Is Upwork, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Upwork, Inc. has moved from fair to attractive, indicating a positive shift in its valuation outlook. The company appears undervalued based on key metrics, including a P/E ratio of 9, which is significantly lower than the peer average, and a PEG ratio of 0.02, suggesting strong growth potential relative to its price. Additionally, Upwork's EV to EBITDA ratio stands at 16.10, which is competitive compared to its peers.
In comparison to notable peers, Korn Ferry has a P/E of 21.30 and Robert Half, Inc. shows a P/E of 20.53, both indicating a premium valuation relative to Upwork. Despite recent underperformance against the S&P 500 over shorter time frames, Upwork has outperformed the index over the past year with a return of 57.89% compared to the S&P 500's 14.08%. This performance, combined with its attractive valuation ratios, supports the conclusion that Upwork is currently undervalued.