Upwork (UPWK) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Upwork

NasdaqGS•Communication Services•Internet Content & Information

$8.55-0.06(-0.01%)After hours

Market Cap

$1.03B

P/E

10.2x

P/S

1.3x

P/B

1.7x

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. 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.

How this company scores

GoodMetricSide Score: 62/100

Strongest: Cash & Earnings Quality (18/25); weakest: Growth (11/25).

Profitability16/25

Growth11/25

Balance Sheet & Red Flags17/25

Cash & Earnings Quality18/25

Strengths

Strong marginsHigh ROECash-backed earningsConsistent free cash flow

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 10.2x5y range 7.2x – 118.2x

Currently below its 12-quarter median.

P/S · 1.3x5y range 1.3x – 11.9x

Currently below its 20-quarter median.

P/B · 1.7x5y range 1.7x – 21.3x

Price & Volume

Market Cap $1.03B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $787.28M
Q. Revenue: $191.66M
TTM EBITDA: $149.25M
TTM Op. Income: $118.91M
Q. Op. Income: $28.14M
TTM Net Income: $101.83M
Q. Net Income: $25.40M
EPS: $0.21
Shares Out.: $123.92M

$787.28M in TTM revenue grew 1.9% YoY, reaching $191.66M last quarter. TTM EBITDA of $149.25M and TTM operating income of $118.91M show growth is flowing through to the bottom line. TTM net income of $101.83M means revenue is converting into profit. Over the past year, TTM revenue is up 2% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 76.4%
EBITDA Margin: 15.1%
Op. Margin: 14.7%
Net Margin: 13.3%

Op. margin of 14.7% is down 2.0% YoY — costs are rising relative to revenue. Net margin at 13.3% and gross margin of 76.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 12% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 10.2x
P/S Ratio: 1.3x
P/B Ratio: 1.7x

At 10.2x P/E, the stock trades below typical market levels. P/S of 1.3x and P/B of 1.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.27B
Cash: $476.04M
Long-Term Debt: $360.69M
Book Value: $611.27M
D/E Ratio: 0.6
Debt/EBITDA: 12.5

With $1.27B in assets and $360.69M in long-term debt, D/E is 0.6and book value is $611.27M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 0% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $46.87M
TTM Free Cash Flow: $204.40M
FCF Margin: 26.0%
FCF / Net Income: 2.0

TTM FCF of $204.40M on $46.87M in operating cash flow. The FCF / Net Income ratio of 2.0x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.