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Upwork Inc. UPWK R2K

Communication Services · Internet Content & Information · United States
https://www.upwork.com

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.

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$8.82
-43.06% 1Y

Market & Price

Market Cap
$1.09B
Current Price
$8.82
High / Low (52W)
$22.11 / $8.08
Beta
1.07

Valuation

Stock P/E
10.89
Industry PE
23.46
Forward P/E
5.03
PEG Ratio
0.85
Book Value
$4.83
Price to Book
1.83
P/S
1.38
EV/EBITDA
6.32
Dividend Yield
-

Profitability & Returns

ROCE
19.91%
ROE
18.76%
ROA
6.43%
Profit Margin
13.81%
Op Margin
16.74%
EPS (Latest Qtr)
$0.24
EPS (TTM)
$0.81

Balance Sheet & Liquidity

Debt/Equity
0.67
Quick Ratio
1.01
Current Ratio
1.36
Debt
$379.48M
Total Assets
$1.30B
Current Assets
$950.83M
Working Capital
$300.67M

Ownership

Promoter Holding
5.02%
Chg in Prom Hold
-
FII / Inst Holding
112.10%
Chg in FII Hold
0.02%

Financial Snapshot

Enterprise Value
$889.17M
Total Revenue (TTM)
$790.56M
EBITDA
$140.78M
Free Cash Flow
$172.28M
Operating Cash Flow
$234.31M
Shares Outstanding
123.52M
Gross Margin
77.54%
Payout Ratio
0.00%

Growth (CAGR)

Revenue 5Y
8.41%
Profit 5Y
76.14%
Revenue (YoY)
1.40%
Earnings (YoY)
-12.00%

PROS

  • Profit CAGR of 76.1% over 5 years.
  • Generates positive free cash flow.

CONS

  • Trading 60.1% below its 52-week high.
  • In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Communication Services).

#NameCMP $P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 UPWK Upwork Inc. R2K 8.82 10.89 $1.09B - 19.91% 18.76% 8.41% 76.14%
2 GOOGL Alphabet Inc. NDXSPXAI 380.34 28.99 $4.61T 0.23% 32.40% 38.88% 12.51% 30.14%
3 META Meta Platforms, Inc. NDXSPXAI 632.51 22.99 $1.61T 0.33% 26.87% 32.93% 19.89% 37.61%
4 NFLX Netflix, Inc. NDXSPXAI 86.02 27.75 $362.21B - 30.26% 48.49% 12.64% 34.71%
5 APP AppLovin Corporation NDXSPXAI 613.09 53.17 $205.96B - 70.20% - 24.84% 609.87%
6 TMUS T-Mobile US, Inc. NDXSPX 187.53 19.93 $202.95B 2.18% 9.27% 18.02% 3.53% 61.90%
7 VZ Verizon Communications Inc. SPX 47.81 11.66 $199.63B 5.92% 8.59% 17.20% 0.33% -6.86%
8 DIS The Walt Disney Company SPX 101.83 16.29 $176.83B 1.47% 8.46% 11.01% 4.51% 58.00%
9 T AT&T Inc. SPX 24.80 8.16 $172.32B 4.48% 9.23% 18.37% 1.34% 119.18%
Ad space

Quarterly Results

Figures in USD.

Metric Sep 2017Mar 2018Jun 2018Sep 2018Mar 2019Jun 2019Sep 2019Mar 2020Jun 2020Sep 2020Mar 2021Jun 2021Sep 2021Mar 2022Jun 2022Sep 2022Mar 2023Jun 2023Sep 2023Mar 2024Jun 2024Sep 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 52.26M59.22M62.68M64.11M68.48M73.78M78.02M83.20M87.53M96.75M113.62M124.18M128.14M141.34M156.90M158.64M160.86M168.61M175.73M190.94M193.13M193.78M192.71M194.94M201.73M198.41M195.48M
Cost of Revenue ----------------------41.81M43.43M45.84M43.67M44.64M
Gross Profit 35.37M39.60M42.22M43.61M47.35M52.20M55.52M59.71M62.12M70.15M83.18M91.10M93.21M103.42M116.04M118.17M120.43M127.73M132.46M146.74M149.28M150.37M150.90M151.51M155.89M154.74M150.84M
Operating Expenses ----------------------112.21M118.94M126.13M126.44M118.12M
Operating Income 203.00K-6.01M329.00K-3.33M-5.26M-2.90M-3.69M-9.05M-10.98M-3.03M-7.70M-16.39M-8.32M-23.65M-23.05M-25.44M-25.04M-6.12M11.47M13.05M17.78M20.79M38.69M32.56M29.76M28.29M32.72M
EBITDA ----------------------43.75M38.63M30.90M42.48M42.21M
Interest Expense ---------------------------
Pretax Income ----------------------45.01M38.44M35.67M34.05M37.71M
Tax Provision ----------------------7.28M5.72M6.34M18.42M6.25M
Net Income -301.00K-6.78M-412.00K-7.35M-5.16M-2.45M-3.55M-10.02M-11.02M-2.75M-7.83M-16.54M-9.31M-24.74M-23.82M-24.83M17.17M-3.99M16.34M18.44M22.22M27.76M37.73M32.73M29.34M15.63M31.46M
Diluted EPS ---------0.09-0.02-0.06-0.13-0.07-0.19-0.18-0.19-0.15-0.030.120.130.170.200.270.240.210.120.24
R&D Expense 11.51M13.49M12.81M14.38M15.80M15.70M16.21M19.35M20.55M20.83M26.61M28.12M30.87M38.16M35.83M38.90M44.48M43.25M43.42M52.92M52.47M50.41M46.15M44.84M47.49M-43.31M

Profit & Loss (Annual)

Figures in USD.

Metric Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue 164.44M202.55M253.35M300.56M373.63M-618.32M689.14M769.33M787.78M
Cost of Revenue ------160.40M170.45M174.09M174.75M
Gross Profit 101.87M137.11M171.90M212.42M269.36M-457.92M518.69M595.23M613.03M
Operating Expenses ------550.54M529.95M530.02M483.73M
Operating Income -14.47M-3.12M-11.71M-18.73M-22.41M--92.62M-11.26M65.21M129.31M
EBITDA -------81.49M1.46M82.86M155.76M
Interest Expense -----2.18M4.48M---
Pretax Income -------89.35M48.88M90.43M153.18M
Tax Provision ------536.00K1.99M-125.16M37.75M
Net Income -16.23M-4.12M-19.91M-16.66M-22.87M--89.89M46.89M215.59M115.42M
Diluted EPS ----0.15-0.19--0.690.061.520.84
R&D Expense 37.90M45.60M55.49M64.03M83.47M119.08M154.55M177.36M209.28M185.54M

Compounded Sales Growth

5 Years:8.41%
1 Year:1.40%

Compounded Profit Growth

5 Years:76.14%
1 Year:-12.00%

Stock Price Performance

1 Year:-43.06%
6 Months:-55.21%
3 Months:-34.28%
1 Month:-14.78%

Balance Sheet (Annual)

Figures in USD.

Metric Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Assets --275.19M391.57M446.38M529.23M-1.08B1.04B1.21B1.30B
Current Assets -------930.91M883.37M911.05M950.83M
Cash & Equivalents --21.59M129.13M48.39M94.08M-129.38M79.64M305.76M294.36M
Inventory -----------
Receivables -------64.89M103.06M75.49M76.24M
Total Liabilities --140.07M147.83M186.96M229.92M-831.37M656.47M636.24M669.26M
Current Liabilities --114.64M127.60M149.10M198.75M-247.69M293.00M268.43M650.17M
Long Term Debt --23.49M18.24M10.70M3.14M561.30M564.26M356.09M357.93M-
Total Debt -------581.94M367.86M369.12M371.15M
Total Equity -21.43M-30.13M-31.37M243.75M259.42M299.31M-248.88M381.07M575.38M630.32M
Shares Outstanding -------132.48M137.27M135.35M130.55M

Cash Flows (Annual)

Figures in USD.

Metric Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating Cash Flow 3.15M-4.00M13.74M1.06M22.36M-11.50M52.71M153.56M248.26M
Investing Cash Flow -475.00K-2.32M-6.84M-100.92M-4.15M--69.47M88.27M137.57M-136.94M
Financing Cash Flow 5.23M27.74M112.06M29.40M54.64M-1.14M-139.79M-81.96M-138.00M
Capital Expenditure -846.00K-1.83M-3.00M-10.75M-6.32M--8.73M-16.35M-14.44M-25.14M
Free Cash Flow 2.30M-5.83M10.74M-9.69M16.05M-2.76M36.36M139.12M223.12M
Net Change in Cash -------56.83M1.19M209.18M-26.68M
Share Buybacks ------00100.00M135.96M

Ratios (Annual)

Figures in %.

Metric Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Gross Margin % 61.9%67.7%67.8%70.7%72.1%-74.1%75.3%77.4%77.8%
Operating Margin % -8.8%-1.5%-4.6%-6.2%-6.0%--15.0%-1.6%8.5%16.4%
Net Margin % -9.9%-2.0%-7.9%-5.5%-6.1%--14.5%6.8%28.0%14.7%
ROE % 53.9%13.1%-8.2%-6.4%-7.6%--36.1%12.3%37.5%18.3%
ROCE % --1.9%-4.4%-6.3%-6.8%--11.1%-1.5%6.9%19.9%

Shareholding Pattern

Insiders
5.02%
Institutions
112.10%
Public Float
118.02%

Top Institutional Holders

#Holder% HeldSharesValue
1 Blackrock Inc. 15.27% 18.86M $166.31M
2 Price (T.Rowe) Associates Inc 14.12% 17.44M $153.78M
3 Vanguard Portfolio Management LLC 6.29% 7.77M $68.57M
4 LSV Asset Management 5.50% 6.79M $59.91M
5 Ancient Art, L.P. 4.83% 5.96M $52.57M
6 Vanguard Capital Management LLC 4.54% 5.61M $49.50M
7 State Street Corporation 4.15% 5.13M $45.21M
8 Capital International Investors 3.82% 4.72M $41.66M
9 Dimensional Fund Advisors LP 3.01% 3.72M $32.77M
10 Boston Partners 2.55% 3.15M $27.82M

Analyst View

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