Upwork (UPWK) Financial Ratios: P/E, ROE & More

Upwork (UPWK) Financial Ratios

For fiscal 2025 (fiscal year ended Dec 31, 2025), Upwork had a P/E ratio of 22.43 (up from 10.14), return on equity of 19.1% (down from 45.1%), debt-to-equity of 0.59 (down from 0.64) and a current ratio of 1.46 (down from 3.39). A current ratio of 1.46 means current assets exceed current liabilities.

Upwork Financial Ratios Analysis

Valuation, profitability, leverage, and liquidity ratios

Income Statement Balance Sheet Cash Flow Ratios

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Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Valuation Ratios
P/E Ratio	22.43	10.14	43.17	-	-	-
Forward P/E	14.36	14.24	21.66	136.19	281.38	-
P/S Ratio	3.29	2.84	2.94	2.22	8.71	11.28
P/B Ratio	4.11	3.80	5.31	5.51	16.88	14.08
Price/Tangible Book	5.83	4.95	7.79	10.49	31.00	23.36
Price/FCF	10.68	14.57	38.91	133.79	446.57	262.63
Price/OCF	10.43	14.23	38.40	119.27	404.25	188.42
PEG Ratio	0.22	0.22	0.22	0.74	2.24	-
Enterprise Value Ratios
EV/Revenue	2.94	2.54	2.67	2.07	8.49	10.96
EV/EBITDA	15.94	21.99	-	-	-	-
EV/EBIT	17.33	23.22	-	-	-	-
EV/FCF	9.56	13.02	35.33	124.69	435.16	255.27
Profitability & Returns
Return on Equity (ROE)	19.15%	45.08%	14.89%	-35.36%	-20.13%	-8.19%
Return on Assets (ROA)	6.66%	4.68%	-0.66%	-5.36%	-3.53%	-2.87%
Return on Invested Capital (ROIC)	30.95%	32.51%	-6.36%	-61.07%	-28.09%	-13.46%
Return on Capital Employed (ROCE)	20.60%	8.90%	-1.50%	-11.10%	-5.40%	-6.80%
Leverage & Solvency Ratios
Debt/Equity	0.59	0.64	0.96	2.34	2.25	0.12
Debt/EBITDA	2.53	3.98	-	-	-	-
Debt/FCF	1.53	2.46	7.00	56.78	59.58	2.18
Liquidity Ratios
Current Ratio	1.46	3.39	3.02	3.76	3.98	1.81
Quick Ratio	1.15	2.60	2.23	3.03	3.22	1.09
Efficiency Ratios
Asset Turnover	0.63	0.68	0.65	0.57	0.62	0.77
Yield & Distribution Ratios
Earnings Yield	4.46%	9.87%	2.32%	-6.55%	-1.28%	-0.54%
FCF Yield	9.36%	6.87%	2.57%	0.75%	0.22%	0.38%
Buyback Yield	1.74%	-4.29%	-5.17%	-2.64%	-7.13%	-8.09%

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Upwork Financial Ratios

What is Upwork's P/E ratio?

Upwork's P/E ratio was 22.43 for fiscal 2025 (period ended Dec 31, 2025). It was 10.14 a year earlier.

What is Upwork's return on equity?

Upwork's return on equity (ROE) was 19.1% for fiscal 2025 (period ended Dec 31, 2025). It was 45.1% a year earlier.

What is Upwork's debt-to-equity ratio?

Upwork's debt-to-equity ratio was 0.59 for fiscal 2025 (period ended Dec 31, 2025). It was 0.64 a year earlier.

What is return on equity (ROE)?

Return on equity is net income divided by shareholders' equity. It measures how much profit a company generates from the capital its shareholders have invested. Full definition