Upwork Inc.
Rank #85Capital ReturnUPWK · Nasdaq · Communication Services
Upwork Inc. (UPWK) — Rank #85 by gross profitability (GP/assets 0.48) · ROE 18.9% · Piotroski F-Score 6 / 9.
As-of 2026-09-15 · CIK 0001627475 · all metrics point-in-time as of the filing date.
About
Upwork Inc., together with its subsidiaries, provides platforms and workforce solutions that connect businesses with freelance, agency, fractional, and payrolled talent in the United States, the Philippines, India, Pakistan, and internationally.
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The company offers Upwork Marketplace, a human and AI-powered work marketplace that connects businesses with on-demand access to independent talent across a range of categories, including AI-related projects, administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development. Its marketplace also streamlines workflows, such as talent sourcing, outreach, contracting, and engagement management, as well as provides infrastructure for remote collaboration, including communication and collaboration tools, consolidated invoicing, and payment protection; and Upwork Payroll services. It also offers enterprise solutions that provide access to platform capabilities that support contingent workforce solutions, including sourcing, onboarding, classification, compliance and contract management, payments, and reporting. In addition, the company offers managed services that provide a service-led program management and end-to-end project delivery solution that enables enterprise clients to outsource defined functions or projects; Uma, an AI assistant; and escrow services. The company was formerly known as Elance-oDesk, Inc. and changed its name to Upwork Inc. in May 2015. Upwork Inc.
was founded in 1998 and is headquartered in Palo Alto, California.
- Industry
- Internet Content & Information
- Sector
- Communication Services
- State
- DE
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- upwork.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$1.09B
P/E (annual)
10.4
P/S (annual)
1.4
P/B
1.8
P/OCF (annual)
4.4
Shareholder Yield
1.7%
Employees
630
Industry
Internet Content & Information
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
-11.9%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Buyback tailwind: -1.7% — per-share value needs a total required return of -13.7% once share-count change is priced in.
vs. own 6-year median revenue growth: 17.3%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
-15.0%
r = 10% (base)
-11.9%
r = 12%
-9.3%
Net debt / market cap: -20.6%
Note: current FCF margin is 2.3σ above its historical mean — implied growth may understate valuation risk if the margin reverts.
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.48
Primary signal (Novy-Marx).
7th of 13 SIC 7374 peers
Return on equity
18.9%
Gross margin
77.8%
4th of 13 SIC 7374 peers
Revenue growth (YoY)
2.4%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
8.4%
Revenue CAGR (5Y)
16.1%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
257.4%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.08
5th of 11 SIC 7374 peers (best = lowest)
Current ratio
1.42×
7th of 13 SIC 7374 peers
Quick ratio
1.08×
Net cash
$253.55M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$242.47M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
1.10
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
8.3%
Stock-based comp intensity.
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).