با اجازه شما، از تحلیلهای محدود و حریمخصوصیمحور استفاده میکنیم تا مسیرهای پژوهشی مؤثر را بشناسیم. از ردیاب تبلیغاتی یا بازپخش نشست استفاده نمیکنیم. این انتخاب را میتوانید در تنظیمات تغییر دهید. بخوانید سیاست حفظ حریم خصوصی.
Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
PATH — frequently asked questions
Is UiPath Inc. overvalued?
In our latest published analysis dated 2026-05-10, PATH trades close to fair value. The price recorded at analysis is USD ۱۰٫۸ versus our fair value of USD ۱۱٫۰; the high endpoint is presented separately as potential value of USD ۱۴٫۰. That implies roughly 1.8% upside to fair value at that date.
Our latest published report, analyzed 2026-05-10, gives PATH a fair value of USD ۱۱٫۰ and a potential value of USD ۱۴٫۰. The conclusion is triangulated across multiple valuation models and weighted by reliability for UiPath Inc.'s archetype; it is a dated research output, not a live price.
Should I buy PATH now?
Our latest published rating for PATH, analyzed 2026-05-10, is Hold. UiPath Inc. trades close to fair value at the analysis-date price of USD ۱۰٫۸ versus fair value of USD ۱۱٫۰; potential value is USD ۱۴٫۰. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for PATH?
The dedicated bear-case section in our report analyzed 2026-05-10 documents UiPath Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is PATH's rating?
Our latest published rating for PATH, analyzed 2026-05-10, is Hold, with a published moat assessment of 6.5/10 (Narrow). It reflects our fair value of USD ۱۱٫۰, the potential value of USD ۱۴٫۰, and the price recorded at analysis (USD ۱۰٫۸).
این گزارش هنوز ترجمه نشده است. پس از چند دقیقه، زمانی که صف ترجمه به‌روز شد، صفحه را تازه کنید.
§1 خلاصه اجراییEN
پاسخ ۳۰ ثانیه‌ایHold
قیمت در برابر ارزش
Price
$10.79
Fair value
$10.98
Potential value
$13.97
As of
تاریخ قیمت ثبت نشده است
چرا این سناریو می‌تواند موفق باشد
Bull: UiPath successfully monetizes its AI agentic platform, re-accelerating top-line growth to double digits and reaching a 30%+ operating margin, fully justifying a $13.97 fair value.
چه چیزی دیدگاه ما را تغییر می‌دهد
AI Generative Disruption: Generative AI agents bypass traditional RPA workflows entirely, collapsing gross margins and pipeline growth.
UiPath is a market leader in Robotic Process Automation (RPA) transitioning into a broader AI and process orchestration platform. While top-line growth has decelerated from its hyper-growth phase to high single digits, the company has recently turned profitable, demonstrating the operating leverage inherent in its 83% gross margin profile.
UiPath is a market leader in Robotic Process Automation (RPA) transitioning into a broader AI and process orchestration platform. While top-line growth has decelerated from its hyper-growth phase to high single digits, the company has recently turned profitable, demonstrating the operating leverage inherent in its 83% gross margin profile.
High switching costs embedded deep within enterprise legacy workflows.
Incumbent scale and broad integrations
Incumbent scale and broad integrations in traditional RPA markets.
Cycle upside
Enterprise AI adoption drives massive structural process orchestration needs across sectors.
توصیه داخلی
Hold. Current valuation fully captures the transition to mature unit economics but lacks a sufficient margin of safety against significant execution and competitive risks.
نمای کلی شرکت
UiPath, Inc. provides an automation platform that offers a range of robotic process automation (RPA) solutions primarily in the United States, Romania, the United Kingdom, the Netherlands, and internationally. It offers the UiPath platform, an integrated enterprise software platform that enables AI agents, robots, people, and models to work together in coordinated workflows. The company's UiPath platform includes the UiPath Maestro process orchestration and process intelligence; UiPath agent builder; RPA and API automation; UiPath intelligent xtraction and processing; UiPath test cloud for testing and quality assurance; UiPath packaged and prebuilt agentic solutions; and centralized governance capabilities that apply across automations, AI agents, and manual tasks. It serves the financial services, healthcare, manufacturing, retail, and public sectors. The company was founded in 2005 and is headquartered in New York, New York.
§2 سناریوی نزولیEN
A recessionary enterprise software budget freeze coupled with Microsoft bundling forces drastic pricing cuts. Base case growth of 9% plummets to 0%, while fixed R&D and SBC costs severely destroy GAAP margins.
Microsoft and other hyperscalers aggressively commoditize traditional RPA, stalling UiPath's growth and forcing severe margin compression, dragging fair value down to $8.05.
چگونگی شکست این تز
AI Generative Disruption
Medium
Generative AI agents bypass traditional RPA workflows entirely, collapsing gross margins and pipeline growth.
FV impact
Severe downside toward the FCFF DCF floor of $4.48 per share.
Trigger
12-24 months
Structural Margin Stagnation
High
سیگنالهای هشدار اولیه برای پایش
پنج تحولی که می‌تواند تز سرمایه‌گذاری ما را تضعیف کند.
Decelerating revenue growth signals enterprise automation budget fatigue and competitive displacement by generative AI agents, threatening recurring cash flow streams and undermining premium valuation multiples.
وضعیت فعلی:12.7% for the period ended 2026-01-31
§3 خندق رقابتیEN
Narrow
High switching costs embedded deep within enterprise legacy workflows.
Incumbent scale and broad integrations in traditional RPA markets.
سود اقتصادی
Economic profit is supported when reported returns exceed the company cost-of-capital hurdle.
6.5/ 10
Narrow
Sources of advantage
01High switching costs embedded deep within enterprise legacy workflows. — High switching costs embedded deep within enterprise legacy workflows.Moderate
02Incumbent scale and broad integrations in traditional RPA markets. — Incumbent scale and broad integrations in traditional RPA markets.Moderate
تهدیدات شناخته‌شده برای خندق
تهدید
شدت
بازه زمانی
کاهش
Aggressive commoditization of RPA from Microsoft Power Automate bundling.
medium
Monitor
Monitor the threat against the report checkpoints.
Agentic AI disruption rendering pure-play UI scraping obsolete.
UiPath successfully monetizes its AI agentic platform, re-accelerating top-line growth to double digits and reaching a 30%+ operating margin, fully justifying a $13.97 fair value.
PATH trades at 12.0x forward earnings against a peer median of 52.4x; EV/EBITDA of 56.4x against a peer median of 107.7x; 5 peers.
§10 صنعت و چرخهEN
فاز چرخه
Expansion
Maturing software phase strictly prioritizing FCF conversion and capital return over growth at all costs.
چرخه صعودی
Enterprise AI adoption drives massive structural process orchestration needs across sectors.
چرخه نزولی
Broad IT budget consolidation heavily favors mega-cap incumbents with bundled solutions.
موقعیتیابی
Maturing software phase strictly prioritizing FCF conversion and capital return over growth at all costs.
§11 مدیریت موقعیتEN
اندازه موقعیت
Hold existing positions. There is currently no margin of safety to initiate new buys at current valuation levels.
ریسک
Trim exposure aggressively if shares approach the $13.97 bull case without a structural re-acceleration in top-line growth.
بخش‌های ورود
سطح
اقدام
چرا
Current / pullbacks
بخش‌های خروج
سطح
اقدام
Thesis break
Trim exposure aggressively if shares approach the $13.97 bull case without a structural re-acceleration in top-line growth.
§12 دیدگاههای سرمایهگذارانEN
Bull view
Buy
Maintain a Hold rating. The $10.98 compositefair value represents highly accurate pricing of the company's mature compounding trajectory weighed against ongoing execution risks.
Base view
Hold
While the transition to positive free cash flow is highly commendable, the persistent ~18% SBC burden and intense competitive environment heavily cap the upside potential.
§14 توصیه نهاییEN
اقدام
نگهداری
Maintain a Hold rating. The $10.98 compositefair value represents highly accurate pricing of the company's mature compounding trajectory weighed against ongoing execution risks.
Reassess the thesis against the named valuation, risk, and quarterly checkpoint evidence in this report.
§15یادداشتهای شما
تز سرمایه‌گذاری، اندازه موقعیت و پرسشهای پیگیری خود را ثبت کنید. روی همین دستگاه میماند و فقط شما آن را میبینید.
یادداشتهای خصوصی
فقط برای شما قابل مشاهده است. روی همین دستگاه ذخیره می‌شود.
A breakdown in cash flow conversion indicates that high equity compensation and working capital drag are eroding earnings quality, limiting the self-funded cash generation necessary to repurchase shares and offset dilution.
وضعیت فعلی:1.315 as of 2026-05-10
هشدار در صورت< 1.000 over two consecutive fiscal quarters
Sustained gross margin degradation reveals severe pricing pressure from bundled cloud orchestrators, eroding the high software gross profit needed to sustain sales distribution and platform development.
وضعیت فعلی:83.2% for the period ended 2026-01-31
هشدار در صورت< 80.0% over any trailing twelve-month period
Failing to expand operating margins toward steady-state targets proves that organizational overhead is inflexible against competitive pricing, breaking the operating leverage model essential for institutional valuation support.
وضعیت فعلی:3.5% for the period ended 2026-01-31
هشدار در صورت< 0.0% over two consecutive fiscal quarters
Negative returns on invested capital indicate that generative AI agent substitutes are commoditizing standalone robotic automation workflows, destroying economic value and nullifying the platform's competitive advantage.
وضعیت فعلی:2.1% as of 2026-05-10
هشدار در صورت< 0.0% over two consecutive fiscal quarters
Monitor the threat against the report checkpoints.
The company transitions smoothly to a mature compounder, stabilizing revenue growth at 6-9% while achieving a 25% normalized operating margin over the forecast period.
Warning level: < 1.000 over two consecutive fiscal quarters. A breakdown in cash flow conversion indicates that high equity compensation and working capital drag are eroding earnings quality, limiting the self-funded cash generation necessary to repurchase shares and offset dilution.
Warning level: < 80.0% over any trailing twelve-month period. Sustained gross margin degradation reveals severe pricing pressure from bundled cloud orchestrators, eroding the high software gross profit needed to sustain sales distribution and platform development.
Warning level: < 0.0% over two consecutive fiscal quarters. Failing to expand operating margins toward steady-state targets proves that organizational overhead is inflexible against competitive pricing, breaking the operating leverage model essential for institutional valuation support.
Warning level: < 0.0% over two consecutive fiscal quarters. Negative returns on invested capital indicate that generative AI agent substitutes are commoditizing standalone robotic automation workflows, destroying economic value and nullifying the platform's competitive advantage.
