Upwork Inc.
UPWK · Price history
Price at last available close
$9.00
+$0.93 (+11.52%) 1M
2026-10-28
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Company & revenue
About Upwork Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Upwork Inc., operating alongside its subsidiaries, provides a leading online work marketplace that connects businesses globally with independent professionals and agencies, spanning the United States, India, the Philippines, and other international markets. The platform grants clients access to a vast and diverse pool of talent, covering a wide array of specializations. These include key areas like sales and marketing, customer service, data science and analytics, creative design, and various aspects of web, mobile, and software development.
How they make money
Upwork operates a work marketplace that connects businesses with independent talent. The company generates revenue primarily through service fees charged to clients and freelancers for transactions on its platform, as well as through subscriptions and other workforce management solutions.
Products & services
The company provides the Upwork Marketplace, an AI-powered platform for hiring independent talent, and Lifted, a solution for enterprise organizations to source, contract, manage, and pay contingent workers.
Brands & revenue mix
The primary brand for the company's online work marketplace.
Separate brand revenue is not available in this research.Source
A subsidiary brand providing enterprise workforce management solutions.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer concentration
As of the fiscal year ended December 31, 2025, no single client accounted for more than 10% of the company's total revenue.
Suppliers, materials & equipment
- Cloud computing and hosting service providers — The company relies on third-party cloud infrastructure providers to host its platforms and services.Source
Competitors
Strengths
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
67
Fair
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
74
Strong
Financial Strength
81
Business Quality / Moat
76
Management
100
Growth Quality
31
Risk / Durability
64
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
61
Fully Valued
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
56/100
Building Historical Record
Model Score 56/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as moderate rather than unusually attractive.
The model outlook is currently moderate.
- •Balance-sheet / debt profile scores strongly
- •Valuation scores attractively
- •Recent buyback activity is present
- •Revenue fundamentals are weak
Company-specific research
Questions worth answering for UPWK
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •What is driving UPWK's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
- •Is UPWK's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Does UPWK's balance between cash and debt leave enough flexibility if business conditions weaken?
- •Is UPWK's valuation discount tied to a temporary concern or to a longer-term business risk?
Essential Investment Snapshot
Wall Street Score
67
Opportunity Score
61
Market Cap
$1.12B
P/E Ratio
11.9
EPS
$0.80
52-Week High
$22.84
52-Week Low
$7.44
Beta
1.05
Intrinsic Value
$20.25
Analyst Target
$9.00
Shares Outstanding
139.4M
Total Revenue
$787.3M
Total Debt
$375.1M
Dividend
No current dividend
Liquidation Value / Share
$4.38
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
Normal movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for UPWK
Detected from reported data — verify before acting.Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total callsNo personal call yet on UPWK.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Strong brand recognition in the online freelancing market.
- +AI-powered platform capabilities enhancing matching efficiency.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Staffing & Employment Services industry.
- −Dependence on the continued growth and adoption of the online work marketplace model.
- −Risks related to the classification of independent contractors and regulatory compliance.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
68
Oct 1, 2026
Change
-0.6
points
Current Score
67
Oct 26, 2026
Category Changes
UPWK decreased 0.6 points because Revenue declined by 2.3 points, Asset declined by 3.6 points.
Negative Contributors
- − Revenue declined by 2.3 points
- − Asset declined by 3.6 points
Projected Score
Projected Score
61
Projected Change
-5.8 points
Preliminary comparable-period financial changes suggest decline of approximately 5.8 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
UndervaluedCurrent Price
$9.00
Model Intrinsic Value
$20.25
Difference
−$11.25
-55.6% vs IV
Margin of Safety
55.6%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $787.3M | $787.8M | $769.3M | $689.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $179.4M | $174.8M | $174.1M | $170.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $607.8M | $613.0M | $595.2M | $518.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $185.6M | $189.3M | $209.3M | $177.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $296.4M | $288.1M | $314.0M | $339.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $488.9M | $483.7M | $530.0M | $529.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $166.9M | $167.4M | $110.8M | $61.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $118.9M | $129.3M | $65.2M | -$11.3M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $2.0M | $700K | $2.7M | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $139.5M | $153.2M | $90.4M | $48.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $37.7M | $37.8M | -$125.2M | $2.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $101.8M | $115.4M | $215.6M | $46.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $0.80 | $0.87 | $1.61 | $0.35 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 124M | 131M | 134M | 135M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 130M | 139M | 143M | 137M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$191.7M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$0.20
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+1.1%
Cash Change
+63.5%
Margin Change
-3.5 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Cash position grew
What Weakened
- Margins contracted
- Debt increased
Potential Score Impact
Positive indicators included cash levels. Pressure indicators included revenue growth, EPS growth, debt levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue declined 1.7%. EPS declined 16.7%. Cash increased 63.5%. Total debt increased 1.1%. Net income margin declined by 3.5 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
23
Smart Money
23
Number of Gurus
1
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Staffing & Employment ServicesNews
Down 52% This Year, Upwork Faces a Make-or-Break Moment on Nov. 2
Upwork to Report Third Quarter Financial Results on November 2, 2026
704,083 Shares in Upwork Inc. $UPWK Purchased by Bank of America Corp DE
Sabrina Mekhalfa Sells 1,299 Shares of Upwork (NASDAQ:UPWK) Stock
Rumor Mill · UPWK
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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