Question 1

What is Upwork's P/B ratio?

Accepted Answer

Upwork (UPWK) P/B ratio is 2.0× as of June 12, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Upwork?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Upwork specifically, the relevant sector benchmark is the current sector median of 4.9×.

Question 5

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

Accepted Answer

Upwork's P/B ratio of 2.0× is below its own 5-year average of 7.5× and below the sector median of 4.9×. That places the current reading at the 1th 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/B ratio range?

Accepted Answer

In the available daily series, Upwork (UPWK) P/B ratio has ranged from a low of 1.9× in 2026 to a high of 26.5× in 2021. The 5-year average is 7.5× and the 5-year median is 4.6×.

Question 7

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

Accepted Answer

Upwork (UPWK) P/B ratio at the end of 2025 was 4.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$630.32M	4.1×	+0.3×	Dec 31, 2025
2024	$2.20B	$575.38M	3.8×	-1.5×	Dec 31, 2024
2023	$2.03B	$381.07M	5.3×	-0.2×	Dec 31, 2023
2022	$1.38B	$248.88M	5.5×	-11.3×	Dec 31, 2022
2021	$4.36B	$259.52M	16.8×	+2.6×	Dec 31, 2021
2020	$4.26B	$299.31M	14.2×	+9.6×	Dec 31, 2020
2019	$1.20B	$259.42M	4.6×	-3.0×	Dec 31, 2019
2018	$1.87B	$243.75M	7.7×	—	Dec 31, 2018
2017	$2.03B	−$31.37M	—	—	Dec 31, 2017


Franklin Electric Co. (FELE)	3.0×
Huntington Ingalls Industries (HII)	2.9×
Brady (BRC)	2.9×
Fortive (FTV)	2.9×
Southwest Airlines (LUV)	2.7×
Xylem (XYL)	2.6×
FedEx (FDX)	2.5×
Axon Enterprise (TASR)	2.4×
Builders FirstSource (BLDR)	2.3×
McGrath RentCorp (MGRC)	2.2×
Tennant (TNC)	2.2×
Delta Air Lines (DAL)	2.1×
AGCO (AGCO)	2.0×
Textron (TXT)	1.9×
Archer Aviation (ACHR)	1.9×
United Airlines Holdings (UAL)	1.9×
Alamo Group (ALG)	1.7×
Matthews International (MATW)	1.6×
Redwire (RDW)	1.5×
MDU Resources Group (MDU)	1.5×
Amentum Holdings (AMTM)	1.4×
ABM Industries (ABM)	1.4×
Stanley Black & Decker (SWK)	1.2×
Alaska Air Group (ALK)	1.1×
Versant Media Group, Inc. Class A (VSNT)	0.7×

P/B Ratio for Upwork (UPWK)

P/B Ratio daily chart for Upwork (UPWK)

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

About P/B Ratio at Upwork (UPWK)

Upwork P/B Ratio by Year

Upwork P/B Ratio 2025: 4.1×

Upwork P/B Ratio 2024: 3.8×

Upwork P/B Ratio 2023: 5.3×

Upwork P/B Ratio 2022: 5.5×

Upwork P/B Ratio 2021: 16.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Upwork (UPWK) Key Financials

P/B Ratio daily chart for Upwork (UPWK)

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

About P/B Ratio at Upwork (UPWK)

Upwork P/B Ratio by Year

Upwork P/B Ratio 2025: 4.1×

Upwork P/B Ratio 2024: 3.8×

Upwork P/B Ratio 2023: 5.3×

Upwork P/B Ratio 2022: 5.5×

Upwork P/B Ratio 2021: 16.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Upwork's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Upwork?

+Is Upwork's P/B ratio high or low?

+What is Upwork's historical P/B ratio range?

+What was Upwork's P/B ratio in 2025?

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

Upwork (UPWK) Key Financials