Last 36 quarters of trend data · Industrials · Staffing & Employment Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 9.70 | 10.45 | 11.42 | 45.05 | 22.11 | 14.00 | 12.08 | 3.97 | 13.06 | 15.81 | 23.58 | 28.60 | 23.67 | — | — | — | — | — | — | — | — |
| — | -25.4% | -5.5% | +1035.1% | +69.2% | -11.4% | -48.7% | -86.1% | -44.8% | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 1.26 | 1.42 | 1.90 | 3.48 | 3.21 | 2.42 | 2.42 | 3.05 | 1.88 | 1.92 | 2.31 | 2.91 | 2.22 | 1.86 | 2.39 | 2.13 | 2.81 | 4.29 | 5.32 | 7.96 | 11.24 |
| — | -41.4% | -21.3% | +14.0% | +71.2% | +25.6% | +4.8% | +5.1% | -15.4% | +3.6% | -3.6% | +36.4% | -21.0% | -56.7% | -55.0% | -73.2% | -75.0% | -71.2% | -56.9% | -20.7% | +106.6% | |
| P/B Ratio | 1.78 | 1.78 | 2.61 | 4.38 | 4.13 | 3.10 | 3.13 | 4.07 | 3.54 | 4.12 | 5.05 | 5.61 | 4.55 | 4.08 | 5.33 | 5.53 | 7.35 | 10.92 | 12.06 | 16.79 | 21.75 |
| — | -42.6% | -16.7% | +7.8% | +16.6% | -24.8% | -37.9% | -27.5% | -22.2% | +0.8% | -5.2% | +1.5% | -38.1% | -62.6% | -55.8% | -67.1% | -66.2% | -54.4% | -34.3% | +18.0% | +191.0% | |
| P/FCF | 4.10 | 6.00 | 17.46 | 10.92 | 9.34 | 6.72 | 15.13 | 126.50 | 4.19 | 10.48 | 36.24 | — | 11.67 | 325.25 | — | 59.57 | 60.21 | — | — | — | 72.03 |
| — | -10.6% | +15.4% | -91.4% | +123.0% | -35.9% | -58.3% | — | -64.1% | -96.8% | — | — | -80.6% | — | — | — | -16.4% | — | — | — | -43.1% | |
| EV / EBITDA | 7.10 | 6.67 | 9.11 | 20.05 | 19.94 | 12.71 | 11.02 | 30.80 | 15.98 | 18.74 | 30.86 | 46.41 | 31.70 | — | — | — | — | — | — | — | — |
| — | -47.5% | -17.4% | -34.9% | +24.8% | -32.2% | -64.3% | -33.6% | -49.6% | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | 8.33 | 7.67 | 10.01 | 20.90 | 18.95 | 12.54 | 10.72 | 32.70 | 13.30 | 17.83 | 26.60 | — | 38.85 | — | — | — | — | — | — | — | — |
| — | -38.8% | -6.6% | -36.1% | +42.5% | -29.7% | -59.7% | — | -65.8% | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.8% | 76.4% | 77.2% | 78.0% | 77.3% | 77.7% | 78.3% | 77.7% | 77.6% | 77.3% | 76.9% | 75.1% | 75.4% | 75.8% | 74.9% | 74.5% | 74.5% | 74.0% | 73.2% | 72.9% | 72.7% |
| — | -1.7% | -1.5% | +0.3% | -0.4% | +0.6% | +1.9% | +3.6% | +2.9% | +2.0% | +2.7% | +0.7% | +1.2% | +2.4% | +2.3% | +2.2% | +2.4% | +0.8% | -0.0% | +0.1% | +0.3% | |
| Operating Margin | 16.4% | 14.7% | 16.7% | 14.3% | 14.8% | 16.7% | 20.1% | 7.1% | 10.7% | 9.2% | 6.8% | 4.6% | 6.5% | -3.6% | -15.6% | -12.7% | -16.0% | -14.7% | -16.7% | -15.9% | -6.5% |
| — | -12.1% | -16.6% | +101.0% | +37.5% | +81.4% | +193.8% | +54.8% | +64.5% | +353.8% | +143.9% | +136.1% | +140.7% | +75.3% | +7.0% | +20.4% | -147.1% | -11.3% | -147.0% | -2678.5% | -107.3% | |
| Net Margin | 14.7% | 13.3% | 16.1% | 7.9% | 14.5% | 16.8% | 19.6% | 76.9% | 14.3% | 11.5% | 9.7% | 9.4% | 9.3% | -2.4% | 10.7% | -10.2% | -15.6% | -15.2% | -17.5% | -16.5% | -7.3% |
| — | -21.0% | -17.8% | -89.7% | +1.5% | +45.9% | +102.7% | +713.7% | +54.1% | +586.1% | -9.5% | +192.4% | +159.4% | +84.4% | +161.0% | +38.0% | -115.4% | -14.0% | -153.8% | -1991.4% | -155.9% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.1% | 4.3% | 5.2% | 2.5% | 4.7% | 5.4% | 6.5% | 29.8% | 7.2% | 6.3% | 5.1% | 4.8% | 5.0% | -1.3% | 6.4% | -6.7% | -10.2% | -9.6% | -9.7% | -8.6% | -3.2% |
| — | -20.9% | -18.7% | -91.7% | -34.0% | -13.1% | +27.7% | +521.6% | +43.0% | +567.3% | -20.8% | +171.5% | +149.5% | +86.1% | +165.7% | +22.0% | -212.7% | -78.4% | -275.3% | -2801.2% | -226.2% | |
| ROA | 9.2% | 2.0% | 2.5% | 1.2% | 2.3% | 2.6% | 3.1% | 12.9% | 2.7% | 2.2% | 1.8% | 1.7% | 1.7% | -0.4% | 1.7% | -1.5% | -2.3% | -2.2% | -2.3% | -2.1% | -1.1% |
| — | -22.8% | -19.6% | -90.7% | -14.9% | +18.3% | +70.1% | +644.5% | +55.2% | +612.2% | +5.3% | +213.7% | +175.6% | +80.1% | +175.8% | +26.3% | -104.1% | +25.9% | -57.7% | -1255.2% | -101.8% | |
| ROIC | 14.3% | 3.7% | 3.7% | 2.9% | 3.1% | 3.6% | 4.5% | 1.8% | 3.0% | 2.2% | 1.4% | 1.0% | 1.6% | -0.8% | -3.0% | -2.2% | -2.8% | -2.5% | -2.6% | -3.6% | -2.7% |
| — | +3.0% | -17.6% | +62.3% | +3.9% | +67.7% | +210.5% | +75.9% | +90.4% | +354.4% | +148.2% | +145.7% | +156.5% | +65.5% | -15.0% | +37.9% | -2.6% | +55.9% | -6.4% | -1826.1% | -178.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.60 | 0.61 | 0.67 | 0.60 | 0.59 | 0.61 | 0.62 | 0.64 | 0.90 | 1.01 | 1.05 | 0.97 | 1.08 | 1.21 | 1.28 | 2.34 | 2.40 | 2.37 | 2.34 | 2.25 | 2.21 |
| — | +0.7% | +6.9% | -5.8% | -34.2% | -39.8% | -40.7% | -33.5% | -16.5% | -16.0% | -18.1% | -58.7% | -55.2% | -49.1% | -45.2% | +3.8% | +8.7% | +2307.3% | +2088.8% | +1828.2% | +1569.1% | |
| Debt / EBITDA | 2.51 | 10.16 | 8.99 | 10.73 | 10.95 | 9.60 | 8.47 | 18.92 | 15.37 | 16.42 | 21.52 | 28.15 | 26.25 | — | — | — | — | — | — | — | — |
| — | +5.8% | +6.2% | -43.3% | -28.8% | -41.5% | -60.7% | -32.8% | -41.5% | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 1.46 | 1.42 | 1.36 | 1.46 | 1.44 | 3.36 | 3.41 | 3.39 | 3.18 | 3.00 | 2.93 | 3.01 | 3.20 | 3.06 | 2.99 | 3.76 | 3.69 | 3.59 | 3.61 | 3.98 | 3.89 |
| — | -57.6% | -60.0% | -56.9% | -54.8% | +11.9% | +16.6% | +12.6% | -0.7% | -2.0% | -2.0% | -19.8% | -13.2% | -14.6% | -17.1% | -5.5% | -5.1% | +102.1% | +106.9% | +119.2% | +117.8% | |
| Quick Ratio | 1.46 | 1.42 | 1.36 | 1.46 | 1.44 | 3.36 | 3.41 | 3.39 | 3.18 | 3.00 | 2.93 | 3.01 | 3.20 | 3.06 | 2.99 | 3.76 | 3.69 | 3.59 | 3.61 | 3.98 | 3.89 |
| — | -57.6% | -60.0% | -56.9% | -54.8% | +11.9% | +16.6% | +12.6% | -0.7% | -2.0% | -2.0% | -19.8% | -13.2% | -14.6% | -17.1% | -5.5% | -5.1% | +102.1% | +106.9% | +119.2% | +117.8% | |
| Interest Coverage | 201.40 | — | 54.87 | 56.75 | 50.96 | 55.92 | 64.30 | 30.62 | — | 33.43 | 28.24 | — | 16.13 | -8.58 | -22.74 | -13.33 | -21.19 | -20.24 | -20.96 | -18.99 | -11.45 |
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Includes 30+ ratios · 36 years · Updated daily
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Quick answers to the most common questions about buying UPWK stock.
Upwork Inc.'s current P/E is 9.7x. The average P/E over the last 4 quarters is 22.3x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Upwork Inc.'s current operating margin is 16.4%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Upwork Inc.'s business trajectory between earnings reports.