# UiPath, Inc. (PATH)

> Source: Nexqual · https://nexqual.com/PATH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, UiPath, Inc. (PATH), nexqual.com/PATH" · informational, not investment advice.

**Price:** USD 13.94 (+1.68% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 13.71 · day 13.55–14.1 · 52w 9.2–19.84 · market cap $7.26B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $1.72B, net income $362M (21.0% margin), free cash flow $363M (SEC filings).
- Valuation: P/E 20.1x (avg 24.3x at the last 1 fiscal year-ends).
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $61.6M; 0 not under a Rule 10b5-1 plan ($0K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (21 analysts), mean target USD 15.32 (range 10–23).
- Total return with dividends: 1Y -9.7% vs S&P 500 +14.9%; 5Y -72.6% vs S&P 500 +80.3%.
- Next earnings: 2026-12-02, EPS estimate USD 0.19, revenue estimate $443M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $892M | $1.06B | $1.31B | $1.43B | $1.61B | $1.72B |
| Gross profit | $723M | $879M | $1.11B | $1.18B | $1.34B | — |
| Operating income | -$501M | -$348M | -$165M | -$163M | $56.8M | $153M |
| Net income | -$526M | -$328M | -$89.9M | -$73.7M | $282M | $362M |
| EPS (diluted) | -$1.16 | -$0.60 | -$0.16 | -$0.13 | $0.52 | — |
| Free cash flow | -$63.8M | -$33.8M | $292M | $306M | $352M | $363M |
| Gross margin | 81.1% | 83.0% | 85.0% | 82.7% | 83.2% | — |
| Operating margin | -56.1% | -32.9% | -12.6% | -11.4% | 3.5% | 8.9% |
| Net margin | -58.9% | -31.0% | -6.9% | -5.2% | 17.5% | 21.0% |
| Revenue growth | +46.8% | +18.6% | +23.6% | +9.3% | +12.7% | — |
| Cash + short-term investments | $1.87B | $1.76B | $1.88B | $1.63B | $1.47B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 20.1x · P/S 4.2x · P/FCF 20.0x · P/B 3.7x · FCF yield 5.00% · Earnings yield 4.98% · Buyback yield (TTM) 3.70%
P/E at fiscal year-ends: Jan 2026 24.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
9 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15…2026-10-16 | Dines Daniel | CEO and Chairman | 2,500,000 | $33.1M | 7.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-12 | Brubaker Brad | Chief Legal & Admin Officer | 27,404 | $374K | 2.5% | Yes | Too little history (no open-market trades in 2024) |
| 2026-10-09 | Malpani Raghavendra | CPO & CTO | 29,564 | $399K | 1.9% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-10-02 | Gupta Ashim | COO | 66,052 | $870K | 3.4% | Yes | Routine (sold in May & Oct each year 2023–2025) |
| 2026-09-17 | Malpani Raghavendra | CPO & CTO | 40,464 | $567K | 2.5% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-16 | Malpani Raghavendra | CPO & CTO | 98,429 | $1.4M | 5.7% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-11 | Gupta Ashim | COO | 117,339 | $1.6M | 5.4% | Yes | Routine (sold in May & Oct each year 2023–2025; this trade is outside those months) |
| 2026-08-19 | Dines Daniel | CEO and Chairman | 1,402,347 | $22.5M | 5% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-13…2026-08-14 | Ramani Hitesh | Chief Accounting Officer | 50,000 | $831K | 17.5% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 21 analysts; mean target USD 15.32 (low 10, high 23).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-28 | DA Davidson | Downgrade | Neutral → Underperform | $10 |
| 2026-09-25 | UBS | Target lowered | Neutral | $15 → $14 |
| 2026-09-24 | BMO Capital | Target lowered | Market Perform | $18 → $15 |
| 2026-09-24 | Canaccord Genuity | Target lowered | Hold | $17 → $14 |
| 2026-09-24 | TD Cowen | Target lowered | Hold | $16 → $15 |
| 2026-09-23 | Truist Securities | Target lowered | Hold | $17 → $14 |
| 2026-09-23 | TD Cowen | Reiterated | Hold | $16 |
| 2026-09-23 | RBC Capital | Target lowered | Sector Perform | $17 → $15 |
| 2026-09-23 | UBS | Target lowered | Neutral | $19 → $15 |
| 2026-09-23 | Needham | Reiterated | Buy | $22 |
| 2026-09-08 | Citigroup | Initiated | Buy | $23 |
| 2026-09-04 | Barclays | Target raised | Equal-Weight | $14 → $17 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -9.7% | -72.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -9.8% | -22.7% |
| Volatility (annualized) | 64.7% | 61.4% |
| Max drawdown | -51.4% (Dec 2025→Apr 2026) | -83.3% (Nov 2021→Apr 2026) |

## Peers (Software - Infrastructure)
QLYS (Qualys, Inc.) USD 208.2 +5.85% · WEX (WEX Inc.) USD 198.14 +5.65% · S (SentinelOne, Inc.) USD 22.5 -1.19% · DOX (Amdocs Limited) USD 63.57 +3.20% · DBX (Dropbox, Inc.) USD 37.48 +2.43% · ZETA (Zeta Global Holdings Corp.) USD 33.52 -1.73%

## More
Full page: https://nexqual.com/PATH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription services | $266.1M | 64.9% | +11.6% |
| Licenses | $123.8M | 30.2% | +10.4% |
| Professional services and other | $20.3M | 5.0% | +81.6% |
| Total revenue | $410.3M | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $205.0M | 50.0% | +13.2% |
| Europe, Middle East, and Africa | $136.1M | 33.2% | +20.4% |
| Asia-Pacific | $69.1M | 16.8% | +2.2% |
| Total revenue | $410.3M | 100% | — |

## Company outlook (8-K filed 2026-09-03)

- "Eastern Time, to discuss the Company's second quarter fiscal 2027 financial results and its guidance for the third"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.19 | $0.19 | +2.3% | $443.0M | 20 |
| Next quarter (ends 2027-01-31) | $0.30 | $0.30 | -1.1% | $520.5M | 20 |
| Current fiscal year (ends 2027-01-31) | $0.79 | $0.79 | +0.2% | $1.79B | 22 |
| Next fiscal year (ends 2028-01-31) | $0.92 | $0.91 | +1.5% | $1.94B | 22 |