Korn Ferry vs Upwork
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KIRA’s take AI analyst
I put Korn Ferry and Upwork side by side, using each one’s latest annual report. Here is what stands out:
- Korn Ferry is the larger business, with $2.9B of revenue in fiscal 2026 against $788M for Upwork, about 3.7 times as much.
- Korn Ferry grew revenue faster (6.4%, against 2.4%).
- Upwork kept more of each dollar of sales as operating profit (16.4% operating margin, against 12.8%).
- Upwork turned more of its sales into free cash flow (30.8% FCF margin, against 11.0%).
- Upwork earned a higher return on the capital invested in it (31.0%, against 21.9%).
- Investors pay more for each dollar of Korn Ferry’s earnings: a P/E of 14.9x against 12.3x for Upwork.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Korn Ferry
KFY
2/10
Revenue growthPiotroski F-score
Upwork
UPWK
8/10
5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | KFY FY26 | UPWK FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.0B | $1.2B |
| Revenue | $2.9B | $788M |
| Free cash flow | $324M | $242M |
| Net income | $277M | $115M |
| Growth | ||
| Revenue growth | 6.4% | 2.4% |
| 5-year growth | 10.1% | 16.1% |
| Share count change | −0.5% | −1.7% |
| Profitability | ||
| Gross margin | — | 77.8% |
| Operating margin | 12.8% | 16.4% |
| Net margin | 9.4% | 14.7% |
| FCF margin | 11.0% | 30.8% |
| Return on capital | 21.9% | 31.0% |
| Return on equity | 14.5% | 19.2% |
| Balance sheet | ||
| Net debt | −$731M | −$313M |
| Net debt / EBITDA | −1.5x | −2.0x |
| Dividends and buybacks | $220M | $136M |
| Valuation & quality | ||
| P/E | 14.9x | 12.3x |
| Piotroski F-score | 8 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.