Upwork (UPWK) Price to FCF (2018 - 2026)
Upwork's (UPWK) Price to FCF was 5.10 for Q2 2026, down 42.3% from 8.84 a year earlier and down 13.6% from the prior quarter.
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Analysis
Upwork (UPWK) Price to FCF (2018 - 2026) Analysis & Trends
For FY2025, Price to FCF at Upwork was 10.67, down 27.7% from FY2024.
- Price to FCF has declined for four consecutive years.
- By year, Price to FCF came in at 14.75 in FY2024 (-62.4%), 39.24 in FY2023 (-70.9%), 134.84 in FY2022 (-70.0%) and 449.70 in FY2021 (+67.5%).
- The Q2 2026 figure ranks as the lowest quarterly Price to FCF in data going back to Q4 2018.
- Year over year, Price to FCF has now declined in each of the last three quarters, with an average decline of 40.1% over the last eight quarters.
- The high point for year-over-year Price to FCF in five years was Q4 2021 (growth of 67.5%); the low point was Q1 2024 (a decline of 81.3%).
- Per Business Quant data, the three quarters before Q2 2026 came in at 5.91 (Q1 2026), 10.67 (Q4 2025) and 11.28 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 4,173.87 Bn | 3,931.39 Bn | 73.85 Bn |
| 2 | Meta Platforms | 1,849.67 Bn | 1,552.19 Bn | 49.47 Bn |
| 3 | Netflix | 279.23 Bn | 239.43 Bn | 6.52 Bn |
| 4 | Alibaba Group Holding | 245.86 Bn | 63.73 Bn | 15.11 Bn |
| 5 | Shopify | 196.08 Bn | 173.27 Bn | 1.71 Bn |
| 6 | Uber Technologies | 138.90 Bn | 110.88 Bn | 6.38 Bn |
| 7 | Booking Holdings | 119.48 Bn | 52.53 Bn | - |
| 8 | PDD Holdings | 107.30 Bn | -144.64 Bn | 9.45 Bn |
| 9 | Spotify Technology | 97.33 Bn | 54.56 Bn | 1.86 Bn |
| 10 | Upwork | 1.00 Bn | -1.51 Bn | 146.37 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 5.10 |
| Mar 31, 2026 | 5.91 |
| Dec 31, 2025 | 10.67 |
| Sep 30, 2025 | 11.28 |
| Jun 30, 2025 | 8.84 |
| Mar 31, 2025 | 10.30 |
| Dec 31, 2024 | 14.75 |
| Sep 30, 2024 | 10.49 |
| Jun 30, 2024 | 12.93 |
| Mar 31, 2024 | 21.61 |
| Dec 31, 2023 | 39.24 |
| Sep 30, 2023 | 34.33 |
| Jun 30, 2023 | 69.05 |
| Mar 31, 2023 | 115.69 |
| Dec 31, 2022 | 134.84 |
| Dec 31, 2021 | 449.70 |
| Sep 30, 2021 | 182.95 |
| Jun 30, 2021 | 435.12 |
| Mar 31, 2021 | 270.59 |
| Dec 31, 2020 | 268.49 |
API Access
Upwork Price 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=price-to-fcf&ticker=UPWK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "price-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=price-to-fcf&ticker=UPWK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();