PATH NYSE Systems Software Financials FY2020βFY2026
UiPath had $1.6B of revenue in fiscal 2026, up 12.7% on the year before. Over five years, revenue changed +21.5% a year on average.
Hi! I read UiPathβs latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are sales growing?
+12.7%
Yes. Sales grew 12.7% last year.
Does it make a profit?
17.5%
Yes. It keeps 17.5% of every sale as profit.
Does profit turn into cash?
21.9%
Yes. 21.9% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
How is the share priced?
21.1x
One share costs 21.1 times its yearly profit per share. Typical for its sector: 33.5x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days UiPath did it, and the next one. Share prices often move a lot on those days.
Next results
December 2, 2026
Wednesday Β· in 37 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Sep 1, 2026 | Q2 '27 | Time not announced | 8-K β |
| May 28, 2026 | Q1 '27 | After the market closes | 8-K β |
| Mar 5, 2026 | Q4 '26 | Time not announced | 8-K β |
| Dec 3, 2025 | Q3 '26 | After the market closes | 8-K β |
| Sep 4, 2025 | Q2 '26 | After the market closes | 8-K β |
| May 29, 2025 | Q1 '26 | After the market closes | 8-K β |
| Mar 6, 2025 | Q4 '25 | Time not announced | 8-K β |
| Dec 5, 2024 | Q3 '25 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· UiPath had $1.6B of revenue in fiscal 2026, up 12.7% on the year before. Over five years, revenue changed +21.5% a year on average. Its operating margin was 3.5%, up 14.9Β pts: of every 100 in sales, about 4 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· UiPath made $282M of net profit in fiscal 2026.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $352M in fiscal 2026, 21.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· UiPath returned $329M to shareholders in fiscal 2026, 93% of free cash flow. The diluted share count fell 2.7%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $62.7M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$62.7M
4 insiders
Of sales under plans
100%
$62.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 16, 2026 | Daniel DinesCEO and Chairman, Director, 10% owner | Sold plan | 1,250,000 | $13.01 | $16.3M | Form 4 |
| Oct 15, 2026 | Daniel DinesCEO and Chairman, Director, 10% owner | Sold plan | 1,250,000 | $13.44 | $16.8M | Form 4 |
| Sep 17, 2026 | Raghavendra MalpaniCpo & CTO | Sold plan | 40,464 | $14.00 | $0.6M | Form 4 |
| Sep 16, 2026 | Raghavendra MalpaniCpo & CTO | Sold plan | 98,429 | $13.81 | $1.4M | Form 4 |
| Sep 11, 2026 | Ashim GuptaCOO | Sold plan | 117,339 | $13.85 | $1.6M | Form 4 |
| Aug 19, 2026 | Daniel DinesCEO and Chairman, Director, 10% owner | Sold plan | 1,402,347 | $16.07 | $22.5M | Form 4 |
| Aug 14, 2026 | Hitesh RamaniChief Accounting Officer | Sold plan | 25,000 | $16.75 | $0.4M | Form 4 |
| Aug 13, 2026 | Hitesh RamaniChief Accounting Officer | Sold plan | 25,000 | $16.50 | $0.4M | Form 4 |
| Jan 26, 2026 | Daniel DinesCEO and Chairman, Director, 10% owner | Sold plan | 45,000 | $15.01 | $0.7M | Form 4 |
| Jan 23, 2026 | Daniel DinesCEO and Chairman, Director, 10% owner | Sold plan | 45,000 | $15.23 | $0.7M | Form 4 |
| Jan 22, 2026 | Daniel DinesCEO and Chairman, Director, 10% owner | Sold plan | 45,000 | $15.02 | $0.7M | Form 4 |
| Jan 15, 2026 | Daniel DinesCEO and Chairman, Director, 10% owner | Sold plan | 45,000 | $15.38 | $0.7M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· UiPath has $1.5B more cash than debt.
Cash, debt and the ratios that show how comfortably UiPath can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.9B | $1.8B | $1.9B | $1.6B | $1.5B |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net debt / EBITDA | β | β | β | β | β20.0x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | β725.0x | β535.0x | β292.6x | β526.1x | β |
| Current ratio | 4.3x | 3.7x | 3.6x | 2.9x | 2.5x |
| Quick ratio | 4.3x | 3.7x | 3.6x | 2.9x | 2.5x |
| Total assets | $2.6B | $2.7B | $3.0B | $2.9B | $3.2B |
| Total liabilities | $651M | $815M | $939M | $1.0B | $1.1B |
| Shareholders' equity | $1.9B | $1.9B | $2.0B | $1.8B | $2.1B |
| Net debt (β = net cash) | β$1.9B | β$1.8B | β$1.9B | β$1.6B | β$1.5B |
KIRA Β· Its return on capital was 13.7%: every 100 invested in the business earned about 14 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· UiPath passes 7 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 5 / 9 | 5 / 9 | 7 / 9 |
| Accruals ratio | β13.7% | β13.6% | β2.9% |
| Altman Z'' | 3.92 | 2.78 | 3.13 |
What does the share cost, and how does it compare?
KIRA Β· At $14.13 a share, the company is worth $7.4B: 21.1 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $1.5B and divides by 544.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 21.1x Β· peers 60.8x Β· sector 33.5x.
KIRA Β· UiPath grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 0 of 1.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| UiPath PATH | $7.4B | 12.7% | 3.5% | 21.9% | 13.7% | 21.1x | 7 | |
| Rubrik RBRK | $26.5B | 48.5% | β26.2% | 19.2% | β | β | 5 | Compare β |
| CommVault Systems CVLT | $7.1B | 18.9% | 6.3% | 20.0% | β | 107.9x | 6 | Compare β |
| Check Point CHKP | $17.5B | 6.3% | 30.5% | 43.0% | β | β | 7 | Compare β |
| Nutanix NTNX | β | 12.4% | 9.6% | 29.5% | β | β | β | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $336M | $608M | $892M | $1.1B | $1.3B | $1.4B | $1.6B |
| Gross profit | $277M | $542M | $723M | $879M | $1.1B | $1.2B | $1.3B |
| Research and development | $131M | $110M | $277M | $286M | $332M | $381M | $385M |
| Operating income | β$517M | β$110M | β$501M | β$348M | β$165M | β$163M | $56.8M |
| Interest expense | $0.1M | $1.7M | $0.7M | $0.7M | $0.6M | $0.3M | $0.0M |
| Pretax income | β$517M | β$94.7M | β$511M | β$318M | β$75.8M | β$78.1M | $101M |
| Income tax | $2.8M | β$2.3M | $14.7M | $10.8M | $14.1M | β$4.4M | β$182M |
| Net income | β$520M | β$92.4M | β$526M | β$328M | β$89.9M | β$73.7M | $282M |
| Diluted EPS | β$3.41 | β$0.55 | β$1.16 | β$0.60 | β$0.16 | β$0.13 | $0.52 |
| Diluted shares | 0.15B | 0.17B | 0.45B | 0.55B | 0.56B | 0.56B | 0.54B |
| Cash flow | |||||||
| Cash from operations | β$359M | $29.2M | β$55.0M | β$10.0M | $299M | $321M | $371M |
| Capital expenditure | $15.7M | $2.0M | $8.9M | $23.8M | $7.3M | $14.9M | $19.0M |
| Free cash flow | β$375M | $27.2M | β$63.8M | β$33.8M | $292M | $306M | $352M |
| Depreciation and amortization | $8.7M | $12.3M | $14.7M | $18.7M | $22.6M | $17.2M | $17.0M |
| Stock-based compensation | $138M | $86.2M | $516M | $370M | $372M | $358M | $291M |
| Acquisitions | $18.5M | $19.7M | $5.5M | $29.5M | $0.0M | $0.0M | $24.8M |
| Share buybacks | $129M | $0.0M | $0.0M | $0.0M | $103M | $391M | $329M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $129M | $0.0M | $0.0M | $0.0M | $103M | $391M | $329M |
| Balance sheet | |||||||
| Cash and short-term investments | $234M | $461M | $1.9B | $1.8B | $1.9B | $1.6B | $1.5B |
| Total debt | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | β | $734M | $2.3B | $2.3B | $2.6B | $2.3B | $2.2B |
| Current liabilities | β | $365M | $528M | $627M | $712M | $799M | $905M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | β | $14.8M | $17.2M | $29.0M | $24.0M | $32.7M | $46.0M |
| Total assets | β | $867M | $2.6B | $2.7B | $3.0B | $2.9B | $3.2B |
| Total liabilities | β | $448M | $651M | $815M | $939M | $1.0B | $1.1B |
| Shareholders' equity | β$800M | β$804M | $1.9B | $1.9B | $2.0B | $1.8B | $2.1B |
| Margins | |||||||
| Gross margin | 82.3% | 89.2% | 81.1% | 83.0% | 85.0% | 82.7% | 83.2% |
| Operating margin | β153.9% | β18.2% | β56.1% | β32.9% | β12.6% | β11.4% | 3.5% |
| EBITDA margin | β151.3% | β16.1% | β54.5% | β31.1% | β10.9% | β10.2% | 4.6% |
| Net margin | β154.7% | β15.2% | β58.9% | β31.0% | β6.9% | β5.2% | 17.5% |
| FCF margin | β111.6% | 4.5% | β7.2% | β3.2% | 22.3% | 21.4% | 21.9% |
| Returns | |||||||
| Return on capital | β | β | β | β | β | β | 13.7% |
| Return on capital employed | β | β | β39.4% | β16.8% | β7.6% | β7.5% | 2.6% |
| Return on equity | β | β | β94.0% | β17.1% | β4.6% | β3.8% | 14.4% |
| Return on assets | β | β | β30.6% | β12.4% | β3.2% | β2.5% | 9.3% |
| Growth | |||||||
| Revenue growth | β | 80.8% | 46.8% | 18.6% | 23.6% | 9.3% | 12.7% |
| FCF growth | β | β | β334.5% | β | β | 4.8% | 15.2% |
| Share count change | β | 10.4% | 170.2% | 20.5% | 2.9% | β0.7% | β2.7% |
| Financial health | |||||||
| Net debt / EBITDA | β | β | β | β | β | β | β20.0x |
| Debt / equity | β | β | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | β5,388.4x | β64.6x | β725.0x | β535.0x | β292.6x | β526.1x | β |
| Current ratio | β | 2.0x | 4.3x | 3.7x | 3.6x | 2.9x | 2.5x |
| Quick ratio | β | 2.0x | 4.3x | 3.7x | 3.6x | 2.9x | 2.5x |
| Capital allocation | |||||||
| Capex / revenue | 4.7% | 0.3% | 1.0% | 2.3% | 0.6% | 1.0% | 1.2% |
| Stock comp / revenue | 41.0% | 14.2% | 57.8% | 34.9% | 28.4% | 25.1% | 18.1% |
| Payouts / FCF | β | 0.0% | β | β | 35.2% | 127.9% | 93.5% |
| Quality scores | |||||||
| Piotroski F-score | β | β | β | 3.0 | 5.0 | 5.0 | 7.0 |
| Altman Z'' | β | β3.6 | 4.4 | 3.6 | 3.9 | 2.8 | 3.1 |
| Accruals ratio | β | β | β27.4% | β12.0% | β13.7% | β13.6% | β2.9% |
Source: SEC EDGAR XBRL filings (CIK 0001734722). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
