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olivLaw · US equity research

Upwork Inc. UPWK

Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)

10.33USD+4.03% · 1 dayClose 04 Nov 2026

Upwork Inc. connects businesses with global, AI-enabled talent through its marketplace and through Lifted, its platform for enterprise contingent work. Its platforms enabled GSV of $4.0 billion in fiscal 2025, and in 2026 the company is trying to offset weaker freelance volume with rising demand for AI-related work.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Upwork Inc. (UPWK) stock was 10.33 USD (+4.03% on the day), with market capitalisation 1.3 bn USD, P/E 12.9 on diluted EPS of 0.80 USD over the last 12 months, beta 1.11, 52-week range 7.84–22.11 USD. Latest reported quarter (Q3 2026): revenue of 185.6 m USD (−8.0% YoY), net income of 31.8 m USD (+8.4% YoY), diluted EPS 0.25 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.3 bn USD
shares as of 29 Oct 2026
P/E (TTM)
12.9
Diluted EPS TTM 0.80 · TTM to 30 Sept 2026
E/P (TTM)
7.76%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
1.11
Volatility (1y) 62%
52-week range
7.8422.11

Price history

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Technical reading

RSI (14)
74.2
overbought (≥ 70)
Bollinger (20, 2)
7.99 – 10.09
above the upper band · %B 1.12 · band width 23.2%
SMA 50 / 200
8.72 / 10.46
mixed trend
MACD (12, 26, 9)
0.35 / 0.22
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+23.6%−1.1%+24.7 pp—
3 months+7.7%−0.5%+8.2 pp—
6 months+2.5%+4.4%−1.9 pp—
Year to date−47.9%+12.3%−60.2 pp—
1 year−41.6%+13.5%−55.2 pp−19.2%
3 years−8.3%+76.4%−84.8 pp−18.1%
5 years−78.9%+63.7%−142.6 pp—
Max drawdown (1y)
−64.5%
23 Jan 2026 → 22 Jun 2026
Max drawdown (5y)
−84.0%
12 Nov 2021 → 25 May 2023
Compound annual growth (5y)
−26.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
185.6 m USD
−8.0% YoY
Net income
31.8 m USD
+8.4% YoY
Diluted EPS
0.25
+19.0% YoY
net / operating
17.1% / 18.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue191.5 m192.7 m194.9 m201.7 m198.4 m195.5 m191.7 m185.6 m
Cost of revenue42.6 m41.8 m43.4 m45.8 m43.7 m44.6 m45.3 m44.3 m
Gross profit148.8 m150.9 m151.5 m155.9 m154.7 m150.8 m146.4 m141.3 m
Research & development53.5 m46.2 m44.8 m47.5 m47.1 m43.3 m43.9 m34.9 m
Operating income13.6 m38.7 m32.6 m29.8 m28.3 m32.7 m28.1 m34.6 m
Depreciation & amortisation4.4 m4.9 m5.9 m ≈7.9 m ≈7.0 m9.1 m8.8 m ≈11.4 m ≈
Pre-tax income18.4 m45.0 m38.4 m35.7 m34.1 m37.7 m32.1 m38.5 m
Income tax-128.8 m7.3 m5.7 m6.3 m18.4 m6.2 m6.7 m6.7 m
Net income147.2 m37.7 m32.7 m29.3 m15.6 m31.5 m25.4 m31.8 m
Diluted EPS0.98 ≈0.270.240.210.11 ≈0.240.200.25
Operating cash flow38.6 m37.0 m72.5 m ≈75.1 m ≈63.7 m23.0 m46.9 m ≈65.9 m ≈
Capex1.5 m2.5 m2.4 m ≈482.0 k ≈455.0 k1.7 m1.6 m ≈4.2 m ≈
Share repurchases033.1 m37.9 m ≈31.0 m ≈34.0 m107.9 m1.8 m ≈0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 50 percentile of its own 12-quarter history (min 8.0, median 12.4, max 243.3; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue253.4 m300.6 m373.6 m502.8 m618.3 m689.1 m769.3 m787.8 m
Revenue YoY+25.1%+18.6%+24.3%+34.6%+23.0%+11.5%+11.6%+2.4%
Net income-19.9 m-16.7 m-22.9 m-56.2 m-89.9 m46.9 m215.6 m115.4 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailable+359.8%−46.5%
Diluted EPSunavailable-0.15-0.19-0.44-0.690.061.520.84
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailable+2,433.3%−44.7%
net %-7.9%-5.5%-6.1%-11.2%-14.5%6.8%28.0%14.7%
Free cash flow10.7 m-9.7 m16.0 m9.8 m10.2 m52.0 m150.0 m242.5 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
294.4 m USD
Financial debt
359.8 m USD
Net debt
65.4 m USD
Equity
630.3 m USD
Total assets
1.3 bn USD
Debt / equity
0.57x
Current ratio
1.46x
ROE
19.1%
ROA
9.2%
FCF margin
30.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
689.1 m
2024
769.3 m
2025
787.8 m

SEC (XBRL)· 13 Feb 2026verified

Cost of revenue
2023
170.5 m
2024
174.1 m
2025
174.8 m

SEC (XBRL)· 13 Feb 2026verified

Gross profit
2023
518.7 m
2024
595.2 m
2025
613.0 m

SEC (XBRL)· 13 Feb 2026verified

Research & development
2023
177.4 m
2024
209.3 m
2025
185.5 m

SEC (XBRL)· 13 Feb 2026verified

Operating income
2023
-11.3 m
2024
65.2 m
2025
129.3 m

SEC (XBRL)· 13 Feb 2026verified

Depreciation & amortisation
2023
9.4 m
2024
14.8 m
2025
25.7 m

SEC (XBRL)· 13 Feb 2026verified

EBITDA
2023
-1.8 m ≈
2024
80.0 m ≈
2025
155.0 m ≈

SEC (XBRL)· 13 Feb 2026derived

Interest expense
2023
—
2024
—
2025
—

SEC (XBRL)· 16 Feb 2023verified

Pre-tax income
2023
48.9 m
2024
90.4 m
2025
153.2 m

SEC (XBRL)· 13 Feb 2026verified

Income tax
2023
2.0 m
2024
-125.2 m
2025
37.8 m

SEC (XBRL)· 13 Feb 2026verified

Net income
2023
46.9 m
2024
215.6 m
2025
115.4 m

SEC (XBRL)· 13 Feb 2026verified

Diluted EPS
2023
0.06
2024
1.52
2025
0.84

SEC (XBRL)· 13 Feb 2026verified

Weighted average diluted shares
2023
137.3 m
2024
143.2 m
2025
140.7 m

SEC (XBRL)· 13 Feb 2026verified

Balance sheet · USD

Cash
2023
79.6 m
2024
305.8 m
2025
294.4 m

SEC (XBRL)· 13 Feb 2026verified

Receivables
2023
103.1 m
2024
75.5 m
2025
76.2 m

SEC (XBRL)· 13 Feb 2026verified

Current assets
2023
883.4 m
2024
911.1 m
2025
950.8 m

SEC (XBRL)· 13 Feb 2026verified

Property, plant & equipment, net
2023
27.1 m
2024
30.1 m
2025
44.4 m

SEC (XBRL)· 13 Feb 2026verified

Goodwill
2023
118.2 m
2024
121.1 m
2025
149.2 m

SEC (XBRL)· 13 Feb 2026verified

Intangibles (excl. goodwill)
2023
3.0 m
2024
13.0 m
2025
37.2 m

SEC (XBRL)· 13 Feb 2026verified

Total assets
2023
1.0 bn
2024
1.2 bn
2025
1.3 bn

SEC (XBRL)· 13 Feb 2026verified

Accounts payable
2023
5.1 m
2024
6.1 m
2025
7.9 m

SEC (XBRL)· 13 Feb 2026verified

Short-term debt
2023
—
2024
0
2025
359.8 m

SEC (XBRL)· 13 Feb 2026verified

Long-term debt
2023
356.1 m
2024
357.9 m
2025
0

SEC (XBRL)· 13 Feb 2026verified

Current liabilities
2023
293.0 m
2024
268.4 m
2025
650.2 m

SEC (XBRL)· 13 Feb 2026verified

Total liabilities
2023
656.5 m
2024
636.2 m
2025
669.3 m

SEC (XBRL)· 13 Feb 2026verified

Equity
2023
381.1 m †
2024
575.4 m †
2025
630.3 m †

SEC (XBRL)· 13 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
52.7 m
2024
153.6 m
2025
248.3 m

SEC (XBRL)· 13 Feb 2026verified

Capex
2023
692.0 k
2024
3.5 m
2025
5.8 m

SEC (XBRL)· 13 Feb 2026verified

Free cash flow
2023
52.0 m ≈
2024
150.0 m ≈
2025
242.5 m ≈

SEC (XBRL)· 13 Feb 2026derived

Investing cash flow
2023
88.3 m
2024
137.6 m
2025
-136.9 m

SEC (XBRL)· 13 Feb 2026verified

Financing cash flow
2023
-139.8 m
2024
-82.0 m
2025
-138.0 m

SEC (XBRL)· 13 Feb 2026verified

Share repurchases
2023
0
2024
100.0 m
2025
136.0 m

SEC (XBRL)· 13 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
2.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
8.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
16.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
98.3%
computed by olivLawFY 2025
Net income growth (YoY)
-46.5%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-44.7%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
61.6%
computed by olivLawFY 2025

Profitability

Gross margin
76.9%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
20.7%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
16.0%
computed by olivLawTTM to 30 Sept 2026
Net margin
13.5%
computed by olivLawTTM to 30 Sept 2026
FCF margin
24.8%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
16.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
9.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
15.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
18.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-228.0 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
-1.4x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
2.3x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.9x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
199.5 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
7.9 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
191.6 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
183.7%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
124.7%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
37 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
18 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
1.3 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
1.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
12.5x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
12.9x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
7.8%
computed by olivLawTTM to 30 Sept 2026
P/B
2.0x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
1.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
6.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBIT
8.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
1.4x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
6.8x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
14.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
11.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 70 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

10.33 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.3 bn USD

Key indicators

Market capitalisation
1.3 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
12.9x
computed by olivLawTTM to 30 Sept 2026
P/B
2.0x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
6.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROE
16.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
13.5%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
2.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 29 Oct 2026
Source: SEC (XBRL)published 02 Nov 2026
verified 1339derived 119

Score by group

  • Balance sheet82
  • Valuation71
  • Quality91
  • Growth33
  • Returns100

Estimated value range

Low
5.84
USD per share
Mid
11.22
USD per share
High
23.88
USD per share
Price: 10.33 USD
The price is within the range
Potential to the central value: 8.6% (value / price − 1)
Margin of safety: 7.9% (1 − price / value)
Agreement between methods: same comparison basis (not independent confirmations) · 2 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.45 – 30.03 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/Sales4.45 – 30.03 (Mid 11.08)
    13 companies used · median multiple 1.5x · quartiles 0.4x – 4.6x
    ADP, CARS, CLVT, DXC, EVTC, GMHS, IBEX, PLTK, SOPH, SSTK, VRSK, WDAY, YEXT
  • Peers: EV/EBITDA7.23 – 17.73 (Mid 11.36)
    7 companies used · median multiple 7.5x · quartiles 4.3x – 12.5x
    CARS, CLVT, DXC, EVTC, GMHS, IBEX, VRSK
Multiple comparisons use the SIC vertical: Services-Computer Processing & Data Preparation (SIC 7374)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 70/100

FactorValueScoreWeight used
Gross margin · Quality76.9%92 (on a fixed band)11%
EBIT margin · Quality16.0%82 (vs peers)9%
FCF margin · Quality24.8%99 (on a fixed band)9%
Revenue CAGR 3Y · Growth8.4%34 (on a fixed band)17%
Revenue growth (YoY) · Growth2.4%32 (vs peers)9%
Net debt / EBITDA · Balance sheet-1.4x78 (vs peers)6%
Current ratio · Balance sheet2.3x85 (on a fixed band)6%
EV/Sales · Valuation1.4x50 (vs peers)17%
FCF yield · Valuation14.7%100 (on a fixed band)13%
Shareholder yield (distributions) · Returns11.1%100 (on a fixed band)4%

Score groups

  • Balance sheet82/100 · 2/2 factors with a value
  • Growth33/100 · 2/2 factors with a value
  • Quality91/100 · 3/3 factors with a value
  • Returns100/100 · 1/1 factors with a value
  • Valuation71/100 · 2/2 factors with a value

Memo

UPWORK INC. (UPWK). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 787.8 m USD in 2025; YoY growth 2.4%; net margin 13.5%; ROE 16.3%; net debt/EBITDA -1.4x.

The estimated value range is 5.84–23.88 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 11.22 USD, the price of 10.33 USD leaves a potential of 8.6% (value / price − 1) and a margin of safety of 7.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 70/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Gross margin: 76.9%
  • EBIT margin: 16.0%
  • FCF margin: 24.8%
  • Net debt / EBITDA: -1.4x
  • Current ratio: 2.3x
  • FCF yield: 14.7%
  • Shareholder yield (distributions): 11.1%

What contradicts it

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

Versus the vertical median

Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
12.9x
vertical median 22.1x
below median (−41.8%)
EV/EBITDA
6.7x
vertical median 7.2x
below median (−7.5%)
P/S
1.7x
vertical median 0.9x
above median (+81.0%)
P/B
2.0x
vertical median 1.0x
above median (+92.1%)
ROE
16.3%
vertical median 11.8%
above median (+37.6%)
Net margin
13.5%
vertical median 5.9%
above median (+129.4%)
EBIT margin
16.0%
vertical median 3.2%
above median (+406.8%)
Revenue YoY
2.4%
vertical median 6.7%
below median (−64.4%)
Net debt/EBITDA
-1.4x
vertical median -0.3x
below median
Dividend yield
—
vertical median 2.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ADPAutomatic Data Processing, Inc.119.8 bn27.777.0%20.1%+6.7%+19% / +32%
WDAYWorkday, Inc.44.4 bn40.916.0%12.3%+13.1%−6% / −25%
VRSKVerisk Analytics, Inc.25.9 bn30.1—29.3%+6.6%−12% / −18%
ATHMAutohome Inc.10.4 bn53.56.3%443.2%+11.1%−5% / −18%
DXCDxc Technology Company2.3 bn21.93.7%0.9%−1.8%+13% / −36%
EVTCEVERTEC, Inc.2.1 bn22.914.4%9.0%+10.2%+20% / −6%
INODInnodata Inc1.5 bn32.837.7%14.7%+47.6%−25% / +541%
CLVTClarivate PLC1.4 bn—-8.2%-15.1%−4.0%−44% / −73%
UPWKUpwork Inc.1.3 bn12.916.3%13.5%+2.4%−42% / −8%
LZLegalZoom.com, Inc.1.1 bn56.012.1%2.6%+10.9%−26% / −40%
PLTKPlaytika Holding Corp.808.6 m——-9.9%+8.1%−48% / −76%
YEXTYext, Inc.775.0 m40.627.8%5.9%+6.1%−7% / +18%
NRDSNerdWallet, Inc.754.4 m13.318.2%7.6%+21.7%−21% / +1%
NXTTNext Technology Holding Inc.736.5 m—-59.4%-2,356.0%+545.3%−99% / −100%
CARSCars.com Inc.682.5 m22.47.4%4.7%+0.6%+10% / −32%
IBEXIBEX Limited593.6 m14.330.4%7.2%+15.4%+27% / +152%
SOPHSOPHiA GENETICS SA477.3 m—-110.0%-102.2%+18.6%+42% / +73%
GRVYGravity Co., Ltd.475.7 m0.016.5%17.0%−31.0%+19% / −6%
SOHUSohu.com Limited355.1 m1.035.8%67.4%−2.4%−12% / +70%
MOVECorvex, Inc.176.9 m—-9.6%-623.5%−57.3%−17% / −93%
SSTKShutterstock, Inc.161.1 m—-43.4%-22.9%+5.8%−79% / −90%
TRAKRepositrak, Inc.132.7 m18.714.9%32.5%+3.0%−46% / −29%
GMHSGamehaus Holdings Inc.51.4 m8.511.8%4.1%−11.3%−35% / −93%
DDIDoubleDown Interactive Co., Ltd.34.1 m0.311.4%28.5%+5.5%+48% / +72%
SJScienjoy Holding Corporation23.5 m—-66.6%-47.3%−4.9%+28% / −68%

1- and 3-year price returns: for UPWK from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

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Base
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Bull
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Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
6.56
Total return -36% · Per year -36%
11.58
Total return 12% · Per year 12%
17.42
Total return 69% · Per year 69%
3 years
6.88
Total return -33% · Per year -13%
13.61
Total return 32% · Per year 10%
22.40
Total return 117% · Per year 29%
5 years
7.21
Total return -30% · Per year -7%
16.00
Total return 55% · Per year 9%
28.82
Total return 179% · Per year 23%
What moves the 3-year price the most
  • Exit P/E± 3.40
  • Net margin± 2.38
  • Annual revenue growth± 1.89
  • Annual dilution± 0.20

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).

In brief

Upwork Inc. connects businesses with global, AI-enabled talent through its marketplace and through Lifted, its platform for enterprise contingent work. Its platforms enabled GSV of $4.0 billion in fiscal 2025 1, and in 2026 the company is trying to offset weaker freelance volume with rising demand for AI-related work 23.

SWOT

Strengths

  • The company has a broad base of proprietary data on talent and clients, used for AI-driven matching, and a model with network effects 1.
  • The Marketplace raised its take rate and showed monetization gains from ads and monetization products 12.
  • Cost discipline supported adjusted EBITDA growth, including in the first half of 2026 23.

Weaknesses

  • GSV and active clients declined in the first half of 2026, pointing to pressure on activity volume 2.
  • The company has a history of net losses and results that may fluctuate between periods, making forecasts harder 1.
  • Enterprise revenue declined in 2025, and new enterprise client acquisition was paused during the migration 1.

Opportunities

  • Demand for AI-related work and more complex projects could open new revenue categories 3.
  • The SMB segment through Business Plus and the enterprise segment through Lifted could expand the client base if growth persists 3.
  • Integrations with external AI platforms and the MCP server could bring new clients who use agents to plan work 3.

Threats

  • AI automation could replace part of lower-complexity freelance work, reducing demand on the platform 12.
  • Macroeconomic uncertainty and the cyclical nature of client spending may affect activity volume 1.
  • Competition from online platforms, staffing firms and other work models could pressure market share 1.

Risks

  • Dependence on active client volumehigh

    Growth depends on attracting and retaining active clients, and a decline in their number could reduce GSV and revenue directly 12.

  • AI effect on freelance workhigh

    The company acknowledges that AI can replace certain categories of work, which could reduce demand for talent providing simpler services 12.

  • Lifted migration executionmedium

    Migrating enterprise clients to the new platform and expanding the sales team may face operational difficulties and delay expected results 13.

  • Reliance on banking and payment partnersmedium

    The company relies on banks and payment partners to clear and settle transactions, and disruption of these relationships could affect collections and disbursements 1.

  • Regulation and taxationlow

    The business is subject to an extensive framework of regulation, including sales taxes, which could create additional obligations if interpretations of the laws change 1.

Investment thesis

What would need to be true (bull case)

  • The company showed a rising take rate and growth in adjusted profitability, supported by advertising products and cost-reduction measures 23.
  • Demand for AI-related work grew visibly, and if this continues it could offset pressure on the traditional freelance segment 3.
  • The Lifted enterprise migration and growth in GSV from the EOR offering could open a segment with higher value per client if execution stays solid 3.

What would break the thesis

  • GSV and active clients declined, and the company indicated these pressures could continue through the rest of 2026 2.
  • AI could replace part of the work on the platform, and if automation advances faster than adaptation, demand for traditional services could fall 12.
  • The 2026 Restructuring and the Lifted migration carry costs and execution risks, and expected benefits could be delayed or smaller than planned 23.

What to watch

  • Trend in GSV and active clientsQ3 2026
  • Delivery against 2026 revenue and adjusted EBITDA guidance2026
  • Trend in GSV from AI-related work and Marketplace take rateQ1 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).

The business

Upwork Inc. operates through wholly owned subsidiaries, including Upwork Marketplace, which connects clients with on-demand independent talent, and Lifted, a solution for enterprises that manages contingent work including agent-of-record, employer-of-record and managed services 1. The company describes a direct-to-talent model as an alternative to staffing firms and traditional agencies, with escrow payments, communication tools and consolidated invoicing 1. The company reports one operating and reportable segment 1.

Revenue comes mainly from talent service fees charged as a percentage of billings and client marketplace fees, plus ads and monetization products, talent memberships and currency services 1. Lifted generates Enterprise revenue from subscriptions, service fees and Managed Services, where the company is treated as principal and recognizes the full GSV of those projects as revenue 1. The company relies on proprietary data and AI models to match talent with projects 1.

The cost base was adjusted through lower brand marketing and vendor spend and workforce reductions, which supported adjusted EBITDA growth in 2025 1. In May 2026 the company launched the 2026 Restructuring to reduce its cost structure, and charges related to it were recorded in the second quarter 23.

Market context

The company indicates that the enterprise contingent-workforce market and AI-related work could become important parts of future growth if execution of its enterprise and SMB strategies is sustained 3. Macroeconomic uncertainty and the effect of AI on certain freelance categories remain factors to weigh 2.

Trends

  • AI impact on freelance workmixed

    The company reported that AI is replacing part of lower-complexity work, which contributed to lower GSV and active clients in early 2026 23. At the same time, AI-related work volume grew, which could partly offset these losses if the trend holds 3.

  • Macroeconomic uncertaintyheadwind

    The company notes that macroeconomic uncertainty and elevated interest rates can affect client spending and growth capacity 12. This could make a recovery in client activity harder if conditions remain unfavorable 2.

  • Enterprise migration to Liftedmixed

    Migrating the first enterprise customers to the new Lifted platform at the end of June 2026 and expanding the sales team could open new opportunities in enterprise 3. Results depend on execution, and the company acknowledged the migration is still in progress 13.

Competitive position

The company acknowledges operating in an intensely competitive environment, where clients can find service providers through other online or offline platforms, staffing firms, agencies, or by hiring directly 1. Competition also comes from offline and online models that talent use to market their services 1.

The company noted that some of its strategic partners offer or could offer competing products and services, while others also work with its competitors 1. Competition plays out both for clients and talent, and for traffic that depends on internet search engine rankings 1.

  • Online freelancing and marketplace platforms

    Named generically in the source as competitors attracting the same clients and talent through similar online models.

  • Staffing and recruiting firms

    Traditional intermediaries that the company presents as an alternative to its direct-to-talent model.

  • Agencies and independent service providers

    Agencies compete for the same clients and also form a category of talent on the platform.

  • Employer-of-record and contingent workforce providers

    Competitors of Lifted in the enterprise segment, on which the source gives no further detail.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Upwork Inc. · 13 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Upwork Inc. · 10 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Upwork Inc. · 10 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.