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UiPath, Inc.（PATH）与Tradeweb Markets Inc.（TW）财务数据对比。点击上方公司名可切换其他公司
Tradeweb Markets Inc.的季度营收约是UiPath, Inc.的1.5倍（$617.8M vs $411.1M），UiPath, Inc.净利率更高（48.4% vs 37.7%，领先10.6%），Tradeweb Markets Inc.同比增速更快（21.2% vs 15.9%），UiPath, Inc.自由现金流更多（$25.1M vs $2.0M），过去两年Tradeweb Markets Inc.的营收复合增速更高（23.5% vs 0.7%）
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
PATH vs TW — 直观对比
营收规模更大
TW
是对方的1.5倍
$411.1M
营收增速更快
TW
高出5.3%
15.9%
净利率更高
PATH
高出10.6%
37.7%
自由现金流更多
PATH
多$23.1M
$2.0M
两年增速更快
TW
近两年复合增速
0.7%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $411.1M | $617.8M |
| 净利润 | $198.8M | $233.2M |
| 毛利率 | 83.3% | — |
| 营业利润率 | 3.2% | 46.5% |
| 净利率 | 48.4% | 37.7% |
| 营收同比 | 15.9% | 21.2% |
| 净利润同比 | 1966.2% | 38.5% |
| 每股收益（稀释后） | $0.37 | $0.96 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收PATHTW
| Q1 26 | — | $617.8M | ||
| Q4 25 | $411.1M | $521.2M | ||
| Q3 25 | $361.7M | $508.6M | ||
| Q2 25 | $356.6M | $513.0M | ||
| Q1 25 | $423.6M | $509.7M | ||
| Q4 24 | $354.7M | $463.3M | ||
| Q3 24 | $316.3M | $448.9M | ||
| Q2 24 | $335.1M | $405.0M |
净利润PATHTW
| Q1 26 | — | $233.2M | ||
| Q4 25 | $198.8M | $325.0M | ||
| Q3 25 | $1.6M | $185.6M | ||
| Q2 25 | $-22.6M | $153.8M | ||
| Q1 25 | $51.8M | $148.4M | ||
| Q4 24 | $-10.7M | $142.2M | ||
| Q3 24 | $-86.1M | $113.9M | ||
| Q2 24 | $-28.7M | $119.2M |
毛利率PATHTW
| Q1 26 | — | — | ||
| Q4 25 | 83.3% | — | ||
| Q3 25 | 82.2% | — | ||
| Q2 25 | 82.1% | — | ||
| Q1 25 | 84.8% | — | ||
| Q4 24 | 82.0% | — | ||
| Q3 24 | 80.0% | — | ||
| Q2 24 | 83.5% | — |
营业利润率PATHTW
| Q1 26 | — | 46.5% | ||
| Q4 25 | 3.2% | 42.4% | ||
| Q3 25 | -5.6% | 41.4% | ||
| Q2 25 | -4.6% | 39.0% | ||
| Q1 25 | 7.9% | 40.0% | ||
| Q4 24 | -12.2% | 40.7% | ||
| Q3 24 | -32.7% | 35.5% | ||
| Q2 24 | -14.8% | 40.1% |
净利率PATHTW
| Q1 26 | — | 37.7% | ||
| Q4 25 | 48.4% | 62.4% | ||
| Q3 25 | 0.4% | 36.5% | ||
| Q2 25 | -6.3% | 30.0% | ||
| Q1 25 | 12.2% | 29.1% | ||
| Q4 24 | -3.0% | 30.7% | ||
| Q3 24 | -27.2% | 25.4% | ||
| Q2 24 | -8.6% | 29.4% |
每股收益（稀释后）PATHTW
| Q1 26 | — | $0.96 | ||
| Q4 25 | $0.37 | $1.52 | ||
| Q3 25 | $0.00 | $0.86 | ||
| Q2 25 | $-0.04 | $0.71 | ||
| Q1 25 | $0.09 | $0.69 | ||
| Q4 24 | $-0.02 | $0.66 | ||
| Q3 24 | $-0.15 | $0.53 | ||
| Q2 24 | $-0.05 | $0.55 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.4B | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.9B | — |
| 总资产 | $2.9B | — |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PATHTW
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $2.1B | ||
| Q3 25 | $1.4B | $1.9B | ||
| Q2 25 | $1.6B | $1.6B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.9B | $1.7B |
股东权益PATHTW
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $6.5B | ||
| Q3 25 | $1.7B | $6.3B | ||
| Q2 25 | $1.7B | $6.1B | ||
| Q1 25 | $1.8B | $5.9B | ||
| Q4 24 | $1.7B | $5.8B | ||
| Q3 24 | $1.8B | $5.7B | ||
| Q2 24 | $2.0B | $5.6B |
总资产PATHTW
| Q1 26 | — | — | ||
| Q4 25 | $2.9B | $8.2B | ||
| Q3 25 | $2.6B | $8.0B | ||
| Q2 25 | $2.6B | $8.1B | ||
| Q1 25 | $2.9B | $7.4B | ||
| Q4 24 | $2.7B | $7.3B | ||
| Q3 24 | $2.7B | $7.3B | ||
| Q2 24 | $2.8B | $7.3B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $28.3M | — |
| 自由现金流经营现金流 - 资本支出 | $25.1M | $2.0M |
| 自由现金流率自由现金流/营收 | 6.1% | 0.3% |
| 资本支出强度资本支出/营收 | 0.8% | — |
| 现金转化率经营现金流/净利润 | 0.14× | — |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流PATHTW
| Q1 26 | — | — | ||
| Q4 25 | $28.3M | $355.9M | ||
| Q3 25 | $41.6M | $342.3M | ||
| Q2 25 | $119.0M | $409.2M | ||
| Q1 25 | $146.1M | $60.2M | ||
| Q4 24 | $28.1M | $282.0M | ||
| Q3 24 | $46.4M | $292.1M | ||
| Q2 24 | $100.0M | $285.7M |
自由现金流PATHTW
| Q1 26 | — | $2.0M | ||
| Q4 25 | $25.1M | $336.5M | ||
| Q3 25 | — | $328.3M | ||
| Q2 25 | $106.2M | $403.7M | ||
| Q1 25 | $138.7M | $58.6M | ||
| Q4 24 | $23.2M | $256.8M | ||
| Q3 24 | $45.0M | $287.8M | ||
| Q2 24 | $98.8M | $280.8M |
自由现金流率PATHTW
| Q1 26 | — | 0.3% | ||
| Q4 25 | 6.1% | 64.6% | ||
| Q3 25 | — | 64.5% | ||
| Q2 25 | 29.8% | 78.7% | ||
| Q1 25 | 32.7% | 11.5% | ||
| Q4 24 | 6.5% | 55.4% | ||
| Q3 24 | 14.2% | 64.1% | ||
| Q2 24 | 29.5% | 69.4% |
资本支出强度PATHTW
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | 3.7% | ||
| Q3 25 | 0.0% | 2.8% | ||
| Q2 25 | 3.6% | 1.1% | ||
| Q1 25 | 1.7% | 0.3% | ||
| Q4 24 | 1.4% | 5.4% | ||
| Q3 24 | 0.4% | 1.0% | ||
| Q2 24 | 0.4% | 1.2% |
现金转化率PATHTW
| Q1 26 | — | — | ||
| Q4 25 | 0.14× | 1.10× | ||
| Q3 25 | 26.25× | 1.84× | ||
| Q2 25 | — | 2.66× | ||
| Q1 25 | 2.82× | 0.41× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.40× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
