We came across one bullish thesis at UiPath Inc. about Make money, make Oliver’s time substack | Wealth MMMT In this article, we will summarize the bulls’ thesis about PATH. The action of UiPath Inc. it was trading at $14.11 on January 28. PATH’s trailing and leading P/E were 34.19 and 19.53, respectively, according to Yahoo Finance.

Copyright: microolga / 123RF Stock Photo

UiPath ( PATH ) is emerging from a prolonged slump as it repositions itself from a legacy robotic process automation (RPA) provider to a core enabler of AI-driven business workflows. After declining more than 75% from its highs amid concerns that “RPA was dying,” PATH has introduced Maestro, an orchestration layer that integrates RPA bots with modern AI agents such as Copilot, Gemini, and OpenAI models.

Rather than replacing RPA, Maestro enhances it, transforming UiPath into a unified operating system that coordinates complex end-to-end processes across multiple AI tools. This change materially expands PATH’s addressable market from a ~$4B RPA niche to a projected $50B+ AI opportunity, while strengthening engagement among its existing base of 10,600+ customers, including 65% of the Fortune 500.

Operationally, UiPath is showing early signs of a turnaround. The third quarter marked its first GAAP profitable quarter, supported by gross margins around 85% and improving operating leverage as sales and marketing intensity eases. Revenue growth has begun to re-accelerate, ARR is up 11% year-over-year and customer expansion remains positive with net revenue retention at 108% and gross retention at 98%. Importantly, Maestro adoption is moving from pilot to production, with hundreds of live customers, accelerating deployment cycles and documented use cases delivering tens to hundreds of millions of dollars in cost savings across financial services, healthcare, insurance, energy and the public sector.

While risks remain around execution, competition from hyperscalers and the accelerating pace of revenue, the market continues to value PATH as a slow-growth software vendor rather than a strategic AI platform. If Maestro drives sustained growth above 20% and margin expansion towards 25-30%, a material revaluation is plausible. Under this scenario, PATH’s current valuation implies significant upside, with a credible path to an $80 share price as agent automation becomes central to the deployment of enterprise AI.

Previously, we covered a bullish thesis at UiPath Inc. (PATH) by Alexandru Dragut in October 2024, which highlighted the company’s subscription-based automation platform, strong ARR growth, expanding enterprise customers and progress toward profitability. PATH’s stock price has appreciated approximately 12.34% since our coverage due to improved sentiment about AI automation. Oliver | MMMT Wealth shares a similar view, but emphasizes the pivot of agent AI through Maestro and the potential for valuation revaluation.