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UPWK

Upwork, Inc.
$8.78
+0.40% Oct 21 close
IndustrialsS&P 600
1M3M6M1Y2Y
-53%-32%-10%+11%+33%Oct 2025Oct 2026Apr 2026
UPWKSPY
1W
+4.2%
1M
+5.0%
3M
-2.0%
6M
-22.5%
YTD
-55.7%
1Y
-47.3%

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What they do

Upwork Inc. 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.

Communication Services · Internet Content & Information

For information only · Important disclosures

Grades vs sector

Momentum
4th percentile in sector
F
12-1 return: -48.8%
Percentile within its GICS sector across the S&P 1500.
Growth
8th percentile in sector
D-
Revenue growth (YoY): -1.7%
Percentile within its GICS sector across the S&P 1500.
Value
99th percentile in sector
A+
Forward E/P: 16.2% · EBITDA/EV: 18.2%
Percentile within its GICS sector across the S&P 1500.
Profitability
63rd percentile in sector
B-
Profit margin: +12.9% · Return on equity: +16.7%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 5 live models right now.

Quality Growth
Outside this model's universe or screens
 Momentum Top 15
Outside this model's universe or screens
 Momentum Blend
Not in the current book
 New Highs Growth
Outside this model's universe or screens
 Coteau Long Book
Not in the current book

News

More news
No recent headlines.

Key stats

52-week range$7.84 – $22.11
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Leans undervalued
Model read-out from the numbers below, not advice. Score +2 (DCF counts double).
▲DCF (base case)above the price by 284%
•Piotroski F-score6/9
▲Net debt / EBITDA0.7x

Discounted cash flow

Bear
$21
+139%
growth 3% · disc. 10.2% · term. 2.0%
Base
$34
+284%
growth 8% · disc. 9.2% · term. 2.5%
Bull
$51
+483%
growth 11% · disc. 8.2% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Not enough data to run a reverse DCF.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.00 (n/a) × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Industrials

P/E (trailing)
sector median 26.4×
 –
Forward P/E
sector median 17.1×
 –
EV / EBITDA
sector median 14.8×
 –
Price / sales
sector median 2.1×
 –
Price / book
sector median 3.5×
 –
FCF yield
sector median 4.5%
 –

Backlog (remaining performance obligations)

RPO
$2.5M
as of 2024-09-30
vs a year ago
-89%
YoY
× TTM revenue
0.00×
coverage
22-12
23-03
23-06
23-09
23-12
24-03
24-06
24-09

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin
77.2%
Operating margin
15.1%
FCF margin
26.0%
Net margin
12.9%
Return on equity
16.7%
Return on invested capital
12.1%
Net debt / EBITDA
0.7×
Current ratio
1.4×
Interest cover
32.6×
Cash conversion (OCF/NI)
2.0×
Piotroski F-score 6/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✗ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✗ Current ratio improved✓ No share dilution✓ Gross margin improved✗ Asset turnover improved

Analysts

No analyst targets available.

Annual history

FYRevenueNet incomeFree cash flow
2025$787.8M$115.4M$242.5M
2024$769.3M$215.6M$150.0M
2023$689.1M$46.9M$52.0M
2022$618.3M$-89.9M$10.2M
2021$502.8M$-56.2M$9.8M
2020$373.6M$-22.9M$16.0M

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +8.4%.

Earnings

Next report: –
No EPS history available.

Stats refreshed – ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

COTEAU

Independent research · Not investment advice · Important disclosures · Contact desk@coteau.app

Coteau Systematic Strategies publishes stock research and model portfolios. Results are hypothetical unless marked Live. Data: Yahoo Finance (15-min delayed), SEC EDGAR and the House Clerk.

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Beta 0.9 · Oct 21, 2026