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The Moat Index

UiPath, Inc.

PATH · Technology · $6.6B mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

59/ 100
Shallow moat

The four filters

Pricing power100

Median gross margin 83.0% over 7y, very stable.

Returns on capital0

Median ROIC -13.6%, above the 9% hurdle in 0% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$12.15
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

8 years of fundamentals

The business, in plain English

UiPath, Inc. booked $1.6B of revenue in FY2026 in the Technology sector and kept 83.2% of it as gross profit — a high-margin business by that measure. After every other cost, 17.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $336.2M (FY2020) to $1.6B (FY2026) — about 29.8% a year compounded over 6 years.

It earned 4.7% on invested capital in FY2026, with a median of −13.6% across 5 filed years. The Returns on Capital filter above scores it 0/100.

PATH's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

The share count rose 257.6% between FY2020 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how PATH lands at 59/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2019–FY2026 · 8 fiscal years, normalized from PATH’s SEC filings

RevenueSales, as filed$1.6B FY2026
$0$1B201920222026
Gross marginRevenue kept after cost of goods83.2% FY2026
0%50%201920222026
Return on invested capitalOperating profit on the capital employed4.7% FY2026
−200%0%201920222026
Owner earningsCash an owner could take out$282.3M FY2026
−$500M$0201920222026

Gaps in a line mean that item isn’t in PATH’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale58.7 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — PATH has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#137 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #135PLAB PHOTRONICS, INC.58.8Shallow moat
  2. #136FRSH Freshworks Inc.58.7Shallow moat
  3. #138STGW Stagwell Inc58.6Shallow moat
  4. #139PINS Pinterest, Inc.58.5Shallow moat

Compare PATH with its nearest peers →All Technology companies on the Index →

Common questions about PATH

Does UiPath, Inc. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores UiPath, Inc. (PATH) 58.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 100, capital discipline 44.
How has PATH's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 58.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PATH. See the disclaimer.

UiPath, Inc. (PATH) Moat Score — The Moat Index · Buy Like Buffett