UPWK
9/9 ScoreUpwork Inc.
Analysis Date: February 24, 2026
Upwork Inc., together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development. Its work marketplace also enables clients to streamline workflows, such as talent sourcing, outreach, and contracting. The company's work marketplace offers access to various functionalities for remote engagements with talent, including communication and collaboration, ability to receive talent invoices through their work marketplace, and payment protection. Its marketplace offerings include Upwork Basic, Upwork Plus, Upwork Enterprise, and Upwork Payroll, as well as managed and internet escrow agency services. The company was formerly known as Elance-oDesk, Inc. and changed its name to Upwork Inc. in May 2015. Upwork Inc. was incorporated in 2013 and is headquartered in San Francisco, California.
Buffettology Criteria
All 9 of 9 criteria passed
High ROE
Return on Equity > 12%
Value: 18.8%
High ROIC
Return on Invested Capital > 9%
Value: 9.7%
Cash Machine
FCF / Assets > 5%
Value: 18.7%
Fair Valuation
Earnings Yield > 3.5%
Value: 7.1%
Share Buybacks
Share Count is Dropping
Value: -2.2%
Defensible Moat
Gross Profit Margin > 40%
Value: 77.8%
Simple Business
Not in a speculative sector (e.g., Biotech)
Value: Industrials
Conservative Debt
Debt to Equity < 1.5
Value: 0.60x
Consistent Growth
5-Year Growth is Positive
Value: 558.7%
Analysis Summary
This UPWK business shows a lot of promise, passing all nine of our key criteria. I particularly like the high ROE and ROIC, signals of a business that can efficiently generate returns on its capital. The company's solid cash generation and conservative debt levels further suggest a well-managed operation with a durable moat, making it an interesting prospect for the long haul.
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