Asana
ASAN NYSE Application Software Financials FY2019–FY2026
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%.
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.
- Legal name
- Asana, Inc.
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 13, 2026
- Accession · CIK
- 0001477720-26-000021
0001477720
Revenue and margins
Asana had $791M of revenue in fiscal 2026, up 9.3% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $86.6M in fiscal 2026, 11.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Asana returned $132M to shareholders in fiscal 2026, 153% of free cash flow. The diluted share count rose 3.2%.
Value Asana yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 236.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Asana can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $312M | $529M | $237M | $185M | $200M |
| 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 |
| Total assets | $707M | $955M | $962M | $891M | $844M |
| Total liabilities | $503M | $598M | $636M | $664M | $690M |
| Shareholders' equity | $204M | $357M | $326M | $228M | $154M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$5.2M
3 insiders
Of sales under plans
99%
$5.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 9, 2026 | Daniel Mark RogersChief Executive Officer, Director | Sold plan | 18,021 | $10.04 | $0.2M | Form 4 |
| Sep 23, 2026 | Aziz MegjiChief Financial Officer | Sold plan | 3,224 | $9.26 | $0.0M | Form 4 |
| Sep 22, 2026 | Daniel Mark RogersChief Executive Officer, Director | Sold plan | 150,175 | $9.13 | $1.4M | Form 4 |
| Sep 22, 2026 | Katie Marie ColendichGC, Corporate Secretary | Sold plan | 8,474 | $9.77 | $0.1M | Form 4 |
| Sep 21, 2026 | Aziz MegjiChief Financial Officer | Sold plan | 35,444 | $9.53 | $0.3M | Form 4 |
| Sep 21, 2026 | Daniel Mark RogersChief Executive Officer, Director | Sold plan | 300,937 | $9.53 | $2.9M | Form 4 |
| Sep 21, 2026 | Katie Marie ColendichGC, Corporate Secretary | Sold plan | 7,436 | $9.53 | $0.1M | Form 4 |
| Aug 27, 2026 | Daniel Mark RogersChief Executive Officer, Director | Sold plan | 1,655 | $10.00 | $0.0M | Form 4 |
| Jun 30, 2026 | Daniel Mark RogersChief Executive Officer, Director | Sold plan | 13,790 | $6.90 | $0.1M | Form 4 |
| Jun 26, 2026 | Katie Marie ColendichGC, Corporate Secretary | Sold | 5,242 | $6.69 | $0.0M | Form 4 |
| Jun 24, 2026 | Aziz MegjiChief Financial Officer | Sold plan | 13,239 | $6.73 | $0.1M | Form 4 |
| Jun 24, 2026 | Katie Marie ColendichGC, Corporate Secretary | Sold plan | 8,337 | $6.74 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −25.0% | −29.2% | −32.2% |
| Altman Z'' | −4.42 | −6.98 | −8.92 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Asana ASAN | $2.8B | 9.3% | −25.0% | 11.0% | — | — | — | |
| AppFolio APPF | $7.5B | 19.7% | 16.1% | 25.1% | 50.3% | 44.4x | 4 | Compare → |
| GitLab GTLB | $9.5B | 25.8% | −7.4% | 23.2% | — | — | 4 | Compare → |
| Manhattan Associates MANH | $14.1B | 3.8% | 25.9% | 34.6% | — | 68.5x | 6 | Compare → |
| Strategy MSTR | $51.5B | 3.0% | −1,140.8% | −15.8% | −11.4% | — | 4 | Compare → |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $76.8M | $143M | $227M | $378M | $547M | $653M | $724M | $791M |
| Gross profit | $62.9M | $123M | $198M | $340M | $491M | $588M | $647M | $704M |
| Research and development | $42.6M | $89.7M | $121M | $203M | $297M | $325M | $342M | $302M |
| Operating income | −$52.0M | −$120M | −$176M | −$265M | −$408M | −$270M | −$267M | −$197M |
| Interest expense | $0.0M | $0.1M | $36.2M | $18.4M | $2.0M | $4.0M | $3.7M | $3.1M |
| Pretax income | −$50.9M | −$118M | −$210M | −$285M | −$403M | −$253M | −$251M | −$184M |
| Income tax | $0.0M | $0.2M | $1.5M | $3.2M | $4.9M | $3.7M | $4.8M | $4.9M |
| Net income | −$50.9M | −$119M | −$212M | −$288M | −$408M | −$257M | −$256M | −$189M |
| Diluted EPS | −$0.78 | −$1.69 | −$1.99 | −$1.63 | −$2.04 | −$1.17 | −$1.11 | −$0.80 |
| Diluted shares | 0.07B | 0.07B | 0.11B | 0.18B | 0.20B | 0.22B | 0.23B | 0.24B |
| Cash flow | ||||||||
| Cash from operations | −$30.2M | −$40.1M | −$92.9M | −$83.8M | −$160M | −$17.9M | $14.9M | $90.4M |
| Capital expenditure | $2.9M | $6.9M | $57.3M | $41.6M | $5.4M | $7.7M | $5.6M | $3.8M |
| Free cash flow | −$33.0M | −$47.0M | −$150M | −$125M | −$165M | −$25.7M | $9.4M | $86.6M |
| Depreciation and amortization | $4.2M | $2.2M | $3.5M | $8.5M | $12.7M | $14.3M | $17.5M | $22.0M |
| Stock-based compensation | $8.5M | $48.4M | $34.2M | $105M | $189M | $202M | $211M | $215M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $78.4M | $132M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $78.4M | $132M |
| Balance sheet | ||||||||
| Cash and short-term investments | $23.8M | $351M | $386M | $312M | $529M | $237M | $185M | $200M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $381M | $446M | $411M | $660M | $660M | $601M | $593M |
| Current liabilities | — | $100M | $164M | $255M | $332M | $367M | $416M | $501M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $10.1M | $74.4M | $99.6M | $95.0M | $96.5M | $95.8M | $88.3M |
| Total assets | — | $422M | $731M | $707M | $955M | $962M | $891M | $844M |
| Total liabilities | — | $316M | $744M | $503M | $598M | $636M | $664M | $690M |
| Shareholders' equity | −$181M | −$145M | −$12.8M | $204M | $357M | $326M | $228M | $154M |
| Margins | ||||||||
| 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% | −25.0% |
| EBITDA margin | −62.3% | −82.4% | −75.8% | −67.8% | −72.2% | −39.2% | −34.4% | −22.2% |
| Net margin | −66.3% | −83.2% | −93.3% | −76.2% | −74.5% | −39.4% | −35.3% | −23.9% |
| FCF margin | −43.0% | −33.0% | −66.2% | −33.1% | −30.2% | −3.9% | 1.3% | 11.0% |
| Returns | ||||||||
| Return on capital employed | — | — | −39.5% | −52.0% | −75.9% | −44.4% | −49.8% | −48.2% |
| 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% |
| Growth | ||||||||
| Revenue growth | — | 85.8% | 59.2% | 66.7% | 44.6% | 19.2% | 10.9% | 9.3% |
| FCF growth | — | — | — | — | — | — | — | 825.3% |
| Share count change | — | 7.9% | 51.2% | 65.9% | 13.4% | 10.2% | 4.1% | 3.2% |
| Financial health | ||||||||
| Interest coverage | — | −1,533.7x | −4.9x | −14.4x | −203.9x | −68.3x | −72.4x | −62.7x |
| Current ratio | — | 3.8x | 2.7x | 1.6x | 2.0x | 1.8x | 1.4x | 1.2x |
| Quick ratio | — | 3.8x | 2.7x | 1.6x | 2.0x | 1.8x | 1.4x | 1.2x |
| Capital allocation | ||||||||
| Capex / revenue | 3.7% | 4.8% | 25.3% | 11.0% | 1.0% | 1.2% | 0.8% | 0.5% |
| Stock comp / revenue | 11.1% | 33.9% | 15.1% | 27.6% | 34.5% | 31.0% | 29.2% | 27.2% |
| Payouts / FCF | — | — | — | — | — | — | 837.5% | 152.7% |
| Quality scores | ||||||||
| Altman Z'' | — | −0.6 | −1.5 | −4.5 | −4.2 | −4.4 | −7.0 | −8.9 |
| Accruals ratio | — | — | −20.6% | −28.5% | −29.8% | −25.0% | −29.2% | −32.2% |
Source: SEC EDGAR XBRL filings (CIK 0001477720). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.