UPWORK, Inc. (UPWK) intrinsic value & 10-year financials
UPWORK, Inc. (UPWK) has a Graham intrinsic value of $27.90 per share. At $8.43 on Oct 17, 2026, the stock trades 70% below that value. Over the last 10 fiscal years revenue grew 19.0% a year to $787.8M, with an average return on invested capital of 2.3%.
- Graham intrinsic value
- $27.90
- Share price (Oct 17, 2026)
- $8.43
- Price vs Graham value
- 70% below
- Market cap
- $1.2B
- Revenue (FY2025)
- $787.8M
- Revenue growth (10-yr CAGR)
- 19.0%
- ROIC (10-yr avg)
- 2.3%
- Free cash flow (FY2025)
- $242.5M
UPWK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $787.8M | $115.4M | $0.84 | $242.5M | 16.4% | 14.5% |
| FY2024 | $769.3M | $215.6M | $1.52 | $150.0M | 8.5% | 10.0% |
| FY2023 | $689.1M | $46.9M | $0.06 | $26.5M | -1.6% | -1.6% |
| FY2022 | $618.3M | -$89.9M | -$0.69 | $5.3M | -15.0% | -13.8% |
| FY2021 | $502.8M | -$56.2M | -$0.44 | $9.8M | -10.8% | -12.2% |
| FY2020 | $373.6M | -$22.9M | -$0.19 | $16.0M | -6.0% | -9.2% |
| FY2019 | $300.6M | -$16.7M | -$0.15 | -$9.7M | -6.2% | -9.6% |
| FY2018 | $253.4M | -$19.9M | — | $10.7M | -4.6% | -19.6% |
| FY2017 | $202.6M | -$4.1M | — | -$5.8M | -1.5% | 16.2% |
| FY2016 | $164.4M | -$16.2M | — | $2.3M | -8.8% | 48.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
UPWORK, INC is a consistent compounder, expanding top-line revenue at 19.0% annually over the past decade.
UPWORK, INC has historically struggled to out-earn its cost of capital, averaging just 2.3% ROIC.
UPWORK, INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, UPWORK, INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $27.90 per share.