Paycom vs Upwork
Paycom reported revenue of $2.1 billion in fiscal 2025, 2.6 times Upwork's $788 million in fiscal 2025. Paycom's revenue grew 8.9% in its latest year, and Upwork's grew 2.4%. Paycom had an operating margin of 27.6%, against 16.4% at Upwork. Free cash flow was $408 million at Paycom and $242 million at Upwork.
Side by side
| Paycom | Upwork | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $2.1B | $788M |
| Revenue growth | 8.9% | 2.4% |
| Revenue growth a year, last 5 years | 19.5% | 16.1% |
| Gross margin | 83.2% | 77.8% |
| Operating margin | 27.6% | 16.4% |
| Net margin | 22.1% | 14.7% |
| Free cash flow | $408M | $242M |
| Free cash flow margin | 19.9% | 30.8% |
| Return on capital | — | 31.0% |
| Net debt to EBITDA | — | −2.0x |
| Dividends and buybacks | $410M | $136M |
| Change in diluted share count | −0.3% | −1.7% |
| Last close | $237.32 | $10.02 |
| P/E at the last close | 22.8× | 12.4× |
| Insider trades, last 12 months | sold $1.6 million | sold $15.8 million |
| Piotroski F-score | — | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
PaycomUpwork
Operating margin
Percent of revenue
PaycomUpwork
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
PaycomUpwork