Upwork Inc (UPWK) Fair Value & Analysis
Communication Services · US · Market cap $1.0B
Upwork Inc
UPWK · US
Fair value as of: Jul 22, 2026
From 24 valuation models · updated 19 days ago
Fair value updated Jul 22, 2026, revised from $17.13 to $15.89 (−7.2%) since Jun 25, 2026. Share price +13.0% over the past month.
A solid business, screening 64% undervalued on our models.
What matters now
- The price is below even our cautious bear case ($11.91). The market is more pessimistic than our downside scenario.
- Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.
How to read this chart
60‑month range $7.60 – $60.70 · fair‑value band $11.91 – $19.86 · the $9.67 price screens below the $15.89 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.
Analysis
Upwork Inc (UPWK) currently trades at $9.67, while our model-based Fair Value estimate is $15.89, implying the stock looks roughly 64.3% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, Upwork Inc generated revenue of $791M at a net margin of 13.8%. Revenue grew 1.4% year over year. It earns a return on equity of 18.8%. Net debt stands at $82.9M. Fundamentals as of Jul 22, 2026
Our scenario range runs from $11.91 (bear case) to $19.86 (bull case); at $9.67, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 58% below its 52-week high and 30% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 2% fair-value upside, at 64%, UPWK screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 24 models by family
Widest divergence: DCF Models ($24.94) versus Asset-Based ($3.42). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 71 · Market factors (momentum, volatility) 20
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Upwork Inc reported revenue of $788M in FY2025 versus $503M in FY2021, a compound +11.9%/yr. Reported net income was $115M in FY2025.
Watch UPWK: get an alert when its fair value changes →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Upwork (UPWK) Could Be 26% Undervalued As AI Spending Narrative Builds
- Is Upwork (UPWK) Stock A Bargain Or Already Fully Priced?
- Why Upwork (UPWK) Shares Are Sliding Today
- Upwork to Report Second Quarter Financial Results on August 10, 2026
Peer Group
Internet Content & Information · 151 stocks
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.
Valuation Multiples vs Internet Content & Information median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Internet Content & Information stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Alphabet Inc GOOGL | $354.46 | $145.14 | -59% |
| Meta Platforms, Inc META | $669.21 | $534.91 | -20% |
| Tencent Holdings 0700 | HK$460.20 | HK$467.50 | +2% |
| Spotify Technology S.A SPOT | $485.38 | $209.56 | -57% |
| Baidu, Inc BIDU | $113.30 | $451.51 | +299% |
| Reddit, Inc RDDT | $195.34 | $39.59 | -80% |
| Kuaishou Technology, an investment holding company, 1024 | HK$44.70 | HK$101.03 | +126% |
| NAVER Corporation 035420 | 191,300 KRW | 231,585 KRW | +21% |
| Tencent Music Entertainment Group 1698 | HK$34.74 | HK$65.78 | +89% |
| REA Group REA | A$149.14 | A$88.53 | -41% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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