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

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • PM 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 ($13.5) is trading below our estimate of fair value ($26.21)

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?

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/Revenue2.3x
Enterprise Value/EBITDA-194.6x
PEG Ratio2x

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 Average34.6x
FA First Advantage
61.5x29.3%US$2.3b
KFY Korn Ferry
33.2x36.4%US$3.3b
KFRC Kforce
21.4x7.5%US$1.3b
NSP Insperity
22.3x-30.1%US$3.8b
UPWK Upwork
39.6x20.2%US$1.8b

Price-To-Earnings vs Peers: UPWK is expensive based on its Price-To-Earnings Ratio (39.6x) compared to the peer average (34.6x).


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/a19.4%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a19.4%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: UPWK is expensive based on its Price-To-Earnings Ratio (39.6x) compared to the US Professional Services industry average (26.7x).


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 Ratio39.6x
Fair PE Ratio29.6x

PM vs Fair Ratio: UPWK is expensive based on its Price-To-Earnings Ratio (39.6x) compared to the estimated Fair Price-To-Earnings Ratio (29.6x).


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$13.50
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$8.00n/a10
Oct ’24US$11.36
US$14.00
+23.2%
19.9%US$18.00US$8.00n/a9
Sep ’24US$14.96
US$14.00
-6.4%
19.9%US$18.00US$8.00n/a9
Aug ’24US$10.02
US$12.00
+19.8%
23.9%US$17.00US$8.00n/a10
Jul ’24US$9.34
US$11.70
+25.3%
24.8%US$17.00US$8.00n/a10
Jun ’24US$8.51
US$11.64
+36.7%
26.0%US$17.00US$8.00n/a11
May ’24US$9.55
US$17.91
+87.5%
22.9%US$28.00US$13.00n/a11
Apr ’24US$11.32
US$17.91
+58.2%
22.9%US$28.00US$13.00n/a11
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
Oct ’23US$13.62
US$29.40
+115.9%
20.5%US$42.00US$21.00US$11.3610
Sep ’23US$17.21
US$29.36
+70.6%
19.9%US$42.00US$21.00US$14.9611
Aug ’23US$18.45
US$29.36
+59.2%
19.9%US$42.00US$21.00US$10.0211
Jul ’23US$22.19
US$32.18
+45.0%
30.3%US$53.00US$20.00US$9.3411
Jun ’23US$18.04
US$32.45
+79.9%
30.1%US$53.00US$20.00US$8.5111
May ’23US$20.97
US$35.00
+66.9%
22.5%US$53.00US$24.00US$9.5510
Apr ’23US$23.65
US$40.00
+69.1%
28.5%US$65.00US$21.00US$11.3210
Mar ’23US$24.80
US$43.00
+73.4%
20.5%US$65.00US$32.00US$11.6710

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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