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, with a P/E ratio of 9, significantly lower than its peer Korn Ferry at 21.30 and Robert Half, Inc. at 20.53. Additionally, Upwork's EV to EBITDA ratio stands at 16.10, while its peers average higher, indicating potential for growth relative to the market.
In comparison to the S&P 500, Upwork's stock has shown mixed performance, with a 1-year return of 10.48% compared to the S&P 500's 12.65%, while over a 3-year period, Upwork's return of 29.41% lags behind the S&P's 76.76%. This suggests that while Upwork is currently undervalued based on its ratios, its recent stock performance has not kept pace with broader market trends.