One-glance verdict
Undervalued
$17.95 our estimate vs market $6.58
Wall Street consensus: $9.13 (-49.1% lower than our fair-value estimate)
63% below our estimate, below the bear case
Fundamentals snapshot
Asana, Inc.
ASAN · NYQ · Technology · Software - Application
Current price
$6.58
52-week range
$5.38 - $15.71
Market cap
$1.52B
Balance sheet
Healthy
-62.68x Concerning
Net cash $176.40M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
1 Risk
2 rewards · 1 risks
- Reward Revenue grew 2.3% last year.
- Reward Free cash flow was positive in 2/10 years.
- Risk Return on equity was -87.6% last year — the company lost money on shareholders' equity.
What this company does
Asana, Inc.
Asana sells software that acts like a shared to-do list and project planner for entire companies, helping teams organize their work and track goals. The company makes money by selling subscriptions to its platform, creating recurring revenue (a predictable stream of income from customers paying regularly, like a gym membership). This is important because as businesses manage more complex projects and remote teams, they need central tools to keep everyone coordinated and productive.
How the company got here
Asana was started in 2008 by two former Facebook employees, Dustin Moskovitz (a Facebook co-founder) and Justin Rosenstein. They created an internal tool at Facebook to manage tasks and projects because they found it hard to coordinate as the company grew rapidly. Realizing this tool could help other companies, they left Facebook to build Asana, launching it to the public in 2012. The company grew by offering a free version to small teams, which helped spread the word and attract paying customers over time. In 2020, Asana became a publicly traded company through a direct listing on the New York Stock Exchange.
What it actually does
Asana provides a software platform that acts like a shared to-do list and project planner for teams and entire companies. It helps people organize their work, see who is responsible for what, and track progress towards deadlines and goals. You can use it on the web or through mobile apps to manage everything from simple daily tasks to complex, multi-stage projects. The platform is designed to reduce the need for endless meetings and email chains by putting all the information about a project in one organized place.
Work Management Platform
This is Asana's main and only business, making up all of its revenue (the money it earns from sales). The company makes money by selling subscriptions to its cloud-based software, which is a common approach called Software-as-a-Service (SaaS). It uses a 'freemium' model, where a basic version is free for small teams, encouraging people to try it out. As teams grow or need more advanced features—like detailed reporting, goal tracking, or tighter security—they upgrade to paid subscription tiers, which are typically priced per person using the software. This single segment serves a wide range of customers, from small businesses to very large corporations across many industries.
What management is betting on now
Asana is heavily focused on integrating Artificial Intelligence (AI) into its platform to make teams more efficient. They are developing 'AI Teammates,' which are like virtual assistants that can automate routine tasks and help manage workflows. The company is also pushing to win over larger corporate clients with its 'Enterprise' plans, which offer more security and control for big organizations. Another key priority is connecting day-to-day tasks directly to a company's high-level strategic goals, helping everyone see how their work contributes to the bigger picture. This strategy aims to make Asana an essential tool for not just managing projects, but for running an entire business.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q2
$14.17M
FY2025 Q3
$-16.26M
FY2025 Q4
$14.35M
FY2026 Q1
$6.13M
FY2026 Q2
$38.54M
FY2026 Q3
$15.50M
FY2026 Q4
$26.40M
FY2027 Q1
$37.44M
Revenue
$205.09M
Net income
$-14.40M
Diluted EPS
-0.06
Operating cash flow
$40.24M
Free cash flow
$37.44M
Fetching…
Sources
Revenue
$205.57M
Net income
$-32.21M
Diluted EPS
-0.14
Operating cash flow
$27.59M
Free cash flow
$26.40M
Fetching…
Sources
Revenue
$201.03M
Net income
$-68.43M
Diluted EPS
-0.29
Operating cash flow
$16.17M
Free cash flow
$15.50M
Fetching…
Sources
Revenue
$196.94M
Net income
$-48.36M
Diluted EPS
-0.20
Operating cash flow
$39.84M
Free cash flow
$38.54M
Fetching…
Sources
Revenue
$187.27M
Net income
$-40.02M
Diluted EPS
-0.17
Operating cash flow
$6.76M
Free cash flow
$6.13M
Fetching…
Sources
Revenue
$188.33M
Net income
$-62.30M
Diluted EPS
-0.27
Operating cash flow
$15.86M
Free cash flow
$14.35M
Fetching…
Sources
Revenue
$183.88M
Net income
$-57.33M
Diluted EPS
-0.25
Operating cash flow
$-14.89M
Free cash flow
$-16.26M
Fetching…
Sources
Revenue
$179.21M
Net income
$-72.19M
Diluted EPS
-0.31
Operating cash flow
$15.86M
Free cash flow
$14.17M
Fetching…
Sources
Is it cheap or expensive?
Fair value $17.95 vs current price $6.58
Wall Street consensus is the average analyst price target: $9.13 (-49.1% lower than our fair-value estimate).
Our most-likely fair value is $17.95 a share — about 172.5% above today's price of $6.58, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $176.4M - more cash than debt. Interest coverage -62.7x.
Net debt
$-176.40M
Interest coverage
-62.68x
Asana, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
ASAN
BASELINE
Asana, Inc.
Total debt $248.24M Interest coverage -62.68x This is the baseline the peer rows are being compared against.
Total debt $1.24B Interest coverage -4.27x Neither company has much profit cushion over interest right now.
Total debt $425.65M Interest coverage 7.78x This peer still has a real interest-payment cushion, while ASAN does not.
Total debt $412.75M Interest coverage 0.92x This peer still has a real interest-payment cushion, while ASAN does not.
What you should know
The case for and against ASAN
2 Rewards
1 Risk
Rewards
-
Revenue grew 2.3% last year.
-
Free cash flow was positive in 2/10 years.
Risks
-
Return on equity was -87.6% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
14.00x
P/B
11.24x
P/S
1.88x
EV/EBITDA
-11.56x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
88.5%
Operating margin
-7.4%
Net margin
-20.2%
ROE
-87.6%
ROA
-10.1%
Health
Liquidity and balance-sheet strength
Debt / equity
1.81x
Current ratio
1.15x
Quick ratio
1.04x
Total debt
$248.24M
Total cash
$424.64M
Growth
How the business has been compounding
Revenue TTM
$808.63M
Revenue 5Y CAGR
20.2%
EPS TTM
-0.69
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$123.84M
Free CF TTM
$86.57M
FCF margin
10.7%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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