(UPWK) Upwork - Ratings and Ratios
Marketplace Platform, Payroll Solutions, Enterprise Tools, Managed Services, Escrow
Dividends
Currently no dividends paid| Risk via 10d forecast | |
|---|---|
| Volatility | 56.8% |
| Value at Risk 5%th | 73.4% |
| Relative Tail Risk | -21.40% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.54 |
| Alpha | 5.17 |
| CAGR/Max DD | 0.50 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.526 |
| Beta | 1.098 |
| Beta Downside | 1.145 |
| Drawdowns 3y | |
|---|---|
| Max DD | 47.69% |
| Mean DD | 19.38% |
| Median DD | 20.55% |
Description: UPWK Upwork November 13, 2025
Upwork Inc. (NASDAQ: UPWK) operates a global online marketplace that matches businesses with independent professionals and agencies across categories such as administrative support, sales & marketing, design, customer service, and software development. The platform streamlines talent sourcing, outreach, contracting, and remote collaboration, and it provides ancillary services including payroll, enterprise solutions, managed talent, and escrow-protected payments.
As of the most recent filing (Q4 2023), Upwork reported revenue of approximately $183 million, a year-over-year increase of about 13 percent, driven primarily by higher enterprise spend and growing freelancer utilization rates. The company now hosts roughly 13 million registered freelancers, with an active freelancer base (those earning >$1,000 in the last 12 months) estimated at 5 million-a key metric for assessing network effects. However, the platform’s gross profit margin remains volatile, hovering near 75 percent, reflecting sensitivity to pricing pressure and competition from other gig-economy players.
Sector-wide, the gig economy is projected to expand at a compound annual growth rate of roughly 9 percent through 2028, propelled by persistent labor-market tightness, the shift toward hybrid work models, and cost-containment pressures on corporate hiring. Upwork’s performance is therefore closely tied to macro-economic variables such as discretionary spending, inflation-adjusted wage growth, and regulatory developments around independent contractor classification (e.g., California’s AB 5). Assuming a stable regulatory environment and continued adoption of remote work, the upside potential lies in scaling enterprise contracts and improving freelancer retention; a material shift in any of these drivers would materially alter the outlook.
For a deeper quantitative assessment of Upwork’s valuation relative to peers, the ValueRay platform offers a granular breakdown of its discounted cash-flow inputs and scenario analyses.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income (247.0m TTM) > 0 and > 6% of Revenue (6% = 46.9m TTM) |
| FCFTA 0.13 (>2.0%) and ΔFCFTA 1.81pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 36.94% (prev 81.37%; Δ -44.43pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.15 (>3.0%) and CFO 193.0m <= Net Income 247.0m (YES >=105%, WARN >=100%) |
| Net Debt (110.3m) to EBITDA (141.7m) ratio: 0.78 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.44 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (139.7m) change vs 12m ago 0.27% (target <= -2.0% for YES) |
| Gross Margin 77.75% (prev 76.72%; Δ 1.03pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 65.79% (prev 71.69%; Δ -5.90pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 172.2 (EBITDA TTM 141.7m / Interest Expense TTM 700.0k) >= 6 (WARN >= 3) |
Altman Z'' 2.21
| (A) 0.22 = (Total Current Assets 949.0m - Total Current Liabilities 660.5m) / Total Assets 1.31b |
| (B) 0.02 = Retained Earnings (Balance) 21.3m / Total Assets 1.31b |
| (C) 0.10 = EBIT TTM 120.5m / Avg Total Assets 1.19b |
| (D) 0.03 = Book Value of Equity 22.2m / Total Liabilities 683.1m |
| Total Rating: 2.21 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 81.02
| 1. Piotroski 6.0pt |
| 2. FCF Yield 7.40% |
| 3. FCF Margin 22.41% |
| 4. Debt/Equity 0.59 |
| 5. Debt/Ebitda 0.78 |
| 6. ROIC - WACC (= 1.48)% |
| 7. RoE 41.05% |
| 8. Rev. Trend 95.43% |
| 9. EPS Trend 96.56% |
What is the price of UPWK shares?
Over the past week, the price has changed by +4.27%, over one month by +31.35%, over three months by +28.63% and over the past year by +18.53%.
Is UPWK a buy, sell or hold?
- Strong Buy: 2
- Buy: 4
- Hold: 5
- Sell: 0
- Strong Sell: 0
What are the forecasts/targets for the UPWK price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 22.9 | 11.5% |
| Analysts Target Price | 22.9 | 11.5% |
| ValueRay Target Price | 18.4 | -10.3% |
UPWK Fundamental Data Overview December 02, 2025
P/E Trailing = 11.4253
P/E Forward = 14.0056
P/S = 3.3761
P/B = 4.1061
P/EG = 0.9813
Beta = 1.044
Revenue TTM = 780.9m USD
EBIT TTM = 120.5m USD
EBITDA TTM = 141.7m USD
Long Term Debt = 357.9m USD (from longTermDebt, last fiscal year)
Short Term Debt = 361.0m USD (from shortTermDebt, last quarter)
Debt = 371.1m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 110.3m USD (from netDebt column, last quarter)
Enterprise Value = 2.36b USD (2.64b + Debt 371.1m - CCE 643.1m)
Interest Coverage Ratio = 172.2 (Ebit TTM 120.5m / Interest Expense TTM 700.0k)
FCF Yield = 7.40% (FCF TTM 175.0m / Enterprise Value 2.36b)
FCF Margin = 22.41% (FCF TTM 175.0m / Revenue TTM 780.9m)
Net Margin = 31.63% (Net Income TTM 247.0m / Revenue TTM 780.9m)
Gross Margin = 77.75% ((Revenue TTM 780.9m - Cost of Revenue TTM 173.7m) / Revenue TTM)
Gross Margin QoQ = 77.28% (prev 77.72%)
Tobins Q-Ratio = 1.80 (Enterprise Value 2.36b / Total Assets 1.31b)
Interest Expense / Debt = 0.19% (Interest Expense 700.0k / Debt 371.1m)
Taxrate = 17.77% (6.34m / 35.7m)
NOPAT = 99.1m (EBIT 120.5m * (1 - 17.77%))
Current Ratio = 1.44 (Total Current Assets 949.0m / Total Current Liabilities 660.5m)
Debt / Equity = 0.59 (Debt 371.1m / totalStockholderEquity, last quarter 628.1m)
Debt / EBITDA = 0.78 (Net Debt 110.3m / EBITDA 141.7m)
Debt / FCF = 0.63 (Net Debt 110.3m / FCF TTM 175.0m)
Total Stockholder Equity = 601.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 18.83% (Net Income 247.0m / Total Assets 1.31b)
RoE = 41.05% (Net Income TTM 247.0m / Total Stockholder Equity 601.6m)
RoCE = 12.56% (EBIT 120.5m / Capital Employed (Equity 601.6m + L.T.Debt 357.9m))
RoIC = 10.32% (NOPAT 99.1m / Invested Capital 960.2m)
WACC = 8.84% (E(2.64b)/V(3.01b) * Re(10.06%) + D(371.1m)/V(3.01b) * Rd(0.19%) * (1-Tc(0.18)))
Discount Rate = 10.06% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -1.45%
[DCF Debug] Terminal Value 67.99% ; FCFE base≈154.0m ; Y1≈130.4m ; Y5≈99.1m
Fair Price DCF = 10.08 (DCF Value 1.32b / Shares Outstanding 130.7m; 5y FCF grow -18.60% → 3.0% )
EPS Correlation: 96.56 | EPS CAGR: 126.6% | SUE: 2.83 | # QB: 7
Revenue Correlation: 95.43 | Revenue CAGR: 10.90% | SUE: 2.58 | # QB: 5
EPS next Quarter (2026-03-31): EPS=0.33 | Chg30d=-0.018 | Revisions Net=+1 | Analysts=5
EPS next Year (2026-12-31): EPS=1.42 | Chg30d=+0.109 | Revisions Net=+6 | Growth EPS=+5.4% | Growth Revenue=+6.4%
Additional Sources for UPWK Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle