Upwork (UPWK): Assessing Valuation as Human-Centric Roles Rise and Enterprise Ambitions Expand

The latest Monthly Hiring Report from Upwork (UPWK) highlights how businesses are increasing their focus on human-centric roles to address new challenges with AI integration. Companies are prioritizing skills such as project management and quality assurance, aiming for better oversight as digital workflows evolve.

See our latest analysis for Upwork.

Despite wider market jitters and a recent dip sparked by concerns over U.S. consumer confidence, Upwork’s recent Hiring Report and analyst optimism around its Lifted enterprise platform have many rethinking the company’s long-term potential. The latest 1-year total shareholder return is fractionally positive, suggesting that longer-term momentum is steady rather than surging as the company continues to navigate both growth catalysts and ongoing macro headwinds.

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With shares still trading at a discount to analyst targets and recent enterprise catalysts in play, the real question is whether Upwork is undervalued, or if the market has already factored in these growth prospects.

Most Popular Narrative: 13% Undervalued

Upwork's most widely followed narrative points to a fair value of $19.90 compared to its last close at $17.27. This signals an opportunity above what the market currently prices in, as expectations for new initiatives and revenue growth build momentum among analysts.

Upwork's launch of integrated enterprise solutions through recent acquisitions (Bubty and Ascen) positions the company to capture a larger share of the $650 billion contingent workforce market. There are expectations for meaningful GSV, revenue, and adjusted EBITDA contributions beginning in late 2026 and accelerating into 2027, supporting long-term earnings expansion.

Read the complete narrative.

There’s a bold vision driving this valuation. It rests on key assumptions about revenue acceleration, margin resilience, and management's enterprise ambitions. Can Upwork truly redefine its category and unlock multi-year growth? Dive into the details and discover what powers the $19.90 fair value call.

Result: Fair Value of $19.90 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, persistent macroeconomic uncertainty and slow new client acquisition could quickly undermine Upwork’s growth expectations. As a result, the future outlook remains finely balanced.

Find out about the key risks to this Upwork narrative.

Build Your Own Upwork Narrative

Feel like the numbers tell a different story, or want to put your own research front and center? You can shape and share your version in just a few minutes. Do it your way.

A great starting point for your Upwork research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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