PATHUiPath, Inc.

Services-Prepackaged Software

Revenue: $1.6B; 13% YoY
Operating margin: 3.5%; 131% YoY
EBITDA: $74M; 151% YoY
Market cap: $7.2B
Employees: 3,981; $405K revenue each
Net debt / EBITDA: —
AI in 10-K: 29.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
131% of net income
Cash flow under 80% of net income
Dilutive SBCYes
18% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
89% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$405K · 44th pct
Bottom quartile of its SIC industry
Quiet on AINo
29.6 per 10K words · 100th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$89M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$892M	$1.1B	$1.3B	$1.4B	$1.6B	13%
Operating income	−$501M	−$348M	−$165M	−$163M	$57M	135%
Net income	−$526M	−$328M	−$90M	−$74M	$282M	483%
Operating cash flow	−$55M	−$10M	$299M	$321M	$371M	16%
Capex	$9M	$24M	$7M	$15M	$19M	28%
Stock-based comp	$516M	$370M	$372M	$358M	$291M	19%
Buybacks	$0	$0	$103M	$391M	$329M	16%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $89M · 49
Net: −$89M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	18	232
FY2025	—	—	21	179
FY2024	—	—	33	141
FY2023	—	—	22	95
FY2022	—	—	53	114