Upwork Inc. Financial Ratios — UPWK Stock

Profitability (USD)

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	-6.62	-8.19	-20.13	-35.36	14.89	45.08	19.15
Return on Assets (%)	- -	-1.57	-5.97	-3.98	-4.69	-6.99	-8.32	4.43	19.17	9.19
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	5.94	- -	11.86
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	-1.36	- -	9.91
Gross Margin (%)	61.95	67.69	67.85	70.67	72.09	73.05	74.06	75.27	77.37	77.82
EBITDA Margin (%)	-3.65	0.52	-2.67	-2.7	-2.24	-8.04	-13.18	0.21	10.77	19.77
Operating Margin (%)	-8.8	-1.54	-4.62	-6.23	-6	-10.78	-14.98	-1.63	8.48	16.41
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	95.36	347.26
Pretax Margin (%)	-9.87	-2.05	-7.85	-5.53	-6.08	-11.16	-14.45	7.09	11.75	19.44
Profit Margin (%)	-9.87	-2.04	-7.86	-5.54	-6.12	-11.19	-14.54	6.8	28.02	14.65
Net Income to Common Margin (%)	-9.87	-2.04	-7.86	-5.54	-6.12	-11.19	-14.54	6.8	28.02	14.65
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	4.07	- -	24.65
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	-6.62	-8.19	-20.13	-35.36	14.89	45.08	19.15

Credit (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	17	34	24	43	35	584	582	368	369	371
ST Debt	3	10	6	11	11	6	7	6	2	361
LT Debt	14	23	18	32	24	578	575	362	367	10
Total Debt/EBITDA	-2.82	31.83	-3.54	-5.25	-4.17	-14.46	-7.14	252.31	4.45	2.38
Net Debt/EBITDA	1.73	11.51	15.56	3.71	9.95	-9.26	-5.34	189.61	0.63	0.42
Total Debt/EBIT	-1.17	-10.83	-2.04	-2.28	-1.56	-10.78	-6.28	-32.67	5.66	2.87
Net Debt/EBIT	0.72	-3.92	8.98	1.61	3.72	-6.9	-4.7	-24.55	0.8	0.51
EBITDA to Interest Expense	-7	1.11	-3.32	-6.22	-10.77	-18.54	-18.18	- -	- -	- -
EBITDA-CapEx/Interest Expense	-7.99	-1.31	-6.68	-18.96	-29.23	-21.35	-20.13	- -	- -	- -
EBIT to Interest Expense	-16.86	-3.25	-5.75	-14.34	-28.8	-24.87	-20.66	- -	- -	- -
Interest Expense	1	1	2	1	1	2	4	- -	- -	- -
Common Equity/Total Assets	-83.7	-71.9	62.25	58.12	56.56	24.01	23.04	36.73	47.49	48.5
Long-Term Debt/Equity (%)	- -	- -	7.48	12.29	7.9	222.74	231.21	95.04	63.87	1.54
Long-Term Debt/Capital (%)	-106.08	952.6	6.81	10.55	7.07	68.5	69.26	48.36	38.91	0.97
Long-Term Debt/Total Assets (%)	5.6	8.54	4.66	7.14	4.47	53.47	53.27	34.91	30.33	0.75
Total Debt/Equity (%)	-56.29	-107.86	9.81	16.45	11.68	225.17	233.82	96.53	64.15	58.88
Total Debt/Capital (%)	-128.8	1,371.98	8.93	14.13	10.46	69.25	70.04	49.12	39.08	37.06
Total Debt/Total Assets (%)	6.8	12.29	6.11	9.56	6.6	54.05	53.87	35.46	30.47	28.56
Net Debt to Equity	34.4	-39.02	-43.17	-11.61	-27.85	144.15	174.73	72.54	9.07	10.38
Net Debt/Capital (%)	25.59	-63.98	-75.95	-11.87	-34.71	56.97	62	41.3	8.17	9.25
EBITDA	-6	1	-7	-8	-8	-40	-81	1	83	156
EBITDA-CapEx	-7	-1	-14	-25	-23	-47	-90	-15	68	131
Operating Income (Loss)	-14	-3	-12	-19	-22	-54	-93	-11	65	129

Liquidity (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.32	0.19	1.01	0.9	0.85	2.93	2.77	1.88	2.32	1.03
Current Ratio	1.37	1.26	2.01	1.88	1.82	3.98	3.76	3.01	3.39	1.46
Quick Ratio	0.62	0.46	1.19	1.1	1.09	3.22	3.03	2.23	2.6	1.15
CFO/Avg Current Liab	- -	-0.04	0.11	0.01	0.13	0.05	0.05	0.19	0.55	0.54
Common Equity/Total Assets	-83.7	-71.9	62.25	58.12	56.56	24.01	23.04	36.73	47.49	48.5
Long-Term Debt/Equity (%)	- -	- -	7.48	12.29	7.9	222.74	231.21	95.04	63.87	1.54
Long-Term Debt/Capital (%)	-106.08	952.6	6.81	10.55	7.07	68.5	69.26	48.36	38.91	0.97
Long-Term Debt/Total Assets (%)	5.6	8.54	4.66	7.14	4.47	53.47	53.27	34.91	30.33	0.75
Total Debt/Equity (%)	-56.29	-107.86	9.81	16.45	11.68	225.17	233.82	96.53	64.15	58.88
Total Debt/Capital (%)	-128.8	1,371.98	8.93	14.13	10.46	69.25	70.04	49.12	39.08	37.06
Total Debt/Total Assets (%)	6.8	12.29	6.11	9.56	6.6	54.05	53.87	35.46	30.47	28.56
CFO/Total Liabilities	1.13	-1.31	9.3	0.57	9.73	1.32	1.38	8.03	24.14	37.09
CFO/CapEx	3.72	-1.73	2.01	0.06	1.56	1.77	1.32	3.22	10.63	9.88
Altman's Z-Score	-0.11	0.37	8.45	4.37	11.78	4.06	1.68	2.9	3.61	3.78

Working Capital (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	7.22	9.55	11.46	9.68	8.83	9.39	8.21	8.62	10.38
Days Sales Outstanding	- -	50.53	38.23	31.86	37.7	41.32	38.88	44.48	42.36	35.15
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	157.31	64.27	64.69	29.34	23.67	25.57	27.03	31.11	24.99
Accounts Payable Turnover Days	- -	2.32	5.68	5.64	12.44	15.42	14.27	13.5	11.73	14.61
Cash Conversion Cycle	- -	48.21	32.55	26.22	25.26	25.9	24.6	30.97	30.62	20.54
Inventory to Cash Days	- -	50.53	38.23	31.86	37.7	41.32	38.88	44.48	42.36	35.15
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	1,928	1,212	4,308	4,411	1,383	2,041	2,213	2,587
- Cash & Cash Equivalents	27	22	129	48	94	187	129	80	306	294
+ Preferred Equity and Hybrid Capital	179	166	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	17	34	24	43	35	584	582	368	369	371
Enterprise Value	168	179	1,823	1,121	4,173	4,311	1,278	1,859	1,960	2,286
Total Capital	-13	2	268	302	334	844	831	749	944	1,001
Total Debt/Capital (%)	-128.8	1,371.98	8.93	14.13	10.46	69.25	70.04	49.12	39.08	37.06
Total Debt / EV	0.1	0.19	0.01	0.04	0.01	0.14	0.46	0.2	0.19	0.16
EV/Sales	1.02	0.88	7.19	3.73	11.17	8.57	2.07	2.7	2.55	2.9
EV/EBITDA	- -	168.13	- -	- -	- -	- -	- -	1,275.04	23.66	14.68
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	30.06	17.68
EV/Cash Flow to Firm	42.04	- -	115.48	473.74	180.28	331.06	79.86	35.27	12.76	9.21
EV/Free Cash Flow to Firm	34.71	- -	80.56	58.99	111.25	225.01	51.67	26.92	11.67	8.36
Diluted Market Cap	- -	- -	948	1,172	4,097	4,344	1,363	2,041	2,341	2,788
Diluted Enterprise Value	168	179	842	1,166	4,038	4,741	1,815	2,329	2,404	2,865
EV per Share	1.62	1.72	17.12	9.87	33.44	33.38	9.65	13.54	14.48	17.51
TTM Sales	164	203	253	301	374	503	618	689	769	788
TTM EBITDA	-6	1	-7	-8	-8	-40	-81	1	83	156
TTM Operating Income	-14	-3	-12	-19	-22	-54	-93	-11	65	129
TTM Cash Flow to Firm	4	-3	16	2	23	13	16	53	154	248
TTM Free Cash Flow to Firm	5	-1	23	19	38	19	25	69	168	273

Multiples (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	46.04	66.21	111.56	255.93	67.36	29.56	13.93	10.2
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	30.06	17.68
Enterprise Value	168	179	1,823	1,121	4,173	4,311	1,278	1,859	1,960	2,286
Low Price	- -	- -	15.68	9.35	5.14	31.31	9.79	6.56	8.43	11.13
EV/Sales	1.02	0.88	7.19	3.73	11.17	8.57	2.07	2.7	2.55	2.9
EV/EBITDA	- -	168.13	- -	- -	- -	- -	- -	1,275.04	23.66	14.68
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	42.74	10.13	22.75
Price/Earnings Average	- -	- -	-48.87	-107.72	-81.69	-105.2	-27.48	33.28	7.71	18.05
Price/Earnings High	- -	- -	-61.75	-164.8	-214.98	-145.82	-50.58	45.85	11.24	25.62
Price/Earnings Low	- -	- -	-41.2	-61.63	-26.68	-70.79	-14.22	18.86	5.22	12.78
Price/Book Value	- -	- -	7.91	4.67	14.39	17	5.56	5.36	3.85	4.1
Price/Book Value Average	- -	- -	8.12	7.16	6.56	23.15	10.08	4.17	2.93	3.26
Price/Book Value High	- -	- -	10.26	10.95	17.27	32.09	18.54	5.75	4.27	4.62
Price/Book Value Low	- -	- -	6.85	4.09	2.14	15.58	5.21	2.36	1.98	2.31
Price/Tangible Book Value	- -	- -	16.13	8.79	23.88	31.22	10.59	7.86	5.01	5.83
Price/Tangible Book Value Average	- -	- -	16.56	13.46	10.89	42.52	19.19	6.12	3.81	4.62
Price/Tangible Book Value High	- -	- -	20.92	20.6	28.65	58.94	35.31	8.43	5.56	6.56
Price/Tangible Book Value Low	- -	- -	13.96	7.7	3.56	28.61	9.93	3.47	2.59	3.27
Price/Sales	- -	- -	3.74	3.9	10.97	8.64	2.2	2.91	2.84	3.33
Price/Sales Average	- -	- -	3.84	5.97	5	11.77	4	2.26	2.16	2.64
Price/Sales High	- -	- -	4.85	9.13	13.16	16.31	7.35	3.12	3.15	3.75
Price/Sales Low	- -	- -	3.24	3.42	1.63	7.92	2.07	1.28	1.46	1.87
Price/Cash Flow	- -	- -	68.95	1,107.49	183.21	400.88	118.52	38.02	14.23	10.58
Price/Cash Flow Average	- -	- -	70.78	1,696.1	83.53	546.01	214.88	29.6	10.82	8.39
Price/Cash Flow High	- -	- -	89.43	2,594.87	219.8	756.81	395.4	40.78	15.78	11.91
Price/Cash Flow Low	- -	- -	59.68	970.48	27.28	367.43	111.14	16.77	7.34	5.94
Price/Free Cash Flow Average	- -	- -	47.26	101.41	50.86	348.59	122.12	23.01	10.6	8.09
Price/Free Cash Flow High	- -	- -	59.71	155.14	133.84	483.17	224.71	31.7	15.46	11.48
Price/Free Cash Flow Low	- -	- -	39.85	58.02	16.61	234.58	63.16	13.04	7.18	5.73
EV/Sales Average	1.02	0.88	7.4	6.16	5.1	12.74	4.79	2.72	2.27	2.7
EV/Sales High	1.02	0.88	9.45	9.43	13.67	17.35	8.19	3.6	3.27	3.8
EV/Sales Low	1.02	0.88	6.17	3.52	1.56	8.83	2.83	1.72	1.57	1.94
EV/EBITDA Average	-28.04	168.13	-277.08	-227.75	-227.42	-158.5	-36.33	1,287.68	21.08	13.67
EV/EBITDA High	-28.04	168.13	-354.19	-348.81	-609.99	-215.9	-62.18	1,699.4	30.4	19.2
EV/EBITDA Low	-28.04	168.13	-231.18	-130.01	-69.52	-109.88	-21.47	815.32	14.54	9.82
EV/EBIT Average	-11.64	-57.23	-160	-98.8	-85.01	-118.14	-31.96	-166.74	26.79	16.47
EV/EBIT High	-11.64	-57.23	-204.52	-151.31	-228.01	-160.92	-54.7	-220.05	38.63	23.13
EV/EBIT Low	-11.64	-57.23	-133.49	-56.4	-25.99	-81.9	-18.89	-105.57	18.47	11.83
Last Price	- -	- -	18.11	10.67	34.52	34.16	10.44	14.87	16.35	19.82
High Price	- -	- -	23.49	25	41.42	64.49	34.83	15.95	18.14	22.32
Enterprise Value Average	168	179	1,874	1,851	1,905	6,405	2,960	1,877	1,747	2,129
Enterprise Value High	168	179	2,395	2,834	5,109	8,725	5,067	2,478	2,519	2,991
Enterprise Value Low	168	179	1,563	1,056	582	4,440	1,749	1,189	1,204	1,530

Shares Outstanding	104	104	106	114	125	129	132	137	135	131
Diluted Weighted Avg Shares	96	96	52	110	119	127	131	137	143	141
Basic Weighted Avg Shares	96	96	52	110	119	127	131	135	134	132
Revenue per Share	1.71	2.11	4.84	2.74	3.15	3.95	4.74	5.11	5.76	5.95
EBITDA per Share	-0.06	0.01	-0.13	-0.07	-0.07	-0.32	-0.62	0.01	0.62	1.18
Operating Income per Share	-0.15	-0.03	-0.22	-0.17	-0.19	-0.43	-0.71	-0.08	0.49	0.98
Basic EPS, GAAP	-0.17	-0.04	-0.38	-0.15	-0.19	-0.44	-0.69	0.35	1.61	0.87
Basic EPS from Cont Ops	-0.17	-0.04	-0.38	-0.15	-0.19	-0.44	-0.69	0.35	1.61	0.87
Diluted EPS, GAAP	-0.17	-0.04	-0.38	-0.15	-0.19	-0.44	-0.69	0.34	1.51	0.82
Diluted EPS from Cont Ops	-0.17	-0.04	-0.38	-0.15	-0.19	-0.44	-0.69	0.34	1.51	0.82
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.03	-0.04	0.26	0.01	0.19	0.09	0.09	0.39	1.15	1.87
Free Cash Flow per Basic Share	0.02	-0.07	0.13	-0.14	0.07	0.04	0.02	0.27	1.04	1.68
Cash & Equivalents per Share	0.26	0.21	1.21	1.18	1.36	5.3	5.18	4.01	4.6	5.15
Book Value per Share	-2.01	-1.9	2.29	2.28	2.4	2.01	1.88	2.78	4.25	4.83
Tangible Book Value per Share	-3.25	-3.12	1.12	1.21	1.45	1.09	0.99	1.89	3.26	3.4

Upwork Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)