Asana

ASAN · NYSE · Information Technology · Financials, fiscal 2019 to 2026

ASAN · Last close · October 26, 2026

$12.01

Asana's revenue rose 9.2% to $791 million in fiscal 2026. Its operating margin was −24.9%, up from −36.9% a year earlier. Free cash flow was $87 million, up 825.3%. It paid out $132 million in dividends and buybacks, 153% of free cash flow. The diluted share count rose 3.2%.

Asana, Inc. Latest fiscal year ended January 31, 2026 10-K filed March 13, 2026 · 0001477720-26-000021 Updated October 11, 2026

Revenue

$791M

9.2%

Operating margin

−24.9%

11.9 pts

Net income

−$189M

Free cash flow

$87M

825.3%

Return on equity

−99.1%

6.8 pts

Market cap

$2.8B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Asana's convertible notes (to fiscal 2022) and its secured term loan are tagged under different labels with no total, so debt is left blank.

What Asana does

Asana sells subscription software, over the internet, that helps teams plan, track and coordinate their work. Users see who is doing what and by when, and link projects to company goals. Asana says its platform now lets people and AI agents work side by side, through products called AI Teammates and AI Studio. It also sells Asana Gov for government agencies and regulated industries. Its software connects with more than 300 other tools.

It makes money from paid subscriptions to one work management product, sold in tiers (Personal, Starter, Advanced, Enterprise and Enterprise+) and priced per user. It had over 180,000 paying customers on January 31, 2026, and 817 of them spent $100,000 or more a year. Many customers start on a free plan or free trial. The company then grows its larger accounts through its own sales team and through resellers and other partners in more than 50 countries.

The software runs on Amazon Web Services. Asana also works with OpenAI and Anthropic, whose models power its AI features. It names no single rival in this section and says the work management market is highly competitive.

Its biggest risks, as it describes them

A history of losses and no guarantee that it will become or stay profitable.
Relying on a single software product, plus add-ons, for almost all of its revenue.
Failing to turn free and trial users into paying customers and to win new ones.
Strong competition, including the need to deploy AI in its products successfully.
Legal, business and operating risks from using AI in its products.

From Asana's annual report on Form 10-K, filed March 13, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Asana lost money in fiscal 2026: a net loss of $189 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Asana yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Asana's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Asana's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Asana's own revenue growth, as above. Cautious: growth of 6.5% then 4% a year, 2% after year 10, a 12% discount rate. Base: growth of 13% then 8% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 19.5% then 11% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $12.01
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Asana's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	312	529	237	185	200
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	−14.4x	−203.9x	−68.3x	−72.4x	−62.7x
Current ratio	1.6x	2.0x	1.8x	1.4x	1.2x
Quick ratio	1.6x	2.0x	1.8x	1.4x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Asana shares on the open market, and 8 insiders sold $26.4 million, $22.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 22, 2026	Daniel Mark RogersChief Executive Officer, Director	Sold plan	19,676	$11.52	$226,597	Form 4
Oct 9, 2026	Daniel Mark RogersChief Executive Officer, Director	Sold plan	18,021	$10.04	$180,900	Form 4
Sep 23, 2026	Aziz MegjiChief Financial Officer	Sold plan	3,224	$9.26	$29,854	Form 4
Sep 22, 2026	Daniel Mark RogersChief Executive Officer, Director	Sold plan	150,175	$9.13	$1.4 million	Form 4
Sep 22, 2026	Katie Marie ColendichGC, Corporate Secretary	Sold plan	8,474	$9.77	$82,791	Form 4
Sep 21, 2026	Daniel Mark RogersChief Executive Officer, Director	Sold plan	300,937	$9.53	$2.9 million	Form 4
Sep 21, 2026	Aziz MegjiChief Financial Officer	Sold plan	35,444	$9.53	$337,781	Form 4
Sep 21, 2026	Katie Marie ColendichGC, Corporate Secretary	Sold plan	7,436	$9.53	$70,865	Form 4
Aug 27, 2026	Daniel Mark RogersChief Executive Officer, Director	Sold plan	1,655	$10.00	$16,550	Form 4
Jun 30, 2026	Daniel Mark RogersChief Executive Officer, Director	Sold plan	13,790	$6.90	$95,151	Form 4
Jun 26, 2026	Katie Marie ColendichGC, Corporate Secretary	Sold	5,242	$6.69	$35,069	Form 4
Jun 24, 2026	Aziz MegjiChief Financial Officer	Sold plan	13,239	$6.73	$89,098	Form 4

The latest 12 of 35 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—
Accruals ratio	−24.9%	−29.2%	−32.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Asana side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Asana	FY26	9.2%	−24.9%	10.9%	—	—	—
Navan	FY26	30.8%	−28.0%	4.7%	—	—	—	Compare
Clear Secure	FY25	16.9%	20.7%	38.1%	—	—	—	Compare
AppFolio	FY25	19.7%	16.1%	25.1%	50.2%	−1.4x	4	Compare
GitLab	FY26	25.8%	−7.4%	23.2%	—	—	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

8 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	77	143	227	378	547	652	724	791
Revenue growth	—	85.8%	59.2%	66.7%	44.6%	19.2%	10.9%	9.2%
Gross profit	63	123	198	340	491	588	647	704
Research and development	43	90	121	203	297	325	342	302
Operating income	−52	−120	−176	−265	−408	−270	−267	−197
Net income	−51	−119	−212	−288	−408	−257	−256	−189
Diluted EPS (US$)	−0.78	−1.69	−1.99	−1.63	−2.04	−1.17	−1.11	−0.80
Diluted shares (millions)	65	70	106	176	200	220	230	237
Cash flow
Cash from operations	−30	−40	−93	−84	−160	−18	15	90
Capital expenditure	3	7	57	42	5	8	6	4
Free cash flow	−33	−47	−150	−125	−165	−26	9	87
Dividends paid	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	78	132
Acquisitions	0	0	0	0	0	0	0	0
Stock-based compensation	8	48	34	104	189	202	211	215
Balance sheet at fiscal year end
Cash and short-term investments	24	351	386	312	529	237	185	200
Debt incl. finance leases	—	—	—	—	—	—	—	—
Total assets	—	422	731	707	955	962	891	844
Total liabilities	—	316	744	503	598	636	664	690
Shareholders' equity	−181	−145	−13	204	357	326	228	154
Margins and ratios
Gross margin	82.0%	86.1%	87.3%	89.7%	89.7%	90.1%	89.3%	89.0%
Operating margin	−67.8%	−83.9%	−77.3%	−70.1%	−74.5%	−41.4%	−36.9%	−24.9%
Net margin	−66.3%	−83.2%	−93.3%	−76.2%	−74.5%	−39.4%	−35.3%	−23.9%
Free cash flow margin	−43.0%	−33.0%	−66.2%	−33.1%	−30.2%	−3.9%	1.3%	10.9%
Return on capital	—	—	—	—	—	—	—	—
Return on equity	—	—	—	−301.9%	−145.5%	−75.3%	−92.3%	−99.1%
Return on assets	—	—	−36.7%	−40.1%	−49.1%	−26.8%	−27.6%	−21.8%
Net debt to EBITDA	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Asana's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Asana.