Question 1

What is Upwork's P/S ratio?

Accepted Answer

Upwork (UPWK) P/S ratio is 1.6× as of July 27, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

What is a good P/S ratio for Upwork?

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Upwork specifically, the relevant sector benchmark is the current sector median of 3.2×.

Question 5

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

Accepted Answer

Upwork's P/S ratio of 1.6× is below its own 5-year average of 4.2× and below the sector median of 3.2×. That places the current reading at the 4th 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/S ratio range?

Accepted Answer

In the available daily series, Upwork (UPWK) P/S ratio has ranged from a low of 1.3× in 2026 to a high of 18.0× in 2021. The 5-year average is 4.2× and the 5-year median is 2.6×.

Question 7

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

Accepted Answer

Upwork (UPWK) P/S ratio at the end of 2025 was 3.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$788M	3.3×	+0.4×	Dec 31, 2025
2024	$2.2B	$769M	2.9×	-0.1×	Dec 31, 2024
2023	$2.03B	$689M	2.9×	+0.7×	Dec 31, 2023
2022	$1.38B	$618M	2.2×	-6.4×	Dec 31, 2022
2021	$4.36B	$503M	8.7×	-2.7×	Dec 31, 2021
2020	$4.26B	$374M	11.4×	+7.4×	Dec 31, 2020
2019	$1.2B	$301M	4.0×	-3.4×	Dec 31, 2019
2018	$1.87B	$253M	7.4×	-2.6×	Dec 31, 2018
2017	$2.03B	$204M	10.0×	—	Dec 31, 2017


General Dynamics (GD)	1.8×
Expeditors International (EXPD)	1.7×
Northrop Grumman (NOC)	1.7×
Masco (MAS)	1.6×
Lockheed Martin (LMT)	1.5×
Pool (POOL)	1.4×
C.H. Robinson Worldwide (CHRW)	1.2×
Alamo Group (ALG)	1.2×
Huntington Ingalls Industries (HII)	1.2×
Jacobs Solutions (J)	1.1×
Textron (TXT)	1.0×
Tennant (TNC)	1.0×
United Parcel Service (UPS)	0.9×
Delta Air Lines (DAL)	0.9×
FedEx (FDX)	0.9×
Southwest Airlines (LUV)	0.8×
AGCO (AGCO)	0.8×
United Airlines Holdings (UAL)	0.7×
Stanley Black & Decker (SWK)	0.7×
Matthews International (MATW)	0.7×
Amentum Holdings (AMTM)	0.5×
Alaska Air Group (ALK)	0.4×
ABM Industries (ABM)	0.3×
Andersons (ANDE)	0.2×
Norfolk Southern (NSC)	0.0×

P/S Ratio for Upwork (UPWK) 2017-2026

P/S Ratio daily chart for Upwork (UPWK)

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

About P/S Ratio at Upwork (UPWK)

Upwork P/S Ratio by Year

Upwork P/S Ratio 2025: 3.3×

Upwork P/S Ratio 2024: 2.9×

Upwork P/S Ratio 2023: 2.9×

Upwork P/S Ratio 2022: 2.2×

Upwork P/S Ratio 2021: 8.7×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Upwork (UPWK) Key Financials