We’ve recently updated our valuation analysis.

Upwork Valuation

Is UPWK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for UPWK?

Other financial metrics that can be useful for relative valuation.

UPWK key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.7x
Enterprise Value/EBITDA-18.2x
PEG Ration/a

Price to Sales Ratio vs Peers

How does UPWK's PS Ratio compare to its peers?

The above table shows the PS ratio for UPWK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average1.5x
FA First Advantage
2.6x4.2%US$2.1b
STER Sterling Check
1.7x5.7%US$1.3b
KFY Korn Ferry
1x1.8%US$2.9b
KFRC Kforce
0.6x0.5%US$1.1b
UPWK Upwork
2.9x18.8%US$1.7b

Price-To-Sales vs Peers: UPWK is expensive based on its Price-To-Sales Ratio (2.9x) compared to the peer average (1.5x).


Price to Earnings Ratio vs Industry

How does UPWK's PE Ratio compare vs other companies in the US Professional Services Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a15.1%
n/an/an/a

Price-To-Sales vs Industry: UPWK is expensive based on its Price-To-Sales Ratio (2.9x) compared to the US Professional Services industry average (1.2x)


Price to Sales Ratio vs Fair Ratio

What is UPWK's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

UPWK PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.9x
Fair PS Ratio4.2x

Price-To-Sales vs Fair Ratio: UPWK is good value based on its Price-To-Sales Ratio (2.9x) compared to the estimated Fair Price-To-Sales Ratio (4.2x).


Share Price vs Fair Value

What is the Fair Price of UPWK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: UPWK ($13.1) is trading below our estimate of fair value ($35.53)

Significantly Below Fair Value: UPWK is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst UPWK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$13.10
US$19.64
+49.9%
30.0%US$34.00US$12.00n/a11
Jan ’24US$10.44
US$20.73
+98.5%
27.2%US$34.00US$14.00n/a11
Dec ’23US$12.13
US$21.40
+76.4%
25.6%US$34.00US$14.00n/a10
Nov ’23US$13.90
US$21.40
+54.0%
25.6%US$34.00US$14.00n/a10
Oct ’23US$13.62
US$29.40
+115.9%
20.5%US$42.00US$21.00n/a10
Sep ’23US$17.21
US$29.36
+70.6%
19.9%US$42.00US$21.00n/a11
Aug ’23US$18.45
US$29.36
+59.2%
19.9%US$42.00US$21.00n/a11
Jul ’23US$22.19
US$32.18
+45.0%
30.3%US$53.00US$20.00n/a11
Jun ’23US$18.04
US$32.45
+79.9%
30.1%US$53.00US$20.00n/a11
May ’23US$20.97
US$35.00
+66.9%
22.5%US$53.00US$24.00n/a10
Apr ’23US$23.65
US$40.00
+69.1%
28.5%US$65.00US$21.00n/a10
Mar ’23US$24.80
US$43.00
+73.4%
20.5%US$65.00US$32.00n/a10
Feb ’23US$28.24
US$48.89
+73.1%
21.2%US$65.00US$33.00n/a9
Jan ’23US$34.16
US$62.67
+83.5%
14.3%US$77.00US$45.00US$10.449
Dec ’22US$35.89
US$65.75
+83.2%
11.0%US$77.00US$55.00US$12.138
Nov ’22US$49.04
US$65.75
+34.1%
11.0%US$77.00US$55.00US$13.908
Oct ’22US$48.03
US$66.50
+38.5%
11.4%US$77.00US$55.00US$13.628
Sep ’22US$44.77
US$68.33
+52.6%
11.1%US$77.00US$55.00US$17.216
Aug ’22US$51.79
US$67.67
+30.7%
11.0%US$77.00US$55.00US$18.456
Jul ’22US$57.11
US$65.33
+14.4%
15.5%US$77.00US$48.00US$22.196
Jun ’22US$48.77
US$63.50
+30.2%
14.0%US$77.00US$48.00US$18.046
May ’22US$46.06
US$68.17
+48.0%
14.5%US$77.00US$48.00US$20.976
Apr ’22US$46.53
US$68.17
+46.5%
14.5%US$77.00US$48.00US$23.656
Mar ’22US$55.56
US$65.33
+17.6%
17.7%US$77.00US$48.00US$24.806
Feb ’22US$45.11
US$41.50
-8.0%
18.2%US$52.00US$28.00US$28.246
Jan ’22US$34.52
US$33.43
-3.2%
18.6%US$44.00US$28.00US$34.167

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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