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1. Company Snapshot

1.a. Company Description

Asana, Inc., together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally.The company's platform enables teams to orchestrate work from daily tasks to cross-functional strategic initiatives; and manages product launches, marketing campaigns, and organization-wide goal settings.It serves customers in industries, such as technology, retail, education, non-profit, government, healthcare, media, and financial services.


The company was formerly known as Smiley Abstractions, Inc.and changed its name to Asana, Inc.in July 2009.


Asana, Inc.was incorporated in 2008 and is headquartered in San Francisco, California.

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1.b. Last Insights on ASAN

Breaking News: Asana Inc posted better-than-expected Q3 results. The company reported its earnings on December 3, 2025. Following the results, analysts revised their forecasts for Asana. The company's CFO and Head of Finance, Sonalee Parekh, participated in a conference with UBS Global Technology and AI Conference 2025. Analyst Taylor McGinnis from UBS Investment Bank also discussed Asana's prospects. Some analysts have revised their forecasts on Asana after Q3 results. A recommendation to buy or hold has been given by some analysts after the results.

1.c. Company Highlights

2. Asana's Q3 Earnings: Revenue Growth Slows, But AI-Driven Productivity Tools Shine

Asana, Inc.'s Q3 revenue was $201 million, growing 9% year over year, exceeding guidance. Non-GAAP operating income was $16.3 million or an 8% operating margin. The actual EPS came out at $0.07, beating estimates of $0.06. Free cash flow was $13.4 million, indicating the company's ability to generate cash from its operations. The revenue growth, although slowing, was accompanied by an improvement in non-GAAP operating margin and adjusted free cash flow.

Publication Date: Dec -04

📋 Highlights
  • Revenue Growth: Q3 revenue reached $201 million, a 9% YoY increase, surpassing guidance.
  • AI Product Momentum: AI Studio bookings grew sequentially, with wins at a global glassware manufacturer and European trade show operator.
  • Retention & Expansion: Core customer dollar-based net retention improved to 97%, with 10% YoY growth in core customer revenue.
  • Margin Expansion: Non-GAAP operating income of $16.3 million (8% margin) and $13.4 million free cash flow highlight disciplined profitability.

Customer Expansion and AI-Driven Growth

The company expanded with key customers, including a multinational entertainment company, two Fortune 100 healthcare service providers, and large tech sector customers. Asana's AI platform, including AI Studio and newly announced AI teammates, is designed to provide context, checkpoints, and controls. AI Studio delivered solid growth in sequential bookings, with notable wins with a global glassware manufacturer and a European trade show operator. The company's AI teammates are collaborative agents that help deliver real business outcomes, remembering, taking action, and adapting with full context on projects, goals, and team operations.

Operational Priorities and Future Guidance

Operational priorities remain focused on vertical depth, improving go-to-market execution, and disciplined, profitable growth. The company delivered strong retention amongst monthly self-service customers and significant improvement in non-GAAP operating margin and adjusted free cash flow. Asana expects Q4 revenues of $204-206 million and non-GAAP operating income of $14-16 million. For the full year, revenue guidance is updated to $789-791 million, representing 9% year-over-year growth.

Valuation and Growth Prospects

With a P/S Ratio of 4.41, the market is pricing in a certain level of revenue growth. Analysts estimate next year's revenue growth at 9.0%. The company's focus on AI-driven productivity tools and its position as an orchestration layer coordinating workflows across the enterprise could drive future growth. Asana's goal is to reaccelerate revenue growth and expand operating cash flow margins, driven by AI Studio and AI teammates. The expected margin expansion to 20% or more is driven by a 90% gross margin and operating leverage.

3. NewsRoom

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Asana, Inc. (ASAN) Presents at UBS Global Technology and AI Conference 2025 Transcript

Dec -04

Source: seekingalpha.com

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These Analysts Revise Their Forecasts On Asana After Q3 Results

Dec -03

Source: benzinga.com

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Asana, Inc. (ASAN) Q3 2026 Earnings Call Transcript

Dec -03

Source: seekingalpha.com

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Asana, Inc. (ASAN) Beats Q3 Earnings and Revenue Estimates

Dec -02

Source: zacks.com

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Asana Stock Climbs After Q3 Earnings: AI Agents Bring 'Meaningful' Gains

Dec -02

Source: benzinga.com

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Asana Announces Third Quarter Fiscal 2026 Results

Dec -02

Source: businesswire.com

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Asana Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Dec -02

Source: benzinga.com

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Bank of New York Mellon Corp Sells 31,615 Shares of Asana, Inc. $ASAN

Nov -22

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.57%)

6. Segments

Work Management Software Platform

Expected Growth: 12.57%

Asana's 12.57% growth is driven by increasing adoption of remote work, digital transformation, and the need for efficient project management. The platform's scalability, customization, and integration capabilities appeal to large enterprises, while its ease of use and affordability attract SMBs. Additionally, Asana's focus on workflow automation, AI-powered task assignment, and real-time reporting further fuels its growth.

7. Detailed Products

Asana Premium

A paid version of Asana with advanced features, including custom fields, advanced reporting, and integrations with other business apps.

Asana Enterprise

A customized version of Asana for large enterprises, including advanced security, compliance, and support features.

Asana Free

A free version of Asana with limited features, ideal for small teams and personal projects.

Asana Integrations

Integrations with other business apps, including Google Drive, Slack, and Microsoft Teams.

Asana Automation

A feature that automates repetitive tasks and workflows using custom rules and triggers.

Asana Analytics

A feature that provides advanced reporting and analytics to track project progress and performance.

8. Asana, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Asana's products are highly specialized and integrated, making it difficult for substitutes to emerge. However, the project management software market is highly competitive, and substitutes may still pose a threat.

Bargaining Power Of Customers

Asana's customers are primarily businesses and organizations, which have limited bargaining power due to the company's strong brand and product offerings.

Bargaining Power Of Suppliers

Asana's suppliers are primarily technology and infrastructure providers, which have limited bargaining power due to the company's strong market position and negotiating power.

Threat Of New Entrants

The project management software market is highly competitive, and new entrants may pose a significant threat to Asana's market share. However, the company's strong brand and product offerings provide a barrier to entry.

Intensity Of Rivalry

The project management software market is highly competitive, with many established players and new entrants vying for market share. Asana faces intense rivalry from competitors such as Trello, Microsoft, and Smartsheet.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 16.14%
Debt Cost 3.95%
Equity Weight 83.86%
Equity Cost 10.02%
WACC 9.04%
Leverage 19.24%

11. Quality Control: Asana, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
CleanSpark

A-Score: 4.5/10

Value: 5.6

Growth: 4.4

Quality: 9.0

Yield: 0.0

Momentum: 7.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Blackbaud

A-Score: 4.5/10

Value: 7.1

Growth: 3.4

Quality: 7.4

Yield: 0.0

Momentum: 2.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Dayforce

A-Score: 4.3/10

Value: 2.8

Growth: 7.3

Quality: 4.7

Yield: 0.0

Momentum: 6.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Bill.com

A-Score: 4.0/10

Value: 2.9

Growth: 9.4

Quality: 4.6

Yield: 0.0

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Asana

A-Score: 3.7/10

Value: 4.4

Growth: 6.3

Quality: 3.7

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Instructure Holdings

A-Score: 3.7/10

Value: 3.1

Growth: 7.8

Quality: 3.1

Yield: 0.0

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

14.18$

Current Price

14.18$

Potential

-0.00%

Expected Cash-Flows