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 perceived value. The company appears to be undervalued, supported by a P/E ratio of 9, a PEG ratio of 0.02, and an EV to EBITDA ratio of 16.10. In comparison, peers such as Korn Ferry and Robert Half, Inc. have significantly higher P/E ratios of 21.30 and 20.53, respectively, suggesting that Upwork may be trading at a discount relative to its industry.
Despite recent stock performance showing a decline of 10.69% over the past month compared to a 0.96% gain in the S&P 500, Upwork has outperformed the index over the past year with a return of 57.89% versus 14.08% for the S&P 500. This indicates that while the stock has faced short-term challenges, its long-term potential remains strong, reinforcing the notion that it is currently undervalued.