Upwork Inc. — Earnings Quality Grade B
UPWK · Communication Services
Generally healthy
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 35 days, change -0 days YoY
AR growth 1.0% vs revenue growth 2.4%
Revenue 2.4%, CFFO 61.7%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 74.0% is >2x revenue growth 2.4%
SG&A/Gross Profit = 47.3%. Normal
Gross margin 77.8%, change +0.4pp. Stable
Cash Flow Quality
CFFO/NI = 2.15. Profits backed by cash
FCF $0.2B, FCF/NI = 1.93
Accruals ratio = -10.2%. Low accruals
Cash $0.7B covers debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 30% of equity. Manageable
Debt/EBITDA = 2.4x. Healthy
Other assets -23.6% vs revenue 2.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 39% YoY
Manipulation Score
M-Score = -2.91 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25