Is Upwork, Inc. overvalued or undervalued?

As of 7 November 2025, the valuation grade for Upwork, Inc. has moved from very attractive to attractive. The company appears to be undervalued based on its current metrics. Key ratios include a P/E ratio of 9, an EV to EBITDA of 16.10, and a PEG ratio of 0.02, indicating strong growth potential relative to its price.
In comparison to peers, Upwork's P/E ratio of 8.6250 is significantly lower than Korn Ferry's 21.3003 and Robert Half, Inc.'s 20.5295, suggesting that Upwork may be undervalued in its industry. Additionally, while Upwork has delivered a 7.38% return over the past year, it has underperformed the S&P 500's 12.65% return, highlighting the potential for improvement in its valuation.