UiPath: Need to see more ARR acceleration

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UiPath: Need to see more ARR acceleration

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UiPath

Need to see more ARR acceleration

Reiterate Rating: UNDERPERFORM | PO: 13.00 USD | Price: 11.58 USD

Results should be good enough given low sentiment 29 May 2026

Robotic process automation and AI vendor UiPath (PATH) reported good F1Q27 results Equity

above BofA/Street and raise the full year outlook. Net-new annualized recurring revenue

(ARR), the key building block for driving accelerating ARR growth revenue growth,

Key Changesdeclined 32% q/q to $48mn (was +78% y/y on an easy compare), which is making a

sustained accelerating ARR growth path less certain. The quarterly results were likely (US$) Previous Current

good enough given its discount multiple to its infrastructure software peers. However, Price Obj. 12.00 13.00

we look for more data points that support a sustainable ARR growth acceleration 2027E Rev (m) 1,756.4 1,778.0

trajectory before turning more positive. Update forecast for better subscription and 2028E Rev (m) 1,890.4 1,913.4

professional services growth assumptions. Reiterate Underperform. $13 PO. 2029E Rev (m) 2,037.9 2,064.9

2027E EPS 0.70 0.75

Positive: AI-Led Expansion Driving Larger Deal Sizes 2028E EPS 0.76 0.84

UiPath’s AI momentum is accelerating, with 16 of the top 20 deals including AI and 2029E EPS 0.80 0.88

expansion deals ~6x larger than non-AI. Adoption is shifting from pilots to production,

supporting larger platform-wide engagements and improved pipeline conversion. Dollar Koji Ikeda, CFA

based net retention of 109% also shows signs of stabilization. Overall, this points to Research Analyst

BofAS

better enterprise-led growth contributions with AI acting as a key driver of deal size +1 415 913 2106

expansion and deeper customer penetration. koji.ikeda@bofa.com