“The Company continues to maintain a valuation allowance against its California deferred tax assets, as it is more likely than not that these assets will not be realized, primarily due to expected research and development tax credit generation exceeding the Co…”10-Q · May 7, 2026 ↗
Upwork Inc.
UPWK
Market read
Upwork Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 22 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
- UPWK's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if UPWK's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 22 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- UPWK's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Operating margin changed +7.9 percentage points in the latest annual period.
- Operating cash flow covered net income at 2.15x in the latest annual period.
- Net margin changed -13.4 percentage points in the latest annual period.
- Data center and AI demand has repeated adverse evidence across 3 filings.
- P/E is 29% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 55% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
8.42Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“These increases were partially offset by reductions of $3.6 million in data center and customer support costs and $2.4 million in costs associated with our internal service delivery resources, reflecting hosting optimization efforts and workforce reductions.”10-K · Feb 13, 2026 ↗
“Chicago Leases In December 2024, as a result of the restructuring plan announced in October 2024, which is referred to as the Restructuring Plan, the Company entered into an early termination agreement for the Chicago leases, which was effective December 31,…”10-K · Feb 13, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.5× · EV/sales 1.1×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for UPWK. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for UPWK. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind UPWK
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AMZNAmazon.com, Inc.supplierMay 7, 2026 ▾
“Cost of revenue consists primarily of the cost of payment processing fees, amounts paid to talent to deliver services for clients under our Managed Services offering, personnel-related costs for our services and support personnel, third-party hosting fees for…”
FVRRFiverr International Ltd.competitorMay 7, 2026 ▾
“Our main competitors fall into the following categories: • traditional contingent workforce and staffing service providers and other outsourcing providers, such as The Adecco Group, Randstad, Recruit, Allegis Group, and Robert Half International; • online fre…”
RHIRobert Half Inc.competitorMay 7, 2026 ▾
“Our main competitors fall into the following categories: • traditional contingent workforce and staffing service providers and other outsourcing providers, such as The Adecco Group, Randstad, Recruit, Allegis Group, and Robert Half International; • online fre…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
UPWK is currently a Follower in the organic co-movement group Digital Experience Software. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for UPWK; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.