Does UPWORK INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores UPWORK INC. (UPWK) 55.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 96, returns on capital 9, balance-sheet safety 94, capital discipline 24.

Is UPWK stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.74 per share versus a recent price of $9.06 — 91% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has UPWK's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 55.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

UPWORK INC.

UPWK · Technology · $1.2B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power96

Median gross margin 72.6% over 10y, very stable.

Returns on capital9

Median ROIC -6.6%, above the 9% hurdle in 25% of years.

Balance-sheet safety94

Net debt/EBITDA 0.4x, no material interest expense disclosed.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

91% above value

Owner earnings (normalized): $55.6M
Est. intrinsic value / share: $4.74
Recent price: $9.06
Discount to value: 91% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

11 years of fundamentals

The business, in plain English

UPWORK INC. booked $787.8M of revenue in FY2025 in the Technology sector and kept 77.8% of it as gross profit — a high-margin business by that measure. After every other cost, 14.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $164.4M (FY2016) to $787.8M (FY2025) — about 19.0% a year compounded over 9 years.

It earned 14.0% on invested capital in FY2025, with a median of −6.6% across 8 filed years. The Returns on Capital filter above scores it 9/100.

The balance sheet carried $359.8M of total debt in FY2025 against $135.3M of owner earnings — roughly 2.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 94/100.

The share count rose 286.9% between FY2017 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (96/100) and Returns on Capital the weakest (9/100), which is how UPWK lands at 55/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$787.8M FY2025

Gross marginRevenue kept after cost of goods77.8% FY2025

Return on invested capitalOperating profit on the capital employed14.0% FY2025

Owner earningsCash an owner could take out$135.3M FY2025

Gaps in a line mean that item isn’t in UPWK’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale55.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — UPWK has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#171 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#169IDN Intellicheck, Inc.55.0 out of 100, Shallow moatShallow moat
#170MGNI MAGNITE, INC.55.0 out of 100, Shallow moatShallow moat
#172PRGS PROGRESS SOFTWARE CORP /MA54.9 out of 100, Shallow moatShallow moat
#173ACIW ACI WORLDWIDE, INC.54.9 out of 100, Shallow moatShallow moat

Compare UPWK with its nearest peers →All Technology companies on the Index →

Common questions about UPWK

Does UPWORK INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores UPWORK INC. (UPWK) 55.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 96, returns on capital 9, balance-sheet safety 94, capital discipline 24.
Is UPWK stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.74 per share versus a recent price of $9.06 — 91% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has UPWK's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 55.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell UPWK. See the disclaimer.