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UPWORK, INC UPWK

Nasdaq · stock · Services-Computer Processing & Data Preparation · website · IPO 2018-10-03 · LEI

UPWORK, INC statistics & valuation

Market cap$1.0B
P / E9.0×
P / S1.3×
P / B1.7×
P / FCF4.3×
Net margin14.7%
Return on equity18.3%
FCF margin30.8%
Net debt$65.4M
Net debt / EBITDA0.4×
Enterprise value USD$1.1B
EV / EBITDA7.1×
Earnings yield EBIT/EV11.7%
Return on capital19.9%
Graham number +9.6%$9.20

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($9.20); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
-2.00% -7.90% -5.50% -6.10% -11.20% -14.50% 6.80% 28.00% 14.70% 201720182019202020212022202320242025
Gross margin (%)
67.70% 67.80% 70.70% 72.10% 73.00% 74.10% 75.30% 77.40% 77.80% 201720182019202020212022202320242025
Operating margin (%)
-1.50% -4.60% -6.20% -6.00% -10.80% -15.00% -1.60% 8.50% 16.40% 201720182019202020212022202320242025
Return on equity (%)
-8.20% -6.40% -7.60% -21.70% -36.10% 12.30% 37.50% 18.30% 201720182019202020212022202320242025
Shares outstanding
33.7M 106.5M 113.6M 124.8M 129.1M 132.4M 137.3M 143.2M 140.7M 201720182019202020212022202320242025
Net debt ($)
$12.2M -$105.2M -$30.1M -$83.4M $374.1M $434.9M $276.4M $52.2M $65.4M 201720182019202020212022202320242025
Share buybacks ($)
201720182019202020212022202320242025
Return on assets (%)
-1.50% -5.10% -3.70% -4.30% -5.20% -8.30% 4.50% 17.80% 8.90% 201720182019202020212022202320242025
Free cash flow margin (%)
-2.90% 4.20% -3.20% 4.30% 2.00% 1.70% 7.50% 19.50% 30.80% 201720182019202020212022202320242025
Debt / equity (×)
0.10× 0.07× 0.04× 2.16× 2.27× 0.93× 0.62× 0.57× 201720182019202020212022202320242025
EPS ($)
-$0.15 -$0.19 -$0.44 -$0.69 $0.06 $1.52 $0.84 201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Gross margin77.8%77.4%75.3%74.1%73.0%72.1%70.7%67.8%67.7%
Operating margin16.4%8.5%-1.6%-15.0%-10.8%-6.0%-6.2%-4.6%-1.5%
Net margin14.7%28.0%6.8%-14.5%-11.2%-6.1%-5.5%-7.9%-2.0%
FCF margin30.8%19.5%7.5%1.7%2.0%4.3%-3.2%4.2%-2.9%
Return on assets8.9%17.8%4.5%-8.3%-5.2%-4.3%-3.7%-5.1%-1.5%
Return on equity18.3%37.5%12.3%-36.1%-21.7%-7.6%-6.4%-8.2%13.1%
Debt / equity0.57×0.62×0.93×2.27×2.16×0.04×0.07×0.10×-1.08×
Current ratio1.463.393.013.763.981.821.882.011.26

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.