/
Upwork Inc., through its complementary, wholly owned subsidiaries, connects businesses with global, AI-enabled talent across every on-demand work type, including freelance, agency, fractional, and payrolled. Our portfolio of platforms and other workforce solutions includes the Upwork Marketplace, the world s human and AI-powered work marketplace that connects businesses with on-demand access to…
$9.36
+$0.29 (+3.26%)
Live · 07:55 PM
16.55% operating margin is respectable but not wide. ROIC at 9.41%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 2.3%, essentially flat. This is a business that needs a catalyst.
Even for strong businesses, today's 12x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
11.5x earnings, 5.5x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$784M
▲ +2.3% YoY
Net Income (TTM)
$109M
▼ -46.5% YoY
Op. Margin
15.73%
▲ +8.0pp YoY
ROIC
8.08%
▲ +3.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$229M
▲ +61.6% YoY
Op. Cash Flow (TTM)
$234M
▲ +61.7% YoY
Net Debt
$160M
Cash & Equiv.
$580M
5Y CAGR: +15.9%
5Y CAGR: +72.1%
Continue Research
At a P/E of 11.5 and a price-to-free-cash-flow of 5.5, Upwork (UPWK) trades below a two-stage DCF intrinsic value of about $84.13 per share, so at $9.36 the stock looks undervalued (799.3% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Upwork scores 78/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $84.13 per share for UPWK, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $63.10. At today's $9.36, that puts the stock about 799.3% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Upwork scores 78 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 15.7% operating margin and a 8.1% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. UPWK currently trades below its estimated intrinsic value and scores 78/100 on quality (solid). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.