Asana vs Strategy
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The short version
- Asana is the larger business, with $791M of revenue in fiscal 2026 against $477M for Strategy, about 1.7 times as much.
- Asana grew revenue faster (9.3%, against 3.0%).
- Asana kept more of each dollar of sales as operating profit (β25.0% operating margin, against β1,140.8%).
- Asana turned more of its sales into free cash flow (11.0% FCF margin, against β15.8%).
| Latest fiscal year | ASAN Β· FY26 | MSTR Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.8B | $51.5B |
| Revenue | $791M | $477M |
| Free cash flow | $86.6M | β$75.5M |
| Net income | β$189M | β$3.8B |
| Growth | ||
| Revenue growth | 9.3% | 3.0% |
| 5-year growth | 28.4% | β0.2% |
| Share count change | 3.2% | 44.2% |
| Profitability | ||
| Gross margin | 89.0% | 68.7% |
| Operating margin | β25.0% | β1,140.8% |
| Net margin | β23.9% | β806.4% |
| FCF margin | 11.0% | β15.8% |
| Return on capital | β | β11.4% |
| Return on equity | β99.1% | β12.3% |
| Balance sheet | ||
| Net debt | β | $5.9B |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $132M | $0.0M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | β | 4 |
Revenue
FY17
ASAN β
MSTR $504M
FY18
ASAN β
MSTR $498M
FY19
ASAN $76.8M
MSTR $486M
FY20
ASAN $143M
MSTR $481M
FY21
ASAN $227M
MSTR $511M
FY22
ASAN $378M
MSTR $499M
FY23
ASAN $547M
MSTR $496M
FY24
ASAN $653M
MSTR $464M
FY25
ASAN $724M
MSTR $477M
FY26
ASAN $791M
MSTR β
ASAN
MSTR
Operating margin
FY17
ASAN β
MSTR 14.5%
FY18
ASAN β
MSTR 0.8%
FY19
ASAN β67.8%
MSTR β0.2%
FY20
ASAN β83.9%
MSTR β2.8%
FY21
ASAN β77.3%
MSTR β153.6%
FY22
ASAN β70.1%
MSTR β255.5%
FY23
ASAN β74.5%
MSTR β23.2%
FY24
ASAN β41.4%
MSTR β399.8%
FY25
ASAN β36.9%
MSTR β1,140.8%
FY26
ASAN β25.0%
MSTR β
ASAN
MSTR
Free cash flow
FY17
ASAN β
MSTR $74.3M
FY18
ASAN β
MSTR $3.8M
FY19
ASAN β$33.0M
MSTR $50.7M
FY20
ASAN β$47.0M
MSTR $50.0M
FY21
ASAN β$150M
MSTR $91.1M
FY22
ASAN β$125M
MSTR $0.7M
FY23
ASAN β$165M
MSTR $9.8M
FY24
ASAN β$25.7M
MSTR β$56.0M
FY25
ASAN $9.4M
MSTR β$75.5M
FY26
ASAN $86.6M
MSTR β
ASAN
MSTR
Return on capital
FY17
ASAN β
MSTR β
FY18
ASAN β
MSTR β
FY19
ASAN β
MSTR β
FY20
ASAN β
MSTR β2.6%
FY21
ASAN β
MSTR β31.4%
FY22
ASAN β
MSTR β40.1%
FY23
ASAN β
MSTR β2.9%
FY24
ASAN β
MSTR β9.9%
FY25
ASAN β
MSTR β11.4%
FY26
ASAN β
MSTR β
ASAN
MSTR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.