Upwork: Cheaper Than You Think

  • Upwork delivered strong Q1 results, with record EBITDA margin, robust free cash flow, and the first GSV growth in six quarters, aided by AI-driven features. Shares trade at just over 11x forward earnings and 2.2x sales—well below historical averages and that of the S&P 500, making valuation attractive. Upwork boasts a healthy balance sheet with $620M in cash, low net debt, and a 10% free cash flow yield when net cash is considered.