Upwork Inc. (UPWK) Key Metrics
UPWK valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.05B
- Enterprise value
- $784.3M
- P/E (TTM)
- 10.9 10-yr median 23.9
- Forward P/E
- 5.5
- PEG ratio
- 0.98
- Price / sales
- 1.3 10-yr median 3.7
- Price / book
- 1.7 10-yr median 5.4
- EV / EBITDA
- 5.1 10-yr median 18.8
- Dividend yield
- —
- Beta
- 1.05
UPWK key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsUPWK valuation Price multiples at each fiscal year-end price.
UPWK returns How much profit the business earns on the capital it uses.
UPWK per-share figures Results divided by the shares outstanding at year-end.
UPWK financial health Debt, liquidity and how easily interest is covered.
UPWK efficiency & capital use Working capital cycle and where the cash goes.
UPWK valuation history
UPWK returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
UPWK debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
UPWK cash returned to shareholders
UPWK price vs earnings per share
UPWK key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.76B | $2.34B | $2.04B | $1.36B | $4.34B | $4.10B | $1.17B | $1.88B | — | — |
| Enterprise value | $2.47B | $2.09B | $1.86B | $1.26B | $4.24B | $3.96B | $1.08B | $1.77B | — | — |
| P/E ratio | 23.9 | 10.9 | 43.5 | — | — | — | — | — | — | — |
| Price / sales | 3.5 | 3.0 | 3.0 | 2.2 | 8.6 | 11.0 | 3.9 | 7.4 | — | — |
| Price / book | 4.4 | 4.1 | 5.4 | 5.5 | 16.7 | 13.7 | 4.5 | 7.7 | — | — |
| Price / free cash flow | 11.4 | 16.8 | 56.1 | 493.0 | 924.4 | 512.2 | — | 272.1 | — | — |
| Price / operating cash flow | 11.1 | 15.2 | 38.7 | 118.5 | 400.9 | 183.2 | — | 136.7 | — | — |
| EV / sales | 3.1 | 2.7 | 2.7 | 2.0 | 8.4 | 10.6 | 3.6 | 7.0 | — | — |
| EV / EBITDA | 14.7 | 18.8 | 30.2 | — | — | — | — | — | — | — |
| EV / free cash flow | 10.2 | 15.0 | 51.1 | 455.1 | 903.1 | 495.3 | — | 256.9 | — | — |
| Earnings yield | 4.2% | 9.2% | 2.3% | −6.6% | −1.3% | −0.6% | −1.4% | −1.1% | — | — |
| Free cash flow yield | 8.8% | 5.9% | 1.8% | 0.2% | 0.1% | 0.2% | −1.3% | 0.4% | — | — |
| Shareholder yield (dividends + buybacks) | 4.9% | 4.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Share price at fiscal year-end | $19.82 | $16.35 | $14.87 | $10.44 | $34.16 | $34.52 | $10.67 | $18.11 | — | — |
| Per share | ||||||||||
| Revenue per share | $5.65 | $5.37 | $5.02 | $4.74 | $3.95 | $3.15 | $2.74 | $2.44 | $2.11 | $5.06 |
| Earnings per share | $0.83 | $1.51 | $0.34 | −$0.69 | −$0.44 | −$0.19 | −$0.15 | −$0.19 | −$0.04 | −$0.50 |
| Operating cash flow per share | $1.78 | $1.07 | $0.38 | $0.09 | $0.09 | $0.19 | $0.01 | $0.13 | −$0.04 | $0.10 |
| Free cash flow per share | $1.74 | $0.97 | $0.26 | $0.02 | $0.04 | $0.07 | −$0.14 | $0.07 | −$0.07 | $0.07 |
| Cash per share | $4.85 | $4.35 | $4.01 | $5.26 | $5.38 | $1.43 | $1.22 | $1.24 | $0.23 | $0.84 |
| Book value per share | $4.52 | $4.02 | $2.78 | $1.91 | $2.04 | $2.52 | $2.36 | $2.35 | −$0.33 | −$0.93 |
| Tangible book value per share | $3.18 | $3.08 | $1.89 | $1.00 | $1.11 | $1.52 | $1.26 | $1.15 | −$1.65 | −$4.92 |
| Capex per share | $0.04 | $0.10 | $0.12 | $0.07 | $0.05 | $0.12 | $0.15 | $0.07 | $0.02 | $0.03 |
| Debt per share | $2.73 | $2.58 | $2.68 | $4.46 | $4.60 | $0.29 | $0.39 | $0.23 | $0.35 | $0.52 |
| Shares outstanding | 139.4M | 143.2M | 137.3M | 130.5M | 127.2M | 118.7M | 109.8M | 103.7M | 95.9M | 32.5M |
| Change in shares outstanding | −2.6% | +4.3% | +5.2% | +2.6% | +7.1% | +8.1% | +5.9% | +8.1% | +195.3% | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 19.1% | 45.1% | 14.9% | −35.4% | −20.1% | −8.2% | −6.6% | −18.7% | — | — |
| Return on invested capital (ROIC) | 29.7% | 25.0% | −6.3% | −48.2% | −26.5% | −10.6% | −9.6% | −15.5% | — | — |
| Return on assets (ROA) | 9.2% | 19.2% | 4.4% | −8.3% | −7.0% | −4.7% | −4.0% | −6.0% | −1.6% | −6.5% |
| Return on tangible assets | 10.4% | 20.0% | 5.1% | −9.3% | −5.8% | −5.6% | −5.1% | −7.4% | −2.8% | −13.5% |
| Free cash flow margin | 30.8% | 18.1% | 5.3% | 0.4% | 0.9% | 2.1% | −5.2% | 2.7% | −3.1% | 1.4% |
| Income quality (OCF / net income) | 2.15 | 0.71 | 1.12 | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $380.9M | $369.1M | $367.9M | $581.9M | $584.4M | $35.0M | $42.7M | $23.9M | $33.8M | $17.0M |
| Cash & short-term investments | $676.4M | $622.1M | $550.1M | $686.6M | $684.8M | $169.7M | $133.9M | $129.1M | $21.6M | $27.3M |
| Net debt | −$295.5M | −$253.0M | −$182.2M | −$104.7M | −$100.4M | −$134.7M | −$91.2M | −$105.2M | $12.2M | −$10.4M |
| Debt / equity | 0.60 | 0.64 | 0.97 | 2.34 | 2.25 | 0.12 | 0.16 | 0.10 | — | — |
| Debt / assets | 0.29 | 0.30 | 0.35 | 0.54 | 0.54 | 0.07 | 0.10 | 0.06 | 0.12 | 0.07 |
| Net debt / EBITDA | −1.77 | −2.28 | −2.96 | — | — | — | — | — | 12.23 | — |
| Current ratio | 1.46 | 3.39 | 3.01 | 3.76 | 3.98 | 1.82 | 1.88 | 2.01 | 1.26 | 1.37 |
| Quick ratio | 1.46 | 3.39 | 3.01 | 3.11 | 3.98 | 1.82 | 1.88 | 2.01 | 1.26 | 1.37 |
| Interest coverage | 184.7 | 24.2 | -11.3 | -20.7 | -24.9 | -28.8 | -14.3 | -5.7 | -3.3 | -16.9 |
| Working capital | $300.7M | $642.6M | $590.4M | $683.2M | $696.0M | $162.1M | $131.5M | $128.3M | $29.5M | $31.2M |
| Invested capital | $334.8M | $322.4M | $198.8M | $144.2M | $159.1M | $164.6M | $168.2M | $138.5M | −$19.1M | −$40.5M |
| Tangible asset value | $444.0M | $441.3M | $259.8M | $130.7M | $141.3M | $180.4M | $137.9M | $119.5M | −$158.3M | −$159.7M |
| Net current asset value | $281.6M | $274.8M | $226.9M | $99.5M | $108.1M | $130.9M | $93.7M | $108.1M | −$162.4M | −$163.1M |
| Graham number | $9.18 | $11.67 | $4.62 | — | — | — | — | — | — | — |
| Graham net-net per share | $0.46 | $0.30 | −$0.21 | −$0.12 | −$0.68 | −$0.21 | −$0.28 | −$0.02 | −$2.73 | −$7.18 |
| Capital allocation | ||||||||||
| Share buybacks (net) | $136.0M | $100.0M | $0 | $0 | $0 | $0 | $0 | $0 | $19.2M | $0 |
| Dividends + buybacks / free cash flow | 56.1% | 71.9% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | — | 0.0% |
| Capex / revenue | 0.7% | 1.9% | 2.4% | 1.4% | 1.2% | 3.8% | 5.5% | 2.7% | 1.1% | 0.5% |
| Capex / operating cash flow | 2.3% | 9.4% | 31.0% | 76.0% | 56.6% | 64.2% | 1,572.6% | 49.8% | — | 26.9% |
| Capex / depreciation | 0.22 | 0.82 | 1.29 | 0.78 | 0.44 | 1.02 | 1.57 | 1.38 | 0.55 | 0.10 |
| Stock-based compensation / revenue | 8.3% | 8.9% | 10.8% | 12.2% | 10.7% | 6.8% | 6.3% | 4.1% | 3.4% | 4.4% |
| R&D / revenue | 24.0% | 27.2% | 25.7% | 25.0% | 23.7% | 22.3% | 21.3% | 21.9% | 22.5% | 23.0% |
| SG&A / revenue | 36.6% | 40.8% | 49.3% | 60.0% | 58.9% | 54.8% | 54.3% | 48.3% | 44.6% | 44.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 35.1 | 42.4 | 44.5 | 38.9 | 41.3 | 37.7 | 31.9 | 38.2 | 50.5 | 56.2 |
| Days of inventory on hand | — | — | — | 183.7 | 0.0 | 0.0 | 0.0 | 0.0 | — | — |
| Days payables outstanding | 203.4 | 11.7 | 13.5 | 14.3 | 15.4 | 12.4 | 5.6 | 5.7 | 2.3 | 2.2 |
| Cash conversion cycle (days) | -168.2 | 30.6 | 31.0 | 208.3 | 25.9 | 25.3 | 26.2 | 32.6 | 48.2 | 54.0 |
| Receivables turnover | 10.38 | 8.62 | 8.21 | 9.39 | 8.83 | 9.68 | 11.46 | 9.55 | 7.22 | 6.49 |
| Payables turnover | 1.79 | 31.11 | 27.03 | 25.57 | 23.67 | 29.34 | 64.69 | 64.27 | 157.31 | 169.13 |
| Inventory turnover | — | — | — | 1.99 | 135,508,000.00 | 104,267,000.00 | 88,144,000.00 | 81,458,000.00 | — | — |
| Asset turnover | 0.63 | 0.68 | 0.65 | 0.57 | 0.62 | 0.77 | 0.72 | 0.76 | 0.77 | 0.66 |
| Average receivables | $75.9M | $89.3M | $84.0M | $65.9M | $56.9M | $38.6M | $26.2M | $26.5M | $28.0M | $25.3M |
| Average payables | $97.4M | $5.6M | $6.3M | $6.3M | $5.7M | $3.6M | $1.4M | $1.3M | $416,000 | $370,000 |
| Average inventory | — | — | — | $80.7M | $1 | $1 | $1 | $1 | — | — |
| Intangibles / total assets | 14.3% | 11.1% | 11.7% | 10.9% | 10.9% | 22.5% | 27.2% | 31.7% | 46.1% | 51.9% |
Computed from UPWK's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
UPWK valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Upwork traded at 23.9 times earnings, against a 10-year median of 23.9. Based on the latest twelve months, the trailing P/E is 10.9 and the forward P/E is 5.5. Upwork earned a return on equity of 19.1% and a return on invested capital of 29.7% in fiscal 2025. It ended the year with $380.9 million of debt and $676.4 million in cash and short-term investments, a net cash position of $295.5 million. It returned $136.0 million to shareholders: $0 in dividends and $136.0 million in share buybacks, 56% of free cash flow. The share count rose 329.1% from 32.5M to 139.4M over 9 years.
See the UPWK income statement, the UPWK chart for price history, or the UPWK stock overview for the latest quote and news.
UPWK key metrics FAQ
What is Upwork's P/E ratio?
Upwork's trailing P/E ratio is 10.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 5.5. At the end of fiscal 2025 it was 23.9, compared with a 10-year median of 23.9.
What is Upwork's EV/EBITDA?
Upwork's enterprise value was 14.7 times EBITDA at the end of fiscal 2025 (enterprise value $2.5 billion, EBITDA $167.4 million); the current EV/EBITDA is 5.1.
What is Upwork's return on equity?
Upwork's return on equity (ROE) was 19.1% in fiscal 2025: net income of $115.4 million on average shareholders' equity of $602.8 million.
What is Upwork's ROIC?
Upwork's return on invested capital was 29.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Upwork have?
Upwork had total debt of $380.9 million at the end of fiscal 2025, a debt-to-equity ratio of 0.60 and more cash than debt.
Does Upwork buy back its shares?
Yes. Upwork spent $136.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.6% over the year, to 139.4M..
What is Upwork's free cash flow yield?
Upwork generated $242.5 million of free cash flow in fiscal 2025, a free cash flow yield of 8.8% on its market value at year-end ($2.8 billion).
What is Upwork's current ratio?
Upwork's current ratio was 1.46 at the end of fiscal 2025: current assets were 1.46 times current liabilities.