# Upwork Inc. (UPWK) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Industrials / Professional Services. Price $8.79, market value $1.1 billion.

## Valuation
- **P/E (trailing): 11.3×** (5-yr avg 94.1×, 3-yr avg 94.1×). Upwork Inc. trades at 11.3× trailing earnings, well below its own five-year average of 94.1×: cheap by its own standards. The Industrials median in the September 2026 study was 25.7×. Forward P/E is 6.4×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 1.4×**. Each dollar of revenue is priced at 1.4×.
- **Price / book: 1.9×**. The shares trade at 1.9× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 7.7×**. Enterprise value is 7.7× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 18.6%** (5-yr avg 3.7%). Free cash flow equals 18.6% of the market value, above its five-year average of 3.7%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 8.9%**. The inverse of the P/E: 8.9% of the price is earned each year.

## Profitability
- **Gross margin: 77.2%**. Upwork Inc. keeps 77.2% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 15.1%**. 15.1% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 14.7%**. 14.7% of each dollar of sales reaches the bottom line.
- **Return on equity: 18.3%**. 18.3% on shareholders' equity is solid.
- **Return on invested capital: 13.5%**. Return on all capital, debt included, is 13.5%.
- **Return on assets: 7.8%**. Each dollar of assets produces 7.8% of profit.

## Growth
- **Revenue growth (1 yr): 2.4%** (3-yr 8.4%/yr, 5-yr 16.1%/yr). Revenue grew 2.4% over the last year, against 16.1% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -44.7%**. Earnings per share fell 44.7%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 187.1%/yr**. Free cash flow has compounded at 187.1% a year over three years.

## Financial health
- **Debt to equity: 0.57**. Debt is 0.57 times equity, moderate leverage.
- **Net debt / EBITDA: 0.4×**. It would take 0.4 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 2.60**. A Z-score of 2.60 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Upwork Inc. does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): -47.6%** (YTD -55.7%, 3-mo 0.3%). The shares are down 47.6% over twelve months including dividends.
- **From 52-week high: -61.5%** (18.1% above the low). Trading 62% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 48**. An RSI of 48 is neutral.
- **Beta (1 yr): 0.98** (volatility 61%). Beta of 0.98 against the S&P 500: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=UPWK · Page: https://foliofundamentals.com/stocks/upwk

Not investment advice.