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UiPath, Inc.（PATH）与Upstart Holdings, Inc.（UPST）财务数据对比。点击上方公司名可切换其他公司
UiPath, Inc.的季度营收约是Upstart Holdings, Inc.的1.4倍（$411.1M vs $296.1M），UiPath, Inc.净利率更高（48.4% vs 6.3%，领先42.1%），Upstart Holdings, Inc.同比增速更快（35.2% vs 15.9%），Upstart Holdings, Inc.自由现金流更多（$108.4M vs $25.1M），过去两年Upstart Holdings, Inc.的营收复合增速更高（52.2% 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。
Upstart是一家AI信贷平台服务商，与银行及信用合作社合作，将教育背景、就业情况等非传统指标纳入信用评估模型，更精准地预测借款人的信用状况，为用户提供消费贷款服务，助力金融机构提升信贷效率、扩大服务覆盖范围。
PATH vs UPST — 直观对比
营收规模更大
PATH
是对方的1.4倍
$296.1M
营收增速更快
UPST
高出19.3%
15.9%
净利率更高
PATH
高出42.1%
6.3%
自由现金流更多
UPST
多$83.3M
$25.1M
两年增速更快
UPST
近两年复合增速
0.7%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $411.1M | $296.1M |
| 净利润 | $198.8M | $18.6M |
| 毛利率 | 83.3% | — |
| 营业利润率 | 3.2% | 6.4% |
| 净利率 | 48.4% | 6.3% |
| 营收同比 | 15.9% | 35.2% |
| 净利润同比 | 1966.2% | 776.4% |
| 每股收益（稀释后） | $0.37 | $0.20 |
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PATHUPST
| Q4 25 | $411.1M | $296.1M | ||
| Q3 25 | $361.7M | $277.1M | ||
| Q2 25 | $356.6M | $257.3M | ||
| Q1 25 | $423.6M | $213.4M | ||
| Q4 24 | $354.7M | $219.0M | ||
| Q3 24 | $316.3M | $162.1M | ||
| Q2 24 | $335.1M | $127.6M | ||
| Q1 24 | $405.3M | $127.8M |
净利润PATHUPST
| Q4 25 | $198.8M | $18.6M | ||
| Q3 25 | $1.6M | $31.8M | ||
| Q2 25 | $-22.6M | $5.6M | ||
| Q1 25 | $51.8M | $-2.4M | ||
| Q4 24 | $-10.7M | $-2.8M | ||
| Q3 24 | $-86.1M | $-6.8M | ||
| Q2 24 | $-28.7M | $-54.5M | ||
| Q1 24 | $33.9M | $-64.6M |
毛利率PATHUPST
| 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% | — | ||
| Q1 24 | 86.8% | — |
营业利润率PATHUPST
| Q4 25 | 3.2% | 6.4% | ||
| Q3 25 | -5.6% | 8.5% | ||
| Q2 25 | -4.6% | 1.8% | ||
| Q1 25 | 7.9% | -2.1% | ||
| Q4 24 | -12.2% | -2.2% | ||
| Q3 24 | -32.7% | -27.8% | ||
| Q2 24 | -14.8% | -43.5% | ||
| Q1 24 | 3.7% | -52.8% |
净利率PATHUPST
| Q4 25 | 48.4% | 6.3% | ||
| Q3 25 | 0.4% | 11.5% | ||
| Q2 25 | -6.3% | 2.2% | ||
| Q1 25 | 12.2% | -1.1% | ||
| Q4 24 | -3.0% | -1.3% | ||
| Q3 24 | -27.2% | -4.2% | ||
| Q2 24 | -8.6% | -42.7% | ||
| Q1 24 | 8.4% | -50.5% |
每股收益（稀释后）PATHUPST
| Q4 25 | $0.37 | $0.20 | ||
| Q3 25 | $0.00 | $0.23 | ||
| Q2 25 | $-0.04 | $0.05 | ||
| Q1 25 | $0.09 | $-0.03 | ||
| Q4 24 | $-0.02 | $-0.01 | ||
| Q3 24 | $-0.15 | $-0.07 | ||
| Q2 24 | $-0.05 | $-0.62 | ||
| Q1 24 | $0.07 | $-0.74 |
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 | $652.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.9B | $798.8M |
| 总资产 | $2.9B | $3.0B |
| 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PATHUPST
| Q4 25 | $1.4B | $652.4M | ||
| Q3 25 | $1.4B | $489.8M | ||
| Q2 25 | $1.6B | $395.9M | ||
| Q1 25 | $1.6B | $599.8M | ||
| Q4 24 | $1.6B | $788.4M | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
股东权益PATHUPST
| Q4 25 | $1.9B | $798.8M | ||
| Q3 25 | $1.7B | $743.7M | ||
| Q2 25 | $1.7B | $722.0M | ||
| Q1 25 | $1.8B | $676.6M | ||
| Q4 24 | $1.7B | $633.2M | ||
| Q3 24 | $1.8B | $595.5M | ||
| Q2 24 | $2.0B | $594.7M | ||
| Q1 24 | $2.0B | $612.8M |
总资产PATHUPST
| Q4 25 | $2.9B | $3.0B | ||
| Q3 25 | $2.6B | $2.9B | ||
| Q2 25 | $2.6B | $2.5B | ||
| Q1 25 | $2.9B | $2.3B | ||
| Q4 24 | $2.7B | $2.4B | ||
| Q3 24 | $2.7B | $1.8B | ||
| Q2 24 | $2.8B | $1.8B | ||
| Q1 24 | $3.0B | $1.9B |
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 | $108.6M |
| 自由现金流经营现金流 - 资本支出 | $25.1M | $108.4M |
| 自由现金流率自由现金流/营收 | 6.1% | 36.6% |
| 资本支出强度资本支出/营收 | 0.8% | 0.1% |
| 现金转化率经营现金流/净利润 | 0.14× | 5.82× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流PATHUPST
| Q4 25 | $28.3M | $108.6M | ||
| Q3 25 | $41.6M | $-122.6M | ||
| Q2 25 | $119.0M | $-120.2M | ||
| Q1 25 | $146.1M | $-13.5M | ||
| Q4 24 | $28.1M | $-110.9M | ||
| Q3 24 | $46.4M | $179.3M | ||
| Q2 24 | $100.0M | $65.3M | ||
| Q1 24 | $145.6M | $52.6M |
自由现金流PATHUPST
| Q4 25 | $25.1M | $108.4M | ||
| Q3 25 | — | $-122.7M | ||
| Q2 25 | $106.2M | $-120.3M | ||
| Q1 25 | $138.7M | — | ||
| Q4 24 | $23.2M | — | ||
| Q3 24 | $45.0M | $179.2M | ||
| Q2 24 | $98.8M | $65.3M | ||
| Q1 24 | $141.8M | $51.9M |
自由现金流率PATHUPST
| Q4 25 | 6.1% | 36.6% | ||
| Q3 25 | — | -44.3% | ||
| Q2 25 | 29.8% | -46.7% | ||
| Q1 25 | 32.7% | — | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 14.2% | 110.5% | ||
| Q2 24 | 29.5% | 51.1% | ||
| Q1 24 | 35.0% | 40.6% |
资本支出强度PATHUPST
| Q4 25 | 0.8% | 0.1% | ||
| Q3 25 | 0.0% | 0.0% | ||
| Q2 25 | 3.6% | 0.0% | ||
| Q1 25 | 1.7% | 0.0% | ||
| Q4 24 | 1.4% | 0.0% | ||
| Q3 24 | 0.4% | 0.1% | ||
| Q2 24 | 0.4% | 0.0% | ||
| Q1 24 | 0.9% | 0.5% |
现金转化率PATHUPST
| Q4 25 | 0.14× | 5.82× | ||
| Q3 25 | 26.25× | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | 2.82× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.29× | — |
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% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
