A Business at a Glance
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UPWORK, INC
UPWK
$1.2B
Mkt Cap
$8.83
+1.26%
UPWORK, INC (UPWK) has a current P/E ratio of 10.5, compared to its historical median P/E of 18.0. The stock is currently considered Cheap based on its historical valuation range.
UPWORK, INC (UPWK) has a 5-year average return on invested capital (ROIC) of 8.3%. This is below average and may indicate limited pricing power.
UPWORK, INC (UPWK) has a market capitalization of $1.1B. It is classified as a small-cap stock.
UPWORK, INC (UPWK) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 19.32%.
Based on historical P/E analysis, UPWORK, INC (UPWK) appears cheap. The current P/E of 10.5 is 42% below its historical median of 18.0. The estimated fair value CAGR (P/E method) is 91.4%.
UPWORK, INC (UPWK) operates in the Services-Computer Processing & Data Preparation industry, within the Technology sector.
UPWORK, INC (UPWK) reported annual revenue of $788 million in its most recent fiscal year, based on SEC EDGAR filings.
Upwork Inc., through its complementary, wholly owned subsidiaries, connects businesses with global, AI-enabled talent across every on-demand work type, including freelance, agency, fractional, and payrolled. Our portfolio of platforms and other workforce solutions includes the Upwork Marketplace, the world’s human and AI-powered work marketplace that connects businesses with on-demand access to highly skilled independent talent worldwide, and Lifted, our wholly owned subsidiary that provides a purpose-built solution for enterprise organizations to source, contract, manage, and pay talent across the full spectrum of contingent work. Our customers consist of both talent and clients. We define talent as those who deliver services through the Upwork Marketplace, Lifted, or other Upwork workforce solutions. We define clients as customers who seek and engage with talent through these platforms and other workforce solutions.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 791M | 788M | 769M | 689M | 618M | 503M |
| Net Income | 109M | 115M | 216M | 47M | -90M | -56M |
| EPS | $0.84 | $0.84 | $1.52 | $0.34 | $-0.69 | $-0.44 |
| Free Cash Flow | 229M | 242M | 150M | 52M | 10M | 9.8M |
| ROIC | 13.0% | 30.5% | 25.8% | 6.0% | -11.0% | -10.0% |
| Gross Margin | 77.5% | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% |
| Debt/Equity | 1.26 | 0.59 | 0.64 | 0.97 | 2.34 | 2.25 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 123M | 129M | 65M | -11M | -93M | -54M |
| Operating Margin | 15.6% | 16.4% | 8.5% | -1.6% | -15.0% | -10.8% |
| ROE | 19.2% | 19.1% | 45.1% | 14.9% | -35.4% | -20.1% |
| Shares Outstanding | 124M | 137M | 142M | 137M | 130M | 128M |
| Metric | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 164M | 203M | 253M | 301M | 374M | 503M | 618M | 689M | 769M | 788M | 791M |
| Gross Margin | 61.9% | 67.7% | 67.8% | 70.7% | 72.1% | 73.0% | 74.1% | 75.3% | 77.4% | 77.8% | 77.5% |
| R&D | 38M | 46M | 55M | 64M | 83M | 119M | 155M | 177M | 209M | 186M | 183M |
| SG&A | 35M | 37M | 49M | 67M | 72M | 113M | 124M | 119M | 129M | 147M | 154M |
| EBIT | -14M | -3.1M | -12M | -19M | -22M | -54M | -93M | -11M | 65M | 129M | 123M |
| Op. Margin | -8.8% | -1.5% | -4.6% | -6.2% | -6.0% | -10.8% | -15.0% | -1.6% | 8.5% | 16.4% | 15.6% |
| Net Income | -16M | -11M | -20M | -17M | -23M | -56M | -90M | 47M | 216M | 115M | 109M |
| Net Margin | -9.9% | -5.2% | -7.9% | -5.5% | -6.1% | -11.2% | -14.5% | 6.8% | 28.0% | 14.7% | 13.8% |
| Non-Recurring | -32K | -66K | -91K | -14K | -44K | 0 | 0 | 0 | 19M | 0 | 0 |
| Returns on Capital | |||||||||||
| ROIC | N/A | -2.2% | -15.7% | -6.3% | -8.0% | -10.0% | -11.0% | 6.0% | 25.8% | 30.5% | 13.0% |
| ROE | 63.0% | 34.6% | -18.7% | -6.6% | -8.2% | -20.1% | -35.4% | 14.9% | 45.1% | 19.1% | 19.2% |
| ROA | N/A | -7.6% | -6.0% | -4.0% | -4.7% | -7.0% | -8.3% | 4.4% | 19.2% | 9.2% | 8.8% |
| Cash Flow | |||||||||||
| Op. Cash Flow | 3.1M | -4.0M | 14M | 1.1M | 22M | 11M | 11M | 53M | 154M | 248M | 234M |
| Free Cash Flow | 2.3M | -5.8M | 11M | -9.7M | 16M | 9.8M | 10M | 52M | 150M | 242M | 229M |
| Owner Earnings | -12M | -15M | -1.5M | -26M | -9.4M | -47M | -72M | -31M | 70M | 157M | 136M |
| CapEx | 846K | 1.8M | 3.0M | 11M | 6.3M | 1.0M | 1.2M | 692K | 3.5M | 5.8M | 5.0M |
| Maint. CapEx | 7.5M | 4.2M | 4.9M | 7.9M | 6.3M | 4.4M | 8.1M | 9.4M | 15M | 26M | 30M |
| Growth CapEx | 0 | 0 | 0 | 2.8M | 20K | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 7.5M | 4.2M | 4.9M | 7.9M | 6.3M | 4.4M | 8.1M | 9.4M | 15M | 26M | 30M |
| CapEx/OCF | N/A | N/A | 21.8% | 1016.3% | 28.3% | 9.5% | 19.0% | 1.3% | 2.3% | 2.3% | 2.2% |
| Capital Allocation | |||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100M | 136M | 211M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4.2% | 4.7% | 19.3% |
| Stock-Based Comp | 7.3M | 6.8M | 10M | 19M | 26M | 54M | 76M | 74M | 68M | 65M | 69M |
| Debt Repayment | 12M | 17M | 25M | 56M | 26M | 11M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||
| Net Debt | N/A | 42M | -105M | -91M | -135M | -100M | -105M | -182M | -253M | -302M | 141M |
| Cash & Equiv. | 90M | 22M | 129M | 48M | 94M | 187M | 129M | 80M | 306M | 294M | 580M |
| Long-Term Debt | N/A | 23M | 18M | 11M | 3.1M | 561M | 564M | 356M | 358M | 0 | 360M |
| Debt/Equity | N/A | -2.04 | 0.10 | 0.16 | 0.12 | 2.25 | 2.34 | 0.97 | 0.64 | 0.59 | 1.26 |
| Interest Coverage | -16.9 | -3.3 | -5.7 | -14.3 | -28.8 | -24.9 | -20.7 | -0.5 | 70.9 | 105.4 | 105.4 |
| Equity | -30M | -31M | 244M | 259M | 299M | 260M | 249M | 381M | 575M | 630M | 570M |
| Total Assets | N/A | 275M | 392M | 446M | 529M | 1.1B | 1.1B | 1.0B | 1.2B | 1.3B | 1.2B |
| Total Liabilities | N/A | 140M | 148M | 187M | 230M | 822M | 831M | 656M | 636M | 669M | 672M |
| Intangibles | N/A | 8.7M | 6.0M | 3.3M | 667K | 0 | 0 | 3.0M | 13M | 37M | 34M |
| Retained Earnings | N/A | -124M | -143M | -172M | -195M | -251M | -341M | -294M | -78M | 37M | 68M |
| Working Capital | N/A | 29M | 128M | 132M | 162M | 696M | 683M | 590M | 643M | 301M | 236M |
| Current Assets | N/A | 144M | 256M | 281M | 361M | 930M | 931M | 883M | 911M | 951M | 883M |
| Current Liabilities | N/A | 115M | 128M | 149M | 199M | 234M | 248M | 293M | 268M | 650M | 647M |
| Per Share Data | |||||||||||
| EPS | -0.51 | -0.32 | -0.19 | -0.15 | -0.19 | -0.44 | -0.69 | 0.34 | 1.52 | 0.84 | 0.84 |
| Owner EPS | -0.37 | -0.45 | -0.01 | -0.23 | -0.08 | -0.37 | -0.55 | -0.23 | 0.50 | 1.14 | 1.10 |
| Book Value | -0.95 | -0.94 | 2.29 | 2.34 | 2.49 | 2.03 | 1.91 | 2.78 | 4.06 | 4.59 | 4.61 |
| Cash Flow/Share | 0.10 | -0.12 | 0.13 | 0.01 | 0.19 | 0.08 | 0.09 | 0.38 | 1.08 | 1.81 | 1.13 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 31.8M | 33.2M | 106.5M | 111.1M | 120.4M | 127.8M | 130.3M | 137.3M | 141.8M | 137.4M | 123.6M |
| Valuation | |||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 251.2 | 11.1 | 24.8 | 10.5 |
| P/FCF | N/A | N/A | 177.0 | N/A | 273.5 | 449.3 | 126.0 | 39.8 | 16.0 | 11.8 | 4.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 32.8 | 22.5 | 10.0 |
| Price/Book | N/A | N/A | 8.3 | 4.5 | 14.7 | 17.0 | 5.2 | 5.4 | 4.2 | 4.5 | 1.9 |
| Price/Sales | N/A | N/A | 8.4 | 6.1 | 5.0 | 11.8 | 4.1 | 2.3 | 2.3 | 2.7 | 1.4 |
| FCF Yield | N/A | N/A | 0.5% | -0.8% | 0.4% | 0.2% | 0.8% | 2.5% | 6.2% | 8.5% | 21.0% |
| Market Cap | 0 | N/A | 2.0B | 1.2B | 4.4B | 4.4B | 1.3B | 2.0B | 2.4B | 2.9B | 1.1B |
| Avg. Price | 0.00 | N/A | 18.60 | 16.40 | 15.46 | 46.50 | 19.24 | 11.55 | 12.41 | 15.68 | 8.83 |
| Year-End Price | 0.00 | N/A | 17.86 | 10.42 | 36.46 | 34.48 | 9.91 | 15.07 | 16.94 | 20.85 | 8.83 |
UPWORK, INC passes 7 of 9 quality checks, indicating strong fundamentals.
UPWORK, INC trades at 10.5x trailing earnings, compared to its 15-year median P/E of 18.0x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 4.7x vs a median of 16.0x. The company's 5-year average ROIC is 8.3% with a gross margin of 75.5%. Total shareholder yield (buybacks) is 19.3%. At current prices, the estimated annualized return to fair value is +58.5%.
UPWORK, INC (UPWK) has a net profit margin of 14.7%. This is a healthy margin.
UPWORK, INC (UPWK) generated $242 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
UPWORK, INC (UPWK) has a debt-to-equity ratio of 0.59. This indicates moderate leverage.
UPWORK, INC (UPWK) reported earnings per share (EPS) of $0.84 in its most recent fiscal year.
UPWORK, INC (UPWK) has a return on equity (ROE) of 19.1%. This indicates the company generates strong returns for shareholders.
UPWORK, INC (UPWK) has a 5-year average gross margin of 75.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 10 years of financial data for UPWORK, INC (UPWK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
UPWORK, INC (UPWK) has a book value per share of $4.59, based on its most recent annual SEC filing.