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Upwork Valuation Multiples
Discover revenue and EBITDA valuation multiples for Upwork and similar public comparables like SMZDM.com, Moltiply Group, BuySell Technologies, Indiamart and more.
Upwork Overview
About Upwork
Upwork Inc is a United States-based company that operates an online marketplace that enables businesses to find and work with skilled independent professionals. The company develops platform for hiring and freelancing purposes and connects businesses with AI-enabled talent across every on-demand work type, including freelance, agency, fractional, and payrolled. The business generates revenue from Talent and Clients across the USA, India, Pakistan, the Philippines and the rest of the world. Maximum revenue of the company is derived from Talent segment.
Founded
2013
HQ
Employees
630
Website
Financials (LTM)
EV
$1B
Upwork Financials
Upwork reported last 12-month revenue of $803M and EBITDA of $230M.
In the same LTM period, Upwork generated $626M in gross profit, $230M in EBITDA, and $120M in net income.
Revenue (LTM)
Upwork P&L
In the most recent fiscal year, Upwork reported revenue of $788M and EBITDA of $226M.
Upwork expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $803M | XXX | $788M | XXX | XXX | XXX |
| Gross Profit | $626M | XXX | $613M | XXX | XXX | XXX |
| Gross Margin | 78% | XXX | 78% | XXX | XXX | XXX |
| EBITDA | $230M | XXX | $226M | XXX | XXX | XXX |
| EBITDA Margin | 29% | XXX | 29% | XXX | XXX | XXX |
| EBIT Margin | 17% | XXX | 16% | XXX | XXX | XXX |
| Net Profit | $120M | XXX | $115M | XXX | XXX | XXX |
| Net Margin | 15% | XXX | 15% | XXX | XXX | XXX |
| Net Debt | — | — | $65M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Upwork Stock Performance
Upwork has current market cap of $1B, and enterprise value of $1B.
Market Cap Evolution
Upwork's stock price is $11.01.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $1B | $1B | 3.3% | XXX | XXX | XXX | $0.89 |
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Start Free TrialUpwork Valuation Multiples
Upwork trades at 1.4x EV/Revenue multiple, and 4.9x EV/EBITDA.
EV / Revenue (LTM)
Upwork Financial Valuation Multiples
As of April 14, 2026, Upwork has market cap of $1B and EV of $1B.
Equity research analysts estimate Upwork's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Upwork has a P/E ratio of 12.0x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $1B | XXX | $1B | XXX | XXX | XXX |
| EV (current) | $1B | XXX | $1B | XXX | XXX | XXX |
| EV/Revenue | 1.4x | XXX | 1.4x | XXX | XXX | XXX |
| EV/EBITDA | 4.9x | XXX | 5.0x | XXX | XXX | XXX |
| EV/EBIT | 8.4x | XXX | 8.8x | XXX | XXX | XXX |
| EV/Gross Profit | 1.8x | XXX | 1.8x | XXX | XXX | XXX |
| P/E | 12.0x | XXX | 12.4x | XXX | XXX | XXX |
| EV/FCF | 4.8x | XXX | 5.1x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Upwork Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Upwork Margins & Growth Rates
Upwork's revenue in the last 12 month grew by 9%.
Upwork's revenue per employee in the last FY averaged $1.3M, while opex per employee averaged $0.8M for the same period.
Upwork's rule of 40 is 36% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Upwork's rule of X is 46% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Upwork Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 9% | XXX | 7% | XXX | XXX | XXX |
| EBITDA Margin | 29% | XXX | 29% | XXX | XXX | XXX |
| EBITDA Growth | 12% | XXX | 7% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 36% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 46% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.8M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 17% | XXX | 18% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 15% | XXX | 19% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 20% | XXX | 24% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 61% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Upwork Public Comps
See public comps and valuation multiples for other Online Jobs & Recruitment and B2B Marketplaces comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Upwork | XXX | XXX | XXX | XXX | XXX | XXX |
| SMZDM.com | XXX | XXX | XXX | XXX | XXX | XXX |
| Moltiply Group | XXX | XXX | XXX | XXX | XXX | XXX |
| BuySell Technologies | XXX | XXX | XXX | XXX | XXX | XXX |
| Indiamart | XXX | XXX | XXX | XXX | XXX | XXX |
| Yelp | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Upwork M&A Activity
Upwork acquired XXX companies to date.
Last acquisition by Upwork was on XXXXXXXX, XXXXX. Upwork acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Upwork
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
Get Verified M&A Valuation Multiples
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Start Free TrialUpwork Investment Activity
Upwork invested in XXX companies to date.
Upwork made its latest investment on XXXXXXXX, XXXXX. Upwork invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Upwork
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Upwork
| When was Upwork founded? | Upwork was founded in 2013. |
| Where is Upwork headquartered? | Upwork is headquartered in United States. |
| How many employees does Upwork have? | As of today, Upwork has over 630 employees. |
| Who is the CEO of Upwork? | Upwork's CEO is Hayden Brown. |
| Is Upwork publicly listed? | Yes, Upwork is a public company listed on Nasdaq. |
| What is the stock symbol of Upwork? | Upwork trades under UPWK ticker. |
| When did Upwork go public? | Upwork went public in 2018. |
| Who are competitors of Upwork? | Upwork main competitors are SMZDM.com, Moltiply Group, BuySell Technologies, Indiamart. |
| What is the current market cap of Upwork? | Upwork's current market cap is $1B. |
| What is the current revenue of Upwork? | Upwork's last 12 months revenue is $803M. |
| What is the current revenue growth of Upwork? | Upwork revenue growth (NTM/LTM) is 9%. |
| What is the current EV/Revenue multiple of Upwork? | Current revenue multiple of Upwork is 1.4x. |
| Is Upwork profitable? | Yes, Upwork is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Upwork? | Upwork's last 12 months EBITDA is $230M. |
| What is Upwork's EBITDA margin? | Upwork's last 12 months EBITDA margin is 29%. |
| What is the current EV/EBITDA multiple of Upwork? | Current EBITDA multiple of Upwork is 4.9x. |
| What is the current FCF of Upwork? | Upwork's last 12 months FCF is $236M. |
| What is Upwork's FCF margin? | Upwork's last 12 months FCF margin is 29%. |
| What is the current EV/FCF multiple of Upwork? | Current FCF multiple of Upwork is 4.8x. |
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