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What this page is: Delvantic's full research page for Upwork Inc. (UPWK) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Page map (sections in order; each card carries a stable
reference-name attribute you can cite):
profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
More for machine readers: site briefing at
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any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
Communication Services · Internet Content & Information
Palo Alto, CA 94301, United States
upwork.com
Price
$9.53
Market Cap
$1.2B
Employees
630
Beta
0.99
Avg Volume
3,183,509
CEO
Ms. Hayden Brown
Upwork Inc. operates an online marketplace that connects businesses with skilled independent professionals for short-term and longer-term projects worldwide. The platform enables companies to find, hire, and pay freelancers across diverse categories such as development, design, writing, marketing, and administrative support, with AI-enabled matching to enhance efficiency. Key offerings include tiered marketplace plans like Upwork Basic for entry-level access, Upwork Plus for advanced features, Upwork Business for team management tools, Upwork Enterprise for large-scale operations, and Upwork Payroll for streamlined payments and compliance. Serving clients and talent primarily from the USA, India, Pakistan, the Philippines, and other regions, Upwork Inc. generates revenue from both client fees and talent segments. Founded in 2013 and headquartered in Palo Alto, California, it plays a pivotal role in the gig economy by facilitating flexible, on-demand workforce solutions in the commercial services and personnel services sectors.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Jul 29 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Jun 29, 2026.
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Jun 29, 2026 | $-0.11 | $-0.02 +81.8% | — | — |
| May 7, 2026 | $0.27 | $0.35 +29.6% | — | — |
| Feb 9, 2026 | $0.31 | $0.36 +16.1% | — | — |
| Jan 23, 2026 | $1.61 | $1.87 +16.1% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Jul 21, 2026 | 4 | View |
| Jul 16, 2026 | 8-K | View |
| Jun 23, 2026 | 4 | View |
| Jun 23, 2026 | 4 | View |
| Jun 23, 2026 | 4 | View |
| Jun 23, 2026 | 8-K | View |
| Jun 18, 2026 | 144 | View |
| Jun 18, 2026 | 144 | View |
| Jun 8, 2026 | 4 | View |
| Jun 8, 2026 | 4 | View |
| Jun 8, 2026 | 4 | View |
| Jun 8, 2026 | 4 | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Jul 29, 2026 10:19pm (just now)
Current data · timestamped when a report runs
$9.53
Change · Jul 29
-0.28 (-2.85%)
Day Range
$9.30 – $9.62
52-Week Range
$7.44 – $22.84
50-Day MA
$8.74
200-Day MA
$13.90
Volume
4,203,179.00
Share Structure
Outstanding
123,574,974.00
Float
114,470,433.00
Free Float
92.6%
High free float
— 92.6% of shares trade freely, ~7.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
11.68
Stock Price: $9.53
EPS (Diluted): 0.84
EPS (Diluted): 0.84
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
2.19
Stock Price: $9.53
Total Equity: $630.32M
Shares: 140,659,603
Total Equity: $630.32M
Shares: 140,659,603
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
8.88
Market Cap: $1.18B
Total Debt: $359.77M
Cash: $294.36M
EBITDA: $155.02M
Total Debt: $359.77M
Cash: $294.36M
EBITDA: $155.02M
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$1.4B
Market Cap: $1.18B
Total Debt: $359.77M
Cash: $294.36M
Total Debt: $359.77M
Cash: $294.36M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
77.8%
Gross Profit: $613.03M
Revenue: $787.78M
Revenue: $787.78M
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
16.4%
Operating Income: $129.31M
Revenue: $787.78M
Revenue: $787.78M
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
14.7%
Net Income: $115.43M
Revenue: $787.78M
Revenue: $787.78M
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
18.3%
Net Income: $115.43M
Total Equity: $630.32M
Total Equity: $630.32M
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
13.8%
Operating Income: $129.31M
Tax Rate: 24.6%
Equity: $630.32M
Total Debt: $359.77M
Cash: $294.36M
Tax Rate: 24.6%
Equity: $630.32M
Total Debt: $359.77M
Cash: $294.36M
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
1.46
Current Assets: $950.83M
Current Liabilities: $650.17M
Current Liabilities: $650.17M
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.59
Short-Term Debt: $359.77M
Long-Term Debt: $0.00
Total Debt: $359.77M
Total Equity: $630.32M
Long-Term Debt: $0.00
Total Debt: $359.77M
Total Equity: $630.32M
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$5.60
Revenue: $787.78M
Shares: 140,659,603
Shares: 140,659,603
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$4.48
Total Equity: $630.32M
Shares: 140,659,603
Shares: 140,659,603
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$1.72
Operating CF: $248.26M
CapEx: -$5.79M
Shares: 140,659,603
CapEx: -$5.79M
Shares: 140,659,603
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
—
Last Dividend: $0.00
Stock Price: $9.53
Stock Price: $9.53
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $115.43M
Net Income: $115.43M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Jul 29, 2026 10:19pm (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $502.8M | $618.3M | $689.1M | $769.3M | $787.8M |
| Cost of Revenue | $135.5M | $160.4M | $170.5M | $174.1M | $174.8M |
| Gross Profit | $367.3M | $457.9M | $518.7M | $595.2M | $613.0M |
| Operating Expenses | $421.5M | $550.5M | $529.9M | $530.0M | $483.7M |
| Operating Income | -$54.2M | -$92.6M | -$11.3M | $65.2M | $129.3M |
| Net Income | -$56.2M | -$89.9M | $46.9M | $215.6M | $115.4M |
| EBITDA | — | -$84.6M | -$1.8M | $80.0M | $155.0M |
| EPS | $-0.44 | $-0.69 | $0.35 | $1.61 | $0.87 |
| EPS (Diluted) | $-0.44 | $-0.69 | $0.06 | $1.52 | $0.84 |
Balance Sheet (Annual)
Last updated: Jul 29, 2026 10:19pm (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $187.2M | $129.4M | $79.6M | $305.8M | $294.4M |
| Total Current Assets | $929.7M | $930.9M | $883.4M | $911.1M | $950.8M |
| Total Assets | $1.1B | $1.1B | $1.0B | $1.2B | $1.3B |
| Current Liabilities | $233.6M | $247.7M | $293.0M | $268.4M | $650.2M |
| Long-Term Debt | $561.3M | $564.3M | $356.1M | $357.9M | $0 |
| Total Liabilities | $821.5M | $831.4M | $656.5M | $636.2M | $669.3M |
| Total Equity | $259.5M | $248.9M | $381.1M | $575.4M | $630.3M |
| Retained Earnings | -$251.1M | -$340.9M | -$294.1M | -$78.5M | $36.9M |
Cash Flow (Annual)
Last updated: Jul 29, 2026 10:19pm (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $10.8M | $6.6M | $27.2M | $153.6M | $248.3M |
| Capital Expenditure | -$1.0M | -$1.2M | $-692,000 | -$3.5M | -$5.8M |
| Free Cash Flow | $9.8M | $5.3M | $26.5M | $150.0M | $242.5M |
| Acquisitions (net) | — | $0 | $0 | -$14.3M | -$58.4M |
| Net Debt Issued / (Repaid) | $564.3M | $0 | $0 | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | $0 | $0 | -$100.0M | -$136.0M |
| Net Change in Cash | $119.6M | -$56.8M | $1.2M | $209.2M | -$26.7M |
Growth Trends (YoY %)
Last updated: Jul 29, 2026 10:19pm (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +23.0% | +11.5% | +11.6% | +2.4% |
| Gross Profit Growth | +24.7% | +13.3% | +14.8% | +3.0% |
| Operating Income Growth | -70.8% | +87.8% | +679.1% | +98.3% |
| Net Income Growth | -59.8% | +152.2% | +359.8% | -46.5% |
| EBITDA Growth | — | +97.9% | +4,518.5% | +93.7% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-18 | Kappus Anthony Ray | M-OptionExercise | 1,412.00 | $0.00 | $0 |
| 2026-07-18 | Kappus Anthony Ray | S-Sale | 558.00 | $9.06 | $5,053 |
| 2026-06-18 | Gessert Erica | M-OptionExercise | 8,432.00 | $0.00 | $0 |
| 2026-06-18 | Gessert Erica | M-OptionExercise | 9,700.00 | $0.00 | $0 |
| 2026-06-18 | Gessert Erica | S-Sale | 9,169.00 | $8.15 | $74,734 |
| 2026-06-18 | Mekhalfa Sabrina | M-OptionExercise | 3,577.00 | $0.00 | $0 |
| 2026-06-18 | Mekhalfa Sabrina | S-Sale | 1,276.00 | $8.15 | $10,401 |
| 2026-06-18 | Brown Hayden | M-OptionExercise | 17,733.00 | $0.00 | $0 |
| 2026-06-18 | Brown Hayden | M-OptionExercise | 28,678.00 | $0.00 | $0 |
| 2026-06-18 | Brown Hayden | S-Sale | 23,468.00 | $8.15 | $191,281 |
| 2026-06-04 | BRAMLEY CLAIRE | A-Award | 45,146.00 | $0.00 | $0 |
| 2026-06-04 | LISSY DAVID H | A-Award | 45,146.00 | $0.00 | $0 |
| 2026-06-04 | LISSY DAVID H | A-Award | 20,880.00 | $0.00 | $0 |
| 2026-06-04 | LAYTON THOMAS | A-Award | 6,207.00 | $0.00 | $0 |
| 2026-06-04 | LAYTON THOMAS | A-Award | 6,772.00 | $0.00 | $0 |
| 2026-06-04 | LAYTON THOMAS | A-Award | 20,880.00 | $0.00 | $0 |
| 2026-06-04 | KELMAN GLENN | A-Award | 6,207.00 | $0.00 | $0 |
| 2026-06-04 | KELMAN GLENN | A-Award | 20,880.00 | $0.00 | $0 |
| 2026-06-04 | Steele Gary | A-Award | 6,207.00 | $0.00 | $0 |
| 2026-06-04 | Steele Gary | A-Award | 20,880.00 | $0.00 | $0 |
Industry Benchmarks
Compares UPWK against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Advanced Analysis Forensic deep-dive · three lenses
Character & Durability Scorecard
Ten long-horizon business-character traits the Quality / Value / Sentiment lenses don’t break out, scored 1–10.
No scorecard yet for UPWK — the ten traits are scored by the
pipeline (
ext-scorecard step) when a report is run on this ticker.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
Not applicable for this companies
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
Not applicable for this companies
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
Not applicable for this companies
4h
Dividend Discount Model
— For dividend/income stocks only
Not applicable for this companies
4i
Book Value Analysis
— For deep value / turnaround stocks only
Not applicable for this companies
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
Not applicable for this companies
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for UPWK — it's generated by the pipeline (
market-narrative step).
Delvantic AI Findings
No AI findings yet for UPWK — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Critique
No GPT critique yet for UPWK — it's generated by the
pipeline (
gpt-critique step) after the AI findings above, when a
report is run on this ticker.
No community reviews yet for UPWK.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.496 · 31f2d85f · 2026-07-29 20:18:08