Upwork Inc. (UPWK) Stock

Upwork Inc. (UPWK) is a Technology stock trading at $8.65 (as of 2026-08-20), with a market capitalization of $1.07B and a trailing P/E of 9.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Upwork Inc. operates an online work marketplace that matches businesses with independent professionals and agencies worldwide. The platform supports talent search, outreach, and contracting, and offers tools for remote engagement such as communication, collaboration, and invoice handling, with plans including Basic, Plus, Enterprise, and Payroll.

Understand Upwork Inc.: how it makes money

Upwork runs an online work marketplace that connects businesses with independent professionals and agencies, and it makes money mainly by taking a percentage of marketplace work value, plus revenue from enterprise and managed services offerings.

Upwork's marketplace profitability is driven by how much work flows through the platform (Gross Services Volume), multiplied by what it earns per dollar of that work (Marketplace Take Rate).

Revenue by segment (latest quarter)
Marketplace	$0.2B
Enterprise	$0.0B
Managed Svcs	$0.0B

Business quality (Mixed): The profit engine is measurable with operating inputs (Gross Services Volume and take rates) and scale inputs (Active Client Base), which helps retail investors track how marketplace activity converts into revenue.

Valuation: Trades at 11× trailing earnings · $1B market cap.

Bull case

Marketplace is the core revenue stream: Marketplace Revenue is about 0.17B out of roughly 0.2B total revenue for the period shown, indicating the business is primarily driven by platform activity.
Clear linkage between activity and monetization: Marketplace Take Rate is tracked alongside Gross Services Volume, so investors can monitor whether the company is capturing value as work volume changes.
Large platform scale: Active Client Base is 784,000, which provides a base for generating ongoing marketplace transactions.

Bear case

Marketplace revenue can be sensitive to activity levels: If client demand and overall work flowing through the platform (Gross Services Volume) declines, marketplace revenue can be pressured even if take rate holds up.
Monetization depends on take rate: Because revenue is tied to Marketplace Take Rate, any unfavorable changes in take rate (for example, higher discounts or pricing pressure) could reduce revenue per dollar of work.
Enterprise and managed services are smaller relative to the marketplace: Enterprise Revenue and Managed Services Revenue are each about 0.02B, so they may not fully offset weakness in the marketplace segment.

Valuation — source: SEC EDGAR (first-party)
Price	$8.65
Market Cap	$1.07B
P/E Ratio	9.8
EV / EBITDA	8.2
Price / Book	1.88
Price / Sales	1.35
FCF Yield	21.5%
DCF Value (model)	$12.36
DCF Upside vs Price	42.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$787.78M
Net Margin	14.7%
Revenue Growth (YoY)	1.4%
EPS Growth (YoY)	-10.7%
FCF Growth (YoY)	-38.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.26 (grey)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	9.8
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	30.0
vs Sector	-71.2%
vs Industry	-67.3%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($297.09M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Dave Bottoms
Employees	600
Country	US
IPO Date	2018-10-03

Related Companies (Business model: SaaS / Subscription Software (Enterprise); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.