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UiPath (MEX:PATH) Beneish M-Score : -2.92 (As of Apr. 06, 2025)


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What is UiPath Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for UiPath's Beneish M-Score or its related term are showing as below:

MEX:PATH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04   Med: -2.79   Max: -2.65
Current: -2.92

During the past 7 years, the highest Beneish M-Score of UiPath was -2.65. The lowest was -3.04. And the median was -2.79.

UiPath Beneish M-Score Historical Data

The historical data trend for UiPath's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

UiPath Beneish M-Score Chart

UiPath Annual Data
Trend Jan19 Jan20 Jan21 Jan22 Jan23 Jan24 Jan25
Beneish M-Score
Get a 7-Day Free Trial - -2.66 -2.65 -3.04 -2.92

UiPath Quarterly Data
Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.04 -3.13 -3.14 -3.13 -2.92

Competitive Comparison of UiPath's Beneish M-Score

For the Software - Infrastructure subindustry, UiPath's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

UiPath's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, UiPath's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where UiPath's Beneish M-Score falls into.


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UiPath Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of UiPath for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0375+0.528 * 1.0274+0.404 * 1.4979+0.892 * 1.2007+0.115 * 1.6242
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9261+4.679 * -0.136132-0.327 * 1.1688
=-2.66

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jan25) TTM:Last Year (Jan24) TTM:
Total Receivables was MXN11,137 Mil.
Revenue was 8739.393 + 7104.196 + 5881.515 + 5718.418 = MXN27,444 Mil.
Gross Profit was 7408.121 + 5826.934 + 4703.921 + 4774.341 = MXN22,713 Mil.
Total Current Assets was MXN48,242 Mil.
Total Assets was MXN59,108 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,047 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN326 Mil.
Selling, General, & Admin. Expense(SGA) was MXN18,365 Mil.
Total Current Liabilities was MXN16,481 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,531 Mil.
Net Income was 1068.458 + -213.435 + -1601.189 + -490.357 = MXN-1,237 Mil.
Non Operating Income was 182.525 + 156.445 + 143.387 + 182.229 = MXN665 Mil.
Cash Flow from Operations was 3013.526 + 562.281 + 862.478 + 1707.051 = MXN6,145 Mil.
 Total Receivables was MXN8,940 Mil.
Revenue was 6960.707 + 5883.852 + 4803.335 + 5208.964 = MXN22,857 Mil.
Gross Profit was 6044.356 + 4982.646 + 3984.355 + 4423.504 = MXN19,435 Mil.
Total Current Assets was MXN44,322 Mil.
Total Assets was MXN50,752 Mil.
Property, Plant and Equipment(Net PPE) was MXN1,375 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN395 Mil.
Selling, General, & Admin. Expense(SGA) was MXN16,515 Mil.
Total Current Liabilities was MXN12,224 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,008 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(11136.896 / 27443.522) / (8940.092 / 22856.858)
=0.405811 / 0.391134
=1.0375

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(19434.861 / 22856.858) / (22713.317 / 27443.522)
=0.850286 / 0.827639
=1.0274

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (48242.134 + 2047.222) / 59107.655) / (1 - (44321.673 + 1375.024) / 50751.514)
=0.14919 / 0.099599
=1.4979

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=27443.522 / 22856.858
=1.2007

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(394.879 / (394.879 + 1375.024)) / (325.988 / (325.988 + 2047.222))
=0.223108 / 0.137362
=1.6242

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(18364.742 / 27443.522) / (16515.392 / 22856.858)
=0.669183 / 0.722557
=0.9261

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1531.291 + 16480.921) / 59107.655) / ((1008.466 + 12224.147) / 50751.514)
=0.304736 / 0.260733
=1.1688

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-1236.523 - 664.586 - 6145.336) / 59107.655
=-0.136132

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

UiPath has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

UiPath Business Description

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Address
One Vanderbilt Avenue, 60th Floor, New York, NY, USA, 10017
Website
https://www.uipath.com
UiPath offers an end-to-end cross-application enterprise automation platform. The platform leverages a range of automation technologies including robotic process automation, application programming interface, and artificial intelligence. UiPath's solution can automate a broad range of repetitive tasks across industries including claims processing, employee onboarding, invoice to cash, loan applications, and customer service.