Last 35 quarters of trend data · Industrials · Staffing & Employment Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Upwork Inc.'s quarterly P/E stands at 11.4x, down 5.5% year-over-year. EV/EBITDA has compressed 17.6% YoY to 9.1x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 9.70 | 11.42 | 45.05 | 22.11 | 14.00 | 12.08 | 3.97 | 13.06 | 15.81 | 23.58 | 28.60 | 23.67 | — |
| — | -5.5% | +1035.1% | +69.2% | -11.4% | -48.7% | -86.1% | -44.8% | — | — | — | — | — | |
| P/S Ratio | 1.26 | 1.90 | 3.48 | 3.21 | 2.42 | 2.42 | 3.05 | 1.88 | 1.92 | 2.31 | 2.91 | 2.22 | 1.86 |
| — | -21.3% | +14.0% | +71.2% | +25.6% | +4.8% | +5.1% | -15.4% | +3.6% | -3.6% | +36.4% | -21.0% | -56.7% | |
| P/B Ratio | 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 |
| — | -16.7% | +7.8% | +16.6% | -24.8% | -37.9% | -27.5% | -22.2% | +0.8% | -5.2% | +1.5% | -38.1% | -62.6% | |
| P/FCF | 4.10 | 17.46 | 10.92 | 9.34 | 6.72 | 15.13 | 126.50 | 4.19 | 10.48 | 36.24 | — | 11.67 | 325.25 |
| — | +15.4% | -91.4% | +123.0% | -35.9% | -58.3% | — | -64.1% | -96.8% | — | — | -80.6% | — | |
| EV / EBITDA | 7.10 | 9.09 | 20.05 | 19.94 | 12.71 | 11.02 | 30.80 | 15.98 | 18.74 | 30.86 | 46.41 | 31.70 | — |
| — | -17.6% | -34.9% | +24.8% | -32.2% | -64.3% | -33.6% | -49.6% | — | — | — | — | — | |
| EV / EBIT | 8.33 | 11.72 | 20.90 | 18.95 | 15.08 | 12.47 | 44.23 | 18.48 | 23.47 | 40.30 | — | 38.85 | — |
| — | -6.0% | -52.8% | +2.6% | -35.8% | -69.1% | — | -52.4% | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Upwork Inc.'s operating margin was 16.7% in Q1 2026, up 2.5 pp QoQ and down 3.3 pp YoY. The trailing four-quarter average of 15.6% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.8% | 77.2% | 78.0% | 77.3% | 77.7% | 78.3% | 77.7% | 77.6% | 77.3% | 76.9% | 75.1% | 75.4% | 75.8% |
| — | -1.5% | +0.3% | -0.4% | +0.6% | +1.9% | +3.6% | +2.9% | +2.0% | +2.7% | +0.7% | +1.2% | +2.4% | |
| Operating Margin | 16.4% | 16.7% | 14.3% | 14.8% | 16.7% | 20.1% | 7.1% | 10.7% | 9.2% | 6.8% | 4.6% | 6.5% | -3.6% |
| — | -16.6% | +101.0% | +37.5% | +81.4% | +193.8% | +54.8% | +64.5% | +353.8% | +143.9% | +136.1% | +140.7% | +75.3% | |
| Net Margin | 14.7% | 16.1% | 7.9% | 14.5% | 16.8% | 19.6% | 76.9% | 14.3% | 11.5% | 9.7% | 9.4% | 9.3% | -2.4% |
| — | -17.8% | -89.7% | +1.5% | +45.9% | +102.7% | +713.7% | +54.1% | +586.1% | -9.5% | +192.4% | +159.4% | +84.4% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.1% | 5.2% | 2.5% | 4.7% | 5.4% | 6.5% | 29.8% | 7.2% | 6.3% | 5.1% | 4.8% | 5.0% | -1.3% |
| — | -18.7% | -91.7% | -34.0% | -13.1% | +27.7% | +521.6% | +43.0% | +567.3% | -20.8% | +171.5% | +149.5% | +86.1% | |
| ROA | 9.2% | 2.5% | 1.2% | 2.3% | 2.6% | 3.1% | 12.9% | 2.7% | 2.2% | 1.8% | 1.7% | 1.7% | -0.4% |
| — | -19.6% | -90.7% | -14.9% | +18.3% | +70.1% | +644.5% | +55.2% | +612.2% | +5.3% | +213.7% | +175.6% | +80.1% | |
| ROIC | 14.3% | 3.7% | 2.9% | 3.1% | 3.6% | 4.5% | 1.8% | 3.0% | 2.2% | 1.4% | 1.0% | 1.6% | -0.8% |
| — | -17.4% | +62.3% | +3.9% | +67.7% | +210.5% | +75.9% | +90.4% | +354.4% | +148.2% | +145.7% | +156.5% | +65.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Upwork Inc.'s Debt/EBITDA ratio is 8.9x, down from 10.7x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 60.0% YoY to 1.36x, tightening the short-term liquidity position. Debt/Equity has risen for 3 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.60 | 0.66 | 0.60 | 0.59 | 0.61 | 0.62 | 0.64 | 0.90 | 1.01 | 1.05 | 0.97 | 1.08 | 1.21 |
| — | +5.8% | -5.8% | -34.2% | -39.8% | -40.7% | -33.5% | -16.5% | -16.0% | -18.1% | -58.7% | -55.2% | -49.1% | |
| Debt / EBITDA | 2.51 | 8.89 | 10.73 | 10.95 | 9.60 | 8.47 | 18.92 | 15.37 | 16.42 | 21.52 | 28.15 | 26.25 | — |
| — | +5.0% | -43.3% | -28.8% | -41.5% | -60.7% | -32.8% | -41.5% | — | — | — | — | — | |
| Current Ratio | 1.46 | 1.36 | 1.46 | 1.44 | 3.36 | 3.41 | 3.39 | 3.18 | 3.00 | 2.93 | 3.01 | 3.20 | 3.06 |
| — | -60.0% | -56.9% | -54.8% | +11.9% | +16.6% | +12.6% | -0.7% | -2.0% | -2.0% | -19.8% | -13.2% | -14.6% | |
| Quick Ratio | 1.46 | 1.36 | 1.46 | 1.44 | 3.36 | 3.41 | 3.39 | 3.18 | 3.00 | 2.93 | 3.01 | 3.20 | 3.06 |
| — | -60.0% | -56.9% | -54.8% | +11.9% | +16.6% | +12.6% | -0.7% | -2.0% | -2.0% | -19.8% | -13.2% | -14.6% | |
| Interest Coverage | 201.40 | 46.74 | — | — | 46.52 | — | — | — | — | — | — | 16.13 | -8.58 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 35 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
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 23.1x. 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 expanding 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.