Is Upwork (UPWK) overvalued or fairly valued?

MarketChacha shows Upwork's valuation in context — a trailing P/E of about 9.9, a forward P/E of about 6.5, a price-to-book of about 2.0 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Upwork's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.20×) from reported figures — education, not a rating.

What is Upwork's revenue?

Upwork reported revenue of $787.8M for FY2025, with net profit of $115.4M, per official filings.

What is the share price of Upwork (UPWK)?

Upwork last traded at $8.79 (-2.7% on the day), as of 9/4/2026 — a delayed quote shown for education, not investment advice.

Upwork

UPWK · NYSE · Industrials · United States

Snapshot

TickerUPWK

ExchangeNYSE

SectorIndustrials

IndustryInternet Content & Information

CountryUnited States

Employees630

HeadquartersPalo Alto, United States

Websitewww.upwork.com

Filings tracked19

About Upwork

Upwork Inc., together with its subsidiaries, provides platforms and workforce solutions that connect businesses with freelance, agency, fractional, and payrolled talent in the United States, the Philippines, India, Pakistan, and internationally. The company offers Upwork Marketplace, a human and AI-powered work marketplace that connects businesses with on-demand access to independent talent across a range of categories, including AI-related projects, administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development. Its marketplace also streamlines workflows, such as talent sourcing, outreach, contracting, and engagement management, as well as provides infrastructure for remote collaboration, including communication and collaboration tools, consolidated invoicing, and payment protection; and Upwork Payroll services. It also offers enterprise solutions that provide access to platform capabilities that support contingent workforce solutions, including sourcing, onboarding, classification, compliance and contract management, payments, and reporting. In addition, the company offers managed services that provide a service-led program management and end-to-end project delivery solution that enables enterprise clients to outsource defined functions or projects; Uma, an AI assistant; and escrow services. The company was formerly known as Elance-oDesk, Inc. and changed its name to Upwork Inc. in May 2015. Upwork Inc. was founded in 1998 and is headquartered in Palo Alto, California.

Who owns it

Insiders5.2%
Institutions94.8%
Public & other0.0%

417 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.15.42%
Vanguard Portfolio Management LLC6.32%
Ancient Art, L.P.5.79%
LSV Asset Management5.11%
Vanguard Capital Management LLC4.25%
State Street Corporation4.16%
Capital International Investors3.89%
Dimensional Fund Advisors LP3.80%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion1.20×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend6.8% → 14.7%

Margin has expanded by about 7.8 points — the business is getting more profitable.

Return on equity18.3%

Latest ROE of 18.3% — capital is generating a healthy return.

Growth qualityrev 7% · PAT 57%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $174.7M · EPS 0.33

Est. earnings growth -8.5%

Next fiscal year

Rev $736.7M · EPS 1.36

Est. earnings growth -1.8%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$787.8M

Net margin

14.7%

ROE

18.3%

Revenue CAGR (2y)

+6.9%

Profit CAGR (2y)

+56.9%

EPS (FY2025)

0.84

Net profit (FY2025)

$115.4M

Ask MarketChacha about UPWK

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On MarketChacha

Posts about UPWK

Why did Upwork (UPWK) crash ~15% — is AI eating the freelance economy?c/usmarkets · 8/12/2026▲ 0

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$787.8M	$115.4M	0.84	14.7%	18.3%
FY2024	$769.3M	$215.6M	1.52	28.0%	37.5%
FY2023	$689.1M	$46.9M	0.06	6.8%	12.3%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$191.7M	$25.4M	0.20	13.3%
2026Q1	$195.5M	$31.5M	0.24	16.1%
2025Q3	$201.7M	$29.3M	0.21	14.5%
2025Q2	$194.9M	$32.7M	0.24	16.8%
2025Q1	$192.7M	$37.7M	0.27	19.6%
2024Q3	$193.8M	$27.8M	0.20	14.3%
2024Q2	$193.1M	$22.2M	0.17	11.5%
2024Q1	$190.9M	$18.4M	0.13	9.7%
2023Q3	$175.7M	$16.3M	0.12	9.3%
2023Q2	$168.6M	$-4.0M	-0.03	-2.4%
2023Q1	$160.9M	$17.2M	-0.15	10.7%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Results of operations, Exhibits
SEC8/10/2026material
10-Q filing
SEC8/10/2026
8-K — Executive/director change
SEC7/16/2026material
8-K — Material agreement, Material financial obligation, Exhibits
SEC6/23/2026material
8-K — Executive/director change, Shareholder vote results
SEC6/5/2026material
8-K — Results of operations, Costs from exit/disposal, Reg FD disclosure, Exhibits
SEC5/7/2026material
10-Q filing
SEC5/7/2026
8-K — Executive/director change
SEC3/18/2026material
8-K — Other events
SEC2/18/2026material
10-K filing
SEC2/13/2026
8-K — Results of operations, Bylaw/charter change, Exhibits
SEC2/9/2026material

2025

8-K — Executive/director change
SEC12/11/2025material
10-Q filing
SEC11/4/2025
8-K — Results of operations, Exhibits
SEC11/3/2025material
8-K — Reg FD disclosure, Exhibits
SEC9/3/2025material
8-K — Executive/director change, Reg FD disclosure, Exhibits
SEC8/12/2025material
8-K/A — Completion of acquisition/disposition, Exhibits
SEC8/7/2025
8-K — Results of operations, Exhibits
SEC8/6/2025material
10-Q filing
SEC8/6/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.