Is Upwork, Inc. overvalued or undervalued?

As of 7 November 2025, Upwork, Inc. has moved from a very attractive to an attractive valuation grade. The company appears to be undervalued, as indicated by its P/E ratio of 9, which is significantly lower than the peer average of 20.53 for Robert Half, Inc. and 21.30 for Korn Ferry. Additionally, Upwork's EV to EBITDA ratio stands at 16.10, while its PEG ratio is an impressively low 0.02, suggesting strong growth potential relative to its price.
In terms of peer comparison, Upwork's P/E ratio of 8.63 is notably lower than that of its peers, such as Korn Ferry at 21.30 and Robert Half, Inc. at 20.53, reinforcing the notion that Upwork is undervalued in its industry. Despite a challenging long-term performance, with a 5-year return of -40.36% compared to the S&P 500's 91.73%, the recent short-term performance shows a 1-week return of 9.47% against the S&P 500's -1.63%, indicating a potential turnaround.