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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. Its products offering include Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll. The business generates revenue from Talent and Clients across the USA, India, the Philippines and the rest of the world. Substantial income is derived from providing services to clients.
2013
600
LTM Revenue $763M
LTM EBITDA $180M
$1.8B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Upwork has a last 12-month revenue (LTM) of $763M and a last 12-month EBITDA of $180M.
In the most recent fiscal year, Upwork achieved revenue of $769M and an EBITDA of $82.9M.
Upwork expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Upwork valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $763M | XXX | $769M | XXX | XXX | XXX |
| Gross Profit | $594M | XXX | $595M | XXX | XXX | XXX |
| Gross Margin | 78% | XXX | 77% | XXX | XXX | XXX |
| EBITDA | $180M | XXX | $82.9M | XXX | XXX | XXX |
| EBITDA Margin | 24% | XXX | 11% | XXX | XXX | XXX |
| EBIT | $85.8M | XXX | $65.2M | XXX | XXX | XXX |
| EBIT Margin | 11% | XXX | 8% | XXX | XXX | XXX |
| Net Profit | $172M | XXX | $216M | XXX | XXX | XXX |
| Net Margin | 22% | XXX | 28% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | $52.2M | XXX | XXX | XXX |
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As of May 30, 2025, Upwork's stock price is $15.
Upwork has current market cap of $2.0B, and EV of $1.8B.
See Upwork trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $1.8B | $2.0B | XXX | XXX | XXX | XXX | $1.09 |
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Start Free TrialAs of May 30, 2025, Upwork has market cap of $2.0B and EV of $1.8B.
Upwork's trades at 2.3x EV/Revenue multiple, and 21.5x EV/EBITDA.
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 11.9x.
See valuation multiples for Upwork and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $2.0B | XXX | $2.0B | XXX | XXX | XXX |
| EV (current) | $1.8B | XXX | $1.8B | XXX | XXX | XXX |
| EV/Revenue | 2.3x | XXX | 2.3x | XXX | XXX | XXX |
| EV/EBITDA | 9.9x | XXX | 21.5x | XXX | XXX | XXX |
| EV/EBIT | 20.8x | XXX | 27.3x | XXX | XXX | XXX |
| EV/Gross Profit | 3.0x | XXX | n/a | XXX | XXX | XXX |
| P/E | 11.9x | XXX | 9.4x | XXX | XXX | XXX |
| EV/FCF | 10.6x | XXX | 12.8x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialUpwork's last 12 month revenue growth is 1%
Upwork's revenue per employee in the last FY averaged $1.3M, while opex per employee averaged $0.9M for the same period.
Upwork's rule of 40 is 2% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Upwork's rule of X is 27% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for Upwork and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 1% | XXX | 2% | XXX | XXX | XXX |
| EBITDA Margin | 24% | XXX | 11% | XXX | XXX | XXX |
| EBITDA Growth | 15% | XXX | 1061% | XXX | XXX | XXX |
| Rule of 40 | 2% | XXX | 12% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 27% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $1.3M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.9M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | 24% | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | 27% | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 69% | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Freelancer | XXX | XXX | XXX | XXX | XXX | XXX |
| Seek | XXX | XXX | XXX | XXX | XXX | XXX |
| North Media | XXX | XXX | XXX | XXX | XXX | XXX |
| XXX | XXX | XXX | XXX | XXX | XXX | |
| BOSS Zhipin | 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 acquired XXX companies to date.
Last acquisition by Upwork was XXXXXXXX, XXXXX XXXXX XXXXXX . Upwork acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
Sign up to see revenue and EBITDA valuation multiples for 60K+ M&A deals.
Start Free Trial| When was Upwork founded? | Upwork was founded in 2013. |
| Where is Upwork headquartered? | Upwork is headquartered in United States of America. |
| How many employees does Upwork have? | As of today, Upwork has 600 employees. |
| Who is the CEO of Upwork? | Upwork's CEO is Ms. Hayden Brown. |
| Is Upwork publicy listed? | Yes, Upwork is a public company listed on NAS. |
| 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? | Similar companies to Upwork include e.g. Freelancer, Seek, North Media, . |
| What is the current market cap of Upwork? | Upwork's current market cap is $2.0B |
| What is the current revenue of Upwork? | Upwork's last 12 months revenue is $763M. |
| What is the current revenue growth of Upwork? | Upwork revenue growth (NTM/LTM) is 1%. |
| What is the current EV/Revenue multiple of Upwork? | Current revenue multiple of Upwork is 2.3x. |
| 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 $180M. |
| What is Upwork's EBITDA margin? | Upwork's last 12 months EBITDA margin is 24%. |
| What is the current EV/EBITDA multiple of Upwork? | Current EBITDA multiple of Upwork is 9.9x. |
| What is the current FCF of Upwork? | Upwork's last 12 months FCF is $168M. |
| What is Upwork's FCF margin? | Upwork's last 12 months FCF margin is 22%. |
| What is the current EV/FCF multiple of Upwork? | Current FCF multiple of Upwork is 10.6x. |
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