Upwork Inc (UPWK) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Upwork Inc stock $19.73, price $10.02, upside +96.9%, quality 74 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $7.60 – $60.02 · fair‑value band $13.81 – $25.65 · the $10.02 price screens below the $19.73 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Upwork Inc., together with its subsidiaries, 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.
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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, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.
Its marketplace also streamlines workflows, such as talent sourcing, outreach, contracting, and engagement management, as well as provides infrastructure for remote collaboration, including communication and collaboration tools, consolidated invoicing, and payment protection; and Upwork Payroll services.
It also offers enterprise solutions that provide access to platform capabilities that support contingent workforce solutions, including sourcing, onboarding, classification, compliance and contract management, payments, and reporting.
In addition, the company offers managed services that provide a service-led program management and end-to-end project delivery solution that enables enterprise clients to outsource defined functions or projects; Uma, an AI assistant; and escrow services.
The company was formerly known as Elance-oDesk, Inc. and changed its name to Upwork Inc. in May 2015. Upwork Inc. was founded in 1998 and is headquartered in Palo Alto, California.
Stock analysis
Upwork Inc (UPWK) currently trades at $10.02, while our model-based Fair Value estimate is $19.73, implying the stock looks roughly 49% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $27.08 per share, and 20 of the 24 models we run sit above the $10.02 price.
Bear case: the Asset-Based group reads lowest at $2.25, and 4 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $13.81 (bear) to $25.65 (bull), the price of $10.02 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 74/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Upwork Inc reported revenue of $788M in FY2025 versus $503M in FY2021, a compound +11.9%/yr. Reported net income was $115M in FY2025.
Key figures
Market cap $1.3B Small · P/E ratio 13.0 · P/S ratio 1.65 · EPS (TTM) $0.7700 · Net margin 12.9% · Return on equity 16.7% · Return on assets (EBIT) 0.1% (5-year average) · Operating margin 21.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (medium confidence).
What moves the price
The share trades about 55% below its 52-week high and 28% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 11% fair-value upside, at 97%, UPWK screens cheaper than that median.
Fair Value models
Bear$13.81Fair Value $19.73Bull$25.65
Price $10.02 · Upside +96.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.6603 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 4 officers or directors sold shares worth $2.6M and none bought.
SaleAnthony Ray KappusGM & Chief Operating Officer5× since May 18, 2026: 50,718 shares, avg. $8.46$429,257Oct 19, 2026
SaleHayden BrownPresident & CEO, Director10× since Nov 18, 2025: 798,038 shares, avg. $15.58$12.4MSep 18, 2026
SaleSabrina MekhalfaChief Accounting Officer3× since Mar 18, 2026: 4,057 shares, avg. $9.77$39,619Sep 18, 2026
SaleErica GessertChief Financial Officer8× since Nov 18, 2025: 126,618 shares, avg. $11.93$1.5MSep 18, 2026
SaleDave BottomsGM, Marketplace4× since Nov 17, 2025: 76,455 shares, avg. $15.36$1.2MMar 19, 202610b5-1 plan
SaleGary SteeleDirector12,500 shares at $17.51$218,875Nov 21, 2025
Plus 22 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.1%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.0%
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’19
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What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+47.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+47.9%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−6% → 16%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−11.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−2.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −13.0% a year for the price and −4.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Moderate platform network effects and solid margins deliver only limited durable advantage in a competitive freelance market, while moderate debt relative to equity adds further pressure.
Main risk: Continued decline in gross services volume and active clients as automation trims simpler freelance work would reduce marketplace activity and hit overall revenues.
Upwork is delivering stronger profitability through cost cuts and higher take rates on premium offerings, yet gross services volume and active clients keep falling as automation trims simpler freelance work. The acquisition of WorkMotion expands enterprise capabilities for global hiring while AI tools target new agent-driven demand. Can the shift to higher-value enterprise and AI channels more than replace the lost traditional volume, or will marketplace activity stay under pressure?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Internet Content & Information · 122 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside+96.9% · Top 25%
Profitability
Return on equity (12 months)16.7% · Top 25%
Return on assets8.9% · Above median
Net margin (12 months)12.9% · Above median
Operating margin (12 months)21.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)−1.7% · Bottom 25%
Balance sheet
Debt / equity0.57× · Highest 25%
Valuation Multiplesvs Internet Content & Information median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Upwork Inc Fair Value". https://www.fairvalue-calculator.com/stock/UPWK
Frequently asked questions
Is Upwork Inc (UPWK) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $19.73 versus a price of $10.02, about +97% upside (undervalued).
What is the fair value of UPWK?
Our model-based fair value for Upwork Inc is $19.73 (as of Nov 7, 2026), built from audited fundamentals. The current price: $10.02.
What is the quality score of UPWK?
Upwork Inc has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Upwork Inc (UPWK)?
Our model-based price target is the fair value of $19.73 (as of Nov 7, 2026) from 24 valuation models. Cautious scenario $13.81, optimistic scenario $25.65. It is a calculation from audited fundamentals, not an analyst target.
What is the Upwork Inc stock forecast for 2026?
Our models put fair value at $19.73, about +97% upside versus a price of $10.02 (undervalued). Cautious scenario $13.81, optimistic scenario $25.65. The calculation is refreshed regularly with new filings.
What is the revenue of Upwork Inc (UPWK)?
Upwork Inc reported trailing-twelve-month revenue of about $787M (latest available figure, as of Nov 7, 2026).
What growth is priced into Upwork Inc (UPWK)?
For today's price to be fair in a discounted-cash-flow model, Upwork Inc would have to grow free cash flow by -11.0 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.1 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of UPWK use?
Our models discount Upwork Inc at 11.2 %: a base by market capitalisation (small), damped by beta 1.00, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Upwork Inc that is -11.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Upwork Inc (UPWK) delivered so far?
Over the past 5 years revenue at Upwork Inc grew +16.1 % a year. The price currently implies free-cash-flow growth of -11.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Upwork Inc (UPWK) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Upwork Inc (-11.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Upwork Inc (UPWK)?
The free-cash-flow yield on the price is 18.62 %: that much free cash flow Upwork Inc produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Upwork Inc (UPWK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Upwork Inc it is $19.73 per share (as of Nov 7, 2026), against a price of $10.02. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Upwork Inc stock overvalued or undervalued in 2026?
As of Nov 7, 2026, UPWK trades below its calculated fair value: price $10.02, fair value $19.73, a gap of about +97% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of UPWK?
No. The price is what the market pays today ($10.02); the fair value is what the company's own numbers justify ($19.73). For Upwork Inc the two are $9.71 per share apart. That gap is exactly why we show both numbers side by side.
How much is Upwork Inc worth?
The market values Upwork Inc at about $1.3B (market capitalisation, as of Nov 7, 2026). Per share that is $10.02; our models calculate a fair value of $19.73 per share.
What do the bullish and bearish scenarios say about UPWK?
Our models span a range for Upwork Inc: cautious scenario $13.81, base $19.73, optimistic $25.65 per share (as of Nov 7, 2026, price $10.02). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of UPWK?
Upwork Inc trades at a price-to-earnings ratio of 13.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $19.73 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 9.0 (reported for FY2025: 12.1). Other multiples: PEG 0.9, P/B 2.1, P/S 1.7, EV/EBITDA 9.1.
What is the PEG ratio of UPWK?
The PEG ratio of Upwork Inc is 0.85 (P/E divided by earnings growth, as of Nov 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Upwork Inc (UPWK)?
Balance-sheet figures for Upwork Inc (as of Nov 7, 2026): return on equity 16.7%, debt of 0.57 per unit of equity. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is UPWK from its 52-week high?
Upwork Inc trades at $10.02, about 55% below its 52-week high of $22.11 and 28% above the low of $7.84 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $19.73 is for.
Which stocks are comparable to Upwork Inc?
From the same area (Communication Services) we also value Alphabet Inc, Meta Platforms, Inc, Tencent Holdings, Spotify Technology S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Upwork Inc stock attractive at the current price?
The data as of Nov 7, 2026: price $10.02, calculated fair value $19.73 (+97%), Quality Score 74/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of UPWK calculated?
We run Upwork Inc through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $19.73 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Upwork Inc currently trades 49% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Upwork Inc (UPWK)?
The closing price on Nov 6, 2026 was $10.02. Our model-based fair value is $19.73, about +97% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Upwork Inc right now?
The price is below even our cautious bear case ($13.81). The market is more pessimistic than our downside scenario. Solid quality (74/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($13.81 to $25.65) leaves room in how you read the outcome.
Key figures of Upwork Inc
How large is the market capitalisation of Upwork Inc (UPWK)?
The market capitalisation of Upwork Inc is $1.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Upwork Inc (UPWK)?
The price-to-sales ratio of Upwork Inc is 1.65 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Upwork Inc (UPWK)?
Earnings per share at Upwork Inc are $0.7700 (price ÷ EPS = P/E 13.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Upwork Inc (UPWK)?
The net margin of Upwork Inc is 12.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Upwork Inc (UPWK)?
The return on equity (ROE) of Upwork Inc is 16.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Upwork Inc (UPWK)?
On an EBIT basis the return on assets of Upwork Inc is 0.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Upwork Inc (UPWK)?
The operating margin of Upwork Inc is 21.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Upwork Inc (UPWK)?
Revenue at Upwork Inc is growing −1.7% versus a year earlier (3y avg +8.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Upwork Inc (UPWK)?
Earnings per share at Upwork Inc are growing −15.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Upwork Inc (UPWK) carry?
The net debt of Upwork Inc is $82.9M (fiscal year 2025, ≈ 0.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 7, 2026