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Asana, Inc. (ASAN) stock

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NYSE: ASAN NYSE Application Software Next results ~December 2, 2026

C Fundamentals grade

Asana, Inc. is a US-listed company in the application software industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$4.4

Valuation models combined (3)

Base case. Range ~$2.5–$6.5. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Asana, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 38 sales by directors and officers, last 12 monthsInsider trades
  • Funds170 adding, 94 cuttingOf 42 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Asana files

Where Asana stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $828m, up 9.5% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 15.0% from 5.7% a year earlier. Operating margin widened to -19.4% from -28.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 3 financial-health checks. Our revenue-to-maturity cash-flow model value is $6.65 a share, against a share price of $11.09.

Source: 10-Q filed September 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 2, 2026 (estimated)

Asana, Inc.'s trailing-twelve-month revenue grew 9.5% year on year, with a free-cash-flow margin of 15.0%. Where it stands out: gross margin of 87.6% ranks 10 of 160 application software companies we cover. Where it lags: stock pay as % of revenue of 23.8% ranks 153 of 177 application software companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 189.8% while net income grew 25.8%: a 164pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 9.3 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.2bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Loss-making. Operating margin is -19.4%: costs exceed revenue.
  • Heavy stock-based pay. Stock pay equals 23.8% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.
  • Volatile shares. Over the past year the shares showed annualised volatility of 66% and a beta of 0.7 against the S&P 500.
  • Insiders selling. 8 insiders sold $26M of stock over the past 365 days and none bought (83% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 2.0 points on a year ago.
  • Heavily shorted. 21.0% of the shares available to trade are sold short (2.5 days of average volume to cover).

Latest results: FY2027 Q2

Filed September 3, 2026
Earnings per share
$0.10 against an average estimate of $0.09: beat by 14.3%
Revenue
$216m, up 9.9% on a year earlier
Share reaction
-10.1% in the first session after the results on September 3, 2026, against +0.7% for the S&P 500
Guidance given
revenues $217m to $219m (third quarter of fiscal 2027); revenues year-over-year growth growth 8% to 9% (third quarter of fiscal 2027)
Next report
December 2, 2026; average EPS estimate $0.08

Asana's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week-5.1%
  • 1 month+30.6%
  • This year-19.3%
  • 1 year-19.8%
  • 5 years-91.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$828M
Operating margin
-19.4%
Net margin
-18.6%
EPS (TTM, diluted)
$-0.65

Growth

Revenue growth
+9.5%
Change in growth rate
+0.0 pts
Share count change
+1.4%

Cash

Free cash flow (TTM)
$124M
FCF margin
15.0%
Stock pay % of revenue
23.8%

Earnings

Last results
September 3, 2026
Next results (est.)
December 1, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Insider trade
  3. Insider trade
  4. Results
  5. Guidance
  6. Leadership
  7. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Asana, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Asana, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.17 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.5 ~$1.6–$3.1 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$6.3 ~$5.2–$10 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.2 ~$7.5–$22 Left out: out of range vs price (0.10x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$6.5 ~$5.3–$8.1 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$4.4 ~$2.5–$6.5 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Asana, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202120222023202420252026Now
Share price$35.37$52.48$15.50$17.42$21.34$10.25$11.06
Market value$3.8bn$9.3bn$3.1bn$3.8bn$4.9bn$2.4bn$2.6bn
+ Net debt (− = net cash)−$260m−$240m−$527m−$237m−$185m−$200m−$183m
Enterprise value$3.5bn$9.0bn$2.6bn$3.6bn$4.7bn$2.2bn$2.4bn
Multiples
Price / sales 16.6x24.5x5.7x5.9x6.8x3.1x3.2x
Price / earnings ———————
Price / free cash flow ————n/m28.0x21.1x
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard Asana's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.7% of total assets over 6 years.

  • Pricing power 20 / 20

    Gross margin has been a median 89.6%, moving by 1.2 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -55.9%; its worst year was -83.3%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 6 years, at a median -7.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (51 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 2, 2026, after the close. Analysts expect revenue of $218m and EPS of $0.08 (range $0.08 to $0.09) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.37 +38% $862m +9%
Next $0.45 +22% $929m +8%

Next year's EPS estimate has moved −3.3% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.0% on 90 days ago. In the last 30 days, 2 analysts raised Asana, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Asana, Inc., last 90 days
$0.35 $0.40 $0.45 $0.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.37 Current fiscal year, 60 days ago: $0.37 Current fiscal year, 30 days ago: $0.37 Current fiscal year, 7 days ago: $0.37 Current fiscal year, Now: $0.37 $0.37 Next fiscal year, 90 days ago: $0.47 Next fiscal year, 60 days ago: $0.47 Next fiscal year, 30 days ago: $0.45 Next fiscal year, 7 days ago: $0.45 Next fiscal year, Now: $0.45 $0.45

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.37$0.47
60 days ago $0.37$0.47
30 days ago $0.37$0.45
7 days ago $0.37$0.45
Now $0.37$0.45

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.09 $0.10 +14.3%
Apr 2026 $0.08 $0.10 +33.2%
Jan 2026 $0.07 $0.08 +13.2%
Oct 2025 $0.06 $0.08 +29.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 3, 2026
  • Revenues fiscal 2027 $859m to $864m Raised
    “Revenues of $858.5 million to $863.5 million, representing year-over-year growth of 9%.” source
  • Revenues year-over-year growth fiscal 2027 about 9% growth Raised
    “Revenues of $858.5 million to $863.5 million, representing year-over-year growth of 9%.” source
  • Revenues third quarter of fiscal 2027 $217m to $219m
    “Revenues of $217 million to $219 million, representing year-over-year growth of 8% to 9%.” source
  • Revenues year-over-year growth third quarter of fiscal 2027 8% growth to 9% growth
    “Revenues of $217 million to $219 million, representing year-over-year growth of 8% to 9%.” source
  • Non-GAAP net income per share fiscal 2027 about $0.37 Non-GAAP
    “Non-GAAP net income per share of $0.37, assuming diluted weighted average shares outstanding of approximately 239 million.” source
  • Non-GAAP net income per share third quarter of fiscal 2027 about $0.08 Non-GAAP
    “Non-GAAP net income per share of $0.08, assuming diluted weighted average shares outstanding of approximately 236 million.” source
Show 4 more items
  • Non-GAAP operating margin fiscal 2027 about 10% Non-GAAP Raised
    “Non-GAAP operating income of $84.5 million to $86.5 million, with approximately 10% operating margin.” source
  • Non-GAAP operating margin third quarter of fiscal 2027 8% to 9% Non-GAAP
    “Non-GAAP operating income of $18 million to $19 million, with 8% to 9% operating margin.” source
  • Non-GAAP operating income fiscal 2027 $84.5m to $86.5m Non-GAAP
    “Non-GAAP operating income of $84.5 million to $86.5 million, with approximately 10% operating margin.” source
  • Non-GAAP operating income third quarter of fiscal 2027 $18m to $19m Non-GAAP
    “Non-GAAP operating income of $18 million to $19 million, with 8% to 9% operating margin.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

15 analysts, Oct 2026
Buy533%
Hold853%
Sell213%

Monthly trend

  1. Oct 202648215
  2. Sep 202648215
  3. Aug 202648215
  4. Jul 202648215

Counts of recommendations published by analysts covering Asana, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
21.0%
of tradable shares
Days to cover
2.51
at average volume
Short interest, 1 month
−14%
to October 15, 2026
Held by institutions
68%
of shares
Held by insiders
44.6%
of shares
Employees
1,767
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −21.3%

$14.05 on October 31, 2025 to $11.06

ThenNowEffect
Revenue (last 12 months) $756m $828m +9.5%
P/S multiple 4.3x 3.2x −27.1%
Share count 233m 236m −1.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −45.5%

$20.30 on November 3, 2023 to $11.06

ThenNowEffect
Revenue (last 12 months) $607m $828m +36.5%
P/S multiple 7.2x 3.2x −55.9%
Share count 214m 236m −9.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ASAN+152%−82%+38%+7%−32%−19%
Industry peers (median)−8%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ASAN67%25%50%50%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ASAN−55%−83%−36%−44%−51%−60%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 30, 2020: 96% from November 9, 2021 to April 10, 2026. Getting back needed a 2513% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$5.46 – $15.10
From 52-week high
−26.8%
vs 50-day average
+12.4%
vs 200-day average
+36.5%
Volatility (1 year)
67%
Beta vs S&P 500
0.65

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±15.5%
After a week
5 up, 7 down
typical move ±18.3%
After a month
4 up, 8 down
typical move ±14.7%
Results releasedNext dayS&P 500 next day5 days21 days
September 3, 2026 −10.1% +0.7% −10.5% −6.7%
May 28, 2026 +20.1% +0.8% +25.9% +9.2%
March 2, 2026 +4.8% −0.8% +11.3% −9.9%
December 2, 2025 +13.0% +0.5% +18.2% +1.5%
September 3, 2025 +5.1% +1.4% −4.6% −3.2%
June 3, 2025 −17.8% +0.5% −21.9% −24.0%
March 10, 2025 −30.7% −3.5% −23.0% −24.4%
December 5, 2024 +40.2% 0.0% +50.5% +28.6%
September 3, 2024 −10.3% −2.3% −20.0% −19.3%
May 30, 2024 −5.5% +0.2% +0.1% +1.3%
March 11, 2024 −13.5% +1.0% −16.6% −22.6%
December 5, 2023 −14.9% −0.4% −17.5% −26.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Asana, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Asana, Inc.
$600M $650M $700M $750M $800M $850M FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $631.6M Revenue (TTM), FY24 Q4: $652.5M Revenue (TTM), FY25 Q1: $672.5M Revenue (TTM), FY25 Q2: $689.3M Revenue (TTM), FY25 Q3: $706.7M Revenue (TTM), FY25 Q4: $723.9M Revenue (TTM), FY26 Q1: $738.7M Revenue (TTM), FY26 Q2: $756.4M Revenue (TTM), FY26 Q3: $773.6M Revenue (TTM), FY26 Q4: $790.8M Revenue (TTM), FY27 Q1: $808.6M Revenue (TTM), FY27 Q2: $828.1M $828.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $631.6M
FY24 Q4 $652.5M
FY25 Q1 $672.5M
FY25 Q2 $689.3M
FY25 Q3 $706.7M
FY25 Q4 $723.9M
FY26 Q1 $738.7M
FY26 Q2 $756.4M
FY26 Q3 $773.6M
FY26 Q4 $790.8M
FY27 Q1 $808.6M
FY27 Q2 $828.1M
Revenue growth, TTM YoY Asana, Inc.
5% 10% 15% 20% 25% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 24.1% Revenue growth, TTM YoY, FY24 Q4: 19.2% Revenue growth, TTM YoY, FY25 Q1: 16.2% Revenue growth, TTM YoY, FY25 Q2: 13.6% Revenue growth, TTM YoY, FY25 Q3: 11.9% Revenue growth, TTM YoY, FY25 Q4: 10.9% Revenue growth, TTM YoY, FY26 Q1: 9.8% Revenue growth, TTM YoY, FY26 Q2: 9.7% Revenue growth, TTM YoY, FY26 Q3: 9.5% Revenue growth, TTM YoY, FY26 Q4: 9.2% Revenue growth, TTM YoY, FY27 Q1: 9.5% Revenue growth, TTM YoY, FY27 Q2: 9.5% 9.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 24.1%
FY24 Q4 19.2%
FY25 Q1 16.2%
FY25 Q2 13.6%
FY25 Q3 11.9%
FY25 Q4 10.9%
FY26 Q1 9.8%
FY26 Q2 9.7%
FY26 Q3 9.5%
FY26 Q4 9.2%
FY27 Q1 9.5%
FY27 Q2 9.5%
Operating margin (TTM) Asana, Inc.
-60% -40% -20% 0% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: -47.7% Operating margin (TTM), FY24 Q4: -41.4% Operating margin (TTM), FY25 Q1: -40.3% Operating margin (TTM), FY25 Q2: -39.8% Operating margin (TTM), FY25 Q3: -38.4% Operating margin (TTM), FY25 Q4: -36.8% Operating margin (TTM), FY26 Q1: -33.1% Operating margin (TTM), FY26 Q2: -28.7% Operating margin (TTM), FY26 Q3: -29.3% Operating margin (TTM), FY26 Q4: -25.0% Operating margin (TTM), FY27 Q1: -20.9% Operating margin (TTM), FY27 Q2: -19.4% -19.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 -47.7%
FY24 Q4 -41.4%
FY25 Q1 -40.3%
FY25 Q2 -39.8%
FY25 Q3 -38.4%
FY25 Q4 -36.8%
FY26 Q1 -33.1%
FY26 Q2 -28.7%
FY26 Q3 -29.3%
FY26 Q4 -25.0%
FY27 Q1 -20.9%
FY27 Q2 -19.4%
FCF margin (TTM) Asana, Inc.
-10% 0% 10% 20% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: -6.8% FCF margin (TTM), FY24 Q4: -3.9% FCF margin (TTM), FY25 Q1: -1.8% FCF margin (TTM), FY25 Q2: -2.0% FCF margin (TTM), FY25 Q3: -2.9% FCF margin (TTM), FY25 Q4: 1.3% FCF margin (TTM), FY26 Q1: 2.5% FCF margin (TTM), FY26 Q2: 5.7% FCF margin (TTM), FY26 Q3: 9.6% FCF margin (TTM), FY26 Q4: 10.9% FCF margin (TTM), FY27 Q1: 14.6% FCF margin (TTM), FY27 Q2: 15.0% 15.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 -6.8%
FY24 Q4 -3.9%
FY25 Q1 -1.8%
FY25 Q2 -2.0%
FY25 Q3 -2.9%
FY25 Q4 1.3%
FY26 Q1 2.5%
FY26 Q2 5.7%
FY26 Q3 9.6%
FY26 Q4 10.9%
FY27 Q1 14.6%
FY27 Q2 15.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Jan 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 77 143 227 378 547 653 724 791 828
Gross profit 63 123 198 340 491 588 647 704 725
EBITDA −48 −117 −172 −257 −395 −256 −249 −175 −136
Operating income −52 −120 −176 −265 −408 −270 −267 −197 −160
Net income −51 −119 −212 −288 −408 −257 −256 −189 −154
Diluted EPS −$0.78 −$1.69 −$1.99 −$1.63 −$2.04 −$1.17 −$1.11 −$0.80 −$0.65
Growth (year on year)
Revenue — +85.8% +59.2% +66.7% +44.6% +19.2% +10.9% +9.2% +9.5%
Margins
Gross margin 82.0% 86.1% 87.3% 89.7% 89.7% 90.1% 89.3% 89.0% 87.6%
EBITDA margin −62.3% −82.3% −75.8% −67.8% −72.2% −39.2% −34.4% −22.2% −16.5%
Operating margin −67.8% −83.9% −77.3% −70.1% −74.5% −41.4% −36.8% −25.0% −19.4%
Net margin −66.3% −83.2% −93.3% −76.2% −74.5% −39.4% −35.3% −23.9% −18.6%
Free-cash-flow margin −43.0% −33.0% −66.2% −33.1% −30.2% −3.9% 1.3% 10.9% 15.0%
Cash flow
Cash from operations −30 −40 −93 −84 −160 −18 15 90 130
Capital spending 3 7 57 42 5 8 6 4 6
Free cash flow −33 −47 −150 −125 −165 −26 9 87 124
Stock-based pay 9 48 34 105 189 202 211 215 197
Free cash flow after stock pay −42 −95 −184 −230 −354 −228 −202 −128 −73
Balance sheet
Cash 24 306 260 240 527 237 185 200 220
Total debt 0 — — — — — — — 37
Net debt (negative = net cash) −24 −306 −260 −240 −527 −237 −185 −200 −183
Diluted shares 65m 70m 106m 176m 200m 220m 229m 237m 236m
Returned to shareholders
Buybacks 0 0 0 0 0 0 78 132 185
Total returned 0 0 0 0 0 0 78 132 185

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 3 checks passed · July 31, 2026
What it owns · $816m
Short-term assets $472mLonger-term assets $344m
What it owes, and who funded it · $816m
Short-term liabilities $513mLonger-term liabilities $199mShareholders' equity $104m
  • Short-term assets cover short-term liabilities $472m of assets due within a year against $513m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $472m short-term assets against $199m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$160m against $3m of interest.

From Asana, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$185M
Returned to shareholders
150%
of free cash flow
Buybacks, last 3 fiscal years
$211M
Diluted share count
+1.4%
year over year
Total shareholder yield
7.3%
dividends 0.0% + buybacks 7.3% of market value
R&D spending
35.6%
of revenue
Days sales outstanding
35 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated ASAN RAMP BRZE IDCC RPD APPN Median
Revenue, last 12 months $828m $832m $834m $817m $856m $795m $482m
Revenue growth, last 12 months 9.5% 8.9% 27.4% −12.0% 0.1% 20.9% 12.0%
Revenue growth, 3-year average 10.9% 11.0% 26.9% 13.4% 5.3% 16.2% 11.1%
Revenue growth, latest quarter 9.9% 9.8% 26.2% 17.5% −1.5% 19.1% 11.9%
Gross margin 87.6% 70.8% 66.3% — 69.3% 71.1% 69.2%
Operating margin −19.4% 11.6% −13.4% 45.1% 1.2% 1.3% 1.1%
Operating margin, 3-year average −29.3% 4.8% −19.7% 49.7% 1.6% −5.5% −0.8%
Net margin −18.6% 18.7% −13.6% 38.5% 2.4% −1.3% 2.1%
Cash from operations / revenue 15.7% 24.1% 11.1% 38.2% 17.9% 10.2% 18.2%
Free-cash-flow margin 15.0% 23.9% 10.1% 37.8% 16.9% 9.6% 15.0%
Free-cash-flow margin, 3-year average 6.2% 17.6% 5.8% 38.5% 17.9% 1.1% 16.2%
Stock pay / revenue 23.8% 9.4% 17.6% 7.4% 10.4% 5.4% 9.3%
Change in share count 1.4% −3.5% 5.8% 3.5% 18.0% 0.8% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 9.5% 12.0% 105 of 184
Change in growth rate Growth +0.0pp +0.2pp 99 of 184
Gross margin Profitability 87.6% 69.8% 10 of 160
Operating margin Profitability -19.4% 1.1% 133 of 181
Net margin Profitability -18.6% 2.1% 135 of 185
Free-cash-flow margin Cash generation 15.0% 15.2% 91 of 180
Stock pay as % of revenue Cash generation 23.8% 9.3% 153 of 177
Change in share count Balance sheet 1.4% 1.7% 77 of 163
Days sales outstanding Balance sheet 35 days 57 days 43 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Geography
Region Revenue Share YoY
United States $468M 59.2% ▲ 7.5%
Outside the US $322M 40.8% ▲ 11.9%

From Asana, Inc.'s 10-K filed March 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$746M
Institutions reporting
260
Shares held vs prior quarter
▲ 3.4%
Positions opened / closed
52 / 38

Top buyers and sellers, Q2 2026: 170 institutions bought and 94 sold ; the biggest buyer was Goldman Sachs Group Inc (+2.3M shares) and the biggest seller Millennium Management LLC (−2.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $65.9M 9.4M 8.8% ▲ 19.9%
Vanguard Portfolio Management LLC $64.8M 9.3M 8.7% ▲ 6.3%
Arrowstreet Capital, Limited Partnership $51.3M 7.3M 6.9% ▲ 2.1%
Goldman Sachs Group Inc $45.4M 6.5M 6.1% ▲ 55.5%
D. E. Shaw & Co., Inc. $41.4M 5.9M 5.5% ▼ 14.1%
Voya Investment Management LLC $33.1M 4.7M 4.4% ▲ 0.1%
AQR Capital Management LLC $30.2M 4.3M 4.0% ▲ 84.2%
Vanguard Capital Management LLC $28.5M 4.1M 3.8% ▲ 5.3%
State Street Corp $24.3M 3.5M 3.3% ▲ 28.2%
Two Sigma Investments, LP $23.8M 3.4M 3.2% ▼ 2.0%
Point72 Asset Management, L.P. $22.7M 3.2M 3.0% ▲ 1.2%
Westerly Capital Management, LLC $21.2M 3.0M 2.8% ▲ 137.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Asana, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $26.5M 38 trades by 8 insiders · 83% under pre-set plans
Net ▼ $26.5M net selling
Insider Date Trade Shares Price Value
Rogers Daniel Mark Chief Executive Officer October 22, 2026 Sell pre-set plan 19,676 $11.52 $226,597
Rogers Daniel Mark Chief Executive Officer October 9, 2026 Sell pre-set plan 18,021 $10.04 $180,900
Colendich Katie Marie GC, Corporate Secretary September 30, 2026 Sell 6,318 $8.65 $54,656
Megji Aziz Chief Financial Officer September 23, 2026 Sell pre-set plan 3,224 $9.26 $29,854
Rogers Daniel Mark Chief Executive Officer September 22, 2026 Sell pre-set plan 150,175 $9.13 $1.4M
Colendich Katie Marie GC, Corporate Secretary September 22, 2026 Sell pre-set plan 8,474 $9.77 $82,791
Rogers Daniel Mark Chief Executive Officer September 21, 2026 Sell pre-set plan 300,937 $9.53 $2.9M
Colendich Katie Marie GC, Corporate Secretary September 21, 2026 Sell pre-set plan 7,436 $9.53 $70,865
Megji Aziz Chief Financial Officer September 21, 2026 Sell pre-set plan 35,444 $9.53 $337,781
Rogers Daniel Mark Chief Executive Officer August 27, 2026 Sell pre-set plan 1,655 $10.00 $16,550
Rogers Daniel Mark Chief Executive Officer June 30, 2026 Sell pre-set plan 13,790 $6.90 $95,151
Colendich Katie Marie GC, Corporate Secretary June 26, 2026 Sell 5,242 $6.69 $35,069

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 1, 2026 estimated from the company's past filing pattern, not announced

  • September 3, 2026
  • May 28, 2026
  • March 2, 2026
  • December 2, 2025
  • September 3, 2025
  • June 3, 2025

Recent SEC filings

Data status

When each part of this page on Asana, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Asana, Inc. in brief

What does Asana, Inc. do?
Asana, Inc. is a US-listed company in the application software industry. Its financial year ends in January.
What is Asana, Inc.'s stock ticker?
Asana, Inc. trades under the ticker ASAN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Asana, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Asana, Inc. reported revenue of $828M, 9.5% higher than a year earlier, according to its SEC filings.
What is Asana, Inc.'s free cash flow?
Asana, Inc.'s free-cash-flow margin is 15.0% of revenue over the trailing twelve months, ranking 91 of the 180 application software companies we cover.
Who are Asana, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Arrowstreet Capital, Limited Partnership. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Asana, Inc. buying back stock, and does it pay a dividend?
Asana, Inc. spent $185M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.4% over the year.
What is Asana, Inc.'s market cap?
On November 2, 2026, Asana, Inc.'s market capitalisation was about $2.6B and net debt of -$183M. Market figures come from third-party market data and may be delayed.
Who are Asana, Inc.'s competitors?
In our Application Software peer group, the companies closest to Asana, Inc. are Liveramp Holdings, Inc., Braze, Inc., Interdigital, Inc., Rapid7, Inc. and Appian Corp. The side-by-side comparison below sets their revenue, margins and growth against Asana, Inc.'s.
Are insiders buying or selling Asana, Inc. stock?
Over the last 12 months, Asana, Inc.'s directors and officers reported 0 open-market purchases and 38 sales on Form 4. The insider trading page charts every trade.
When is Asana, Inc.'s next earnings date?
Around December 2, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Asana, Inc. announces its own schedule.