Forensic Analysis · Technology / Software · as of Aug 11, 2026
Uipath, Inc. (PATH)
A forensic read on Uipath, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
8.8
Distress distance
Clean
Earnings quality
4
Forensic signals
22.1
P / E (ttm)
13.6%
ROE
$8.0B
Market cap
12.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Uipath, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 8.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+22.5%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +22.5% relative to their own average in FY2026 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by payables paid down 69% against +10% in cost of sales and receivables up +8% against revenue +13%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 8% of net operating assets, diverging from the balance-sheet accrual read.
3.6%
FY2026
Return on invested capital.Return on invested capital is 3.6% in the latest fiscal year and rising from -39% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
-0.2%/yr
FY2023–FY2026
Share count.Diluted share count changed -1% over the last 3 years to FY2026 (-0.2%/yr). Roughly flat — buybacks ($329M) are about offsetting stock comp ($291M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
93% of FCF
FY2026
Shareholder returns.Returned $329M to shareholders (buybacks + dividends) in FY2026 — 93% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 35% of free cash flow two years back — not just sitting there. Counting the $291M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 176%.
Key fundamentals
Latest Revenue$1.61B
Revenue Growth YoY+12.7%
Revenue CAGR (3yr)+15.0%
Net Margin17.5%
Free Cash Flow$352.2M
Return on Equity13.6%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Uipath, Inc.'s actual 10-K/10-Q/8-K filings?