Question 1

What is Upwork's P/FCF ratio?

Accepted Answer

Upwork (UPWK) P/FCF ratio is 5.6× as of July 27, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Upwork?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Upwork specifically, the relevant sector benchmark is the current sector median of 25.0×.

Question 5

Is Upwork's P/FCF ratio high or low?

Accepted Answer

Upwork's P/FCF ratio of 5.6× is below its own 5-year average of 190.1× and below the sector median of 25.0×. That places the current reading at the 5th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Upwork's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Upwork (UPWK) P/FCF ratio has ranged from a low of 4.7× in 2026 to a high of 842.5× in 2021. The 5-year average is 190.1× and the 5-year median is 20.3×.

Question 7

What was Upwork's P/FCF ratio in 2025?

Accepted Answer

Upwork (UPWK) P/FCF ratio at the end of 2025 was 11.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Upwork's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$2.59B	$234M	11.1×	-4.7×	Dec 31, 2025
2024	$2.2B	$139M	15.8×	-171.1×	Dec 31, 2024
2023	$2.03B	$10.9M	186.9×	—	Dec 31, 2023
2022	$1.38B	-$2.17M	—	—	Dec 31, 2022
2021	$4.36B	$4.7M	927.2×	+394.7×	Dec 31, 2021
2020	$4.26B	$8M	532.5×	—	Dec 31, 2020
2019	$1.2B	-$15.6M	—	—	Dec 31, 2019
2018	$1.87B	$6.9M	271.2×	—	Dec 31, 2018
2017	$2.03B	-$6.08M	—	—	Dec 31, 2017


Snap-on (SNA)	19.7×
Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.7×
CSX (CSX)	17.6×
United Airlines Holdings (UAL)	17.5×
Honeywell International (HON)	17.2×
Equifax (EFX)	17.0×
Otis Worldwide (OTIS)	16.1×
FedEx (FDX)	15.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Lockheed Martin (LMT)	13.2×
Masco (MAS)	13.0×
Pool (POOL)	12.7×
Delta Air Lines (DAL)	10.1×
ABM Industries (ABM)	7.2×

P/FCF Ratio for Upwork (UPWK) 2018-2026

P/FCF Ratio daily chart for Upwork (UPWK)

Historical P/FCF Ratio for Upwork (UPWK) from 2017 to 2025

About P/FCF Ratio at Upwork (UPWK)

Upwork P/FCF Ratio by Year

Upwork P/FCF Ratio 2025: 11.1×

Upwork P/FCF Ratio 2024: 15.8×

Upwork P/FCF Ratio 2023: 186.9×

Upwork P/FCF Ratio 2021: 927.2×

Upwork P/FCF Ratio 2020: 532.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Upwork (UPWK) Key Financials