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Asana
(NYSE:ASAN)
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Rating:56Neutral
Price Target:
$11.50
▲(21.82% Upside)
Action:Reiterated
Date:09/28/26
ASAN’s score is primarily supported by materially improved cash flow and strong gross margins, plus a constructive earnings update with rising AI contribution and improving retention. These positives are tempered by an elevated balance-sheet risk profile (shrinking equity base), continued GAAP losses/negative P/E, and only neutral technical momentum with guidance pointing to modest near-term growth.
Positive Factors
Cash generation and margins
Strong positive cash flow and high gross margins indicate improving SaaS economics and operating discipline. This gives Asana resources to fund product investment, absorb execution volatility, and pursue growth while increasing the potential for durable operating leverage.
Negative Factors
Persistent losses and balance-sheet risk
Asana remains loss-making under GAAP while its equity cushion has declined materially, increasing financial risk and reducing flexibility. Sustained improvement depends on continued expense control and cash generation to rebuild resilience without relying on additional financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation and margins
Strong positive cash flow and high gross margins indicate improving SaaS economics and operating discipline. This gives Asana resources to fund product investment, absorb execution volatility, and pursue growth while increasing the potential for durable operating leverage.
Read all positive factors
Asana Key Performance Indicators (KPIs)
Any
Customers Over $5K
Tracks the number of customers generating over $5,000 in annual revenue, highlighting Asana's ability to attract and retain mid-sized clients.
Tracks the number of customers generating over $5,000 in annual revenue, highlighting Asana's ability to attract and retain mid-sized clients.
Data provided by:
The Fly
The FlyAsana (ASAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.53B
Dividend YieldN/A
Average Volume (3M)6.97M
Price to Earnings (P/E)―
Beta (1Y)1.34
Revenue Growth9.48%
EPS Growth26.94%
CountryUS
Employees1,767
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.66
Shares Outstanding159,441,760
10 Day Avg. Volume4,536,034
30 Day Avg. Volume6,972,339
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)15.75
Price to Sales (P/S)3.07
P/FCF Ratio28.04
Enterprise Value/Market Cap0.73
Enterprise Value/Revenue2.22
Enterprise Value/Gross Profit2.53
Enterprise Value/Ebitda-14.84
Forecast
1Y Price Target
$9.66Price Target Upside2.29% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)0.37
Revenue Forecast (FY)$861.60M
Asana Business Overview & Revenue Model
Company Description
Asana, Inc., alongside its subsidiaries, offers a comprehensive work management platform designed for individual contributors, team leaders, and top executives across the United States and globally. This platform empowers teams to coordinate diver...
How the Company Makes Money
Asana primarily makes money by selling subscriptions to its SaaS work management platform. Revenue is generated through recurring fees paid by customers on paid plans, typically priced on a per-user (seat-based) basis and billed monthly or annuall...
Asana Earnings Call Summary
Earnings Call Date:Sep 03, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Dec 08, 2026
Earnings Call Sentiment Positive
The call was predominantly positive: Asana exceeded Q2 revenue and profitability expectations, reported improving retention across cohorts, returned the U.S. business to double-digit growth, and showed strong early AI adoption and customer outcomes. The main cautions were persistent PLG weakness, company-wide NRR remaining below 100%, near-term gross-margin and revenue-recognition pressure from the AWM transition, and limited expected FY2027 contribution from newer applications.Positive Updates
Q2 Revenue Beat and Growth Acceleration
Q2 revenue was $216.4 million, up 10% year-over-year, accelerating from Q1 and exceeding the high end of guidance.
Negative Updates
Persistent PLG Headwind
The previously discussed product-led growth headwind continued to build throughout the year as lower PLG bookings compounded into the revenue base. Management estimated approximately 100 basis points of pressure on Q3 revenue growth, increasing to 150 basis points in Q4. The ARR headwind discussed in March widened by approximately 50 basis points.
Read all updates
Q2-2027 Updates
Positive
Negative
Q2 Revenue Beat and Growth Acceleration
Q2 revenue was $216.4 million, up 10% year-over-year, accelerating from Q1 and exceeding the high end of guidance.
Read all positive updates
Company Guidance
For Q3 fiscal 2027, Asana expects revenue of $217 million to $219 million, representing 8% to 9% growth year-over-year, including a $700,000 headwind to revenue from the AWM packaging transition; non-GAAP operating income of $18 million to $19 million, representing an operating margin of 8% to 9%; non-GAAP net income per share of $8 -- $0.08, assuming diluted weighted average shares outstanding of approximately 236 million shares. For the full fiscal year 2027, it expects revenue of $858.5 million to $863.5 million, representing growth of 9% year-over-year at the midpoint of the guidance, including approximately 50 basis points from StackAI, a $1.2 million headwind from the transition to AWM and consumption, and an approximately 20 basis point tailwind in constant currency; non-GAAP operating income of $84.5 million to $86.5 million, representing an operating margin of approximately 10%; and non-GAAP net income per share of $0.37, assuming diluted weighted average shares outstanding of approximately 239 million shares. The company expects AI products to represent approximately 20% of new ARR for the full year, approximately 100 basis points of pressure to revenue growth in Q3 and 150 basis points of pressure in Q4 from PLG, gross margin to be in the mid-80s exiting the year, approximately $3 million of incremental Q3 AWM and agentic application launch investment, and minimal FY '27 revenue contribution from Client Management, Service Management and Command.Asana Financial Statement Overview
Summary
Income Statement
47
Neutral
Balance Sheet
38
Negative
Cash Flow
72
Positive
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 828.13M | 790.81M | 723.88M | 652.50M | 547.21M | 378.44M |
| Gross Profit | 725.08M | 704.05M | 646.68M | 587.98M | 490.65M | 339.54M |
| EBITDA | -123.83M | -158.98M | -229.54M | -235.03M | -388.22M | -258.26M |
| Net Income | -154.24M | -189.02M | -255.54M | -257.03M | -407.77M | -288.34M |
Balance Sheet | ||||||
| Total Assets | 816.15M | 844.09M | 891.41M | 961.96M | 954.96M | 707.03M |
| Cash, Cash Equivalents and Short-Term Investments | 339.85M | 434.05M | 466.88M | 519.46M | 529.30M | 312.03M |
| Total Debt | 258.33M | 249.42M | 268.39M | 277.88M | 271.54M | 255.61M |
| Total Liabilities | 711.83M | 689.97M | 663.89M | 635.56M | 598.39M | 503.19M |
| Stockholders Equity | 104.32M | 154.12M | 227.52M | 326.40M | 356.57M | 203.84M |
Cash Flow | ||||||
| Free Cash Flow | 117.28M | 86.57M | 9.36M | -31.09M | -167.22M | -126.50M |
| Operating Cash Flow | 130.05M | 90.36M | 14.93M | -17.93M | -160.06M | -83.78M |
| Investing Cash Flow | 81.24M | 37.17M | -6.13M | -289.13M | 64.49M | 27.56M |
| Financing Cash Flow | -175.91M | -117.92M | -58.09M | 16.78M | 381.39M | 37.21M |
Asana Technical Analysis
Positive
9.44
Price Trends
9.48
Positive
8.57
Positive
8.15
Positive
Market Momentum
0.38
Negative
65.82
Neutral
81.73
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASAN, the sentiment is Positive. The current price of 9.44 is below the 20-day moving average (MA) of 9.53, below the 50-day MA of 9.48, and above the 200-day MA of 8.15, indicating a bullish trend. The MACD of 0.38 indicates Negative momentum. The RSI at 65.82 is Neutral, neither overbought nor oversold. The STOCH value of 81.73 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ASAN.
Asana Risk Analysis
Asana disclosed 61 risk factors in its most recent earnings report. Asana reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Asana Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $3.87B | 22.58 | 19.50% | ― | 15.57% | ― | |
73 Outperform | $4.26B | 41.92 | 12.46% | ― | 24.21% | 206.42% | |
73 Outperform | $3.48B | -87.17 | -10.77% | ― | 14.62% | -120.98% | |
70 Outperform | $760.33M | -25.40 | -14.05% | ― | 11.85% | 47.54% | |
68 Neutral | $2.06B | -22.03 | -46.24% | ― | 18.26% | -0.63% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $2.53B | -16.76 | -105.68% | ― | 9.48% | 26.94% |
* Technology Sector Average
ASAN
Asana
11.50
-3.14
-21.45%
SPT
Sprout Social
13.11
1.71
15.00%
MNDY
Monday.com
106.86
-89.37
-45.54%
INTA
Intapp
47.18
7.64
19.32%
FRSH
Freshworks
15.32
3.90
34.15%
AMPL
Amplitude
17.07
7.09
71.04%
Asana Corporate Events
Business Operations and StrategyExecutive/Board Changes
Asana Reshapes Board and Finance Team for AI Growth
Positive
Sep 28, 2026
On September 25, 2026, Asana restructured its board leadership, appointing CEO Dan Rogers as board chair to succeed co‑founder Dustin Moskovitz, who remained a director and signaled long‑term commitment by maintaining his shareholdings...
Business Operations and StrategyExecutive/Board Changes
Asana Expands Finance Leadership With New Accounting Role
Neutral
Aug 28, 2026
On August 26, 2026, Asana, Inc.’s board of directors appointed Aziz Megji as the company’s Principal Accounting Officer, adding to his existing roles as Chief Financial Officer and Principal Financial Officer. The company noted that th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.