Upwk.O
Upwork operates as a digital work marketplace connecting businesses with independent professionals, generating revenue through service fees and subscription plans.
Business. Upwork operates as a digital work marketplace connecting businesses with independent professionals, generating revenue through service fees and subscription plans.
Analyst recommendations
11 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
0Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Upwork operates as a digital work marketplace connecting businesses with independent professionals, generating revenue through service fees and subscription plans.
(a) Capital structure and liquidity are characterized by a net cash position and zero long-term debt. The company holds $294.4 million in cash and equivalents against $0.0 in long-term debt, resulting in a debt-to-equity ratio of 0.0. Total assets stand at $1.30 billion, with total liabilities of $669.3 million and total equity of $630.3 million. The current ratio is not explicitly provided, but the absence of debt and strong cash reserves suggest a conservative balance sheet. Operating cash flow is robust at $248.3 million, significantly exceeding capital expenditures of $5.8 million, indicating strong internal cash generation capabilities.
(b) Profitability metrics indicate efficient operations relative to the market valuation. The company reports a return on equity (ROE) of 18.31% and a return on assets (ROA) of 8.88%. Net income is $115.4 million on revenue of $787.8 million, yielding a net margin of approximately 14.6%. The price-to-earnings ratio is 10.27, and the EV/EBITDA is 6.89, suggesting the market values the company at a modest multiple relative to its earnings power. The price-to-book ratio is 1.88, reflecting a premium over tangible book value but remaining within reasonable bounds for a software-enabled services platform.
(c) Segment and geographic revenue mix data is absent from the provided input. Consequently, specific concentration risks or regional exposure trends cannot be quantified. The analysis relies on consolidated financial figures, assuming no single segment or geography dominates to a degree that would alter the consolidated risk profile significantly, though this assumption lacks direct data support.
(d) Growth trajectory analysis is limited by the absence of historical period data. The current revenue figure of $787.8 million represents the latest normalized period, but without 5-year annual or 8-quarter quarterly trends, year-over-year growth rates cannot be calculated. The stability of the current financial snapshot suggests a mature operational phase, but specific growth momentum remains unverified due to missing historical context.
(e) Risk assessment indicates low liquidity risk and low dilution risk. Key flags report no immediate filing-based liquidity or dilution concerns. The shares outstanding basic and diluted counts are identical at 130,545,236, implying no significant option or warrant dilution pressure in the current period. The primary risk appears to be operational or market-related rather than financial, given the strong cash position and lack of debt.
(f) Recent events include analyst coverage updates with a mean price target of $21.40 and a median of $22.00, significantly higher than the current market price of $9.08. The mean recommendation is 2.27, with 1 strong buy and 6 buy ratings, indicating positive analyst sentiment. News observations highlight internal reconciler activities related to coverage closure and analysis job queuing, which are operational metadata events rather than fundamental business developments.
- The company maintains a debt-free balance sheet with $294.4 million in cash, providing strong financial flexibility.
- Valuation multiples are attractive, with a P/E of 10.27 and EV/EBITDA of 6.89, suggesting potential undervaluation relative to earnings.
- Analyst consensus is bullish, with a mean price target of $21.40, implying significant upside from the current $9.08 price.
- Profitability is solid, with an ROE of 18.31% and net income of $115.4 million, demonstrating efficient capital utilization.
- Dilution risk is minimal, as basic and diluted share counts are identical, indicating no near-term equity issuance pressure.
Bull / Bear case
analysis pipelineIn focus — financials by report
Valuation
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 1,55 |
| Revenue | —no estimate | —no estimate | 776,3M USD |
| Operating income | —no estimate | —no estimate | 217,5M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- No immediate filing-based liquidity or dilution flags were detected.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- GM & Chief Operating Officer · Restricted Stock Units → Common StockDisposed 1 412exercise · 2026-07-18
- Chief Financial Officer · Restricted Stock Units → Common StockDisposed 9 700exercise · 2026-06-18
- Chief Accounting Officer · Restricted Stock Units → Common StockDisposed 3 577exercise · 2026-06-18
- Director, President & CEO · Restricted Stock Units → Common StockDisposed 17 733exercise · 2026-06-18
- Chief Financial Officer · Restricted Stock Units → Common StockDisposed 8 432exercise · 2026-06-18
- Director, President & CEO · Restricted Stock Units → Common StockDisposed 28 678exercise · 2026-06-18
- Chief Financial Officer · Restricted Stock Units → Common StockDisposed 37 500exercise · 2026-05-18
- Chief Financial Officer · Restricted Stock Units → Common StockDisposed 8 524exercise · 2026-05-18
- Director, President & CEO · Restricted Stock Units → Common StockDisposed 14 850exercise · 2026-05-18
- Director, President & CEO · Restricted Stock Units → Common StockDisposed 18 334exercise · 2026-05-18
- Director, President & CEO · Restricted Stock Units → Common StockDisposed 13 638exercise · 2026-05-18
- GM & Chief Operating Officer · Restricted Stock Units → Common StockDisposed 5 114exercise · 2026-05-18
- GM & Chief Operating Officer · Restricted Stock Units → Common StockAcquired 22 603grant · 2026-04-18
- Chief Accounting Officer · Restricted Stock Units → Common StockDisposed 3 577exercise · 2026-03-18
- Director, President & CEO · Restricted Stock Units → Common StockDisposed 28 677exercise · 2026-03-18
- GM, Marketplace · Restricted Stock Units → Common StockDisposed 6 024exercise · 2026-03-18
- GM, Marketplace · Restricted Stock Units → Common StockDisposed 5 904exercise · 2026-03-18
- Chief Financial Officer · Restricted Stock Units → Common StockDisposed 8 433exercise · 2026-03-18
- Chief Financial Officer · Restricted Stock Units → Common StockDisposed 9 699exercise · 2026-03-18
- Director, President & CEO · Restricted Stock Units → Common StockDisposed 17 733exercise · 2026-03-18
- GM, Marketplace · Restricted Stock Units → Common StockDisposed 8 980exercise · 2026-03-18
- GM, Marketplace · Restricted Stock Units → Common StockDisposed 3 750exercise · 2026-02-18
- Chief Financial Officer · Restricted Stock Units → Common StockDisposed 37 500exercise · 2026-02-18
- Chief Financial Officer · Restricted Stock Units → Common StockAcquired 136 388grant · 2026-02-18
- GM, Marketplace · Restricted Stock Units → Common StockAcquired 81 833grant · 2026-02-18
Actions
Ask Handelsavisen
- Reference data
- Market data cache
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Cash Conversion Ratiooperating_cash_flow / net_income
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Ev To Revenueenterprise_value / revenue
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Return On Equitynet_income / total_equity
- Market Capmarket_price * shares_outstanding_diluted
- UPWORK INC. Market data — financials · 2026-08-01
- reconciler_enqueue (reconciler) on UPWK.O · 2026-08-01
- Upwork Inc Market data — analyst estimates · 2026-08-01
- UPWK.O HA canonical relationships · 2026-08-01
Ownership & reference
Top holders
- Investment Managers · as of 2026-03-310,02 %$0M
- Investment Managers · as of 2026-03-310,01 %$52M
- Investment Managers · as of 2024-12-310,01 %$37M
- Investment Managers · as of 2026-03-310,01 %$41M
- Investment Managers · as of 2026-03-310,01 %$14M
- Investment Managers · as of 2026-03-310,01 %$12M
- Investment Managers · as of 2025-12-310,00 %$297M
- Investment Managers · as of 2026-03-310,00 %$28M
- Investment Managers · as of 2026-03-310,00 %$5M
- Investment Managers · as of 2026-03-310,00 %$17M
- Institutional Investor · as of 2022-09-300,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$4M
- Investment Managers · as of 2026-03-310,00 %$8M
- Investment Managers · as of 2026-03-310,00 %$34M
- Investment Managers · as of 2026-03-310,00 %$14M
- Investment Managers · as of 2026-03-310,00 %$14M
- Investment Managers · as of 2026-03-310,00 %$10M
- Institutional Investor · as of 2026-03-310,00 %$34M
- Institutional Investor · as of 2026-03-310,00 %$8M
- Investment Managers · as of 2026-03-310,00 %$3M
- Funds · as of 2026-03-310,00 %$9M
- Institutional Investor · as of 2026-03-310,00 %$5M
- Investment Managers · as of 2026-03-310,00 %$4M
- Investment Managers · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$13M
- Investment Managers · as of 2026-03-310,00 %$1M
- Institutional Investor · as of 2026-03-310,00 %$1M
- Brokerage Firms · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$7M
- Brokerage Firms · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2024-06-300,00 %$3M
- Investment Managers · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
Leadership
- Hayden Larson BrownPresident, Chief Executive Officer, Director
Insider activity
- GM & Chief Operating Officer · Common StockSold 558 @ $9,06$5K · 2026-07-18
- GM & Chief Operating Officer · Common StockOther 1 412 · 2026-07-18
- Director, President & CEO · Common StockSold 23 468 @ $8,15$191K · 2026-06-18
- Director, President & CEO · Common StockOther 28 678 · 2026-06-18
- Director, President & CEO · Common StockOther 17 733 · 2026-06-18
- Chief Accounting Officer · Common StockSold 1 276 @ $8,15$10K · 2026-06-18
- Chief Accounting Officer · Common StockOther 3 577 · 2026-06-18
- Chief Financial Officer · Common StockSold 9 169 @ $8,15$75K · 2026-06-18
- Chief Financial Officer · Common StockOther 9 700 · 2026-06-18
- Chief Financial Officer · Common StockOther 8 432 · 2026-06-18
- Director · Common StockOther 20 880 · 2026-06-04
- Director · Common StockOther 20 880 · 2026-06-04
- Director · Common StockOther 6 207 · 2026-06-04
- Director · Common StockOther 20 880 · 2026-06-04
- Director · Common StockOther 45 146 · 2026-06-04
- Director · Common StockOther 45 146 · 2026-06-04
- Director · Common StockOther 6 207 · 2026-06-04
- Director · Common StockOther 6 772 · 2026-06-04
- Director · Common StockOther 20 880 · 2026-06-04
- Director · Common StockOther 20 880 · 2026-06-04
- Director · Common StockOther 6 207 · 2026-06-04
- Director · Common StockOther 20 880 · 2026-06-04
- Director · Common StockOther 6 207 · 2026-06-04
- Chief Financial Officer · Common StockOther 37 500 · 2026-05-18
- Director, President & CEO · Common StockSold 22 546 @ $8,66$195K · 2026-05-18
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- R&D expense (annual): USD 185.54MUnknown
- Current liabilities (annual): USD 650.17MUnknown
- Total liabilities (annual): USD 669.26MUnknown
- Current assets (annual): USD 950.83MUnknown
- Total assets (annual): USD 1.3BUnknown
- Capex (annual): USD 5.79MUnknown
- Operating cash flow (annual): USD 248.26MUnknown
- Net income (annual): USD 115.42MUnknown
- Total operating expenses (annual): USD 483.73MUnknown
- Long-term debt (annual): USD 359.77MUnknown
- Pre-tax income (annual): USD 153.18MUnknown
- Operating income (annual): USD 129.31MUnknown
- Shareholders' equity (annual): USD 630.32MUnknown
- Gross profit (annual): USD 613.03MUnknown
- EPS (basic) (annual): USD-PER-SHARES 1Unknown
- Cost of revenue (annual): USD 174.75MUnknown
- EPS (diluted) (annual): USD-PER-SHARES 1Unknown
- Revenue (annual): USD 787.78MUnknown
- Shares outstanding (annual): 130.55MUnknown
- Cash & equivalents (annual): USD 294.36MUnknown
- Current liabilities (annual): USD 268.43MUnknown
- R&D expense (annual): USD 209.28MUnknown
- Operating income (annual): USD 65.21MUnknown
- EPS (diluted) (annual): USD-PER-SHARES 2Unknown