Stock UPWK UPWORK INC.
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Financials Upwork Inc.

Equities

UPWK

US91688F1049

Employment Services

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
11.56 USD +3.40% Intraday chart for Upwork Inc. +3.86% -22.26%
Apr. 17 GoDaddy Joins Upwork's New Program as Web Presence Partner MT
Apr. 17 Upwork Premieres New Partner Program to Expand Ecosystem of Companies Transforming How We Work CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,195 4,214 4,380 1,371 2,024 1,588 - -
Enterprise Value (EV) 1 1,195 4,214 4,771 1,817 2,300 1,799 1,703 1,588
P/E ratio -71.1 x -182 x -77.6 x -15.1 x 248 x 38.9 x 26.3 x 20.1 x
Yield - - - - - - - -
Capitalization / Revenue 3.98 x 11.3 x 8.71 x 2.22 x 2.94 x 2.06 x 1.83 x 1.66 x
EV / Revenue 3.98 x 11.3 x 9.49 x 2.94 x 3.34 x 2.33 x 1.96 x 1.66 x
EV / EBITDA 161 x 301 x 249 x -451 x 31.5 x 13.8 x 10.5 x 8.3 x
EV / FCF -123 x 527 x 1,015 x -836 x 47.6 x 16.7 x 13.3 x -
FCF Yield -0.81% 0.19% 0.1% -0.12% 2.1% 5.98% 7.51% -
Price to Book - - - - 5.36 x - - -
Nbr of stocks (in thousands) 112,021 122,074 128,234 131,342 136,109 137,393 - -
Reference price 2 10.67 34.52 34.16 10.44 14.87 11.56 11.56 11.56
Announcement Date 2/26/20 2/23/21 2/10/22 2/15/23 2/14/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 300.6 373.6 502.8 618.3 689.1 772.2 867.6 956.8
EBITDA 1 7.438 14.02 19.13 -4.029 73.13 130.7 161.7 191.4
EBIT 1 -18.73 -22.41 -54.22 -12.09 63.82 118.7 152 187.5
Operating Margin -6.23% -6% -10.78% -1.95% 9.26% 15.37% 17.52% 19.6%
Earnings before Tax (EBT) 1 -16.63 -22.72 -56.12 -89.35 48.88 45.92 65.73 95.9
Net income 1 -16.66 -22.87 -56.24 -89.88 46.89 41.32 69.97 88.95
Net margin -5.54% -6.12% -11.19% -14.54% 6.8% 5.35% 8.06% 9.3%
EPS 2 -0.1500 -0.1900 -0.4400 -0.6900 0.0600 0.2975 0.4400 0.5750
Free Cash Flow 1 -9.694 8 4.699 -2.174 48.32 107.5 127.9 -
FCF margin -3.23% 2.14% 0.93% -0.35% 7.01% 13.92% 14.74% -
FCF Conversion (EBITDA) - 57.05% 24.57% - 66.07% 82.24% 79.07% -
FCF Conversion (Net income) - - - - 103.06% 260.17% 182.73% -
Dividend per Share 2 - - - - - - - -
Announcement Date 2/26/20 2/23/21 2/10/22 2/15/23 2/14/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 128.1 136.9 141.3 156.9 158.6 161.4 160.9 168.6 175.7 183.9 185.6 192 194.1 200 201.9
EBITDA 1 8.216 -3.269 -0.433 -1.865 -2.868 1.137 -2.926 14.36 31.23 30.47 28.94 32.01 33.22 34.47 35.08
EBIT 1 -8.317 -21.81 -2.442 -3.881 -4.85 -0.913 -4.95 12.51 29.46 26.8 27.55 29.8 30.24 31.14 32.07
Operating Margin -6.49% -15.93% -1.73% -2.47% -3.06% -0.57% -3.08% 7.42% 16.77% 14.57% 14.84% 15.52% 15.58% 15.57% 15.89%
Earnings before Tax (EBT) 1 -9.285 -22.49 -24.71 -23.79 -24.79 -16.06 17.96 -2.134 17.23 15.82 9.833 12.77 12.23 14.47 -
Net income 1 -9.311 -22.56 -24.74 -23.82 -24.83 -16.5 17.17 -3.991 16.34 17.37 7.794 10.55 10.62 12.36 -
Net margin -7.27% -16.48% -17.5% -15.18% -15.65% -10.22% 10.67% -2.37% 9.3% 9.45% 4.2% 5.5% 5.47% 6.18% -
EPS 2 -0.0700 -0.1800 -0.1900 -0.1800 -0.1900 -0.1300 0.1300 -0.0300 0.1200 0.1300 0.0500 0.0800 0.0750 0.0850 -
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 10/27/21 2/10/22 4/27/22 7/27/22 10/26/22 2/15/23 5/3/23 8/2/23 11/7/23 2/14/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - 391 446 276 211 115 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - 20.43 x -110.7 x 3.78 x 1.614 x 0.7112 x -
Free Cash Flow 1 -9.69 8 4.7 -2.17 48.3 108 128 -
ROE (net income / shareholders' equity) - - 2.69% -2.84% 22.4% 25.7% 27.2% -
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share - - - - 2.780 - - -
Cash Flow per Share - - 0.0900 0.0500 - - - -
Capex 10.8 14.4 6.14 - 0.69 - - -
Capex / Sales 3.58% 3.84% 1.22% - 0.1% - - -
Announcement Date 2/26/20 2/23/21 2/10/22 2/15/23 2/14/24 - - -
1USD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Upwork Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
11.56 USD
Average target price
18.6 USD
Spread / Average Target
+60.90%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Human Resources Consulting Services

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Human Resources Consulting Services
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