Upwork Inc.

NasdaqGS:UPWK Stock Report

Market Cap: US$2.0b

Upwork Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

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 ($15.11) is trading below our estimate of fair value ($44.43)

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

Key Valuation Metric

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

Key metric: As UPWK is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for UPWK. This is calculated by dividing UPWK's market cap by their current earnings.
What is UPWK's PE Ratio?
PE Ratio23.5x
EarningsUS$85.79m
Market CapUS$1.99b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for UPWK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average42.4x
NSP Insperity
23x-0.4%US$2.7b
FVRR Fiverr International
104.1x42.9%US$989.4m
BBSI Barrett Business Services
21.2x10.5%US$1.1b
KFY Korn Ferry
21.5x24.7%US$3.9b
UPWK Upwork
23.5x16.6%US$2.0b

Price-To-Earnings vs Peers: UPWK is good value based on its Price-To-Earnings Ratio (23.5x) compared to the peer average (42.4x).

Price to Earnings Ratio vs Industry

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

10 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CNDT Conduent
1.4x-104.3%US$626.77m
CIH China Index Holdings
3.5xn/aUS$87.15m
ALJJ ALJ Regional Holdings
0.7xn/aUS$70.26m
STCN Steel Connect
2.9xn/aUS$62.85m
UPWK 23.5xIndustry Avg. 24.5xNo. of Companies17PE01632486480+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: UPWK is good value based on its Price-To-Earnings Ratio (23.5x) compared to the US Professional Services industry average (24.5x).

Price to Earnings Ratio vs Fair Ratio

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

UPWK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.5x
Fair PE Ratio26.2x

Price-To-Earnings vs Fair Ratio: UPWK is good value based on its Price-To-Earnings Ratio (23.5x) compared to the estimated Fair Price-To-Earnings Ratio (26.2x).

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$15.11
US$17.64
+16.7%
17.0%US$24.00US$11.00n/a11
Nov ’25US$13.98
US$14.18
+1.4%
20.4%US$21.00US$11.00n/a11
Oct ’25US$10.30
US$13.91
+35.0%
19.7%US$21.00US$11.00n/a11
Sep ’25US$9.64
US$14.09
+46.2%
18.5%US$21.00US$11.00n/a11
Aug ’25US$11.11
US$17.73
+59.6%
19.0%US$24.00US$12.00n/a11
Jul ’25US$10.68
US$18.30
+71.3%
16.2%US$24.00US$13.00n/a10
Jun ’25US$10.57
US$18.60
+76.0%
13.6%US$24.00US$15.00n/a10
May ’25US$11.96
US$18.60
+55.5%
10.8%US$22.00US$15.00n/a10
Apr ’25US$12.21
US$18.60
+52.3%
10.8%US$22.00US$15.00n/a10
Mar ’25US$13.50
US$18.55
+37.4%
10.4%US$22.00US$15.00n/a11
Feb ’25US$13.97
US$17.18
+23.0%
10.5%US$20.00US$14.00n/a11
Jan ’25US$14.87
US$16.27
+9.4%
11.1%US$19.00US$13.00n/a11
Dec ’24US$14.28
US$16.27
+14.0%
11.1%US$19.00US$13.00n/a11
Nov ’24US$9.98
US$13.90
+39.3%
19.2%US$18.00US$8.00US$13.9810
Oct ’24US$11.36
US$14.00
+23.2%
19.9%US$18.00US$8.00US$10.309
Sep ’24US$14.96
US$14.00
-6.4%
19.9%US$18.00US$8.00US$9.649
Aug ’24US$10.02
US$12.00
+19.8%
23.9%US$17.00US$8.00US$11.1110
Jul ’24US$9.34
US$11.70
+25.3%
24.8%US$17.00US$8.00US$10.6810
Jun ’24US$8.51
US$11.64
+36.7%
26.0%US$17.00US$8.00US$10.5711
May ’24US$9.55
US$17.91
+87.5%
22.9%US$28.00US$13.00US$11.9611
Apr ’24US$11.32
US$17.91
+58.2%
22.9%US$28.00US$13.00US$12.2111
Mar ’24US$11.67
US$17.91
+53.5%
22.9%US$28.00US$13.00US$13.5011
Feb ’24US$13.55
US$19.64
+44.9%
30.0%US$34.00US$12.00US$13.9711
Jan ’24US$10.44
US$20.73
+98.5%
27.2%US$34.00US$14.00US$14.8711
Dec ’23US$12.13
US$21.40
+76.4%
25.6%US$34.00US$14.00US$14.2810
Nov ’23US$13.90
US$21.40
+54.0%
25.6%US$34.00US$14.00US$9.9810

Analyst Forecast: Target price is less than 20% higher than the current share price.

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