What is Upwork's P/B ratio?

Upwork (UPWK) P/B ratio is 2.3× as of August 7, 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).

How is the P/B ratio calculated?

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.

What is a good P/B ratio for Upwork?

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 5.4×.

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

Upwork's P/B ratio of 2.3× is below its own 5-year average of 7.5× and below the sector median of 5.4×. 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.

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

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×.

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

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.

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

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.

Upwork (UPWK) P/B Ratio — Price-to-Book History

Current

2.3×

As of Aug 7, 2026

5-Year Average

7.5×

All-Time High

26.5×

Oct 27, 2021

All-Time Low

1.9×

Jun 22, 2026

P/B Ratio daily chart for Upwork (UPWK)

Aug 9, 2021 – Aug 7, 2026 · 1,255 trading days

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


2025	$2.59B	$630M	4.1×	+0.3×	Dec 31, 2025
2024	$2.2B	$575M	3.8×	-1.5×	Dec 31, 2024
2023	$2.03B	$381M	5.3×	-0.2×	Dec 31, 2023
2022	$1.38B	$249M	5.5×	-11.3×	Dec 31, 2022
2021	$4.36B	$260M	16.8×	+2.6×	Dec 31, 2021
2020	$4.26B	$299M	14.2×	+9.6×	Dec 31, 2020
2019	$1.2B	$259M	4.6×	-3.0×	Dec 31, 2019
2018	$1.87B	$244M	7.7×	—	Dec 31, 2018
2017	$2.03B	-$31.4M	—	—	Dec 31, 2017

20254.1×
20243.8×
20235.3×
20225.5×
202116.8×
202014.2×
20194.6×
20187.7×
2017—

About P/B Ratio at Upwork (UPWK)

Upwork (UPWK) P/B ratio is 2.3× as of August 7, 2026. The 5-year average is 7.5×. The sector median currently stands at 5.4×. The current ratio is at the 5th percentile of its own 10-year history.

Upwork (UPWK) historical P/B ratio has ranged from a low of 1.9× (2026) to a high of 26.5× (2021) in the available daily series.

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.

Upwork P/B Ratio by Year

Upwork P/B Ratio 2025: 4.1×

Upwork (UPWK) P/B ratio in 2025 was 4.1×, expanded from 3.8× the prior year.

Upwork P/B Ratio 2024: 3.8×

Upwork (UPWK) P/B ratio in 2024 was 3.8×, contracted from 5.3× the prior year.

Upwork P/B Ratio 2023: 5.3×

Upwork (UPWK) P/B ratio in 2023 was 5.3×, contracted from 5.5× the prior year.

Upwork P/B Ratio 2022: 5.5×

Upwork (UPWK) P/B ratio in 2022 was 5.5×, contracted from 16.8× the prior year.

Upwork P/B Ratio 2021: 16.8×

Upwork (UPWK) P/B ratio in 2021 was 16.8×.

Sector peers by P/B Ratio — chart

Current ratio vs. sector peers. Highlighted bar is this company.

Sector peers by P/B Ratio — table

Industrials peers of Upwork (UPWK), ranked by P/B ratio.


Copart (CPRT)	3.6×
Southwest Airlines (LUV)	3.6×
Snap-on (SNA)	3.4×
Franklin Electric Co. (FELE)	3.4×
Thomson Reuters (TRI)	3.3×
Pentair (PNR)	3.3×
PACCAR (PCAR)	3.1×
Brady (BRC)	2.9×
Honeywell International (HON)	2.8×
Delta Air Lines (DAL)	2.8×
Xylem (XYL)	2.7×
United Airlines Holdings (UAL)	2.7×
FedEx (FDX)	2.6×
McGrath RentCorp (MGRC)	2.4×
Tennant (TNC)	2.2×
Serve Robotics (SERV)	2.0×
Textron (TXT)	2.0×
Archer Aviation (ACHR)	1.9×
Alaska Air Group (ALK)	1.6×
Matthews International (MATW)	1.6×
Stanley Black & Decker (SWK)	1.6×
Redwire (RDW)	1.5×
Amentum Holdings (AMTM)	1.4×
ABM Industries (ABM)	1.4×
Ferrovial (FER)	0.0×

Frequently asked questions

Current

2.3×

As of Aug 7, 2026

5-Year Average

7.5×

All-Time High

26.5×

Oct 27, 2021

All-Time Low

1.9×

Jun 22, 2026

P/B Ratio daily chart for Upwork (UPWK)

Aug 9, 2021 – Aug 7, 2026 · 1,255 trading days

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


2025	$2.59B	$630M	4.1×	+0.3×	Dec 31, 2025
2024	$2.2B	$575M	3.8×	-1.5×	Dec 31, 2024
2023	$2.03B	$381M	5.3×	-0.2×	Dec 31, 2023
2022	$1.38B	$249M	5.5×	-11.3×	Dec 31, 2022
2021	$4.36B	$260M	16.8×	+2.6×	Dec 31, 2021
2020	$4.26B	$299M	14.2×	+9.6×	Dec 31, 2020
2019	$1.2B	$259M	4.6×	-3.0×	Dec 31, 2019
2018	$1.87B	$244M	7.7×	—	Dec 31, 2018
2017	$2.03B	-$31.4M	—	—	Dec 31, 2017

20254.1×
20243.8×
20235.3×
20225.5×
202116.8×
202014.2×
20194.6×
20187.7×
2017—

About P/B Ratio at Upwork (UPWK)

Upwork (UPWK) P/B ratio is 2.3× as of August 7, 2026. The 5-year average is 7.5×. The sector median currently stands at 5.4×. The current ratio is at the 5th percentile of its own 10-year history.

Upwork (UPWK) historical P/B ratio has ranged from a low of 1.9× (2026) to a high of 26.5× (2021) in the available daily series.

Upwork P/B Ratio by Year

Upwork P/B Ratio 2025: 4.1×

Upwork (UPWK) P/B ratio in 2025 was 4.1×, expanded from 3.8× the prior year.

Upwork P/B Ratio 2024: 3.8×

Upwork (UPWK) P/B ratio in 2024 was 3.8×, contracted from 5.3× the prior year.

Upwork P/B Ratio 2023: 5.3×

Upwork (UPWK) P/B ratio in 2023 was 5.3×, contracted from 5.5× the prior year.

Upwork P/B Ratio 2022: 5.5×

Upwork (UPWK) P/B ratio in 2022 was 5.5×, contracted from 16.8× the prior year.

Upwork P/B Ratio 2021: 16.8×

Upwork (UPWK) P/B ratio in 2021 was 16.8×.

Sector peers by P/B Ratio — chart

Current ratio vs. sector peers. Highlighted bar is this company.

Sector peers by P/B Ratio — table

Industrials peers of Upwork (UPWK), ranked by P/B ratio.


Copart (CPRT)	3.6×
Southwest Airlines (LUV)	3.6×
Snap-on (SNA)	3.4×
Franklin Electric Co. (FELE)	3.4×
Thomson Reuters (TRI)	3.3×
Pentair (PNR)	3.3×
PACCAR (PCAR)	3.1×
Brady (BRC)	2.9×
Honeywell International (HON)	2.8×
Delta Air Lines (DAL)	2.8×
Xylem (XYL)	2.7×
United Airlines Holdings (UAL)	2.7×
FedEx (FDX)	2.6×
McGrath RentCorp (MGRC)	2.4×
Tennant (TNC)	2.2×
Serve Robotics (SERV)	2.0×
Textron (TXT)	2.0×
Archer Aviation (ACHR)	1.9×
Alaska Air Group (ALK)	1.6×
Matthews International (MATW)	1.6×
Stanley Black & Decker (SWK)	1.6×
Redwire (RDW)	1.5×
Amentum Holdings (AMTM)	1.4×
ABM Industries (ABM)	1.4×
Ferrovial (FER)	0.0×

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

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

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

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?

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