UiPath, Inc. — Blitz Index 48 (C)
UiPath scores 48 — profitability achieved, speed not restarted: every point above 48 hangs on whether agentic AI starts showing up in revenue.
Confidence: High · Category: platforms
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 14 / 25 | Revenue +12.7% with DBNRR rebounding to 109% — no TTD-style failure signature, but net new ARR of $37M/quarter will not re-accelerate |
| B · Moat | 34 / 60 | BOAT customers show 120% DBNRR (press-reported) yet agentic revenue is undisclosed — the platform story is half-built |
| C · Creative destruction | 9 / 15 | From RPA to agentic automation — the displacement thesis exists only as qualitative signals in top deals |
| D · BlitzFailing | −9 | Dines controls ~84% of votes via 35x Class B (−4) — a structural, permanent fixture; plus normalizing SBC and customer concentration |
Radar axes (0–100): Moat 56.7 · Speed 56 · Creative 60.
Watch item
Gates: G1 ✓ (narrow — growth alone, agentic excluded) · G2 ✓ (borderline — bar ≈ $16.1B (FY2026 revenue × 10) requires the BOAT/agentic category expansion to hold; agentic disclosure in the next 2–3 quarters is the re-review trigger for both gates).
Strengths
- First annual GAAP operating profit (+$56.8M) → four straight profitable quarters, non-GAAP operating margin 21.7% (Q2 FY27) — the profitability turn is confirmed (SEC)
- SBC 28.4% → ~11% quarterly, WASO shrinking via buybacks — the dilution structure's direction is clearly improving (SEC)
- DBNRR 107% → 109% rebound, $1M+ customers +21% YoY — existing cohorts are still expanding (SEC)
- FY2027 guide: revenue ~+11% · ARR ~+11.5% — double-digit positive growth guided (SEC)
- Debt-free · net cash ($1,689.9M → $1,405M), capex ~1.2% of revenue — a growth-risk company, not a balance-sheet-risk company (SEC)
- AI in 18 of the top 20 deals, BOAT customers at 120% DBNRR (press-reported) — qualitative signals of the agentic turn exist
Concerns
- No disclosed agentic revenue · ARR split (confirmed non-disclosure) — the second curve's monetization cannot be externally verified
- Net new ARR $37M/quarter (~2% of ARR) — weak linkage to total ARR, at odds with agentic qualitative signals
- Quarterly GM down to 80% (85.0% → 83.2% → 80% in quarter) — professional-services and hosting mix pressure persists
- RPA core market saturation risk vs bar $16.1B — if category expansion fails, the ceiling closes
- Bundle pricing pressure from platform giants (Power Automate · M365 · Copilot bundles) — a structural ceiling the 10-K names
- Dines ~84% of votes + CEO·Chairman in one — minority holders structurally cannot correct the course
Next earnings
Not announced.
Coverage
UiPath, Inc. · Q3 FY2027 earnings ~Dec 2026 (unconfirmed) · Score 48 · Grade C
BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.