Upwork Inc. (UPWK) Financial Ratios
10 years of historical data (2016–2025) · Industrials · Staffing & Employment Services
EV/EBITDA
↓
7.10
↓-99% vs avg
5yr avg: 548.46
30Y Low18.8·High29.0
P/FCF
↓
4.10
↓-99% vs avg
5yr avg: 300.36
30Y Low11.4·High56.1
P/B Ratio
↓
1.78
↓-75% vs avg
5yr avg: 7.20
30Y Low4.1·High16.7
ROE
↑
19.1%
↓+305% vs avg
5yr avg: 4.7%
30Y Low-35%·High45%
Debt/EBITDA
↓
2.51
↓-97% vs avg
5yr avg: 86.42
30Y Low2.5·High31.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
UPWK Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Upwork Inc. trades at 9.7x earnings, 63% below its 5-year average of 26.1x, sitting at the 0th percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a discount of 62%. On a free-cash-flow basis, the stock trades at 4.1x P/FCF, 99% below the 5-year average of 300.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $994M | $2.8B | $2.3B | $2.0B | $1.4B | $4.3B | $4.1B | $1.2B | $1.9B | — | — |
| Enterprise Value | $1.1B | $2.8B | $2.4B | $2.3B | $1.8B | $4.7B | $4.0B | $1.2B | $1.8B | — | — |
| P/E Ratio → | 9.70 | 23.88 | 10.76 | 43.74 | — | — | — | — | — | — | — |
| P/S Ratio | 1.26 | 3.51 | 3.04 | 2.96 | 2.20 | 8.64 | 10.97 | 3.90 | 7.41 | — | — |
| P/B Ratio | 1.78 | 4.38 | 4.07 | 5.36 | 5.47 | 16.74 | 13.69 | 4.52 | 7.71 | — | — |
| P/FCF | 4.10 | 11.40 | 16.82 | 56.14 | 492.98 | 924.43 | 512.18 | — | 272.11 | — | — |
| P/OCF | 4.01 | 11.13 | 15.24 | 38.72 | 118.52 | 400.88 | 183.21 | 1107.49 | 136.67 | — | — |
P/E links to full P/E history page with 30-year chart
UPWK EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Upwork Inc.'s enterprise value stands at 7.1x EBITDA, 99% below its 5-year average of 548.5x. The Industrials sector median is 13.9x, placing the stock at a 49% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.61 | 3.12 | 3.38 | 2.94 | 9.43 | 10.81 | 3.88 | 7.00 | — | — |
| EV / EBITDA | 7.10 | 18.75 | 29.01 | 1597.62 | — | — | — | — | — | — | — |
| EV / EBIT | 8.33 | 20.19 | 36.87 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 11.74 | 17.28 | 64.07 | 656.72 | 1008.95 | 504.79 | — | 256.87 | — | — |
UPWK Profitability
Margins and return-on-capital ratios measuring operating efficiency
Upwork Inc. earns an operating margin of 16.4%, above the Industrials sector average of 4.3%. Operating margins have expanded from -1.6% to 16.4% over the past 3 years, signaling improving operational efficiency. ROE of 19.1% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 14.3% represents solid returns on invested capital versus a sector median of 6.1%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.8% | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% | 72.1% | 70.7% | 67.8% | 67.7% | 61.9% |
| Operating Margin | 16.4% | 16.4% | 8.5% | -1.6% | -15.0% | -10.8% | -6.0% | -6.2% | -4.6% | -1.5% | -8.8% |
| Net Profit Margin | 14.7% | 14.7% | 28.0% | 6.8% | -14.5% | -11.2% | -6.1% | -5.5% | -7.9% | -2.0% | -9.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.1% | 19.1% | 45.1% | 14.9% | -35.4% | -20.1% | -8.2% | -6.6% | -18.7% | — | — |
| ROA | 9.2% | 9.2% | 19.2% | 4.4% | -8.3% | -7.0% | -4.7% | -4.0% | -6.0% | -1.6% | -6.5% |
| ROIC | 14.3% | 14.3% | 7.5% | -1.2% | -10.2% | -9.1% | -6.8% | -7.2% | -14.7% | — | — |
| ROCE | 16.2% | 16.2% | 7.7% | -1.4% | -11.0% | -9.2% | -7.1% | -6.7% | -5.5% | -1.9% | -8.8% |
UPWK Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Upwork Inc. carries a Debt/EBITDA ratio of 2.5x, which is moderately leveraged (22% below the sector average of 3.2x). Net debt stands at $83M ($381M total debt minus $298M cash). Interest coverage of 201.4x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.60 | 0.60 | 0.64 | 0.97 | 2.34 | 2.25 | 0.12 | 0.16 | 0.10 | — | — |
| Debt / EBITDA | 2.51 | 2.51 | 4.45 | 252.31 | — | — | — | — | — | 31.83 | — |
| Net Debt / Equity | — | 0.13 | 0.11 | 0.76 | 1.82 | 1.53 | -0.20 | -0.02 | -0.43 | — | — |
| Net Debt / EBITDA | 0.55 | 0.55 | 0.76 | 197.68 | — | — | — | — | — | 11.51 | — |
| Debt / FCF | — | 0.34 | 0.46 | 7.93 | 163.73 | 84.52 | -7.39 | — | -15.24 | — | -4.50 |
| Interest Coverage | 201.40 | 201.40 | 24.15 | — | -20.66 | -24.74 | -28.20 | -11.73 | -8.76 | -3.32 | -17.92 |
UPWK Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.46x means Upwork Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 3.01x to 1.46x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.46 | 1.46 | 3.39 | 3.01 | 3.76 | 3.98 | 1.82 | 1.88 | 2.01 | 1.26 | 1.37 |
| Quick Ratio | 1.46 | 1.46 | 3.39 | 3.01 | 3.76 | 3.98 | 1.82 | 1.88 | 2.01 | 1.26 | 1.37 |
| Cash Ratio | 1.04 | 1.04 | 2.32 | 1.88 | 2.77 | 2.93 | 0.85 | 0.90 | 1.01 | 0.19 | 0.32 |
| Asset Turnover | — | 0.61 | 0.63 | 0.66 | 0.57 | 0.47 | 0.71 | 0.67 | 0.65 | 0.74 | 0.66 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 35.32 | 35.82 | 54.59 | 38.30 | 48.51 | 45.93 | 36.62 | 32.15 | 55.43 | 56.20 |
UPWK Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Upwork Inc. returns 13.7% to shareholders annually primarily through share buybacks. The earnings yield of 10.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.3% | 4.2% | 9.3% | 2.3% | — | — | — | — | — | — | — |
| FCF Yield | 24.4% | 8.8% | 5.9% | 1.8% | 0.2% | 0.1% | 0.2% | — | 0.4% | — | — |
| Buyback Yield | 13.7% | 4.9% | 4.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 13.7% | 4.9% | 4.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $139M | $143M | $137M | $131M | $127M | $119M | $110M | $104M | $96M | $32M |
Peer Comparison
Compare UPWK with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 UPWKYou | $994M | 9.7 | 7.1 | 4.1 | 77.8% | 16.4% | 19.1% | 14.3% | 2.5 |
 FVRR | $373M | 18.5 | 18.5 | 3.6 | 80.7% | -0.3% | 5.4% | -0.2% | 0.4 |
 TASK | $443M | 4.5 | 2.6 | 6.0 | 32.6% | 11.9% | 18.6% | 16.3% | 1.5 |
 FLNT | $59M | -2.9 | — | — | 19.9% | -9.4% | -125.9% | -30.6% | — |
 RELY | $4B | 68.1 | 38.6 | 15.0 | 57.1% | 5.0% | 8.9% | 14.2% | 2.1 |
 HIMS | $8B | 69.5 | 55.1 | 105.3 | 73.8% | 4.5% | 25.2% | 8.6% | 7.9 |
 ANGI | $201M | 5.3 | 3.2 | 4.4 | 90.8% | 7.6% | 4.4% | 5.0% | 4.0 |
 TRUP | $1B | 52.3 | 26.3 | 13.6 | 28.5% | 1.5% | 5.5% | 5.1% | 3.0 |
 CWAN | $7B | -173.5 | 70.5 | 43.9 | 67.3% | 3.8% | -2.5% | 1.1% | 7.8 |
 PAYC | $7B | 15.5 | 8.9 | 16.7 | 78.6% | 27.6% | 27.4% | 30.7% | 0.2 |
 PCTY | $5B | 25.1 | 13.0 | 15.8 | 68.8% | 19.1% | 20.0% | 26.2% | 0.5 |
| Industrials Median | — | 25.6 | 13.9 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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UPWK — Frequently Asked Questions
Quick answers to the most common questions about buying UPWK stock.
What is Upwork Inc.'s P/E ratio?
Upwork Inc.'s current P/E ratio is 9.7x. The historical average is 26.1x.
What is Upwork Inc.'s EV/EBITDA?
Upwork Inc.'s current EV/EBITDA is 7.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.9x.
What is Upwork Inc.'s ROE?
Upwork Inc.'s return on equity (ROE) is 19.1%. The historical average is -1.2%.
Is UPWK stock overvalued?
Based on historical data, Upwork Inc. is trading at a P/E of 9.7x. Compare with industry peers and growth rates for a complete picture.
What are Upwork Inc.'s profit margins?
Upwork Inc. has 77.8% gross margin and 16.4% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Upwork Inc. have?
Upwork Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.