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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.

8.43 0.31 −3.55%
Market cap
$1.1B
P/E
10.5×
Fwd P/E
8.5×
Dividend yield
—
F-score
6/9
Altman Z
3.61
Beneish M
−2.95
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 15.80
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 6 3 — 3 4 — 3 3 1 3 4 —
Insider Ownership 4.46%

Capital & Financial Ratios $m

Market Cap 1,090.00
Revenue 787.28
Net Income 101.83
Free Cash Flow 175.55
Net Debt (253.55)
Current Ratio 1.42
Debt/Equity 0.59
P/E ratio 10.54
Fwd P/E 8.51
P/S ratio 1.33
P/B ratio 1.71
Past 5Y EPS Growth —
This Y EPS Growth (1.44%) (below 0%: weak)
Next Y EPS Growth (1.81%) (below 0%: weak)
Next Y revenue growth (5.80%) (below 0%: weak)
Next 5Y EPS Growth 1.89%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.5×, against a ten-year median of 2.8×; over the ten years it ranged from 1.4× in 2026 to 16.7× in 2021.
P/E against its own 10 years 35.99%
10-year low 10-year high
P/S against its own 10 years 1.44%
10-year low 10-year high
P/B against its own 10 years 1.17%
10-year low 10-year high
EV/Sales against its own 10 years 2.18%
10-year low 10-year high
EV/FCF against its own 10 years 3.89%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 550 622 673 614
Receivables 103 75 76 76
Inventory — — — —
Other 212 196 181 193
883 911 951 909
2023 2024 2025 Q'26
Payables 5 6 8 7
ST’ Debt — — 360 361
Other — — — —
293 268 650 638

Compound Annual Growth %

10y 5y 3y
Sales — 16.09% 8.41%
Cash Flow — 61.83% 178.47%
Earnings — 0.00% 0.00%
Book Value — 16.06% 36.31%

Revenue $m

Mar Jun Sep Dec Year
’26 195 192 — — —
’25 193 195 202 198 788
’24 191 193 194 191 769
’23 161 169 176 184 689
’22 141 157 159 161 618
’21 114 124 128 137 503
’20 83 88 97 106 374
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 23 47 — — —
’25 37 73 75 64 248
’24 15 39 61 39 154
’23 (9) 4 37 20 53
’22 (11) 0 10 13 11
’21 2 1 21 (12) 11
’20 (2) 8 7 9 22
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 13 36 — — —
’25 31 66 69 57 223
’24 12 35 57 35 139
’23 (12) 1 33 14 36
’22 (13) (2) 7 11 3
’21 0 (1) 20 (14) 5
’20 (5) 2 4 6 8
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.24 0.20 — — —
’25 0.27 0.24 0.21 0.12 0.84
’24 0.13 0.17 0.20 1.03 1.52
’23 0.13 (0.03) 0.12 0.13 0.34
’22 (0.19) (0.18) (0.19) (0.13) (0.69)
’21 (0.06) (0.13) (0.07) (0.18) (0.44)
’20 (0.09) (0.09) (0.02) 0.01 (0.19)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — 15.68 9.35 5.14 31.31 9.79 6.56 8.43 11.13

Analyst estimates 2026–2028

Powerpack
High — — 23.49 25.00 41.42 64.49 34.83 15.95 18.14 22.32
People
People Employees — 395 430 570 540 650 850 800 600 630
Revenue/emp, $m 0.00 0.51 0.59 0.53 0.69 0.77 0.73 0.86 1.28 1.25
Income, $m
Income, $m Revenue 164 203 253 301 374 503 618 689 769 788
Gross margin, % 61.95 67.69 67.85 70.67 72.09 73.05 74.06 75.27 77.37 77.82
EBT (16) (4) (20) (17) (23) (56) (89) 49 90 153
EBT margin, % (9.87) (2.05) (7.85) (5.53) (6.08) (11.16) (14.45) 7.09 11.75 19.44
Net income (16) (4) (20) (17) (23) (56) (90) 47 216 115
Depreciation 8 4 5 10 14 15 13 0 8 20
Per share, $
Per share, $ Revenue 5.13 6.15 4.84 2.74 3.15 3.95 4.74 5.11 5.76 5.95
Earnings (0.51) (0.13) (0.38) (0.15) (0.19) (0.44) (0.69) 0.35 1.61 0.87
Cash flow 0.10 (0.12) 0.26 0.01 0.19 0.09 0.09 0.39 1.15 1.87
Capex (0.03) (0.07) (0.13) (0.15) (0.12) (0.05) (0.07) (0.12) (0.11) (0.19)
Free cash flow 0.07 (0.19) 0.13 (0.14) 0.07 0.04 0.02 0.27 1.04 1.68
Book value (0.94) (0.95) 4.66 2.36 2.52 2.04 1.91 2.83 4.31 4.76
Shares, m 32 33 52 110 119 127 131 135 134 132
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40.97 10.09 22.78
P/S 3.21 3.21 3.74 3.90 10.97 8.64 2.28 2.80 2.84 3.33
P/B 0.00 0.00 3.89 4.52 13.69 16.74 5.65 5.07 3.80 4.17
EV/Sales 3.30 3.30 3.33 3.51 10.54 8.41 2.09 2.53 2.50 3.39
EV/FCF (25.66) (25.66) 122.04 (67.79) 492.32 899.44 467.31 47.99 13.85 11.97
Cash, $m
Cash, $m Operating cash flow 3 (4) 14 1 22 11 11 53 154 248
Capex (1) (2) (7) (17) (14) (6) (9) (16) (14) (25)
Free cash flow 2 (6) 7 (16) 8 5 3 36 139 223
Balance, $m
Balance, $m Working capital 31 29 128 132 162 696 683 590 643 301
Total debt 17 34 24 18 11 567 571 356 358 360
Net debt (10) 12 (105) (116) (159) (117) (115) (194) (264) (313)
Shareholders’ equity (30) (31) 244 259 299 260 249 381 575 630
Returns, %
Returns, % ROA (6.19) (4.05) (5.97) (3.98) (4.69) (6.99) (8.32) 4.43 19.17 9.19
ROIC 0.00 0.00 (5.28) (8.14) (9.98) (23.86) (43.35) (3.76) 13.10 25.47
ROE 53.11 34.57 (18.75) (6.62) (8.19) (20.13) (35.36) 14.89 45.08 19.15
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Upwork Inc. vs peers in Internet Content & Information (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WBTN WEBTOON Entertainment Inc. $1.2B — (loss-making) — (loss-making) −2.82% (below 0%: shrinking) n/m −532.72% (below 0%: shrinking) 26.04% (4.60%) Compare
YELP Yelp Inc. $1.1B 9.4× 12.3× +1.38% (above 0%: growing) −17.39% (below 0%: shrinking) +35.69% (above 0%: growing) 88.88% 11.65% Compare
PGRU PropertyGuru Group Limited $1.1B — (loss-making) — (loss-making) +9.88% (above 0%: growing) n/m +104.58% (above 0%: growing) 100.00% (32.07%) Compare
UPWK Upwork Inc. $1.1B 10.5× 8.5× −1.68% (below 0%: shrinking) −16.00% (below 0%: shrinking) −45.24% (below 0%: shrinking) 76.37% 14.68%
WB Weibo Corporation $1.0B 4.8× 6.7× +2.03% (above 0%: growing) −47.17% (below 0%: shrinking) +231.81% (above 0%: growing) 71.40% 26.19% Compare
NXDR Nextdoor Holdings, Inc. $1.0B — (loss-making) — (loss-making) +14.53% (above 0%: growing) n/m +210.20% (above 0%: growing) 84.61% (7.60%) Compare
TBLA Taboola.com Ltd. $956.4M 8.3× 10.4× +2.44% (above 0%: growing) n/m −49.31% (below 0%: shrinking) 29.25% 1.52% Compare
BMBL Bumble Inc. $782.6M — (loss-making) 2.8× −15.19% (below 0%: shrinking) n/m −24.56% (below 0%: shrinking) 74.35% (53.20%) Compare
EVER EverQuote, Inc. $760.5M 6.8× 9.2× +24.55% (above 0%: growing) +37.50% (above 0%: growing) −4.53% (below 0%: shrinking) 97.77% 12.04% Compare
Median of peers $1.0B 7.6× 9.2× +2.24% −17.39% +15.58% 79.48% (1.54%)

All 77 Internet Content & Information stocks →

Upwork Inc. (UPWK) key facts

  • Strength: Upwork Inc.’s revenue for fiscal 2025 (year ended December 2025) was $787.8 million, up 2.40% from fiscal 2024.
  • Upwork Inc. (UPWK) is an Internet Content & Information company in the Communication Services sector, listed on Nasdaq.
  • As of October 16, 2026, UPWK traded at $8.43, a market capitalization of $1.1 billion.
  • Return on equity was 19.2% and debt-to-equity 0.59.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.61 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/UPWK · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com