Latest Ratios: P/E Ratio 22.4x · EV/EBITDA 69.3x · ROE 14.4%. (2020–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.2B | $6.9B | $8.0B | $13.0B | $8.4B | $19.8B | — | — |
| Enterprise Value | $5.4B | $6.1B | $7.2B | $12.0B | $7.1B | $18.1B | — | — |
| P/E Ratio → | 22.40 | 24.21 | — | — | — | — | — | — |
| P/S Ratio | 3.85 | 4.26 | 5.57 | 9.91 | 7.95 | 22.16 | — | — |
| P/B Ratio | 3.05 | 3.29 | 4.31 | 6.43 | 4.38 | 10.29 | — | — |
| P/FCF | 17.60 | 19.48 | 26.05 | 44.41 | — | — | — | — |
| P/OCF | 16.69 | 18.48 | 24.84 | 43.32 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.76 | 5.01 | 9.15 | 6.69 | 20.23 | — | — |
| EV / EBITDA | 69.25 | 77.76 | — | — | — | — | — | — |
| EV / EBIT | 88.53 | 99.41 | — | — | — | — | — | — |
| EV / FCF | — | 17.21 | 23.43 | 41.00 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.0% | 83.0% | 82.7% | 85.0% | 83.0% | 81.1% | 89.2% | 82.3% |
| Operating Margin | 3.8% | 3.8% | -11.4% | -12.6% | -32.9% | -56.1% | -18.2% | -153.9% |
| Net Profit Margin | 17.5% | 17.5% | -5.2% | -6.9% | -31.0% | -58.9% | -15.2% | -154.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| ROE | 14.4% | 14.4% | -3.8% | -4.6% | -17.1% | -44.9% | -30.0% | -264.1% |
| ROA | 9.3% | 9.3% | -2.5% | -3.2% | -12.4% | -30.6% | -13.4% | -102.3% |
| ROIC | 3.9% | 3.9% | -11.8% | -15.4% | -66.5% | -263.4% | -231.8% | — |
| ROCE | 2.8% | 2.8% | -7.5% | -7.6% | -16.8% | -39.3% | -28.6% | -191.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.04 | 0.03 | 0.03 | 0.03 | 0.05 | 0.13 |
| Debt / EBITDA | 0.91 | 0.91 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.38 | -0.43 | -0.49 | -0.70 | -0.89 | -0.81 | -1.05 |
| Net Debt / EBITDA | -10.27 | -10.27 | — | — | — | — | — | — |
| Debt / FCF | — | -2.27 | -2.62 | -3.41 | — | — | -12.99 | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($871M) exceeds total debt ($71M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.48 | 2.48 | 2.93 | 3.63 | 3.74 | 4.32 | 2.01 | 1.68 |
| Quick Ratio | 2.48 | 2.48 | 2.93 | 3.63 | 3.74 | 4.32 | 2.01 | 1.68 |
| Cash Ratio | 1.63 | 1.63 | 2.04 | 2.64 | 2.80 | 3.54 | 1.26 | 0.97 |
| Asset Turnover | — | 0.51 | 0.50 | 0.44 | 0.39 | 0.35 | 0.70 | 0.66 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 131.60 | 138.44 | 146.16 | 154.12 | 137.82 | 130.76 | 128.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 4.1% | — | — | — | — | — | — |
| FCF Yield | 5.7% | 5.1% | 3.8% | 2.3% | — | — | — | — |
| Buyback Yield | 5.3% | 4.8% | 4.9% | 0.8% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 5.3% | 4.8% | 4.9% | 0.8% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $545M | $560M | $564M | $548M | $541M | $519M | $519M |
Competitive Agentic AI Disruption
Based on reported figures, UiPath's forward P/E of 15.63 suggests the market is pricing in a transition toward value-oriented software, a significant departure from its historical high-growth multiples as the company navigates a maturing enterprise automation market and intensifying competition from integrated platform providers.
The current EV/EBITDA multiple of 61.61 appears elevated relative to the forward expectation of 6.00, indicating that investors are heavily discounting near-term earnings volatility in favor of long-term platform potential. This valuation gap warrants caution, as it implies a high degree of confidence in management's ability to pivot toward AI-agent orchestration without sacrificing core margins.
As reported in financial statements, UiPath's ROIC has struggled to maintain positive territory, fluctuating between -8.0% and 4.7% over the last ten quarters, which suggests that the company has yet to achieve the scale necessary to generate consistent returns on its invested capital base.
The erratic ROIC trend reflects the heavy R&D and sales investment required to maintain market leadership, which often outpaces the immediate returns generated by new customer acquisitions. Investors should monitor whether the return to founder-led management can improve capital allocation efficiency and drive a more sustainable path toward positive economic value added.
According to recent SEC filings, UiPath's DSO has remained elevated, averaging over 100 days across the last ten quarters, which suggests that the company faces significant friction in its collection cycles compared to more mature enterprise software peers with more streamlined billing and payment processes.
The persistent length of the collection cycle may indicate that large enterprise contracts involve complex, milestone-based payment terms that delay cash realization. This inefficiency, combined with the lack of clear trends in the cash conversion cycle, highlights the operational challenges inherent in scaling a global, multi-product automation platform.
Based on the provided balance sheet data, UiPath maintains a current ratio of 2.20 as of 2027Q1, which provides a substantial liquidity cushion that appears sufficient to navigate potential macroeconomic headwinds or temporary slowdowns in enterprise IT spending cycles without requiring external financing.
While the current ratio has moderated from its 2025Q1 peak of 4.13, the company's liquidity position remains robust relative to its minimal debt-to-equity profile. This fortress-like balance sheet is a critical defensive asset, allowing the firm to prioritize internal innovation and strategic R&D even during periods of operating margin compression.
The most commonly misapplied metric for UiPath is the GAAP P/E ratio, which obscures the company's true earning power by failing to account for the significant non-cash impact of stock-based compensation and the volatility introduced by interest income on its substantial cash reserves.
Analysts should instead prioritize Adjusted Free Cash Flow and ARR growth to better gauge the underlying health of the business model. Relying on P/E in this context risks misinterpreting the company's profitability, as it ignores the structural reality that GAAP earnings are currently supported by non-operating items rather than core operational efficiency.
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Quick answers to the most common questions about buying PATH stock.
UiPath Inc.'s current P/E ratio is 22.4x. The historical average is 24.2x.
UiPath Inc.'s current EV/EBITDA is 69.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 77.8x.
UiPath Inc.'s return on equity (ROE) is 14.4%. The historical average is -50.0%.
Based on historical data, UiPath Inc. is trading at a P/E of 22.4x. Compare with industry peers and growth rates for a complete picture.
UiPath Inc. has 83.0% gross margin and 3.8% operating margin.
UiPath Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.