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UPWK · Nasdaq · United States · Services-Computer Processing & Data Preparation
In shortUPWORK, INC is profitable, generates cash and holds more cash than debt, with revenue growing (+2.4% last year).
Financial health
Strong
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 16.4% | 71/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 14.7% | 79/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 19.1% | 96/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 9.8% | 66/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 1.46× | 55/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.57× | 79/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | – | n/a |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 3.27 | 56/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 30.8% | 100/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 2.10× | 100/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 3 of 5 | 60/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 12.4% | 65/100 |
| Operating margin volatility | 13.1% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 8.4% | 63/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 503 | 618 | 689 | 769 | 788 |
| Cost of revenue | 136 | 160 | 170 | 174 | 175 |
| Gross profit | 367 | 458 | 519 | 595 | 613 |
| Research & development | 119 | 155 | 177 | 209 | 186 |
| Operating income | (54) | (93) | (11) | 65 | 129 |
| Interest expense | 2.2 | 4.5 | – | – | – |
| Pre-tax income | (56) | (89) | 49 | 90 | 153 |
| Income tax | 0.1 | 0.5 | 2 | (125) | 38 |
| Net income | (56) | (90) | 47 | 216 | 115 |
| Diluted EPS | −$0.44 | −$0.69 | $0.06 | $1.52 | $0.84 |
| Diluted shares (millions) | 127 | 131 | 137 | 143 | 141 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.
The last 8 quarters of UPWORK, INC are included in the Investor plan. Try free for 7 days →
3.27 Safe zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
6/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 30, 2026 · Data updated Aug 10, 2026