UPWKUPWORK, INC
Services-Computer Processing & Data Preparation
- Revenue
- $788M
- 2.4% YoY
- Operating margin
- 16.4%
- 94% YoY
- EBITDA
- $155M
- 94% YoY
- Market cap
- $1.1B
- Employees
- 630
- $1M revenue each
- Net debt / EBITDA
- -1.5×
- −$228M net debt
- AI in 10-K
- 11.2
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 2 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$10M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo215% of net incomeCash flow under 80% of net income
- Dilutive SBCNo8% of revenueOver 10% of revenue
- Payouts exceed cash flowNo55% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo16% of assetsOver 40% of assets
- Shareholder dissentYes72% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$1M · 83rd pctBottom quartile of its SIC industry
- Quiet on AINo11.2 per 10K words · 94th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 1.5× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.1B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$16M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $503M | $618M | $689M | $769M | $788M | 2.4% |
| Operating income | −$54M | −$93M | −$11M | $65M | $129M | 98% |
| Net income | −$56M | −$90M | $47M | $216M | $115M | 46% |
| Operating cash flow | $11M | $11M | $53M | $154M | $248M | 62% |
| Capex | $1M | $1M | $692K | $4M | $6M | 64% |
| Stock-based comp | $54M | $76M | $74M | $68M | $65M | 4.4% |
| Buybacks | — | $0 | $0 | $100M | $136M | 36% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $16M · 44
- Net
- −$16M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $17M | $41M | 186 | 230 |
| FY2024 | $10M | $8M | 153 | 188 |
| FY2023 | $10M | $10M | 139 | 176 |
| FY2022 | $8M | −$27M | 98 | 108 |
| FY2021 | $35M | $31M | 320 | 178 |