Upwork (UPWK) EV to FCF (2018 - 2026)
Upwork's EV to FCF came in at 2.10 for Q2 2026, down 54.6% from 4.62 a year earlier and down 37.9% from the prior quarter.
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Analysis
Upwork (UPWK) EV to FCF (2018 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Upwork reported EV to FCF of -7.18; for FY2025, it was 7.90, down 14.8% from FY2024.
- EV to FCF has declined in each of the last four years.
- Going back by year, EV to FCF was 9.27 in FY2024 (-67.7%), 28.67 in FY2023 (-57.7%), 67.84 in FY2022 (-82.1%) and 379.89 in FY2021 (+52.4%).
- The Q2 2026 figure represents the lowest quarterly EV to FCF in data going back to Q4 2018.
- Year-over-year, EV to FCF has declined for three consecutive quarters, with an average decline of 30.1% over the last eight quarters.
- The fastest year-over-year change in EV to FCF over five years came in Q3 2025 (growth of 92.1%), and the weakest in Q4 2022 (a decline of 82.1%).
- Business Quant data shows UPWK's EV to FCF at 3.38 (Q1 2026), 7.90 (Q4 2025) and 8.31 (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 4,180.92 Bn | 3,938.44 Bn | 73.85 Bn |
| 2 | Meta Platforms | 1,847.76 Bn | 1,550.28 Bn | 49.47 Bn |
| 3 | Netflix | 289.73 Bn | 249.92 Bn | 6.52 Bn |
| 4 | Alibaba Group Holding | 249.81 Bn | 67.68 Bn | 15.11 Bn |
| 5 | Shopify | 192.08 Bn | 169.26 Bn | 1.71 Bn |
| 6 | Uber Technologies | 139.76 Bn | 111.74 Bn | 6.38 Bn |
| 7 | Booking Holdings | 122.41 Bn | 55.46 Bn | - |
| 8 | PDD Holdings | 110.94 Bn | -140.99 Bn | 9.45 Bn |
| 9 | Spotify Technology | 100.32 Bn | 57.56 Bn | 1.86 Bn |
| 10 | Upwork | 1.02 Bn | -1.49 Bn | 146.37 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 2.10 |
| Mar 31, 2026 | 3.38 |
| Dec 31, 2025 | 7.90 |
| Sep 30, 2025 | 8.31 |
| Jun 30, 2025 | 4.62 |
| Mar 31, 2025 | 5.34 |
| Dec 31, 2024 | 9.27 |
| Sep 30, 2024 | 4.33 |
| Jun 30, 2024 | 6.36 |
| Mar 31, 2024 | 12.11 |
| Dec 31, 2023 | 28.67 |
| Sep 30, 2023 | 17.95 |
| Jun 30, 2023 | 30.75 |
| Mar 31, 2023 | 62.53 |
| Dec 31, 2022 | 67.84 |
| Dec 31, 2021 | 379.89 |
| Sep 30, 2021 | 155.28 |
| Jun 30, 2021 | 415.16 |
| Mar 31, 2021 | 254.53 |
| Dec 31, 2020 | 249.29 |
API Access
Upwork EV to FCF 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-fcf&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-fcf", "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-fcf&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();