UiPath, Inc.

Worth knowing

• Profit looks boosted by one-off gains. Reported profit is 2.0× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 2.0× operating cash profit, lifted by income outside the core business.

  UiPath's reported profit is 2.0× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.UiPath's reported profit is 2.0× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.

• Stock pay outran buybacks. Stock-based pay expense $1.0B vs $822M spent repurchasing shares over the 3 fiscal years to FY Jan 2026.

  Over three fiscal years UiPath recorded $1.0B of stock-based pay expense and spent $822M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years UiPath recorded $1.0B of stock-based pay expense and spent $822M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Stock-based pay is a large cost. Stock pay was 18% of revenue in FY Jan 2026.

  UiPath paid employees $291M in stock in FY Jan 2026, 18% of its $1.6B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

• Operating margin at a 6-year high. 3.5% in FY Jan 2026, the best of the last 6 years.

  UiPath kept 3.5% of revenue as operating profit in FY Jan 2026, its highest in the 6 years of filings we have.