UPWK
Upwork Inc.
UPWK's fundamentals are mixed, but it looks expensive: trading at 12x earnings, right at its usual valuation. Analysts expect earnings to decline.
UPWK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
UPWK's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
UPWK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.7x | $9.86 | — |
| Cheap | 9.3x | $7.56 | -23% |
| Fair | 12x | $9.55 | -3.1% |
| Current | 12x | $9.86 | — |
| Expensive | 30x | $23.95 | +143% |
Historical ranges are pointers, not guarantees.
UPWK's PE is in its fair range at 12x. On analysts' estimates for next year's earnings, today's price would be 8.7x, in its cheap range.
UPWK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect UPWK's earnings and revenue to decline, though with profitability holding steady.
UPWK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.13 | +39% |
| Q3 2026 | $0.81 | -53% |
| Q2 2026 | $0.77 | -55% |
| Q1 2026 | $0.81 | -51% |
| Q4 2025 | $0.84 | -45% |
| Q3 2025 | $1.74 | +181% |
| Q2 2025 | $1.73 | +220% |
| Q1 2025 | $1.66 | +388% |
| Q4 2024 | $1.52 | +2433% |
UPWK's earnings per share have fallen from their peak: $0.81 over the past year, against $1.74 in late 2025.
UPWK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $185.6M | -8% |
| Q2 2026 | $191.7M | -1.7% |
| Q1 2026 | $195.5M | +1.4% |
| Q4 2025 | $198.4M | +3.6% |
| Q3 2025 | $201.7M | +4.1% |
| Q2 2025 | $194.9M | +0.9% |
| Q1 2025 | $192.7M | +0.9% |
| Q4 2024 | $191.5M | +4.1% |
UPWK's revenue grew through 2024 and has held roughly level since: $186M last quarter, down 8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | +3.9 points |
| Q2 2026 | 15% | -2 points |
| Q1 2026 | 17% | -3.3 points |
| Q4 2025 | 14% | +7.2 points |
| Q3 2025 | 15% | +4 points |
| Q2 2025 | 17% | +7.5 points |
| Q1 2025 | 20% | +13 points |
| Q4 2024 | 7.1% | +2.5 points |
UPWK's operating margin was 19% last quarter, up 3.9 points from the same quarter a year ago, near the top of its range since 2019.
UPWK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $61.8M | -17% |
| Q2 2026 | $45.3M | -35% |
| Q1 2026 | $21.3M | -38% |
| Q4 2025 | $63.2M | +811% |
| Q3 2025 | $74.6M | -26% |
| Q2 2025 | $70.1M | +91% |
| Q1 2025 | $34.5M | +530% |
| Q4 2024 | $6.9M | +$12.4M |
UPWK generated $192M in free cash flow over the past year, up 2.9% from the year before.
UPWK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -1.7M shares |
| 1 year | -8.2% | -11.4M shares |
| 3 years | -6.6% | -9M shares |
| 5 years | +0.3% | +346K shares |
| Available history | +17% | +18.4M shares |
UPWK has 128M diluted shares, down 8.2% from a year ago, with $144M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $1.8M |
| Q1 2026 | $107.9M |
| Q4 2025 | $34M |
| Q3 2025 | $31M |
| Q2 2025 | $37.9M |
| Q1 2025 | $33.1M |
| Q4 2024 | — |
UPWK spent $144M buying back its own shares over the past year, up 41% from the year before.
UPWK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.4x | Net Cash |
| Q2 2026 | -0.8x | Net Cash |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | 0.7x | Very low |
| Q2 2025 | 0.6x | Very low |
| Q1 2025 | 0.6x | Very low |
| Q4 2024 | 0.8x | Very low |
UPWK has more cash than debt.
UPWK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.1 | Neutral |
| Stochastic | 72.4 | Neutral |
UPWK's weekly RSI is 52 (neutral) and its Stochastic is 72 (neutral).
UPWK PE vs Industrials Sector
| Metric | UPWK | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 24x | 49% below |
| PE % | 52 | 58 | 6 pts below |
UPWK is trading at 12x earnings, a 49% discount to the Industrials sector's median of 24x.
UPWK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.97 | 9.9% above |
| 20 week MA | $8.92 | 11% above |
| 50 week MA | $11.9 | 17% below |
| 100 week MA | $13.6 | 27% below |
| 200 week MA | $12.8 | 23% below |
UPWK has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 23% below its 200-week average.
UPWK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.4 | $37.8 | +263% |
| 2021 | $37.8 | $33.6 | -11% |
| 2022 | $33.6 | $10.4 | -69% |
| 2023 | $10.4 | $14.9 | +43% |
| 2024 | $14.9 | $16.9 | +14% |
| 2025 | $16.9 | $20.9 | +23% |
| 2026 YTD | $20.9 | $9.86 | -53% |
UPWK's yearly returns have swung widely, from +263% in 2020 to −69% in 2022. It's down 53% so far in 2026.