UPWK Upwork Inc. - Common Stock
NASDAQ · Professional Services · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 10, 2026UPWK Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Upwork Inc. - Common Stock Company overview from Wikipedia
Upwork Inc. (formerly Elance-oDesk) is an American freelancing platform headquartered in Palo Alto and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015. Upwork went public in 2018. Changes to its fees and account policies have repeatedly drawn protests from freelancers, and after a prolonged decline in its share price the company became the target of an activist investor campaign in 2024 and carried out large workforce reductions in 2024 and 2026.
History
1998–2015: Early history
Elance was founded in 1998 by Bernard Sheth and Srini Anumolu in Jersey City. In December 1999, the company's 22 employees relocated to Sunnyvale, in California's Silicon Valley. Elance's first product was the Elance Small Business Marketplace. In 2001, Anumolu, by then eLance's general manager, was indicted on securities fraud charges over kickbacks he was alleged to have taken while working at New York Life before co-founding the company. The company declined to comment.
oDesk was founded in 2003 by Odysseas Tsatalos and Stratis Karamanlakis, who collaborated remotely between the United States and Greece. Originally created as a staffing firm, oDesk eventually became an online marketplace that allowed registered users to find, hire, and collaborate with remote workers.
Elance and oDesk announced their merger on December 18, 2013, to create Elance-oDesk.
2015–present: Upwork
In 2015, Elance-oDesk was renamed as Upwork, which coincided with an upgrade of the oDesk platform under the same name. The newly named Upwork also planned to phase out the Elance platform within a couple of years. In 2016, the company replaced its flat freelancer fee with a sliding scale, a change that drew protests from users.
The company was listed on the Inc. magazine 5000 list from 2009 to 2014 and filed for an initial public offering on October 3, 2018.
In January 2020, Hayden Brown was appointed CEO of Upwork. In March 2022, Upwork was named to Time's list of TIME100 Most Influential Companies of 2022.
In 2023, the company launched a hub for AI-related services. In 2025, Upwork partnered with OpenAI. In 2024, the company introduced "Uma", an AI assistant. The system was built on large language models trained on platform data.
In September 2024, the activist investor Engine Capital disclosed a four percent stake in Upwork and called for changes to the company's board, saying the company needed to fix "foundational issues". Upwork's shares had fallen 37 percent since the start of the year. The following month, the company reported a quarterly profit of $28 million and cut 21 percent of its workforce.
Beginning in 2023, Upwork acquired the AI video conferencing platform Headroom; the search-as-service company ObjectiveAI in 2024; and in 2025 the workforce management company Bubty and Ascen, a compliance and EOR company.
For the 2025 fiscal year the company reported net income of $115.4 million, down 46 percent from $215.6 million the year before. On May 7, 2026, Upwork announced its second layoff of 25% of its workforce within two years. Its shares fell roughly 19 percent over the following five trading sessions, extending a decline of more than 50 percent over the previous 52 weeks. In the second quarter of 2026, Upwork reported year-over-year declines in gross services volume, revenue and active clients.
Service and business model
Businesses and individuals connect through the Upwork platform to conduct business. Clients post a description of their job and a price range they are willing to pay for a freelancer to complete it. The client may invite specific freelancers to apply for their jobs, or post the job for any freelancer who is interested to apply. Once the client has chosen who they want to complete the job, they hire that freelancer by sending a contract with set hours, pay rate, and a deadline for the work to be completed. Freelancers are also required to purchase "connects" in order to be able to bid for jobs.
Fees
Until 2016, Upwork charged freelancers a flat fee of 10 percent of their earnings. In May 2016 the company replaced it with a sliding scale based on a freelancer's lifetime billings to each client: 20 percent on the first $500, 10 percent on billings up to $10,000, and 5 percent beyond that, with a separate 2.75 percent payment-processing charge for clients. Chief executive Stephane Kasriel said the change was meant to encourage longer-term projects and that the company was losing money on smaller jobs. Freelancers protested on Twitter and Reddit. In a survey of 226 freelancers posted in Upwork's online community, nearly 78 percent said their average contract per client was under $500, meaning their fees would double.
Account suspensions
In March 2017, Upwork reported 14 million users in 180 countries with US$1 billion in annual freelancer billings. In 2020, the company purged 1.8 million freelancers, many of whom were rated as "less skilled" or had lower rankings on the platform, as it focused on serving Fortune 500 companies.
On March 7, 2022, Upwork started suspending operations for freelancers and clients in Russia and Belarus as a sanction following Russia's invasion of Ukraine in February 2022. Existing contracts were allowed to run only until May 1, 2022.
In July 2025, Ukrainian media reported that Upwork had begun mass-suspending the accounts of Ukrainian freelancers and companies after identity-verification checks, without an option to appeal, and that the platform had closed its official communication channels and community forum for Ukrainian users. Ukraine's minister of digital transformation, Mykhailo Fedorov, said his ministry was looking into the issue. At the end of July, after the ministry prepared an appeal to the company, Fedorov said Upwork had begun unblocking the accounts.
Security and fraud
In 2009, a hacker breached Elance and obtained the personal details of more than 1.3 million registered users including names, addresses, passwords, and associated email account data.
In a 2024 Mashable feature, the writer Justin Caffier described losing $475 to a fake-client scheme that exploited the pressure on new freelancers to build up the platform's "Job Success Score" rating. In June 2026, the Five Eyes intelligence alliance warned that Chinese state actors were using LinkedIn, Indeed and Upwork to pose as recruiters and target people with access to sensitive government information.
Working conditions
A 2023 Rest of World profile followed a South African copywriter who worked up to 20 hours per day across time zones to sustain her income on Upwork.
In March 2025, Inc. reported that a United States Department of Labor investigation into the data-labeling company Scale AI, which recruits contract workers through Upwork, had extended to Upwork and the staffing company HireArt. The investigation concerned alleged unpaid wages, worker misclassification and retaliation under the Fair Labor Standards Act.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | UPWK | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 10.55Y avg ≈37.9 | ≈37.9 | 20.5 | Undervalued | |
| P/S (TTM) | 1.35Y avg ≈4.0 | ≈4.0 | 0.7 | Overvalued | |
| P/B (MRQ) | 1.65Y avg ≈7.2 | ≈7.2 | 14.8 | Undervalued | |
| EV / EBITDA (TTM) | 4.95Y avg ≈-43.5 | ≈-43.5 | 23.7 | Undervalued | |
| Price / FCF (TTM) | 4.95Y avg ≈162.5 | ≈162.5 | · | · | |
| Price / Cash Flow (TTM) | 4.85Y avg ≈143.5 | ≈143.5 | 12.1 | Fair value | |
| EV / Revenue (TTM) | 1.05Y avg ≈3.7 | ≈3.7 | · | · | |
| EV / FCF (TTM) | 3.75Y avg ≈153.3 | ≈153.3 | · | · | |
| Price / Tangible Book (MRQ) | 1.75Y avg ≈12.1 | ≈12.1 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | UPWK | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 77.2%5Y avg ≈75.5% | ≈75.5% | 20.4% | Top tier | |
| Operating Margin (TTM) | 15.1%5Y avg ≈-0.50% | ≈-0.50% | 4.7% | Top tier | |
| EBITDA Margin (TTM) | 19.3%5Y avg ≈0.54% | ≈0.54% | 3.7% | Top tier | |
| Pretax Margin (TTM) | 17.7%5Y avg ≈2.5% | ≈2.5% | 5.2% | Top tier | |
| Net Profit Margin (TTM) | 12.9%5Y avg ≈4.7% | ≈4.7% | 3.8% | Top tier | |
| ROA (TTM) | 8.0%5Y avg ≈3.5% | ≈3.5% | 5.4% | Top tier | |
| ROE (TTM) | 16.7%5Y avg ≈3.5% | ≈3.5% | 14.0% | Top tier | |
| ROIC | 9.8%5Y avg ≈1.4% | ≈1.4% | 9.1% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | UPWK | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.65Y avg ≈1.3 | ≈1.3 | 0.8 | Low debt | |
| Current Ratio (MRQ) | 1.45Y avg ≈3.1 | ≈3.1 | 1.3 | In line | |
| Quick Ratio (MRQ) | 1.15Y avg ≈2.4 | ≈2.4 | 1.0 | In line | |
| Long-Term Debt / Equity | 0.05Y avg ≈1.2 | ≈1.2 | 0.7 | Low debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | UPWK | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 2.4%5Y avg ≈16.6% | ≈16.6% | · | · | |
| Revenue CAGR 3Y | 8.4%5Y avg ≈15.4% | ≈15.4% | · | · | |
| Revenue CAGR 5Y | 16.1% | · | · | · | |
| EPS YoY | -44.7% | · | · | · | |
| Net Income YoY | -46.5% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | UPWK | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.65Y avg ≈0.6 | ≈0.6 | 1.7 | Weak | |
| Receivables Turnover | 10.45Y avg ≈9.1 | ≈9.1 | 6.4 | Top tier | |
| Revenue / Employee | ≈$1.3M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $0.41 | $0.35 | 17.1% | |
| March 31, 2026 | $0.35 | $0.28 | 25.6% | |
| Dec. 31, 2025 | $0.36 | $0.32 | 13.1% | |
| Sept. 30, 2025 | $0.36 | $0.29 | 23.5% | |
| June 30, 2025 | $0.35 | $0.28 | 24.2% | |
| March 31, 2025 | $0.34 | $0.26 | 28.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $788M | $769M | $689M | $618M | $503M | $374M | $301M | $253M | $203M | |
| Cost of Revenue | $175M | $174M | $170M | $160M | $136M | $104M | $88M | $81M | $65M | |
| Gross Profit | $613M | $595M | $519M | $458M | $367M | $269M | $212M | $172M | $137M | |
| R&D Expense | $186M | $209M | $177M | $155M | $119M | $83M | $64M | $55M | $46M | |
| SG&A Expense | $147M | $129M | $119M | $124M | $113M | $72M | $67M | $49M | $37M | |
| Operating Expenses | $484M | $530M | $530M | $551M | $422M | $292M | $231M | $184M | $140M | |
| Operating Income | $129M | $65M | $-11M | $-93M | $-54M | $-22M | $-19M | $-12M | $-3M | |
| Interest Expense | · | · | · | $4M | $2M | $778.0K | $1M | $2M | $960.0K | |
| Interest Income | $27M | $28M | $24M | $8M | · | · | · | · | · | |
| Other Non-op | $24M | $25M | $60M | $3M | $-2M | $469.0K | $3M | $-6M | $-62.0K | |
| Pretax Income | $153M | $90M | $49M | $-89M | $-56M | $-23M | $-17M | $-20M | $-4M | |
| Income Tax | $38M | $-125M | $2M | $536.0K | $122.0K | $150.0K | $28.0K | $15.0K | $-22.0K | |
| Net Income | $115M | $216M | $47M | $-90M | $-56M | $-23M | $-17M | $-20M | $-4M | |
| EPS (Basic) | $0.87 | $1.61 | $0.35 | $-0.69 | $-0.44 | $-0.19 | $-0.15 | · | · | |
| EPS (Diluted) | $0.84 | $1.52 | $0.06 | $-0.69 | $-0.44 | $-0.19 | $-0.15 | · | · | |
| Shares (Basic) | 132,485,000 | 133,621,000 | 134,774,000 | 130,518,000 | 127,164,000 | 118,699,000 | 109,815,000 | · | · | |
| Shares (Diluted) | 140,660,000 | 143,152,000 | 137,263,000 | 130,518,000 | 127,164,000 | 118,699,000 | 109,815,000 | · | · | |
| EBITDA | $155M | $80M | $-11M | $-93M | $-54M | $-22M | $-19M | $-12M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $294M | $306M | $80M | $129M | $187M | $94M | $48M | $129M | $22M | |
| Short-term Investments | $378M | $316M | $470M | $557M | $498M | $76M | $85M | $0 | · | |
| Receivables | $76M | $75M | $103M | $65M | $67M | $47M | $30M | $22M | $31M | |
| Prepaid Expense | $21M | $18M | $18M | $18M | $17M | $9M | $8M | $6M | $5M | |
| Current Assets | $951M | $911M | $883M | $931M | $930M | $361M | $281M | $256M | $144M | |
| PP&E (Net) | $44M | $30M | $27M | $22M | $21M | $28M | $21M | $11M | $4M | |
| PP&E (Gross) | $100M | $74M | $68M | $55M | $46M | $44M | $29M | $18M | $11M | |
| Accum. Depreciation | $56M | $44M | $41M | $33M | $25M | $15M | $8M | $7M | $8M | |
| Goodwill | $149M | $121M | $118M | $118M | $118M | $118M | $118M | $118M | $118M | |
| Intangibles | $37M | $13M | $3M | $0 | $0 | $667.0K | $3M | $6M | $9M | |
| Other Non-current Assets | $1M | $2M | $1M | $1M | $1M | $2M | $829.0K | $653.0K | $658.0K | |
| Total Assets | $1.30B | $1.21B | $1.04B | $1.08B | $1.08B | $529M | $446M | $392M | $275M | |
| Accounts Payable | $8M | $6M | $5M | $8M | $5M | $6M | $652.0K | $2M | $462.0K | |
| Current Liabilities | $650M | $268M | $293M | $248M | $234M | $199M | $149M | $128M | $115M | |
| Capital Leases | $10M | $10M | $6M | $11M | $17M | $21M | $21M | · | · | |
| Other Non-current Liabilities | $9M | $308.0K | $1M | $8M | $10M | $8M | $6M | $2M | $2M | |
| Total Liabilities | $669M | $636M | $656M | $831M | $822M | $230M | $187M | $148M | $140M | |
| Long-term Debt | $360M | $358M | · | · | $561M | $11M | $18M | $24M | $34M | |
| Total Debt | $360M | $358M | $356M | $564M | $561M | $11M | $18M | $24M | · | |
| Common Stock | $13.0K | $14.0K | $14.0K | $13.0K | $13.0K | $12.0K | $11.0K | $11.0K | $3.0K | |
| Retained Earnings | $37M | $-78M | $-294M | $-341M | $-251M | $-195M | $-172M | $-143M | $-124M | |
| Treasury Stock | · | · | $0 | · | · | · | · | · | · | |
| AOCI | $754.0K | $264.0K | $205.0K | $-3M | $-528.0K | · | · | · | · | |
| Stockholders' Equity | $630M | $575M | $381M | $249M | $260M | $299M | $259M | $244M | $-31M | |
| Liabilities + Equity | $1.30B | $1.21B | $1.04B | $1.08B | $1.08B | $529M | $446M | $392M | $275M | |
| Shares Outstanding | 130,545,236 | 135,348,453 | 137,272,754 | 132,368,265 | 129,130,478 | 124,795,222 | 113,604,398 | 106,454,321 | 33,740,323 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $26M | $15M | $9M | $8M | · | · | · | · | · | |
| Stock-based Comp | $65M | $68M | $74M | $76M | $54M | $26M | $19M | $10M | $7M | |
| Deferred Tax | $18M | $-129M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Amort. of Intangibles | $9M | $2M | $0 | $0 | $700.0K | $3M | $3M | $3M | $3M | |
| Other Non-cash | $23M | $-16M | · | · | · | · | · | · | · | |
| Operating Cash Flow | $248M | $154M | $53M | $11M | $11M | $22M | $1M | $14M | $-4M | |
| CapEx | $6M | $4M | $692.0K | $1M | $1M | $6M | $11M | $3M | $2M | |
| Investing Cash Flow | $-137M | $138M | $88M | $-69M | $-429M | $-4M | $-101M | $-7M | $-2M | |
| Stock Repurchased | $136M | $100M | $0 | $0 | · | · | · | · | · | |
| Net Stock Activity | $-136M | $-100M | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-138M | $-82M | $-140M | $1M | $538M | $55M | $29M | $112M | $28M | |
| Net Change in Cash | $-27M | $209M | $1M | $-57M | $120M | $73M | $-70M | $119M | $21M | |
| Taxes Paid | $13M | $5M | $2M | · | · | · | · | · | · | |
| Free Cash Flow | $242M | $150M | $27M | $5M | $10M | $16M | $-10M | $11M | · | |
| Levered FCF | · | · | · | $801.1K | $8M | $15M | $-11M | $9M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% | 72.1% | 70.7% | 67.8% | · | |
| Operating Margin | 16.4% | 8.5% | -1.6% | -15.0% | -10.8% | -6.0% | -6.2% | -4.6% | · | |
| Net Margin | 14.6% | 28.0% | 6.8% | -14.5% | -11.2% | -6.1% | -5.5% | -7.9% | · | |
| Pretax Margin | 19.4% | 11.8% | 7.1% | -14.4% | -11.2% | -6.1% | -5.5% | -7.8% | · | |
| EBITDA Margin | 19.7% | 10.4% | -1.6% | -15.0% | -10.8% | -6.0% | -6.2% | -4.6% | · | |
| ROA | 9.2% | 19.2% | 4.4% | -8.3% | -7.0% | -4.7% | -4.0% | -6.0% | · | |
| ROE | 18.6% | 43.7% | 13.0% | -36.6% | -21.4% | -7.9% | -6.6% | -18.9% | · | |
| ROIC | 9.8% | 16.7% | -1.5% | -11.5% | -6.6% | -7.3% | -6.8% | -4.4% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.5 | 3.4 | 3.0 | 3.8 | 4.0 | 1.8 | 1.9 | 2.0 | · | |
| Quick Ratio | 1.2 | 2.6 | 2.2 | 3.0 | 3.2 | 1.1 | 1.1 | 1.2 | · | |
| Debt / Equity | 0.6 | 0.6 | 0.9 | 2.3 | 2.2 | 0.0 | 0.1 | 0.1 | · | |
| LT Debt / Equity | 0.0 | 0.6 | 0.9 | 2.3 | 2.2 | 0.0 | 0.0 | 0.1 | · | |
| Interest Coverage | · | · | · | -20.7 | -24.9 | -28.8 | -14.3 | -5.7 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.7 | 0.7 | 0.6 | 0.6 | 0.8 | 0.7 | 0.8 | · | |
| Receivables Turnover | 10.4 | 8.6 | 8.2 | 9.4 | 8.8 | 9.7 | 11.9 | 9.5 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $4.83 | $4.25 | $2.78 | $1.88 | $2.01 | $2.40 | $2.28 | · | · | |
| Revenue / Share | $5.60 | $5.37 | $5.02 | $4.74 | $3.95 | · | · | · | · | |
| Cash Flow / Share | $1.76 | $1.07 | $0.20 | $0.05 | $0.09 | · | · | · | · | |
| Cash / Share | $2.25 | $2.26 | $0.58 | $0.98 | $1.45 | $0.75 | $0.43 | · | · | |
| EPS (TTM) | $0.84 | $1.52 | $0.06 | $-0.69 | $-0.44 | $-0.19 | $-0.15 | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 2.4% | 11.6% | 11.5% | 23.0% | 34.6% | · | · | · | · | |
| Revenue CAGR 3Y | 8.4% | 15.2% | 22.6% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 16.1% | · | · | · | · | · | · | · | · | |
| EPS YoY | -44.7% | 2433.3% | · | · | · | · | · | · | · | |
| Net Income YoY | -46.5% | 359.8% | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $788M | $769M | $689M | $618M | $503M | $374M | $301M | $253M | · | |
| Net Income TTM | $115M | $216M | $47M | $-90M | $-56M | $-23M | $-17M | $-20M | · | |
| Market Cap | $2.59B | $2.21B | $2.04B | $1.38B | $4.41B | $4.31B | $1.21B | · | · | |
| Enterprise Value | $2.27B | $1.95B | $1.85B | $1.26B | $4.29B | $4.15B | $1.10B | · | · | |
| P/E | 23.6 | 10.8 | 247.8 | -15.1 | -77.6 | -181.7 | -71.1 | · | · | |
| P/S | 3.3 | 2.9 | 3.0 | 2.2 | 8.8 | 11.5 | 4.0 | · | · | |
| P/B | 4.1 | 3.8 | 5.4 | 5.6 | 17.0 | 14.4 | 4.7 | · | · | |
| P / Tangible Book | 5.8 | 5.0 | 7.9 | 10.6 | 31.2 | 23.9 | · | · | · | |
| P / Cash Flow | 10.4 | 14.4 | 75.0 | 210.7 | 407.1 | 192.6 | 1145.7 | · | · | |
| P / FCF | 10.7 | 14.7 | 76.9 | 260.2 | 449.7 | 268.5 | -125.0 | · | · | |
| EV / EBITDA | 14.7 | 24.4 | -164.1 | -13.6 | -79.1 | -185.2 | -58.5 | · | · | |
| EV / FCF | 9.4 | 13.0 | 69.6 | 237.2 | 437.1 | 258.6 | -113.1 | · | · | |
| EV / Revenue | 2.9 | 2.5 | 2.7 | 2.0 | 8.5 | 11.1 | 3.6 | · | · | |
| Earnings Yield | 4.2% | 9.3% | 0.40% | -6.6% | -1.3% | -0.55% | -1.4% | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $192M | $195M | $198M | $202M | $195M | $193M | $191M | $194M | $193M | $191M | $184M | $176M | $169M | $161M | $161M | $159M | |
| Cost of Revenue | $45M | $45M | $44M | $46M | $43M | $42M | $43M | $43M | $44M | $44M | $46M | $43M | $41M | $40M | $41M | $40M | |
| Gross Profit | $146M | $151M | $155M | $156M | $152M | $151M | $149M | $150M | $149M | $147M | $138M | $132M | $128M | $120M | $120M | $118M | |
| R&D Expense | $44M | $43M | $47M | $47M | $45M | $46M | $53M | $50M | $52M | $53M | $46M | $43M | $43M | $44M | $42M | $39M | |
| SG&A Expense | $37M | $35M | $42M | $41M | $36M | $28M | $36M | $31M | $30M | $32M | $32M | $29M | $29M | $29M | $30M | $31M | |
| Operating Expenses | $118M | $118M | $126M | $126M | $119M | $112M | $135M | $130M | $131M | $134M | $130M | $121M | $134M | $145M | $141M | $144M | |
| Operating Income | $28M | $33M | $28M | $30M | $33M | $39M | $14M | $21M | $18M | $13M | $8M | $11M | $-6M | $-25M | $-20M | $-25M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $711.0K | $713.0K | $1M | · | $1M | |
| Interest Income | $5M | $6M | $7M | $7M | $7M | $7M | $6M | $8M | $6M | $8M | · | · | · | · | · | · | |
| Other Non-op | $4M | $5M | $6M | $6M | $6M | $6M | $5M | $8M | $6M | $7M | $7M | $6M | $4M | $43M | $1M | $2M | |
| Pretax Income | $32M | $38M | $34M | $36M | $38M | $45M | $18M | $29M | $23M | $20M | $16M | $17M | $-2M | $18M | $-16M | $-25M | |
| Income Tax | $7M | $6M | $18M | $6M | $6M | $7M | $-129M | $1M | $1M | $1M | $-2M | $895.0K | $2M | $795.0K | $440.0K | $40.0K | |
| Net Income | $25M | $31M | $16M | $29M | $33M | $38M | $147M | $28M | $22M | $18M | $17M | $16M | $-4M | $17M | $-16M | $-25M | |
| EPS (Basic) | $0.21 | $0.25 | $0.12 | $0.22 | $0.25 | $0.28 | $1.09 | $0.21 | $0.17 | $0.14 | $0.13 | $0.12 | $-0.03 | $0.13 | $-0.13 | $-0.19 | |
| EPS (Diluted) | $0.20 | $0.24 | $0.12 | $0.21 | $0.24 | $0.27 | $1.02 | $0.20 | $0.17 | $0.13 | $0.12 | $0.12 | $-0.03 | $-0.15 | $-0.13 | $-0.19 | |
| Shares (Basic) | 123,918,000 | 128,116,000 | · | 131,987,000 | 132,183,000 | 135,208,000 | · | 132,603,000 | 131,436,000 | 136,357,000 | · | 135,450,000 | 134,142,000 | 132,836,000 | · | 130,830,000 | |
| Shares (Diluted) | 129,958,000 | 135,656,000 | · | 139,666,000 | 140,198,000 | 142,777,000 | · | 139,294,000 | 138,266,000 | 143,657,000 | · | 137,291,000 | 134,142,000 | 135,966,000 | · | 130,830,000 | |
| EBITDA | $28M | $42M | · | $30M | $33M | $44M | · | $21M | $18M | $13M | · | $11M | $-6M | $-25M | · | $-25M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $476M | $328M | $294M | $261M | $291M | $304M | $306M | $288M | $183M | $25M | $80M | $147M | $154M | $102M | $129M | $156M | |
| Short-term Investments | $138M | $251M | $378M | $382M | $344M | $318M | $316M | $313M | $315M | $466M | · | $408M | $363M | $408M | · | $519M | |
| Receivables | $76M | $76M | $76M | $76M | $71M | $78M | $75M | $69M | $117M | $114M | · | $60M | $66M | $59M | · | $67M | |
| Prepaid Expense | $25M | $24M | $21M | $18M | $21M | $22M | $18M | $19M | $23M | $20M | · | $17M | $19M | $19M | · | $17M | |
| Current Assets | $909M | $883M | $951M | $949M | $939M | $938M | $911M | $904M | $856M | $848M | · | $810M | $780M | $768M | · | $930M | |
| PP&E (Net) | $59M | $49M | $44M | $40M | $38M | $35M | $30M | $30M | $28M | $27M | · | $27M | $25M | $23M | · | $21M | |
| PP&E (Gross) | $126M | $111M | $100M | $91M | $85M | $82M | $74M | $80M | $75M | $71M | · | $65M | $61M | $58M | · | $52M | |
| Accum. Depreciation | $67M | $61M | $56M | $51M | $46M | $47M | $44M | $50M | $47M | $44M | · | $38M | $37M | $35M | · | $31M | |
| Goodwill | $149M | $149M | $149M | $150M | $141M | $121M | $121M | $118M | $118M | $118M | · | $118M | $118M | $118M | · | $118M | |
| Intangibles | $31M | $34M | $37M | $40M | $10M | $11M | $13M | $2M | $2M | $3M | · | · | · | · | · | · | |
| Other Non-current Assets | $4M | $2M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | · | $1M | $1M | $2M | · | $1M | |
| Total Assets | $1.27B | $1.24B | $1.30B | $1.31B | $1.26B | $1.24B | $1.21B | $1.06B | $1.01B | $1.00B | · | $961M | $931M | $918M | · | $1.08B | |
| Accounts Payable | $7M | $11M | $8M | $9M | $1M | $4M | $6M | $6M | $6M | $6M | · | $2M | $4M | $4M | · | $5M | |
| Current Liabilities | $638M | $647M | $650M | $660M | $280M | $275M | $268M | $284M | $285M | $289M | · | $253M | $255M | $257M | · | $252M | |
| Capital Leases | $14M | $15M | $10M | $10M | $10M | $10M | $10M | $9M | $5M | $5M | · | $7M | $8M | $10M | · | $13M | |
| Other Non-current Liabilities | $11M | $10M | $9M | $12M | $4M | $2M | $308.0K | $361.0K | $528.0K | $596.0K | · | $3M | $6M | $8M | · | $8M | |
| Total Liabilities | $663M | $672M | $669M | $683M | $653M | $646M | $636M | $651M | $647M | $652M | · | $618M | $624M | $629M | · | $837M | |
| Long-term Debt | $361M | $360M | $360M | $359M | · | · | $358M | · | · | · | · | · | · | · | · | $564M | |
| Total Debt | $361M | $360M | · | $359M | $359M | $358M | · | $357M | $357M | $357M | · | $356M | $355M | $355M | · | $564M | |
| Common Stock | $12.0K | $12.0K | $13.0K | $13.0K | $13.0K | $13.0K | $14.0K | $13.0K | $13.0K | $13.0K | · | $14.0K | $13.0K | $13.0K | · | $13.0K | |
| Retained Earnings | $94M | $68M | $37M | $21M | $-8M | $-41M | $-78M | $-226M | $-253M | $-276M | · | $-311M | $-328M | $-324M | · | $-324M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | $2M | · | · | · | · | · | · | |
| AOCI | $-39.0K | $139.0K | $754.0K | $867.0K | $724.0K | $548.0K | $264.0K | $1M | $-529.0K | $-386.0K | · | $-393.0K | $-865.0K | $-1M | · | $-5M | |
| Stockholders' Equity | $611M | $570M | $630M | $628M | $609M | $594M | $575M | $411M | $361M | $349M | $381M | $343M | $307M | $289M | $249M | $243M | |
| Liabilities + Equity | $1.27B | $1.24B | $1.30B | $1.31B | $1.26B | $1.24B | $1.21B | $1.06B | $1.01B | $1.00B | · | $961M | $931M | $918M | · | $1.08B | |
| Shares Outstanding | 124,797,586 | 123,574,974 | 130,545,236 | 131,393,994 | 132,506,031 | 134,048,900 | 135,348,453 | 133,497,277 | 132,006,676 | 133,118,345 | 137,272,754 | 136,109,497 | 134,883,597 | 133,464,264 | 132,368,265 | 131,342,482 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $9M | $9M | $7M | $8M | $6M | $5M | $4M | $4M | $4M | $3M | · | · | · | · | · | · | |
| Stock-based Comp | $14M | $15M | $17M | $20M | $16M | $12M | $14M | $19M | $19M | $17M | $18M | $18M | $18M | $20M | $19M | $20M | |
| Deferred Tax | $2M | $93.0K | $19M | $-2M | $2M | $0 | $-129M | $0 | · | · | · | · | · | · | · | · | |
| Restructuring | · | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $-33M | · | · | · | $-18M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $47M | $23M | $64M | $75M | $73M | $37M | $39M | $72M | $48M | $15M | $20M | $37M | $4M | $-9M | $13M | $10M | |
| CapEx | $2M | $2M | $455.0K | $482.0K | $2M | $2M | $2M | $1M | $598.0K | $177.0K | $134.0K | $423.0K | $-23.0K | $158.0K | $355.0K | $291.0K | |
| Investing Cash Flow | $103M | $118M | $1M | $-81M | $-51M | $-5M | $-21M | $2M | $150M | $6M | $-63M | $-45M | $45M | $152M | $-37M | $11M | |
| Stock Repurchased | $2M | $108M | $34M | $31M | $38M | $33M | $0 | $0 | $33M | $67M | $0 | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $-108M | · | · | · | $-33M | · | · | · | $-67M | · | · | · | · | · | · | |
| Financing Cash Flow | $-13M | $-84M | $-62M | $-24M | $-38M | $-13M | $-19M | $27M | $-45M | $-65M | $11M | $1M | $400.0K | $-152M | $-12M | $-18M | |
| Net Change in Cash | $137M | $57M | $3M | $-31M | $-17M | $19M | $-1M | $101M | $154M | $-44M | $-33M | $-7M | $50M | $-9M | $-35M | $3M | |
| Free Cash Flow | · | $21M | · | · | · | $34M | · | · | · | $5M | · | · | · | $-9M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | $-10M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.4% | 77.2% | · | 77.3% | 77.7% | 78.3% | · | 77.6% | 77.3% | 76.8% | · | 75.4% | 75.8% | 74.9% | · | 74.5% | |
| Operating Margin | 14.7% | 16.7% | · | 14.8% | 16.7% | 20.1% | · | 10.7% | 9.2% | 6.8% | · | 6.5% | -3.6% | -15.6% | · | -16.0% | |
| Net Margin | 13.2% | 16.1% | · | 14.5% | 16.8% | 19.6% | · | 14.3% | 11.5% | 9.7% | · | 9.3% | -2.4% | 10.7% | · | -15.7% | |
| Pretax Margin | 16.8% | 19.3% | · | 17.7% | 19.7% | 23.4% | · | 14.9% | 12.1% | 10.3% | · | 9.8% | -1.3% | 11.2% | · | -15.6% | |
| EBITDA Margin | 14.7% | 21.4% | · | 14.8% | 16.7% | 22.6% | · | 10.7% | 9.2% | 6.8% | · | 6.5% | -3.6% | -15.6% | · | -16.0% | |
| ROA | 2.0% | 2.5% | · | 2.5% | 2.9% | 3.4% | · | 2.7% | 2.3% | 1.9% | · | 1.6% | -0.39% | 1.7% | · | -2.3% | |
| ROE | 4.2% | 5.4% | · | 5.7% | 6.8% | 8.0% | · | 7.4% | 6.7% | 5.8% | · | 5.6% | -1.4% | 6.4% | · | -9.8% | |
| ROIC | 2.3% | 2.9% | · | 2.5% | 2.9% | 3.4% | · | 2.6% | 2.4% | 1.7% | · | 1.6% | -1.7% | -3.7% | · | -3.2% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.4 | · | 1.4 | 3.4 | 3.4 | · | 3.2 | 3.0 | 2.9 | · | 3.2 | 3.1 | 3.0 | · | 3.7 | |
| Quick Ratio | 1.1 | 1.0 | · | 1.1 | 2.5 | 2.5 | · | 2.4 | 2.2 | 2.1 | · | 2.4 | 2.3 | 2.2 | · | 2.9 | |
| Debt / Equity | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.9 | 1.0 | 1.0 | · | 1.0 | 1.2 | 1.2 | · | 2.3 | |
| LT Debt / Equity | · | · | · | 0.0 | 0.6 | 0.6 | · | 0.9 | 1.0 | 1.0 | · | 1.0 | 1.2 | 1.2 | · | 2.3 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | 16.1 | -8.6 | -22.7 | · | -22.8 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | |
| Receivables Turnover | 2.6 | 2.5 | · | 2.8 | 2.1 | 2.0 | · | 3.0 | 2.1 | 2.2 | · | 2.8 | 2.5 | 2.7 | · | 2.5 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $4.90 | $4.61 | · | $4.78 | $4.59 | $4.43 | · | $3.08 | $2.74 | $2.62 | · | $2.52 | $2.28 | $2.17 | · | $1.85 | |
| Revenue / Share | $1.47 | $1.44 | · | $1.44 | $1.39 | $1.35 | · | $1.39 | $1.40 | $1.33 | · | $1.28 | $1.26 | $1.18 | · | $1.21 | |
| Cash Flow / Share | · | $0.17 | · | · | · | $0.26 | · | · | · | $0.04 | · | · | · | $-0.06 | · | · | |
| Cash / Share | $3.81 | $2.66 | · | $1.99 | $2.20 | $2.27 | · | $2.16 | $1.38 | $0.19 | · | $1.08 | $1.14 | $0.76 | · | $1.19 | |
| EPS (TTM) | $0.77 | $0.81 | · | $1.74 | $1.73 | $1.66 | · | $0.62 | $0.54 | $0.34 | · | $-0.19 | $-0.50 | $-0.65 | · | $-0.74 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $787M | $791M | · | $781M | $773M | $771M | · | $762M | $744M | $719M | · | $667M | $650M | $638M | · | $594M | |
| Net Income TTM | $102M | $109M | · | $247M | $245M | $235M | · | $86M | $74M | $48M | · | $13M | $-28M | $-48M | · | $-96M | |
| Market Cap | $1.04B | $1.35B | · | $2.44B | $1.78B | $1.75B | · | $1.40B | $1.42B | $1.63B | · | $1.55B | $1.26B | $1.51B | · | $1.79B | |
| Enterprise Value | $790M | $1.13B | · | $2.16B | $1.51B | $1.49B | · | $1.15B | $1.28B | $1.50B | · | $1.35B | $1.10B | $1.36B | · | $1.68B | |
| P/E | 10.9 | 13.5 | · | 10.7 | 7.8 | 7.9 | · | 16.9 | 19.9 | 36.1 | · | -59.8 | -18.7 | -17.4 | · | -18.4 | |
| P/S | 1.3 | 1.7 | · | 3.1 | 2.3 | 2.3 | · | 1.8 | 1.9 | 2.3 | · | 2.3 | 1.9 | 2.4 | · | 3.0 | |
| P/B | 1.7 | 2.4 | · | 3.9 | 2.9 | 2.9 | · | 3.4 | 3.9 | 4.7 | · | 4.5 | 4.1 | 5.2 | · | 7.4 | |
| P / Tangible Book | 2.4 | 3.5 | · | 5.6 | 3.9 | 3.8 | · | 4.8 | 5.9 | 7.2 | · | 6.9 | 6.7 | 8.8 | · | 14.4 | |
| P / Cash Flow | · | 58.8 | · | · | · | 47.3 | · | · | · | 288.5 | · | · | · | -173.6 | · | · | |
| EV / Revenue | 1.0 | 1.4 | · | 2.8 | 1.9 | 1.9 | · | 1.5 | 1.7 | 2.1 | · | 2.0 | 1.7 | 2.1 | · | 2.8 | |
| Earnings Yield | 9.2% | 7.4% | · | 9.4% | 12.9% | 12.7% | · | 5.9% | 5.0% | 2.8% | · | -1.7% | -5.3% | -5.7% | · | -5.4% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $788M | $769M | $689M | $618M | $503M |
| Gross Margin % | 77.8% | 77.4% | 75.3% | 74.1% | 73.0% |
| Operating Margin % | 16.4% | 8.5% | -1.6% | -15.0% | -10.8% |
| Net Income | $115M | $216M | $47M | $-90M | $-56M |
| Diluted EPS | $0.84 | $1.52 | $0.06 | $-0.69 | $-0.44 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.6 | 0.6 | 0.9 | 2.3 | 2.2 |
| Current Ratio | 1.5 | 3.4 | 3.0 | 3.8 | 4.0 |
| Quick Ratio | 1.2 | 2.6 | 2.2 | 3.0 | 3.2 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $242M | $150M | $27M | $5M | $10M |
Institutional owners (13F) 332 filers · $1.3B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 57 (-9 vs prior Q) | 49 (-6 vs prior Q) | 118 (+2 vs prior Q) | 95 (-1 vs prior Q) | -8.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $297,086,280 | 14,989,217 | 22.41% | Shares |
| BlackRock, Inc. | $161,011,284 | 19,259,723 | 12.15% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $66,033,508 | 7,898,745 | 4.98% | Shares |
| Ancient Art, L.P. | $60,430,511 | 7,228,530 | 4.56% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $44,423,092 | 5,313,767 | 3.35% | Shares |
| STATE STREET CORP | $43,432,365 | 5,195,259 | 3.28% | Shares |
| Capital International Investors | $40,609,636 | 4,857,612 | 3.06% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $39,655,475 | 4,743,484 | 2.99% | Shares |
| GOLDMAN SACHS GROUP INC | $35,699,307 | 4,270,252 | 2.69% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $27,208,217 | 3,253,955 | 2.05% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $23,214,090 | 2,776,805 | 1.75% | Shares |
| MORGAN STANLEY | $20,598,762 | 2,463,966 | 1.55% | Shares |
| Invenomic Capital Management LP | $20,121,868 | 2,406,922 | 1.52% | Shares |
| UBS Group AG | $17,914,192 | 2,142,846 | 1.35% | Shares |
| MILLENNIUM MANAGEMENT LLC | $15,494,825 | 1,853,448 | 1.17% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $14,053,327 | 1,681,020 | 1.06% | Shares |
| CITADEL ADVISORS LLC | $13,840,966 | 1,655,618 | 1.04% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $13,200,081 | 1,578,957 | 1.00% | Shares |
| TWO SIGMA INVESTMENTS, LP | $12,535,628 | 1,499,477 | 0.95% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $12,387,756 | 1,481,789 | 0.93% | Shares |
| AMERICAN CENTURY COMPANIES INC | $10,933,409 | 1,307,824 | 0.82% | Shares |
| NORTHERN TRUST CORP | $10,618,102 | 1,270,108 | 0.80% | Shares |
| Cubist Systematic Strategies, LLC | $9,881,908 | 532,144 | 0.75% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $9,357,824 | 1,119,357 | 0.71% | Shares |
| Kent Lake PR LLC | $9,285,000 | 500,000 | 0.70% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $9,057,851 | 1,083,475 | 0.68% | Shares |
| ROYCE & ASSOCIATES LP | $9,001,120 | 1,076,689 | 0.68% | Shares |
| OP Asset Management Ltd | $8,196,654 | 980,461 | 0.62% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,875,463 | 942,041 | 0.59% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,986,210 | 835,671 | 0.53% | Shares |
| Squarepoint Ops LLC | $6,163,276 | 737,234 | 0.46% | Shares |
| Bank of New York Mellon Corp | $6,156,278 | 736,397 | 0.46% | Shares |
| JPMORGAN CHASE & CO | $6,075,765 | 726,095 | 0.46% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $6,032,258 | 721,562 | 0.46% | Shares |
| BANK OF AMERICA CORP /DE/ | $5,886,133 | 704,083 | 0.44% | Shares |
| Fiera Capital Corp | $5,884,863 | 703,931 | 0.44% | Shares |
| FMR LLC | $5,746,960 | 687,435 | 0.43% | Shares |
| Man Group plc | $5,259,978 | 629,184 | 0.40% | Shares |
| ALLIANCEBERNSTEIN L.P. | $5,067,312 | 462,346 | 0.38% | Shares |
| Public Sector Pension Investment Board | $4,945,542 | 591,572 | 0.37% | Shares |
| AMERIPRISE FINANCIAL INC | $4,800,364 | 574,206 | 0.36% | Shares |
| FRANKLIN RESOURCES INC | $4,719,471 | 564,530 | 0.36% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,680,496 | 559,868 | 0.35% | Shares |
| Financial Gravity Wealth, Inc. | $4,655,392 | 424,762 | 0.35% | Shares |
| Hillsdale Investment Management Inc. | $4,530,284 | 541,900 | 0.34% | Shares |
| Invesco Ltd. | $4,507,896 | 539,222 | 0.34% | Shares |
| OneDigital Investment Advisors LLC | $4,151,108 | 496,544 | 0.31% | Shares |
| GOLDMAN SACHS GROUP INC | $3,922,512 | 469,200 | 0.30% | Put option |
| Robeco Institutional Asset Management B.V. | $3,891,104 | 465,443 | 0.29% | Shares |
| KESTREL INVESTMENT MANAGEMENT CORP | $3,619,880 | 433,000 | 0.27% | Shares |
Company insiders 26 insiders · 10 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Hayden Brown | President & CEO | Sept. 18, 2026 M | 793,593 | 0 | 16 | $-12,436,996 |
| Erica Gessert | Chief Financial Officer | Sept. 18, 2026 M | 373,586 | 0 | 9 | $-1,510,226 |
| Jeff Mccombs | Chief Financial Officer | Nov. 18, 2022 M | 97,264 | 0 | 0 | $0 |
| Brian K Kinion | Chief Financial Officer | Feb. 29, 2020 M | 4,806 | 0 | 0 | $0 |
| Anthony Ray Kappus | GM & Chief Operating Officer | Sept. 18, 2026 M | 76,342 | 0 | 4 | $-424,544 |
| Sabrina Mekhalfa | Chief Accounting Officer | Sept. 18, 2026 M | 6,675 | 0 | 3 | $-39,619 |
| Dave Bottoms | GM, Marketplace | March 18, 2026 M | 2,678 | 0 | 10 | $-1,174,647 |
| Olivier Marie | Chief Accounting Officer | Aug. 19, 2025 S | 748 | 0 | 0 | $0 |
| Eric Gilpin | Chief Sales Officer | Feb. 18, 2023 M | 51,188 | 0 | 0 | $0 |
| Han-Shen Yuan | SVP, Engineering | Nov. 18, 2019 M | 3,333 | 0 | 0 | $0 |
| Claire Bramley | Director | June 4, 2026 A | 45,146 | 0 | 0 | $0 |
| Gary Steele | Director | June 4, 2026 A | 112,216 | 0 | 1 | $-218,875 |
| Dana L Evan | Director | June 4, 2026 A | 56,835 | 0 | 0 | $0 |
| Glenn Kelman | Director | June 4, 2026 A | 66,422 | 0 | 0 | $0 |
| David H Lissy | Director | June 4, 2026 A | 66,026 | 0 | 0 | $0 |
| Kevin Harvey | Director | June 4, 2026 A | 147,216 | 0 | 0 | $0 |
| Thomas Layton | Director | June 4, 2026 A | 52,296 | 0 | 0 | $0 |
| Leela Srinivasan | Director | June 6, 2025 S | 79,469 | 0 | 0 | $0 |
| Anilu Vazquez-Ubarri | Director | June 5, 2025 A | 83,968 | 0 | 0 | $0 |
| NELSON ELIZABETH A | Director | May 12, 2025 S | 356,712 | 0 | 0 | $0 |
| Gregory C. Gretsch | Director | June 10, 2024 G | 761,201 | 0 | 0 | $0 |
| Dan Marriott | Director | June 1, 2020 A | 190,730 | 0 | 0 | $0 |
| Stephane Kasriel | Director | Feb. 29, 2020 M | 281,567 | 0 | 0 | $0 |
| Steven M Spurlock | 10% owner | Aug. 19, 2019 S | 0 | 0 | 0 | $0 |
| Bruce W. Dunlevie | 10% owner | Aug. 12, 2019 S | 0 | 0 | 0 | $0 |
| SIGMA MANAGEMENT 6 LLC | 10% owner | Oct. 5, 2018 C | 12,641,735 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 52 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| RNIN · EA Series Trust | 1.23% | 245,427 NS | July 31, 2026 | N-PORT |
| CAFG · Pacer Funds Trust | 0.37% | 12,204 NS | July 31, 2026 | N-PORT |
| PSCI · Invesco Exchange-Traded Fund Trust … | 0.34% | 109,145 SH | Oct. 2, 2026 | Daily |
| HAPS · Harbor ETF Trust | 0.27% | 49,996 NS | July 31, 2026 | N-PORT |
| RZG · Invesco Exchange-Traded Fund Trust | 0.21% | 30,425 SH | Oct. 2, 2026 | Daily |
| CALF · Pacer Funds Trust | 0.21% | 851,117 NS | July 31, 2026 | N-PORT |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.11% | 147,025 SH | Aug. 19, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.08% | 117,955 NS | July 31, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.08% | 71,526 SH | Aug. 19, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.07% | 20,428 SH | Oct. 2, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.07% | 213,376 SH | Oct. 2, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.06% | 430,566 SH | Aug. 19, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.05% | 121,207 SH | Oct. 2, 2026 | Daily |
| ESML · iShares Trust | 0.05% | 168,989 SH | Sept. 11, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.05% | 453,785 NS | July 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.05% | 75,976 SH | Aug. 19, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.04% | 661,257 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.04% | 29,493 NS | July 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.04% | 57,679 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.03% | 3,100,256 SH | Sept. 11, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.03% | 1,543,614 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 693,268 SH | Aug. 19, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | 0.03% | 58,258 SH | Oct. 2, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.02% | 12,311 NS | July 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 35,756 SH | Aug. 19, 2026 | Daily |
| IWO · iShares Trust | 0.02% | 311,110 SH | Sept. 11, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.02% | 40,607 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 180,866 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,419,310 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 2,683,985 SH | Aug. 19, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.01% | 151,461 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 7,676 SH | Sept. 11, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.01% | 2,855 SH | Oct. 2, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.01% | 18,588 NS | July 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.01% | 99,604 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 267,983 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 9,322 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 25,464 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 172,706 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 31,274 SH | Sept. 8, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 18,181 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,687,208 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 86,964 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 10,134 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.00% | 26,480 SH | Aug. 19, 2026 | Daily |
| IJR · iShares Trust | · | 7,527,470 SH | Sept. 10, 2026 | Daily |
| IJT · iShares Trust | · | 1,171,314 SH | Sept. 9, 2026 | Daily |
| IWN · iShares Trust | · | 823,992 SH | Sept. 11, 2026 | Daily |
| XJR · iShares Trust | · | 17,033 SH | Aug. 31, 2026 | Daily |
| ISCB · iShares Trust | · | 4,804 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 23,795 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 239,015 SH | Sept. 11, 2026 | Daily |
UPWK Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
8 analysts · 2026-10-02Mean target $9.88 +22.7%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| UPWK | $2.59B | 23.6 | 2.4% | 14.6% | 18.6% | 77.8% |
| TNET | $2.80B | 18.5 | -0.85% | 3.1% | 192.6% | · |
| MAN | · | -102.5 | 0.58% | -0.07% | -0.64% | 16.7% |
| NSP | $1.46B | -203.8 | 3.5% | -0.10% | -8.9% | 13.2% |
| KFRC | · | 15.8 | -5.4% | 2.6% | 26.9% | 27.2% |
| BBSI | $912M | 17.4 | 8.4% | 4.4% | 23.3% | 21.0% |
| KELYA | · | -1.2 | -1.9% | -6.0% | -23.0% | 20.1% |
| TBI | $139M | -2.9 | 3.1% | -3.0% | -16.3% | 22.8% |
| HQI | · | 23.4 | -11.4% | 20.7% | 9.4% | · |
| ADP | $89.09B | 20.5 | 6.7% | 20.1% | 71.0% | · |
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