UiPath, Inc. (PATH) intrinsic value & 10-year financials

UiPath, Inc. (PATH) has a Graham intrinsic value of $17.27 per share. At $12.85 on Oct 17, 2026, the stock trades 26% below that value. Over the last 8 fiscal years revenue grew 29.8% a year to $1.6B, with an average return on invested capital of 12.8%.

Graham intrinsic value
$17.27
Share price (Oct 17, 2026)
$12.85
Price vs Graham value
26% below
Market cap
$7.0B
Revenue (FY2026)
$1.6B
Revenue growth (8-yr CAGR)
29.8%
ROIC (10-yr avg)
12.8%
Free cash flow (FY2026)
$352.2M

PATH 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2026 $1.6B $282.3M $0.52 $352.2M 3.5% 4.9%
FY2025 $1.4B -$73.7M -$0.13 $305.6M -11.4% -14.9%
FY2024 $1.3B -$89.9M -$0.16 $291.7M -12.6% -20.8%
FY2023 $1.1B -$328.4M -$0.60 -$33.8M -32.9% -89.6%
FY2022 $892.3M -$525.6M -$1.16 -$63.8M -56.1% 106.1%
FY2021 $607.6M -$92.4M -$0.55 $27.2M -18.2% 9.4%
FY2020 $336.2M -$519.9M -$3.41 -$375.2M -153.9% 94.3%
FY2019 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

UiPath, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

UiPath, Inc. returns on capital have been average, hovering around 12.8% ROIC over the decade.

UiPath, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, UiPath, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $17.27 per share.

PATH stock: frequently asked questions

What is the intrinsic value of UiPath, Inc. (PATH) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, PATH's intrinsic value is about $17.27 per share.

Is PATH stock undervalued?

At $12.85 (close on Oct 17, 2026), PATH trades 26% below its Graham value of $17.27. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

Does UiPath, Inc. generate free cash flow?

UiPath, Inc. generated $352.2M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2026. Free cash flow was positive in 4 of the last 7 reported years.

What is PATH's return on invested capital?

Average ROIC over the last 8 fiscal years was 12.8%, and average return on equity was 0.2%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this PATH data come from?

From UiPath, Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Jun 4, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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