Is Upwork, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Upwork, Inc. 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 to peers, Upwork's P/E ratio is significantly lower than Korn Ferry's 21.30 and Robert Half, Inc.'s 20.53, suggesting that Upwork may offer a more compelling investment opportunity relative to these companies.
Despite recent underperformance, with a 1-year return of 57.89% compared to the S&P 500's 14.08%, the long-term outlook remains cautiously optimistic, especially given the attractive valuation metrics. The combination of strong ROCE at 27.34% and ROE at 39.52% further reinforces the potential for growth and value realization in the future.