Using the industry peer median P/E Multiples multiple (trailing + forward), Upwork Inc. (UPWK) has a fair value of $17.45 based on 8 comparable companies in the Staffing & Employment Services industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing P/E | Forward P/E | |
|---|---|---|---|
| Upwork Inc.UPWK | 1,164 | 10.1x | 5.8x |
| Star Bulk Carriers Corp. | 2,744 | 33.0x | 30.9x |
| BW LPG Limited | 2,650 | 10.7x | 6.9x |
| Robert Half International Inc. | 2,517 | 18.7x | 10.1x |
| Triton International Limited | 2,483 | 5.6x | 5.6x |
| Hub Group, Inc. | 2,248 | 21.8x | 20.3x |
| Alamo Group Inc. | 2,032 | 19.5x | 15.8x |
| Power Solutions International, Inc. | 1,495 | 13.1x | 13.2x |
| Ameresco, Inc. | 1,269 | 28.9x | 20.2x |
| Industry Median | 19.1x | 14.5x | |
| (*) Profit after tax | 115 | 202 | |
| Equity Value | 2,206 | 2,659 | |
| (/) Outstanding shares | 139 | 139 | |
| Fair Price | $16 | $19 | |
Using the industry peer median EV/EBITDA multiple (trailing + forward), Upwork Inc. (UPWK) has a fair value of $12.76 based on 9 comparable companies in the Staffing & Employment Services industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/EBITDA | Forward EV/EBITDA | |
|---|---|---|---|
| Upwork Inc.UPWK | 1,164 | 7.6x | 7.6x |
| Star Bulk Carriers Corp. | 2,744 | 10.7x | 13.1x |
| BW LPG Limited | 2,650 | 6.0x | 29.5x |
| Robert Half International Inc. | 2,517 | 10.1x | 9.4x |
| Triton International Limited | 2,483 | 7.5x | 8.0x |
| Hub Group, Inc. | 2,248 | 7.8x | 8.4x |
| Alamo Group Inc. | 2,032 | 9.8x | 9.4x |
| Power Solutions International, Inc. | 1,495 | 13.9x | 14.3x |
| Ameresco, Inc. | 1,269 | 13.7x | 12.6x |
| Insperity, Inc. | 1,055 | 24.2x | 25.1x |
| Industry Median | 10.1x | 12.6x | |
| (*) EBITDA | 163 | 164 | |
| = Enterprise Value | 1,655 | 2,069 | |
| (-) Net Debt | 83 | 83 | |
| Equity Value | 1,572 | 1,986 | |
| (/) Outstanding shares | 139 | 139 | |
| Fair Price | $11 | $14 | |
Using the industry peer median EV/Revenue multiple (trailing + forward), Upwork Inc. (UPWK) has a fair value of $7.08 based on 9 comparable companies in the Staffing & Employment Services industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/Revenue | Forward EV/Revenue | |
|---|---|---|---|
| Upwork Inc.UPWK | 1,164 | 1.6x | 1.6x |
| Star Bulk Carriers Corp. | 2,744 | 3.2x | 3.9x |
| BW LPG Limited | 2,650 | 0.9x | 4.6x |
| Robert Half International Inc. | 2,517 | 0.5x | 0.4x |
| Triton International Limited | 2,483 | 6.3x | 6.7x |
| Hub Group, Inc. | 2,248 | 0.7x | 0.7x |
| Alamo Group Inc. | 2,032 | 1.2x | 1.2x |
| Power Solutions International, Inc. | 1,495 | 2.2x | 2.3x |
| Ameresco, Inc. | 1,269 | 1.6x | 1.5x |
| Insperity, Inc. | 1,055 | 0.1x | 0.1x |
| Industry Median | 1.2x | 1.5x | |
| (*) Revenue | 788 | 789 | |
| = Enterprise Value | 954 | 1,186 | |
| (-) Net Debt | 83 | 83 | |
| Equity Value | 871 | 1,103 | |
| (/) Outstanding shares | 139 | 139 | |
| Fair Price | $6 | $8 | |
Using the PEG framework with analyst consensus forward EPS growth of 25.0%, the company has a fair value of $36.04 based on NTM EPS (FY2026) of $1.44. The current PEG ratio is 0.31.
PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.
Growth above 25% is capped — hypergrowth may not be sustainable long-term.
| EPS Growth RateForward | 25.6% |
| Adjusted Growth (clamped 8–25%)Clamped | 25.0% |
| Fair P/E | 25.0x |
| NTM EPS (FY2026) | $1.44 |
| Fair Value | $36.04 |
| Period | EPS Est. | Growth | Analysts |
|---|---|---|---|
| FY2025 (actual) | $0.83 | — | — |
| FY2026E | $1.44 | +73.7% | 7 |
| FY2027E | $1.73 | +20.3% | 7 |
| FY2028E | $1.98 | +14.0% | 4 |
| FY2029E | $2.38 | +20.3% | 3 |
| FY2030E | $2.59 | +8.8% | 3 |
5Y Forward EPS CAGR: 25.6%
| Year | Net Income | EPS | YoY |
|---|---|---|---|
| FY2021 | $-56.2M | $-0.44 | — |
| FY2022 | $-89.9M | $-0.69 | — |
| FY2023 | $46.9M | $0.34 | — |
| FY2024 | $215.6M | $1.52 | +347.1% |
| FY2025 | $115.4M | $0.83 | -45.4% |
4Y Historical EPS CAGR: 150.8%
Using the Earnings Power Value framework with a WACC of 7.2% and normalized earnings of $8.1M, the company has a fair value of $0.22 per share. The EPV range is $0.08 – $0.43 based on WACC sensitivity (5.7% – 8.7%).
| Low | Selected | High | |
|---|---|---|---|
| Normalized Earnings | 8 | 8 | 8 |
| (/) WACC | 8.7% | 7.2% | 5.7% |
| Enterprise Value | 94 | 113 | 143 |
| (-) Net debt | 83 | 83 | 83 |
| Equity Value | 11 | 30 | 60 |
| (/) Outstanding shares | 139 | 139 | 139 |
| Fair Price | $0.08 | $0.22 | $0.43 |
Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.