Upwork Inc. (UPWK) 10-Year Financial Performance & Capital Metrics

UPWK • • Industrial / General

IndustrialsStaffing & HROnline Recruitment PlatformsFreelance & Gig Economy Platforms

AboutUpwork Inc., together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development. Its work marketplace also enables clients to streamline workflows, such as talent sourcing, outreach, and contracting. The company's work marketplace offers access to various functionalities for remote engagements with talent, including communication and collaboration, ability to receive talent invoices through their work marketplace, and payment protection. Its marketplace offerings include Upwork Basic, Upwork Plus, Upwork Enterprise, and Upwork Payroll, as well as managed and internet escrow agency services. The company was formerly known as Elance-oDesk, Inc. and changed its name to Upwork Inc. in May 2015. Upwork Inc. was incorporated in 2013 and is headquartered in San Francisco, California.Show more

Revenue $769M +11.6%
EBITDA $83M +5582.9%
Net Income $216M +359.8%
EPS (Diluted) 1.52 +347.1%
Gross Margin 77.37% +2.8%
EBITDA Margin 10.77% +4989.8%
Operating Margin 8.48% +618.7%
Net Margin 28.02% +311.9%
ROE 45.08% +202.8%
ROIC 7.48% +706.8%
Debt/Equity 0.64 -33.5%
Interest Coverage 24.15

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 18.1% free cash flow margin
✓Strong 5Y sales CAGR of 20.7%

✗Weaknesses

✗Thin 5Y average net margin of 0.6%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y20.68%

3Y15.23%

TTM2.5%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM187.85%

EPS CAGR

10Y-

5Y-

3Y-

TTM177.78%

ROCE

10Y Avg-4.89%

5Y Avg-4.21%

3Y Avg-1.58%

Latest7.73%

Peer Comparison

Freelance & Gig Economy Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UPWKUpwork Inc.	2.63B	20.15	13.26	11.64%	31.63%	39.32%	5.28%	0.64
EPWKEPWK Holdings Ltd.	66.58K	0.10	-0.04	2.1%	-5.84%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	164.44M	202.55M	253.35M	300.56M	373.63M	502.8M	618.32M	689.14M	769.33M
Revenue Growth %	-	0.23%	0.25%	0.19%	0.24%	0.35%	0.23%	0.11%	0.12%
Cost of Goods Sold+	62.58M	65.44M	81.46M	88.14M	104.27M	135.51M	160.4M	170.45M	174.09M
COGS % of Revenue	0.38%	0.32%	0.32%	0.29%	0.28%	0.27%	0.26%	0.25%	0.23%
Gross Profit+	101.87M	137.11M	171.9M	212.42M	269.36M	367.29M	457.92M	518.69M	595.23M
Gross Margin %	0.62%	0.68%	0.68%	0.71%	0.72%	0.73%	0.74%	0.75%	0.77%
Gross Profit Growth %	-	0.35%	0.25%	0.24%	0.27%	0.36%	0.25%	0.13%	0.15%
Operating Expenses+	116.33M	140.23M	183.61M	231.15M	291.77M	421.51M	550.54M	529.95M	530.02M
OpEx % of Revenue	0.71%	0.69%	0.72%	0.77%	0.78%	0.84%	0.89%	0.77%	0.69%
Selling, General & Admin	72.88M	90.38M	122.3M	163.22M	204.74M	296.38M	370.83M	339.61M	314.01M
SG&A % of Revenue	0.44%	0.45%	0.48%	0.54%	0.55%	0.59%	0.6%	0.49%	0.41%
Research & Development	37.9M	45.6M	55.49M	64.03M	83.47M	119.08M	154.55M	177.36M	209.28M
R&D % of Revenue	0.23%	0.23%	0.22%	0.21%	0.22%	0.24%	0.25%	0.26%	0.27%
Other Operating Expenses	-908K	-62K	-6.14M	3.9M	3.56M	6.05M	25.15M	12.98M	6.73M
Operating Income+	-14.47M	-3.12M	-11.71M	-18.73M	-22.41M	-54.22M	-92.62M	-11.26M	65.21M
Operating Margin %	-0.09%	-0.02%	-0.05%	-0.06%	-0.06%	-0.11%	-0.15%	-0.02%	0.08%
Operating Income Growth %	-	0.78%	-2.75%	-0.6%	-0.2%	-1.42%	-0.71%	0.88%	6.79%
EBITDA+	-6.01M	1.06M	-6.76M	-9.29M	-8.38M	-40.41M	-81.49M	1.46M	82.86M
EBITDA Margin %	-0.04%	0.01%	-0.03%	-0.03%	-0.02%	-0.08%	-0.13%	0%	0.11%
EBITDA Growth %	-	1.18%	-7.36%	-0.37%	0.1%	-3.82%	-1.02%	1.02%	55.83%
D&A (Non-Cash Add-back)	8.46M	4.19M	4.95M	9.45M	14.03M	13.81M	11.14M	12.72M	17.65M
EBIT	-15.38M	-3.19M	-17.85M	-15.32M	-21.94M	-53.94M	-92.62M	-11.26M	65.21M
Net Interest Income+	-858K	-960K	-2.04M	-1.31M	-778K	-2.18M	-4.48M	0	28M
Interest Income	0	0	0	0	0	0	0	0	30.7M
Interest Expense	858K	960K	2.04M	1.31M	778K	2.18M	4.48M	0	2.7M
Other Income/Expense	-1.77M	-1.02M	-8.18M	2.1M	-309K	-1.9M	3.27M	60.14M	25.22M
Pretax Income+	-16.23M	-4.14M	-19.89M	-16.63M	-22.72M	-56.12M	-89.35M	48.88M	90.43M
Pretax Margin %	-0.1%	-0.02%	-0.08%	-0.06%	-0.06%	-0.11%	-0.14%	0.07%	0.12%
Income Tax+	-1K	-22K	15K	28K	150K	122K	536K	1.99M	-125.16M
Effective Tax Rate %	1%	0.99%	1%	1%	1.01%	1%	1.01%	0.96%	2.38%
Net Income+	-16.23M	-4.12M	-19.91M	-16.66M	-22.87M	-56.24M	-89.89M	46.89M	215.59M
Net Margin %	-0.1%	-0.02%	-0.08%	-0.06%	-0.06%	-0.11%	-0.15%	0.07%	0.28%
Net Income Growth %	-	0.75%	-3.83%	0.16%	-0.37%	-1.46%	-0.6%	1.52%	3.6%
Net Income (Continuing)	-16.23M	-4.12M	-19.91M	-16.66M	-22.87M	-56.24M	-89.89M	46.89M	215.59M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.50	-0.04	-0.19	-0.15	-0.19	-0.44	-0.69	0.34	1.52
EPS Growth %	-	0.91%	-3.42%	0.21%	-0.27%	-1.32%	-0.57%	1.49%	3.47%
EPS (Basic)	-0.50	-0.04	-0.19	-0.15	-0.19	-0.44	-0.69	0.35	1.61
Diluted Shares Outstanding	32.49M	95.93M	103.72M	109.81M	118.7M	127.16M	130.52M	137.26M	143.15M
Basic Shares Outstanding	32.49M	95.93M	103.72M	109.81M	118.7M	127.16M	130.52M	134.77M	133.62M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	116.62M	144.13M	255.88M	280.63M	360.8M	929.65M	930.91M	883.37M	911.05M
Cash & Short-Term Investments	27.33M	21.59M	129.13M	133.87M	169.65M	684.77M	686.61M	550.1M	622.1M
Cash Only	27.33M	21.59M	129.13M	48.39M	94.08M	187.21M	129.38M	79.64M	305.76M
Short-Term Investments	0	0	0	85.48M	75.57M	497.57M	557.23M	470.46M	316.34M
Accounts Receivable	25.32M	30.76M	22.32M	30.16M	47.02M	66.83M	64.89M	103.06M	75.49M
Days Sales Outstanding	56.2	55.43	32.15	36.62	45.93	48.51	38.3	54.59	35.82
Inventory	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-
Other Current Assets	61.53M	89M	98.19M	108.72M	135.04M	160.81M	161.46M	230.21M	213.46M
Total Non-Current Assets+	132.98M	131.06M	135.69M	165.75M	168.43M	151.41M	149.34M	154.17M	300.56M
Property, Plant & Equipment	2.6M	3.51M	10.81M	43.36M	47.87M	32.01M	29.67M	31.47M	35.81M
Fixed Asset Turnover	63.13x	57.64x	23.43x	6.93x	7.81x	15.71x	20.84x	21.90x	21.48x
Goodwill	118.22M	118.22M	118.22M	118.22M	118.22M	118.22M	118.22M	118.22M	121.06M
Intangible Assets	11.4M	8.67M	6M	3.33M	667K	0	0	3.05M	12.99M
Long-Term Investments	0	0	500K	0	0	0	0	0	0
Other Non-Current Assets	759K	658K	653K	829K	1.67M	1.18M	1.45M	1.43M	1.92M
Total Assets+	249.6M	275.19M	391.57M	446.38M	529.23M	1.08B	1.08B	1.04B	1.21B
Asset Turnover	0.66x	0.74x	0.65x	0.67x	0.71x	0.47x	0.57x	0.66x	0.63x
Asset Growth %	-	0.1%	0.42%	0.14%	0.19%	1.04%	-0%	-0.04%	0.17%
Total Current Liabilities+	85.41M	114.64M	127.6M	149.1M	198.75M	233.63M	247.69M	293M	268.43M
Accounts Payable	370K	462K	2.07M	652K	6.46M	5M	7.55M	5.06M	6.13M
Days Payables Outstanding	2.16	2.58	9.29	2.7	22.6	13.46	17.18	10.84	12.85
Short-Term Debt	2.99M	10.34M	5.67M	7.58M	7.58M	0	0	0	0
Deferred Revenue (Current)	594K	614K	722K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	77.83M	94.83M	108.19M	5.79M	14.21M	24.06M	19.37M	26.98M	31.52M
Current Ratio	1.37x	1.26x	2.01x	1.88x	1.82x	3.98x	3.76x	3.01x	3.39x
Quick Ratio	1.37x	1.26x	2.01x	1.88x	1.82x	3.98x	3.76x	3.01x	3.39x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	194.32M	191.91M	20.23M	37.86M	31.17M	587.91M	583.67M	363.46M	367.8M
Long-Term Debt	13.97M	23.49M	18.24M	10.7M	3.14M	561.3M	564.26M	356.09M	357.93M
Capital Lease Obligations	0	0	0	21.19M	20.51M	16.75M	11.18M	6.09M	9.57M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	180.35M	168.42M	1.99M	5.97M	7.52M	9.86M	8.24M	1.29M	308K
Total Liabilities	279.73M	306.56M	147.83M	186.96M	229.92M	821.54M	831.37M	656.47M	636.24M
Total Debt+	16.96M	33.83M	23.91M	42.68M	34.95M	584.37M	581.94M	367.86M	369.12M
Net Debt	-10.36M	12.24M	-105.22M	-5.71M	-59.13M	397.16M	452.56M	288.22M	63.36M
Debt / Equity	-	-	0.10x	0.16x	0.12x	2.25x	2.34x	0.97x	0.64x
Debt / EBITDA	-	31.83x	-	-	-	-	-	252.31x	4.45x
Net Debt / EBITDA	-	11.51x	-	-	-	-	-	197.68x	0.76x
Interest Coverage	-16.86x	-3.25x	-5.75x	-14.34x	-28.80x	-24.87x	-20.66x	-	24.15x
Total Equity+	-30.13M	-31.37M	243.75M	259.42M	299.31M	259.52M	248.88M	381.07M	575.38M
Equity Growth %	-	-0.04%	8.77%	0.06%	0.15%	-0.13%	-0.04%	0.53%	0.51%
Book Value per Share	-0.93	-0.33	2.35	2.36	2.52	2.04	1.91	2.78	4.02
Total Shareholders' Equity	-30.13M	-31.37M	243.75M	259.42M	299.31M	259.52M	248.88M	381.07M	575.38M
Common Stock	3K	3K	11K	11K	12K	13K	13K	14K	14K
Retained Earnings	-119.47M	-123.59M	-143.5M	-171.96M	-194.82M	-251.06M	-340.95M	-294.06M	-78.48M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-119.47M	-123.59M	-143.5M	-171.96M	0	-528K	-3.08M	205K	264K
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.15M	-4M	13.74M	1.06M	22.36M	10.84M	11.5M	52.71M	153.56M
Operating CF Margin %	0.02%	-0.02%	0.05%	0%	0.06%	0.02%	0.02%	0.08%	0.2%
Operating CF Growth %	-	-2.27%	4.44%	-0.92%	20.14%	-0.52%	0.06%	3.58%	1.91%
Net Income	-16.23M	-4.12M	-19.91M	-16.66M	-22.87M	-56.24M	-89.89M	46.89M	215.59M
Depreciation & Amortization	8.46M	4.19M	4.95M	10.61M	14.03M	13.81M	11.14M	12.72M	17.65M
Stock-Based Compensation	7.27M	6.85M	10.36M	18.8M	25.51M	53.59M	75.5M	74.19M	68.39M
Deferred Taxes	0	4.43M	11.48M	2.69M	0	0	0	0	-129.26M
Other Non-Cash Items	5.7M	49K	77K	52K	3.45M	16.15M	25.53M	-41.85M	-3.81M
Working Capital Changes	-2.04M	-15.39M	6.78M	-14.42M	2.24M	-16.47M	-10.79M	-39.24M	-14.99M
Change in Receivables	-8.32M	-8.86M	3.51M	-10.92M	-20M	-24.61M	-15.29M	-22.18M	-4.8M
Change in Inventory	6.61M	-6.63M	1.56M	-6.48M	0	0	0	0	0
Change in Payables	-578K	74K	1.61M	-1.46M	5.82M	-1.45M	2.58M	-2.51M	969K
Cash from Investing+	-475K	-2.11M	-7.29M	-100.92M	-4.15M	-428.98M	-69.47M	88.27M	137.57M
Capital Expenditures	-846K	-2.32M	-6.84M	-16.64M	-6.32M	-1.03M	-1.25M	-692K	-3.53M
CapEx % of Revenue	0.01%	0.01%	0.03%	0.06%	0.02%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	371K	208K	-444K	-5.89M	-8.04M	-5.11M	-7.49M	-15.66M	-10.92M
Cash from Financing+	5.23M	381K	101.07M	29.4M	54.64M	537.74M	1.14M	-139.79M	-81.96M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	232K	0	10.74M	35.08M	62.26M	-26.51M	1.14M	31.54M	18.04M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.3M	-6.32M	6.9M	-15.58M	8M	4.7M	2.76M	36.36M	139.12M
FCF Margin %	0.01%	-0.03%	0.03%	-0.05%	0.02%	0.01%	0%	0.05%	0.18%
FCF Growth %	-	-3.75%	2.09%	-3.26%	1.51%	-0.41%	-0.41%	12.15%	2.83%
FCF per Share	0.07	-0.07	0.07	-0.14	0.07	0.04	0.02	0.26	0.97
FCF Conversion (FCF/Net Income)	-0.19x	0.97x	-0.69x	-0.06x	-0.98x	-0.19x	-0.13x	1.12x	0.71x
Interest Paid	0	847K	1.98M	1.29M	764K	373K	1.54M	1.32M	920K
Taxes Paid	0	55K	13K	42K	0	0	0	1.98M	4.59M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-18.75%	-6.62%	-8.19%	-20.13%	-35.36%	14.89%	45.08%
Return on Invested Capital (ROIC)	-	-	-14.71%	-7.16%	-6.81%	-9.07%	-10.23%	-1.23%	7.48%
Gross Margin	61.95%	67.69%	67.85%	70.67%	72.09%	73.05%	74.06%	75.27%	77.37%
Net Margin	-9.87%	-2.04%	-7.86%	-5.54%	-6.12%	-11.19%	-14.54%	6.8%	28.02%
Debt / Equity	-	-	0.10x	0.16x	0.12x	2.25x	2.34x	0.97x	0.64x
Interest Coverage	-16.86x	-3.25x	-5.75x	-14.34x	-28.80x	-24.87x	-20.66x	-	24.15x
FCF Conversion	-0.19x	0.97x	-0.69x	-0.06x	-0.98x	-0.19x	-0.13x	1.12x	0.71x
Revenue Growth	-	23.17%	25.08%	18.63%	24.31%	34.57%	22.98%	11.45%	11.64%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Enterprise	-	-	-	-	-	-	662.11M
Enterprise Growth	-	-	-	-	-	-	-
Marketplace	-	-	-	-	-	586.1M	107.22M
Marketplace Growth	-	-	-	-	-	-	-81.71%
Market Place, Basic, Plus, And Other	-	-	-	427.48M	518.28M	-	-
Market Place, Basic, Plus, And Other Growth	-	-	-	-	21.24%	-	-
Managed Services	29.52M	32.28M	35.48M	40.46M	51.7M	-	-
Managed Services Growth	-	9.33%	9.91%	14.04%	27.78%	-	-
Market Place, Enterprise	-	-	-	34.86M	48.34M	-	-
Market Place, Enterprise Growth	-	-	-	-	38.66%	-	-
Market Place	223.83M	268.28M	338.15M	-	-	-	-
Market Place Growth	-	19.86%	26.04%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Upwork Inc. (UPWK) has a price-to-earnings (P/E) ratio of 13.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Upwork Inc. (UPWK) reported $780.9M in revenue for fiscal year 2024. This represents a 375% increase from $164.4M in 2016.

Upwork Inc. (UPWK) grew revenue by 11.6% over the past year. This is steady growth.

Yes, Upwork Inc. (UPWK) is profitable, generating $247.0M in net income for fiscal year 2024 (28.0% net margin).

Dividend & Returns

Upwork Inc. (UPWK) has a return on equity (ROE) of 45.1%. This is excellent, indicating efficient use of shareholder capital.

Upwork Inc. (UPWK) generated $175.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Upwork Inc. (UPWK) 10-Year Financial Performance & Capital Metrics

UPWK • • Industrial / General

IndustrialsStaffing & HROnline Recruitment PlatformsFreelance & Gig Economy Platforms

Revenue $769M +11.6%
EBITDA $83M +5582.9%
Net Income $216M +359.8%
EPS (Diluted) 1.52 +347.1%
Gross Margin 77.37% +2.8%
EBITDA Margin 10.77% +4989.8%
Operating Margin 8.48% +618.7%
Net Margin 28.02% +311.9%
ROE 45.08% +202.8%
ROIC 7.48% +706.8%
Debt/Equity 0.64 -33.5%
Interest Coverage 24.15

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 18.1% free cash flow margin
✓Strong 5Y sales CAGR of 20.7%

✗Weaknesses

✗Thin 5Y average net margin of 0.6%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y20.68%

3Y15.23%

TTM2.5%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM187.85%

EPS CAGR

10Y-

5Y-

3Y-

TTM177.78%

ROCE

10Y Avg-4.89%

5Y Avg-4.21%

3Y Avg-1.58%

Latest7.73%

Peer Comparison

Freelance & Gig Economy Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UPWKUpwork Inc.	2.63B	20.15	13.26	11.64%	31.63%	39.32%	5.28%	0.64
EPWKEPWK Holdings Ltd.	66.58K	0.10	-0.04	2.1%	-5.84%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	164.44M	202.55M	253.35M	300.56M	373.63M	502.8M	618.32M	689.14M	769.33M
Revenue Growth %	-	0.23%	0.25%	0.19%	0.24%	0.35%	0.23%	0.11%	0.12%
Cost of Goods Sold+	62.58M	65.44M	81.46M	88.14M	104.27M	135.51M	160.4M	170.45M	174.09M
COGS % of Revenue	0.38%	0.32%	0.32%	0.29%	0.28%	0.27%	0.26%	0.25%	0.23%
Gross Profit+	101.87M	137.11M	171.9M	212.42M	269.36M	367.29M	457.92M	518.69M	595.23M
Gross Margin %	0.62%	0.68%	0.68%	0.71%	0.72%	0.73%	0.74%	0.75%	0.77%
Gross Profit Growth %	-	0.35%	0.25%	0.24%	0.27%	0.36%	0.25%	0.13%	0.15%
Operating Expenses+	116.33M	140.23M	183.61M	231.15M	291.77M	421.51M	550.54M	529.95M	530.02M
OpEx % of Revenue	0.71%	0.69%	0.72%	0.77%	0.78%	0.84%	0.89%	0.77%	0.69%
Selling, General & Admin	72.88M	90.38M	122.3M	163.22M	204.74M	296.38M	370.83M	339.61M	314.01M
SG&A % of Revenue	0.44%	0.45%	0.48%	0.54%	0.55%	0.59%	0.6%	0.49%	0.41%
Research & Development	37.9M	45.6M	55.49M	64.03M	83.47M	119.08M	154.55M	177.36M	209.28M
R&D % of Revenue	0.23%	0.23%	0.22%	0.21%	0.22%	0.24%	0.25%	0.26%	0.27%
Other Operating Expenses	-908K	-62K	-6.14M	3.9M	3.56M	6.05M	25.15M	12.98M	6.73M
Operating Income+	-14.47M	-3.12M	-11.71M	-18.73M	-22.41M	-54.22M	-92.62M	-11.26M	65.21M
Operating Margin %	-0.09%	-0.02%	-0.05%	-0.06%	-0.06%	-0.11%	-0.15%	-0.02%	0.08%
Operating Income Growth %	-	0.78%	-2.75%	-0.6%	-0.2%	-1.42%	-0.71%	0.88%	6.79%
EBITDA+	-6.01M	1.06M	-6.76M	-9.29M	-8.38M	-40.41M	-81.49M	1.46M	82.86M
EBITDA Margin %	-0.04%	0.01%	-0.03%	-0.03%	-0.02%	-0.08%	-0.13%	0%	0.11%
EBITDA Growth %	-	1.18%	-7.36%	-0.37%	0.1%	-3.82%	-1.02%	1.02%	55.83%
D&A (Non-Cash Add-back)	8.46M	4.19M	4.95M	9.45M	14.03M	13.81M	11.14M	12.72M	17.65M
EBIT	-15.38M	-3.19M	-17.85M	-15.32M	-21.94M	-53.94M	-92.62M	-11.26M	65.21M
Net Interest Income+	-858K	-960K	-2.04M	-1.31M	-778K	-2.18M	-4.48M	0	28M
Interest Income	0	0	0	0	0	0	0	0	30.7M
Interest Expense	858K	960K	2.04M	1.31M	778K	2.18M	4.48M	0	2.7M
Other Income/Expense	-1.77M	-1.02M	-8.18M	2.1M	-309K	-1.9M	3.27M	60.14M	25.22M
Pretax Income+	-16.23M	-4.14M	-19.89M	-16.63M	-22.72M	-56.12M	-89.35M	48.88M	90.43M
Pretax Margin %	-0.1%	-0.02%	-0.08%	-0.06%	-0.06%	-0.11%	-0.14%	0.07%	0.12%
Income Tax+	-1K	-22K	15K	28K	150K	122K	536K	1.99M	-125.16M
Effective Tax Rate %	1%	0.99%	1%	1%	1.01%	1%	1.01%	0.96%	2.38%
Net Income+	-16.23M	-4.12M	-19.91M	-16.66M	-22.87M	-56.24M	-89.89M	46.89M	215.59M
Net Margin %	-0.1%	-0.02%	-0.08%	-0.06%	-0.06%	-0.11%	-0.15%	0.07%	0.28%
Net Income Growth %	-	0.75%	-3.83%	0.16%	-0.37%	-1.46%	-0.6%	1.52%	3.6%
Net Income (Continuing)	-16.23M	-4.12M	-19.91M	-16.66M	-22.87M	-56.24M	-89.89M	46.89M	215.59M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.50	-0.04	-0.19	-0.15	-0.19	-0.44	-0.69	0.34	1.52
EPS Growth %	-	0.91%	-3.42%	0.21%	-0.27%	-1.32%	-0.57%	1.49%	3.47%
EPS (Basic)	-0.50	-0.04	-0.19	-0.15	-0.19	-0.44	-0.69	0.35	1.61
Diluted Shares Outstanding	32.49M	95.93M	103.72M	109.81M	118.7M	127.16M	130.52M	137.26M	143.15M
Basic Shares Outstanding	32.49M	95.93M	103.72M	109.81M	118.7M	127.16M	130.52M	134.77M	133.62M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	116.62M	144.13M	255.88M	280.63M	360.8M	929.65M	930.91M	883.37M	911.05M
Cash & Short-Term Investments	27.33M	21.59M	129.13M	133.87M	169.65M	684.77M	686.61M	550.1M	622.1M
Cash Only	27.33M	21.59M	129.13M	48.39M	94.08M	187.21M	129.38M	79.64M	305.76M
Short-Term Investments	0	0	0	85.48M	75.57M	497.57M	557.23M	470.46M	316.34M
Accounts Receivable	25.32M	30.76M	22.32M	30.16M	47.02M	66.83M	64.89M	103.06M	75.49M
Days Sales Outstanding	56.2	55.43	32.15	36.62	45.93	48.51	38.3	54.59	35.82
Inventory	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-
Other Current Assets	61.53M	89M	98.19M	108.72M	135.04M	160.81M	161.46M	230.21M	213.46M
Total Non-Current Assets+	132.98M	131.06M	135.69M	165.75M	168.43M	151.41M	149.34M	154.17M	300.56M
Property, Plant & Equipment	2.6M	3.51M	10.81M	43.36M	47.87M	32.01M	29.67M	31.47M	35.81M
Fixed Asset Turnover	63.13x	57.64x	23.43x	6.93x	7.81x	15.71x	20.84x	21.90x	21.48x
Goodwill	118.22M	118.22M	118.22M	118.22M	118.22M	118.22M	118.22M	118.22M	121.06M
Intangible Assets	11.4M	8.67M	6M	3.33M	667K	0	0	3.05M	12.99M
Long-Term Investments	0	0	500K	0	0	0	0	0	0
Other Non-Current Assets	759K	658K	653K	829K	1.67M	1.18M	1.45M	1.43M	1.92M
Total Assets+	249.6M	275.19M	391.57M	446.38M	529.23M	1.08B	1.08B	1.04B	1.21B
Asset Turnover	0.66x	0.74x	0.65x	0.67x	0.71x	0.47x	0.57x	0.66x	0.63x
Asset Growth %	-	0.1%	0.42%	0.14%	0.19%	1.04%	-0%	-0.04%	0.17%
Total Current Liabilities+	85.41M	114.64M	127.6M	149.1M	198.75M	233.63M	247.69M	293M	268.43M
Accounts Payable	370K	462K	2.07M	652K	6.46M	5M	7.55M	5.06M	6.13M
Days Payables Outstanding	2.16	2.58	9.29	2.7	22.6	13.46	17.18	10.84	12.85
Short-Term Debt	2.99M	10.34M	5.67M	7.58M	7.58M	0	0	0	0
Deferred Revenue (Current)	594K	614K	722K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	77.83M	94.83M	108.19M	5.79M	14.21M	24.06M	19.37M	26.98M	31.52M
Current Ratio	1.37x	1.26x	2.01x	1.88x	1.82x	3.98x	3.76x	3.01x	3.39x
Quick Ratio	1.37x	1.26x	2.01x	1.88x	1.82x	3.98x	3.76x	3.01x	3.39x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	194.32M	191.91M	20.23M	37.86M	31.17M	587.91M	583.67M	363.46M	367.8M
Long-Term Debt	13.97M	23.49M	18.24M	10.7M	3.14M	561.3M	564.26M	356.09M	357.93M
Capital Lease Obligations	0	0	0	21.19M	20.51M	16.75M	11.18M	6.09M	9.57M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	180.35M	168.42M	1.99M	5.97M	7.52M	9.86M	8.24M	1.29M	308K
Total Liabilities	279.73M	306.56M	147.83M	186.96M	229.92M	821.54M	831.37M	656.47M	636.24M
Total Debt+	16.96M	33.83M	23.91M	42.68M	34.95M	584.37M	581.94M	367.86M	369.12M
Net Debt	-10.36M	12.24M	-105.22M	-5.71M	-59.13M	397.16M	452.56M	288.22M	63.36M
Debt / Equity	-	-	0.10x	0.16x	0.12x	2.25x	2.34x	0.97x	0.64x
Debt / EBITDA	-	31.83x	-	-	-	-	-	252.31x	4.45x
Net Debt / EBITDA	-	11.51x	-	-	-	-	-	197.68x	0.76x
Interest Coverage	-16.86x	-3.25x	-5.75x	-14.34x	-28.80x	-24.87x	-20.66x	-	24.15x
Total Equity+	-30.13M	-31.37M	243.75M	259.42M	299.31M	259.52M	248.88M	381.07M	575.38M
Equity Growth %	-	-0.04%	8.77%	0.06%	0.15%	-0.13%	-0.04%	0.53%	0.51%
Book Value per Share	-0.93	-0.33	2.35	2.36	2.52	2.04	1.91	2.78	4.02
Total Shareholders' Equity	-30.13M	-31.37M	243.75M	259.42M	299.31M	259.52M	248.88M	381.07M	575.38M
Common Stock	3K	3K	11K	11K	12K	13K	13K	14K	14K
Retained Earnings	-119.47M	-123.59M	-143.5M	-171.96M	-194.82M	-251.06M	-340.95M	-294.06M	-78.48M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-119.47M	-123.59M	-143.5M	-171.96M	0	-528K	-3.08M	205K	264K
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.15M	-4M	13.74M	1.06M	22.36M	10.84M	11.5M	52.71M	153.56M
Operating CF Margin %	0.02%	-0.02%	0.05%	0%	0.06%	0.02%	0.02%	0.08%	0.2%
Operating CF Growth %	-	-2.27%	4.44%	-0.92%	20.14%	-0.52%	0.06%	3.58%	1.91%
Net Income	-16.23M	-4.12M	-19.91M	-16.66M	-22.87M	-56.24M	-89.89M	46.89M	215.59M
Depreciation & Amortization	8.46M	4.19M	4.95M	10.61M	14.03M	13.81M	11.14M	12.72M	17.65M
Stock-Based Compensation	7.27M	6.85M	10.36M	18.8M	25.51M	53.59M	75.5M	74.19M	68.39M
Deferred Taxes	0	4.43M	11.48M	2.69M	0	0	0	0	-129.26M
Other Non-Cash Items	5.7M	49K	77K	52K	3.45M	16.15M	25.53M	-41.85M	-3.81M
Working Capital Changes	-2.04M	-15.39M	6.78M	-14.42M	2.24M	-16.47M	-10.79M	-39.24M	-14.99M
Change in Receivables	-8.32M	-8.86M	3.51M	-10.92M	-20M	-24.61M	-15.29M	-22.18M	-4.8M
Change in Inventory	6.61M	-6.63M	1.56M	-6.48M	0	0	0	0	0
Change in Payables	-578K	74K	1.61M	-1.46M	5.82M	-1.45M	2.58M	-2.51M	969K
Cash from Investing+	-475K	-2.11M	-7.29M	-100.92M	-4.15M	-428.98M	-69.47M	88.27M	137.57M
Capital Expenditures	-846K	-2.32M	-6.84M	-16.64M	-6.32M	-1.03M	-1.25M	-692K	-3.53M
CapEx % of Revenue	0.01%	0.01%	0.03%	0.06%	0.02%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	371K	208K	-444K	-5.89M	-8.04M	-5.11M	-7.49M	-15.66M	-10.92M
Cash from Financing+	5.23M	381K	101.07M	29.4M	54.64M	537.74M	1.14M	-139.79M	-81.96M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	232K	0	10.74M	35.08M	62.26M	-26.51M	1.14M	31.54M	18.04M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.3M	-6.32M	6.9M	-15.58M	8M	4.7M	2.76M	36.36M	139.12M
FCF Margin %	0.01%	-0.03%	0.03%	-0.05%	0.02%	0.01%	0%	0.05%	0.18%
FCF Growth %	-	-3.75%	2.09%	-3.26%	1.51%	-0.41%	-0.41%	12.15%	2.83%
FCF per Share	0.07	-0.07	0.07	-0.14	0.07	0.04	0.02	0.26	0.97
FCF Conversion (FCF/Net Income)	-0.19x	0.97x	-0.69x	-0.06x	-0.98x	-0.19x	-0.13x	1.12x	0.71x
Interest Paid	0	847K	1.98M	1.29M	764K	373K	1.54M	1.32M	920K
Taxes Paid	0	55K	13K	42K	0	0	0	1.98M	4.59M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-18.75%	-6.62%	-8.19%	-20.13%	-35.36%	14.89%	45.08%
Return on Invested Capital (ROIC)	-	-	-14.71%	-7.16%	-6.81%	-9.07%	-10.23%	-1.23%	7.48%
Gross Margin	61.95%	67.69%	67.85%	70.67%	72.09%	73.05%	74.06%	75.27%	77.37%
Net Margin	-9.87%	-2.04%	-7.86%	-5.54%	-6.12%	-11.19%	-14.54%	6.8%	28.02%
Debt / Equity	-	-	0.10x	0.16x	0.12x	2.25x	2.34x	0.97x	0.64x
Interest Coverage	-16.86x	-3.25x	-5.75x	-14.34x	-28.80x	-24.87x	-20.66x	-	24.15x
FCF Conversion	-0.19x	0.97x	-0.69x	-0.06x	-0.98x	-0.19x	-0.13x	1.12x	0.71x
Revenue Growth	-	23.17%	25.08%	18.63%	24.31%	34.57%	22.98%	11.45%	11.64%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Enterprise	-	-	-	-	-	-	662.11M
Enterprise Growth	-	-	-	-	-	-	-
Marketplace	-	-	-	-	-	586.1M	107.22M
Marketplace Growth	-	-	-	-	-	-	-81.71%
Market Place, Basic, Plus, And Other	-	-	-	427.48M	518.28M	-	-
Market Place, Basic, Plus, And Other Growth	-	-	-	-	21.24%	-	-
Managed Services	29.52M	32.28M	35.48M	40.46M	51.7M	-	-
Managed Services Growth	-	9.33%	9.91%	14.04%	27.78%	-	-
Market Place, Enterprise	-	-	-	34.86M	48.34M	-	-
Market Place, Enterprise Growth	-	-	-	-	38.66%	-	-
Market Place	223.83M	268.28M	338.15M	-	-	-	-
Market Place Growth	-	19.86%	26.04%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Upwork Inc. (UPWK) has a price-to-earnings (P/E) ratio of 13.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Upwork Inc. (UPWK) reported $780.9M in revenue for fiscal year 2024. This represents a 375% increase from $164.4M in 2016.

Upwork Inc. (UPWK) grew revenue by 11.6% over the past year. This is steady growth.

Yes, Upwork Inc. (UPWK) is profitable, generating $247.0M in net income for fiscal year 2024 (28.0% net margin).

Dividend & Returns

Upwork Inc. (UPWK) has a return on equity (ROE) of 45.1%. This is excellent, indicating efficient use of shareholder capital.

Upwork Inc. (UPWK) generated $175.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.