UPWK Stock Analysis: Upwork | NASDAQ
Internet Content & Information | NASDAQ, USA | Market Cap: 1.089m USD | 12M Return: -29.6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 26.1M
EPS Trend: 85.1%
Qual. Beats: 9
Rev. Trend: 93.0%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 7.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Upwork Inc. (NASDAQ: UPWK) operates an online marketplace that connects businesses with independent freelance, agency, fractional, and payrolled talent. Its core product, Upwork Marketplace, spans categories such as software development, design, sales and marketing, customer service, and administrative support, and is increasingly used for AI-related projects. The platform also offers supporting infrastructure including contract management, payments, escrow, and remote collaboration tools.
Beyond the open marketplace, Upwork provides enterprise workforce solutions for managing contingent labor (covering sourcing, classification, compliance, and reporting), managed services for outsourced project delivery, Upwork Payroll, and Uma, an AI-powered assistant. The company operates internationally, with a notable presence in the United States, the Philippines, India, and Pakistan.
Founded in 1998 and headquartered in Palo Alto, California, Upwork was formerly known as Elance-oDesk before adopting its current name in May 2015. It is classified within the GICS Industrials sector, specifically the Human Resource & Employment Services sub-industry, and operates on the asset-light, two-sided marketplace model common to digital employment platforms, monetizing primarily through service fees charged to clients and talent.
- Marketplace GSV growth and take rate expansion drive revenue
- Enterprise solutions revenue scales with higher margin mix
- AI project demand and Uma assistant accelerate platform engagement
| Net Income: 109.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.18 > 0.02 and ΔFCF/TA 5.32 > 1.0 |
| NWC/Revenue: 29.86% < 20% (prev 86.02%; Δ -56.16% < -1%) |
| CFO/TA 0.19 > 3% & CFO 234.3m > Net Income 109.2m |
| Net Debt (-181.0m) to EBITDA (174.2m): -1.04 < 3 |
| Current Ratio: 1.36 > 1.5 & < 3 |
| Outstanding Shares: last quarter (135.7m) vs 12m ago -4.96% < -2% |
| Gross Margin: 77.54% > 18% (prev 77.73%; Δ -0.20% > 0.5%) |
| Asset Turnover: 63.70% > 50% (prev 62.18%; Δ 1.52% > 0%) |
| Interest Coverage Ratio: 54.55 > 6 (EBIT TTM 147.3m / Interest Expense TTM 2.70m) |
| A: 0.19 (Total Current Assets 883.3m - Total Current Liabilities 647.2m) / Total Assets 1.24b |
| B: 0.06 (Retained Earnings 68.4m / Total Assets 1.24b) |
| C: 0.12 (EBIT TTM 147.3m / Avg Total Assets 1.24b) |
| D: 0.85 (Book Value of Equity 569.6m / Total Liabilities 672.3m) |
| Altman-Z'' = 3.11 = A |
| DSRI: 0.95 (Receivables 75.9m/77.9m, Revenue 790.6m/771.1m) |
| GMI: 1.00 (GM 77.73% / 77.54%) |
| AQI: 1.13 (AQ_t 0.24 / AQ_t-1 0.21) |
| SGI: 1.03 (Revenue 790.6m / 771.1m) |
| TATA: -0.10 (NI 109.2m - CFO 234.3m) / TA 1.24b) |
| Beneish M = -2.98 (Cap -4..+1) = A |
As of July 15, 2026, the stock is trading at USD 9.12 with a total of 3,352,805 shares traded. Over the past week, the price has changed by +2.93%, over one month by +7.55%, over three months by -17.17% and over the past year by -29.63%.
Current recommended Stop Loss: 8.00 (which is 12.3% or 2.7 ATR below the current price).
Upwork has received a consensus analysts rating of 3.73. Therefore, it is recommended to hold UPWK.
- StrongBuy: 2
- Buy: 4
- Hold: 5
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 12.4 | 36.4% |
P/E Trailing = 10.8889
P/E Forward = 5.7703
P/S = 1.378
P/B = 1.9147
P/EG = 0.9813
Revenue TTM = 790.6m USD
EBIT TTM = 147.3m USD
EBITDA TTM = 174.2m USD
Long Term Debt = 15.2m USD (estimated: total debt 379.5m - short term 364.3m)
Short Term Debt = 364.3m USD (from shortTermDebt, last quarter)
Debt = 398.7m USD (from shortLongTermDebtTotal, last quarter) + Leases 19.2m
Net Debt = -181.0m USD (calculated: Debt 398.7m - CCE 579.7m)
Enterprise Value = 908.4m USD (1.09b + Debt 398.7m - CCE 579.7m)
Interest Coverage Ratio = 54.55 (Ebit TTM 147.3m / Interest Expense TTM 2.70m)
EV/FCF = 4.05x (Enterprise Value 908.4m / FCF TTM 224.1m)
FCF Yield = 24.67% (FCF TTM 224.1m / Enterprise Value 908.4m)
FCF Margin = 28.35% (FCF TTM 224.1m / Revenue TTM 790.6m)
Net Margin = 13.81% (Net Income TTM 109.2m / Revenue TTM 790.6m)
Gross Margin = 77.54% ((Revenue TTM 790.6m - Cost of Revenue TTM 177.6m) / Revenue TTM)
Gross Margin QoQ = 77.16% (prev 77.99%)
Tobins Q-Ratio = 0.73 (Enterprise Value 908.4m / Total Assets 1.24b)
Interest Expense / Debt = 0.68% (Interest Expense 2.70m / Debt 398.7m)
Taxrate = 25.17% (36.7m / 145.9m)
NOPAT = 110.2m (EBIT 147.3m * (1 - 25.17%))
Current Ratio = 1.36 (Total Current Assets 883.3m / Total Current Liabilities 647.2m)
Debt / Equity = 0.70 (Debt 398.7m / totalStockholderEquity, last quarter 569.6m)
Debt / EBITDA = -1.04 (Net Debt -181.0m / EBITDA 174.2m)
Debt / FCF = -0.81 (Net Debt -181.0m / FCF TTM 224.1m)
Total Stockholder Equity = 609.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 8.80% (Net Income 109.2m / Total Assets 1.24b)
RoE = 17.92% (Net Income TTM 109.2m / Total Stockholder Equity 609.2m)
RoCE = 23.59% (EBIT 147.3m / Capital Employed (Equity 609.2m + L.T.Debt 15.2m))
RoIC = 11.99% (NOPAT 110.2m / Invested Capital 919.5m)
WACC = 7.40% (E(1.09b)/V(1.49b) * Re(9.92%) + D(398.7m)/V(1.49b) * Rd(0.68%) * (1-Tc(0.25)))
Discount Rate = 9.92% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -64.06 | Cagr: -2.54%
[DCF] Terminal Value 77.97% ; FCFF base≈197.6m ; Y1≈226.5m ; Y5≈333.3m
[DCF] Fair Price = 42.07 (EV 5.02b - Net Debt -181.0m = Equity 5.20b / Shares 123.5m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 85.10 | EPS CAGR: 109.0% | SUE: 4.0 | # QB: 9
Revenue Correlation: 92.96 | Revenue CAGR: 7.27% | SUE: -0.11 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.34 | Chg30d=+2.36% | Revisions=+50% | Analysts=8
EPS next Quarter (2026-09-30): EPS=0.41 | Chg30d=+1.95% | Revisions=+12% | Analysts=8
EPS current Year (2026-12-31): EPS=1.55 | Chg30d=+7.56% | Revisions=+70% | GrowthEPS=+9.7% | GrowthRev=-1.2%
EPS next Year (2027-12-31): EPS=1.75 | Chg30d=+1.32% | Revisions=+18% | GrowthEPS=+13.4% | GrowthRev=+6.5%
[Analyst] Revisions Ratio: +50% (up=21, down=6)