Upwork (UPWK) EV to CFO (2018 - 2026)
Upwork's (UPWK) EV to CFO was 2.06 for Q2 2026, down 53.8% from 4.45 a year earlier and down 37.8% from the prior quarter.
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Analysis
Upwork (UPWK) EV to CFO (2018 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Upwork's EV to CFO came in at -7.03; for FY2025, it was 7.71, down 14.9% from FY2024.
- EV to CFO has declined for four consecutive years.
- By year, EV to CFO came in at 9.06 in FY2024 (-68.0%), 28.29 in FY2023 (-53.2%), 60.48 in FY2022 (-82.4%) and 343.88 in FY2021 (+92.3%).
- The Q2 2026 figure ranks as the lowest quarterly EV to CFO in data going back to Q4 2018.
- Year over year, EV to CFO has now declined in each of the last three quarters, with an average decline of 30.7% over the last eight quarters.
- The high point for year-over-year EV to CFO in five years was Q4 2021 (growth of 92.3%); the low point was Q4 2022 (a decline of 82.4%).
- Per Business Quant data, the three quarters before Q2 2026 came in at 3.31 (Q1 2026), 7.71 (Q4 2025) and 8.05 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 3,972.47 Bn | 3,729.99 Bn | 73.85 Bn |
| 2 | Meta Platforms | 1,653.88 Bn | 1,356.40 Bn | 49.47 Bn |
| 3 | Netflix | 277.92 Bn | 238.12 Bn | 6.52 Bn |
| 4 | Alibaba Group Holding | 237.25 Bn | 51.03 Bn | 15.11 Bn |
| 5 | Shopify | 220.33 Bn | 197.51 Bn | 1.71 Bn |
| 6 | Uber Technologies | 138.61 Bn | 110.41 Bn | 6.38 Bn |
| 7 | Booking Holdings | 125.06 Bn | 58.11 Bn | - |
| 8 | Spotify Technology | 116.36 Bn | 73.86 Bn | 1.86 Bn |
| 9 | PDD Holdings | 110.64 Bn | -133.13 Bn | 9.45 Bn |
| 10 | Upwork | 1.13 Bn | -1.38 Bn | 146.37 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 2.06 |
| Mar 31, 2026 | 3.31 |
| Dec 31, 2025 | 7.71 |
| Sep 30, 2025 | 8.05 |
| Jun 30, 2025 | 4.45 |
| Mar 31, 2025 | 5.16 |
| Dec 31, 2024 | 9.06 |
| Sep 30, 2024 | 4.26 |
| Jun 30, 2024 | 6.28 |
| Mar 31, 2024 | 11.99 |
| Dec 31, 2023 | 28.29 |
| Sep 30, 2023 | 17.60 |
| Jun 30, 2023 | 29.49 |
| Mar 31, 2023 | 57.21 |
| Dec 31, 2022 | 60.48 |
| Dec 31, 2021 | 343.88 |
| Sep 30, 2021 | 152.03 |
| Jun 30, 2021 | 391.64 |
| Mar 31, 2021 | 204.48 |
| Dec 31, 2020 | 178.85 |
API Access
Upwork EV to CFO API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ev-to-cfo&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-cfo", "ticker": "UPWK", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ev-to-cfo&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();