- UiPath turned more of its sales into free cash flow (21.9% FCF margin, against 8.5%).
- UiPath earned a higher return on the capital invested in it (13.7%, against 7.5%).
- Investors pay more for each dollar of BlackBerry’s earnings: a P/E of 74.3x against 21.1x for UiPath.
| Latest fiscal year | BB · FY26 | PATH · FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.8B | $7.4B |
| Revenue | $549M | $1.6B |
| Free cash flow | $46.5M | $352M |
| Net income | $53.2M | $282M |
| Growth | ||
| Revenue growth | 2.7% | 12.7% |
| 5-year growth | −9.3% | 21.5% |
| Share count change | 1.0% | −2.7% |
| Profitability | ||
| Gross margin | 76.2% | 83.2% |
| Operating margin | 8.8% | 3.5% |
| Net margin | 9.7% | 17.5% |
| FCF margin | 8.5% | 21.9% |
| Return on capital | 7.5% | 13.7% |
| Return on equity | 7.3% | 14.4% |
| Balance sheet | ||
| Net debt | −$163M | −$1.5B |
| Net debt / EBITDA | −2.5x | −20.0x |
| Dividends and buybacks | $60.7M | $329M |
| Valuation & quality | ||
| P/E | 74.3x | 21.1x |
| Piotroski F-score | 6 | 7 |
Revenue
FY17
BB $1.3B
PATH —
FY18
BB $932M
PATH —
FY19
BB $904M
PATH —
FY20
BB $1.0B
PATH $336M
FY21
BB $893M
PATH $608M
FY22
BB $718M
PATH $892M
FY23
BB $526M
PATH $1.1B
FY24
BB $759M
PATH $1.3B
FY25
BB $535M
PATH $1.4B
FY26
BB $549M
PATH $1.6B
BB
PATH
Operating margin
FY17
BB −90.2%
PATH —
FY18
BB 30.4%
PATH —
FY19
BB 6.6%
PATH —
FY20
BB −14.3%
PATH −153.9%
FY21
BB −124.0%
PATH −18.2%
FY22
BB −0.3%
PATH −56.1%
FY23
BB −39.3%
PATH −32.9%
FY24
BB 1.5%
PATH −12.6%
FY25
BB 0.2%
PATH −11.4%
FY26
BB 8.8%
PATH 3.5%
BB
PATH
Free cash flow
FY17
BB −$241M
PATH —
FY18
BB $689M
PATH —
FY19
BB $83.0M
PATH —
FY20
BB $14.0M
PATH −$375M
FY21
BB $74.0M
PATH $27.2M
FY22
BB −$36.0M
PATH −$63.8M
FY23
BB −$270M
PATH −$33.8M
FY24
BB −$10.6M
PATH $292M
FY25
BB $13.4M
PATH $306M
FY26
BB $46.5M
PATH $352M
BB
PATH
Return on capital
FY17
BB —
PATH —
FY18
BB —
PATH —
FY19
BB —
PATH —
FY20
BB —
PATH —
FY21
BB —
PATH —
FY22
BB —
PATH —
FY23
BB —
PATH —
FY24
BB 1.0%
PATH —
FY25
BB 0.1%
PATH —
FY26
BB 7.5%
PATH 13.7%
BB
PATH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.