Asana, Inc. ASAN

Information TechnologySoftware & IT ServicesUnited States of America

Last close 11.15 USD on Nov 3, 2026, −18.7% year to date

Quant rating

Quant rating B Rank 140 of 389 in Information Technology

Growth B 109 of 389
Valuation C 239 of 389
Quality A 35 of 389
Revisions D 281 of 389
Momentum B 105 of 389

Wall Street consensus Hold (2.67)Average target 10.33 USD −7.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.6B
Enterprise value: 2.3B
52-week range: 5.38 – 15.27
3-year range: 5.38 – 27.52
Dividend yield: –
Beta (5 years): 0.96
Shares outstanding: 229M
Next earnings: Nov 30, 2026

About the company

Asana, Inc. is a work management platform built for the agentic enterprise, where humans and artificial intelligence (AI) agents run critical workflows together. The Company's customers use the Asana platform to connect their work to company goals and orchestrate critical workflows like product launches, employee onboarding, resource planning, tracking company-wide strategic initiatives and others. Its specialized products include Asana Work Graph, Asana AI Teammates, Asana AI Studio and Asana Gov. The Asana platform maintains an application programming interface that enables developers to build apps on Asana and integrate with third-party applications like Microsoft Teams, Slack, Jira, Salesforce, Google Workspace, Adobe Creative Cloud and others. Asana Work Graph provides a structured map of how all work gets done, capturing the relationships and decisions made across all tasks, goals, people, and AI agents.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	791	724	653	547	378	–
Revenue growth	9.2%	10.9%	19.2%	44.6%	66.7%	28.4%
EPS (basic, normalized)	0.27	−0.13	−0.20	−1.04	−0.92	–
EPS growth	–	–	–	–	–	–
Gross margin	89.0%	89.3%	90.1%	89.8%	89.7%	89.6%
Net margin	−23.9%	−35.3%	−39.4%	−74.5%	−76.2%	−49.9%
ROE	−99.1%	−92.3%	−75.3%	−145.5%	−301.8%	−142.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	340
Current ratio	0.92x
Long-term debt (mil)	0
Net debt (mil)	−303
Total equity (mil)	104
Net debt / equity	−2.90x
Net debt / EBITDA	−3.85x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	791	+9.2%	2.8x	78.7	+375.8%	28.6x	0.27	+307.7%	41.3x
2027	862	+8.9%	2.6x	109	+38.0%	20.7x	0.37	+38.6%	29.8x
2028	930	+7.9%	2.4x	131	+20.5%	17.2x	0.44	+18.3%	25.2x
2029	1,011	+8.7%	2.2x	166	+26.9%	13.5x	0.55	+25.3%	20.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	862	0.0%	+0.1%	+0.9%	0.37	+0.1%	+0.2%	+2.4%
2028	930	0.0%	+0.1%	+0.9%	0.44	−1.2%	−5.8%	−3.2%
2029	1,011	0.0%	0.0%	+0.7%	0.55	0.0%	−3.6%	−3.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	172	179	184	188	187	197	201	206	205	216
Sales mean (mil)	169	178	181	188	185	193	199	205	204	214
Surprise	+2.2%	+0.9%	+1.8%	+0.1%	+1.0%	+2.0%	+1.1%	+0.2%	+0.7%	+1.1%
EPS reported	−0.06	−0.05	−0.02	0.00	0.05	0.06	0.07	0.08	0.10	0.10
EPS mean	−0.08	−0.08	−0.07	−0.01	0.02	0.05	0.06	0.07	0.08	0.09
Surprise	+27.2%	+38.6%	+70.4%	+100.0%	+159.5%	+20.0%	+14.3%	+13.8%	+33.1%	+14.4%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ASAN Asana, Inc.	2.6B	−3.85x	−23.9%	24.65x	29.8x	25.2x	20.7x	17.2x
RNG RingCentral, Inc.	6.6B	1.70x	1.7%	35.28x	15.3x	14.1x	10.4x	9.8x
Mean		−1.08x	−11.1%	29.97x	22.6x	19.6x	15.6x	13.5x
Median		−1.08x	−11.1%	29.97x	22.6x	19.6x	15.6x	13.5x

Technical analysis

1M+29.4%
3M+30.7%
1Y−20.5%
3Y−45.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Asana, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	791	724	653	547	378	227
Cost of revenue	86.8	77.2	64.5	56.0	38.9	28.7
Gross profit	704	647	588	491	340	198
Selling, general & administrative expenses	597	572	533	593	402	235
Research & development	300	341	325	297	203	121
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	3.6	–	–	8.4	–	18.0
Other operating expenses	0	0	0	0	0	0
Operating income	−197	−267	−270	−408	−265	−176
Net interest income (expense)	11.3	16.8	17.0	6.7	−18.8	−34.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.8	−0.8	−0.3	−1.8	−1.1	0
Net income before taxes	−184	−251	−253	−403	−285	−210
Provision for taxes	4.9	4.8	3.7	4.9	3.2	1.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−189	−256	−257	−408	−288	−212
Extraordinary items	–	–	–	–	–	–
Net income	−189	−256	−257	−408	−288	−212
EBIT, normalized	−163	−255	−265	−399	−265	−158
EBITDA, normalized	−141	−238	−251	−387	−257	−154
Basic EPS, normalized	0.27	−0.13	−0.20	−1.04	−0.92	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Asana, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	434	467	519	529	312	386
Receivables	110	87.6	88.3	82.4	59.1	32.2
Total inventory	–	–	–	–	–	–
Prepaid expenses	15.4	17.4	25.0	25.1	23.0	16.7
Other current assets	33.6	28.9	26.9	23.6	17.3	10.6
Total current assets	593	601	660	660	411	446
Property, plant & equipment	222	262	278	271	274	257
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	0	2.8	19.1
Note receivable	–	–	–	–	–	–
Other long-term assets	29.0	28.3	24.0	23.4	19.2	8.9
Total assets	844	891	962	955	707	731
Liabilities
Accounts payable	18.8	9.9	6.9	7.6	11.6	9.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	89.9	82.0	72.2	73.6	54.8	36.1
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	40.8	–	–	–	–	1.5
Other current liabilities	351	324	288	251	189	116
Total current liabilities	501	416	367	332	255	163
Long-term debt	0	39.3	43.6	46.7	34.6	381
Minority interest	–	–	–	–	–	–
Other liabilities	189	209	225	219	213	200
Total liabilities	690	664	636	598	503	744
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	2,300	2,060	1,821	1,595	1,034	529
Retained earnings (accumulated deficit)	−2,150	−1,828	−1,495	−1,238	−830	−541
Treasury stock	–	–	–	–	–	–
Other equity	4.2	−3.9	−0.2	−0.9	−0.6	0
Total equity	154	228	326	357	204	−12.8
Total liabilities & shareholders' equity	844	891	962	955	707	731

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Asana, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−189	−256	−257	−408	−288	−212
Depreciation, depletion & amortization	22.0	17.5	14.3	12.7	8.5	3.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	292	260	247	222	150	92.1
Changes in working capital	−34.2	−6.8	−22.6	13.4	46.0	23.3
Cash from operations	90.4	14.9	−17.9	−160	−83.8	−92.9
Investing activities
Capital expenditures	−13.4	−12.3	−13.2	−7.2	−42.7	−58.3
Other investing cash flows	50.5	6.2	−276	71.6	70.3	−101
Cash from investing	37.2	−6.1	−289	64.5	27.6	−159
Financing activities
Financing cash flow items	0	0	0	0	0	−0.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−118	−58.1	16.8	381	37.2	201
Cash from financing	−118	−58.1	16.8	381	37.2	201
Foreign exchange effects	5.8	−2.5	0.4	0.3	−0.5	0
Net change in cash	15.4	−51.8	−290	286	−19.5	−50.8
Free cash flow	77.0	2.6	−31.1	−167	−127	−151

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.