Upwork Inc.
UPWK Communication Services Internet Content & Information
Upwork Inc.’s revenue for fiscal 2025 (year ended December 2025) was $787.8 million, up 2.40% from fiscal 2024. In the quarter to June 2026, revenue fell 1.68%, EPS fell 16.0%, free cash flow fell 45.2% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Upwork Inc. (UPWK) Piotroski F-score
Upwork Inc.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, down from 8 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | (2.00) |
| FY2024 | 8 | 1.00 |
| FY2023 | 7 | 3.00 |
| FY2022 | 4 | 0.00 |
| FY2021 | 4 | (1.00) |
| FY2020 | 5 | 0.00 |
| FY2019 | 5 | 0.00 |
| FY2018 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 9.19% | 19.17% | Pass | 1 |
| Positive operating cash flow | 248.26m | 153.56m | Pass | 1 |
| Rising return on assets | 9.19% | 19.17% | Fail | 0 |
| Cash flow above net income | 132.83m | (62.02m) | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.32 | Pass | 1 |
| Rising current ratio | 1.46 | 3.39 | Fail | 0 |
| No new shares issued | 132,485,000 | 133,621,000 | Pass | 1 |
| Rising gross margin | 77.82% | 77.37% | Pass | 1 |
| Rising asset turnover | 0.63 | 0.68 | Fail | 0 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| TBLA Taboola.com Ltd. compare | 7 |
| YELP Yelp Inc. compare | 7 |
| NXDR Nextdoor Holdings, Inc. compare | 6 |
| UPWK Upwork Inc. | 6 |
| EVER EverQuote, Inc. compare | 6 |
| BMBL Bumble Inc. compare | 6 |
| WB Weibo Corporation compare | 5 |
| WBTN WEBTOON Entertainment Inc. compare | 4 |
| PGRU PropertyGuru Group Limited compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover