Upwork Inc., together with its subsidiaries, provides platforms and workforce solutions that connect businesses with freelance, agency, fractional, and payrolled talent in the United States, the Philippines, India, Pakis…
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.31, read 2026-11-05
Ethical passes the values gate
Price10.32 USD
Fair value13.12
Ethical score70.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-10-11Read Accumulation8.36+23.4% to today ✓Markdown gives way to Accumulation
2026-10-02Read Markdown8.37+23.3% to today Accumulation gives way to Markdown after a 9% slide in 2 weeks
2026-09-15Read Accumulation9.19+12.3% to today ✓Distribution gives way to Accumulation after an 8% rise in 11 weeks
2026-07-02Read Distribution8.49+21.6% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Upwork Inc. holds its Accumulation at $10.32. The statistical read favours the sellers, held for 1 days.
As held on the ledger · 2026-11-05
Phase
Accumulation
Quantitative state
The statistical read favours the sellers, held for 1 days
Price at the screen
$10.32
Valuation
12.74 trailing · 8.97 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.00
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
28.56%
Below 33%
Interest-bearing debt is just 28.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
29.12%
Below 33%
Cash held in interest-bearing accounts and securities is 29.1% of assets, under the one-third limit.
Pass
Receivables
28.52%
Below 49%
Money owed to the company is 28.5% of assets, under the 49% limit.
Pass
Revenue purity
3.48%
Below 5%
Only 3.5% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Upwork clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 29%, inside the ~33% line, and interest is about 3% of its income, under the ~5% line, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Today UPWK passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 21% discount to our $13.12 fair value.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 21.3% discount to the base estimate.
Where our models see it going: fair-value estimate $13.12, with a range of $13.12 to $20.64, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Freelance gigs keep rising but Upwork growth does not
Picture a small business owner in Ohio posting a project and a designer in Manila picking it up the same day. Upwork built the marketplace that makes that handshake possible, yet revenue is expanding just 1 percent while the forward multiple sits at 5.2 times. The 14 percent profit margin and 19 percent return on equity look respectable on paper, and the ethical screen raises no flags, but the company is expanding too slowly to justify ownership.
That thin growth line explains the "none" opportunity rating. Even with a calculated margin of safety to 12.50 from the current 9.06 price, the business shows no clear path to re-accelerate. Analyst consensus points to a 10 dollar target, underscoring that the market sees limited upside once the low multiple is already priced in.
Unknown competitive durability adds another layer of caution. A platform without a proven moat can lose share quickly if larger players copy the model or if clients move work in-house. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
UPWK trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-02Accumulation$9.15+0.0%Entry 17
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 44%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it hold, with a mean price target of $12. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Accumulation$9.15+0.0%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 44%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it hold, with a mean price target of $12. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Accumulation$9.15+0.3%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 44%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it hold, with a mean price target of $12. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Accumulation$9.12+1.3%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 44%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it hold, with a mean price target of $12. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Accumulation$9.00-4.2%Entry 13
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 4.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 44%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it hold, with a mean price target of $12. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Accumulation$9.39+0.0%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 44%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it hold, with a mean price target of $12. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Accumulation$9.39+0.0%Entry 11
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 44%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it hold, with a mean price target of $12. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Accumulation$9.39+0.0%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 44%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it hold, with a mean price target of $12. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Accumulation$9.39+7.4%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 7.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 44%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it hold, with a mean price target of $12. Insiders have been net sellers over the past quarter.
2026-10-18Accumulation$8.74+4.5%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 4.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are down 44%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (9 analysts) rates it hold, with a mean price target of $12.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
