UPWK Communication Services

Upwork Inc.

$9.93+2.16%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Communication Services
Industry: Internet Content & Information
Country: United States
Market cap: 1.2B USD
Enterprise value: 799.4M USD
Full-time employees: 630

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its share price swings more than most peers’ (beta 1.01 vs a peer median of 0.65)bigger price swings (beta 1.01 vs peers 0.65)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #183 of 454 communication services companies (top 41%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year high. 16% in 2025, the best of the last 6 years.
Upwork kept 16% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Share count shrinking. Shares outstanding down 5.6% from December 2022 to July 2026.
Upwork had 5.6% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Cash flow well above reported profit. Free cash flow is 2.0× reported profit.
Free cash flow is 2.0× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $374M in 2020 to $788M in 2025.
Upwork's fiscal-year revenue rose in each of the five years to 2025, from $374M to $788M.

StockQuotient Score

56/ 100

Oct 5 57 → Nov 4 56 (-1)

Valuation

Is the price right?

79/100

Moderate▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 81 → 79

Share price +9.5%-3
Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Earnings yield
▲ FCF yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield8.2%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 1.79Sector median: 0.0294 · MAD: 0.0294

EBITDA yield15.4%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 1.06Sector median: 0.0857 · MAD: 0.0649

Free cash flow yield16.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 1.53Sector median: 0.0740 · MAD: 0.0593

Other data (not scored)

Book yield49.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.4780 · MAD: 0.3375

Growth

Is it growing?

29/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 28 → 29

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-55.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.07Sector median: 0.0878 · MAD: 0.3126

3-year revenue growth6.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.53Sector median: 0.0303 · MAD: 0.0683

Revenue growth1.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.16Sector median: 0.0299 · MAD: 0.0720

Profitability

Does it earn well?

79/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin15.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.88Sector median: 0.0818 · MAD: 0.0789

Return on assets8.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.66Sector median: 0.0272 · MAD: 0.0318

Return on invested capital18.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.84Sector median: 0.0598 · MAD: 0.0706

Other data (not scored)

Gross margin77.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4656 · MAD: 0.1827

Return on equity16.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0529 · MAD: 0.1007

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 36 → 37

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Held back by:

▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.01

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.23Sector median: 0.6525 · MAD: 0.2880

Current ratio1.42×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.06Sector median: 1.3848 · MAD: 0.6948

Debt / equity0.59×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.66Sector median: 0.3697 · MAD: 0.3335

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Upwork

Is Upwork getting weaker?: Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 56/100 since Oct 28, 2026.
How is Upwork valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 79/100 against 512 communication services peers. Earnings yield 8.2% vs a peer median of 2.9% (stronger than 81% of peers).Earnings yield 8.2% vs peers 2.9% (stronger than 81% of peers).
Is Upwork growing?: More slowly than most of its peers. Growth scores 29/100 against 512 communication services peers. 3-year revenue growth 6.6% vs a peer median of 3.0% (stronger than 65% of peers).3-year revenue growth 6.6% vs peers 3.0% (stronger than 65% of peers). Earnings per share growth -55.9% vs a peer median of 8.8% (weaker than 88% of peers).Earnings per share growth -55.9% vs peers 8.8% (weaker than 88% of peers).
How profitable is Upwork?: More profitable than most of its peers. Profitability scores 79/100 against 512 communication services peers. Return on assets 8.0% vs a peer median of 2.7% (stronger than 84% of peers).Return on assets 8.0% vs peers 2.7% (stronger than 84% of peers).
How risky is Upwork?: Moderate risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Beta 1.01 vs a peer median of 0.65 (weaker than 78% of peers).Beta 1.01 vs peers 0.65 (weaker than 78% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	790.6M USD	787.3M USD	−0.4%
Net income (12 months)	109.2M USD	101.8M USD	−6.7%
Operating margin	15.6%	15.1%	−0.5 pts
Free cash flow (12 months)	229.3M USD	204.4M USD	−10.9%
Debt	360.2M USD	360.7M USD	+0.1%
Cash	328.4M USD	476.0M USD	+45.0%
Shares outstanding	123.5M	124.9M	+1.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Communication Services · 67 companies

Valuations in Communication Services are within their usual range since 2016.

46% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +13% and earnings +11% (medians): earnings grew faster than prices.
Median price-to-sales is −6% vs the whole market, against a usual −7%.

2016Shaded: most expensive fifth of its range2026

Shown for Communication Services: too few Internet Content & Information companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	73.0%	74.1%	75.3%	77.4%	77.8%	▲ 0.4 pts
Operating margin	-10.8%	-15.0%	-1.6%	8.5%	16.4%	▲ 7.9 pts
Net margin	-11.2%	-14.5%	6.8%	28.0%	14.7%	▼ 13 pts
Return on assets (ROA)	-5.2%	-8.3%	4.5%	17.8%	8.9%	▼ 8.9 pts
Return on equity (ROE)	-21.7%	-36.1%	12.3%	37.5%	18.3%	▼ 19 pts
Free cash flow margin	2.0%	1.7%	7.5%	19.5%	30.8%	▲ 11 pts
Current ratio	3.98×	3.76×	3.01×	3.39×	1.46×	▼ 57%
Debt to equity	2.16×	2.27×	0.93×	0.62×	0.57×	▼ 8.2%
Interest coverage	-24.87×	-20.66×	—	—	—	—

UPWK price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its share price swings more than most peers’ (beta 1.01 vs a peer median of 0.65)bigger price swings (beta 1.01 vs peers 0.65)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #183 of 454 communication services companies (top 41%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year high. 16% in 2025, the best of the last 6 years.

Upwork kept 16% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Share count shrinking. Shares outstanding down 5.6% from December 2022 to July 2026.

Upwork had 5.6% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Cash flow well above reported profit. Free cash flow is 2.0× reported profit.

Free cash flow is 2.0× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $374M in 2020 to $788M in 2025.

Upwork's fiscal-year revenue rose in each of the five years to 2025, from $374M to $788M.

Questions investors ask about Upwork

Is Upwork getting weaker?

Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 56/100 since Oct 28, 2026.

How is Upwork valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 79/100 against 512 communication services peers. Earnings yield 8.2% vs a peer median of 2.9% (stronger than 81% of peers).Earnings yield 8.2% vs peers 2.9% (stronger than 81% of peers).

Is Upwork growing?

More slowly than most of its peers. Growth scores 29/100 against 512 communication services peers. 3-year revenue growth 6.6% vs a peer median of 3.0% (stronger than 65% of peers).3-year revenue growth 6.6% vs peers 3.0% (stronger than 65% of peers). Earnings per share growth -55.9% vs a peer median of 8.8% (weaker than 88% of peers).Earnings per share growth -55.9% vs peers 8.8% (weaker than 88% of peers).

How profitable is Upwork?

More profitable than most of its peers. Profitability scores 79/100 against 512 communication services peers. Return on assets 8.0% vs a peer median of 2.7% (stronger than 84% of peers).Return on assets 8.0% vs peers 2.7% (stronger than 84% of peers).

How risky is Upwork?

Moderate risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Beta 1.01 vs a peer median of 0.65 (weaker than 78% of peers).Beta 1.01 vs peers 0.65 (weaker than 78% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

790.6M USD

787.3M USD

−0.4%

Net income (12 months)

109.2M USD

101.8M USD

−6.7%

Operating margin

15.6%

15.1%

−0.5 pts

Free cash flow (12 months)

229.3M USD

204.4M USD

−10.9%

Debt

360.2M USD

360.7M USD

+0.1%

Cash

328.4M USD

476.0M USD

+45.0%

Shares outstanding

123.5M

124.9M

+1.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

73.0%

74.1%

75.3%

77.4%

77.8%

▲ 0.4 pts

Operating margin

-10.8%

-15.0%

-1.6%

8.5%

16.4%

▲ 7.9 pts

Net margin

-11.2%

-14.5%

6.8%

28.0%

14.7%

▼ 13 pts

Return on assets (ROA)

-5.2%

-8.3%

4.5%

17.8%

8.9%

▼ 8.9 pts

Return on equity (ROE)

-21.7%

-36.1%

12.3%

37.5%

18.3%

▼ 19 pts

Free cash flow margin

2.0%

1.7%

7.5%

19.5%

30.8%

▲ 11 pts

Current ratio

3.98×

3.76×

3.01×

3.39×

1.46×

▼ 57%

Debt to equity

2.16×

2.27×

0.93×

0.62×

0.57×

▼ 8.2%

Interest coverage

-24.87×

-20.66×

—