Forensic Analysis · Software & SaaS · as of Nov 9, 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.
B · Sound & dependable
Forensic grade
Safe
Financial health
3.1
Distress distance
3
Forensic signals
14.4%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3.9%
FY2026
Return on invested capital.Return on invested capital is 3.9% in the latest fiscal year and rising across FY2024–FY2026 from -11.0%. After-tax operating profit was ($130M) in FY2024 and $51M in FY2026, with operating income at -12.6% of revenue in FY2024, -11.4% in FY2025 and 3.5% in FY2026. The capital base behind it went from $1.2B in FY2024 to $1.3B in FY2026 (+10%), while the revenue it carried went from $1.3B to $1.6B. $831M of the $1.3B base at FY2026 is short-term investments and long-term marketable securities (64.2%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns. FY2025's operating profit carried a $25M restructuring charge that alone took about 1.6 points off that year's return; FY2025 sits between the two ends of FY2024–FY2026, so the charge shapes the path between them without moving the change across it.
+17.9%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +17.9% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $50.1M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by payables paid down 69% against +10% in cost of sales and receivables up +8% against revenue +13%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 8% of net operating assets, against an accruals ratio of 17.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
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 (2yr)+11.0%
Net Margin17.5%
Free Cash Flow$352.2M
Return on Equity14.4%
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?