EV/EBITDA for Upwork (UPWK)

Upwork (UPWK) EV/EBITDA ratio is 5.9× as of June 12, 2026. The 5-year average is 31.9×. The sector median currently stands at 16.2×. The current ratio is at the 2th percentile of its own 10-year history.

Upwork (UPWK) historical EV/EBITDA ratio has ranged from a low of 5.5× (2026) to a high of 1006.7× (2017) in the available daily series.

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.