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what it is
Asana makes software that helps teams track projects, tasks, and deadlines in one place.
how it gets paid
Last year Asana made $791M in revenue.
why it's growing
Revenue grew 9.2% last year. Revenue was up 191% vs. prior year, but EPS stayed at -$0.66.
what just happened
Asana put up $585M of revenue and still lost money.
At a glance
B+ balance sheet — decent shape, but not bulletproof
70/100 earnings predictability — reasonably predictable
-$1.11 fy2024 eps est
$724M fy2024 rev est
25.0% operating margin
xvary composite: 45/100 — below average
What they do
Asana makes software that helps teams track projects, tasks, and deadlines in one place.
169,000 customers rely on it. Your team can work in lists, calendars, boards, timelines, and workload. Switching means rebuilding the same mess somewhere else.
How they make money
$791M
annual revenue · their business grew +9.2% last year
total revenue
$791M
+9.2%
The products that matter
core task and project software
Work Management Platform
$205.6M q4 revenue · +9% from a year ago
This is the main business. It produced $205.6M in Q4 FY2026 revenue, up 9% from a year ago, which tells you the core product is still growing — just not quickly.
core engine
ai workflow automation
AI Studio
$1M+ arr within months
AI Studio crossed $1M in annual recurring revenue within months of launch. That is fast for a new feature, but tiny relative to a $791M company. It matters more as proof of demand than as current revenue.
early signal
Key numbers
$791M
revenue
You get a $791M company, not a tiny startup. That matters because the stock is already paying for scale.
25.0%
operating margin
The business loses 25 cents on each sales dollar. That is the gap between growth and profit.
89.4%
gross margin
The software is cheap to deliver. The problem sits in sales, overhead, and everything around it.
$225M
debt
Long-term debt is $225M. That is not fatal, but it still ranks ahead of your shares.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $225M (12% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ASAN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Asana put up $585M of revenue and still lost money.
Revenue was up 191% vs. prior year, but EPS stayed at -$0.66. You are looking at growth first, profit later.
$585M
revenue
$0.66
eps
89.4%
gross margin
the number that mattered
The -$0.66 EPS matters because it shows revenue growth is still not paying for itself.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is slowing growth before profitability arrives.
med
Annual losses are still large
Asana lost $189M for FY2026. That is the central tension in the story: the software margin is excellent, but the company still burns through too much of it.
If losses stay anywhere near $189M, margin progress will not be enough on its own.
med
Growth has slowed into single digits
Revenue grew 9% in Q4 FY2026, and the FY2027 midpoint revenue guide is $854M, or roughly 8% growth. That is decent, not premium.
A $2B market cap gets harder to defend if growth settles around 8% and never re-accelerates.
med
AI monetization is real but still tiny
AI Studio crossed $1M in annual recurring revenue within months. Good start. Against $791M in total revenue, it is still too small to move the income statement.
If AI stays interesting but immaterial, the market eventually stops giving it strategic credit.
med
Leadership turnover adds execution risk
Aziz Megji took over as CFO on March 24, 2026, after the COO's resignation in late 2025. Turnover is never ideal when the company is trying to prove operational discipline.
Even a small stumble can hit a stock with a 5 / 100 price stability score.
If revenue growth stays around 8–9% while annual losses remain near $189M, investors stop paying for promise and start paying for proof.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings and the $854M guide
Management's FY2027 midpoint revenue outlook is $854M, or roughly 8% growth. Every quarter now gets graded against that slowing baseline.
metric
non-gaap operating margin
Q4 hit 9%, up 10 percentage points from a year ago. If that number holds, the turnaround case gets more credible. If it slips back, the quarter looks cosmetic.
trend
AI Studio beyond the first $1M
Crossing $1M ARR quickly proved there is demand. The next question is scale. You want to see it become more than a press-release number.
risk
core revenue holding near 9%
The core platform produced $205.6M in Q4 revenue, up 9% from a year ago. If that slips while AI remains small, the whole growth story narrows fast.
Analyst rankings
earnings predictability
70 / 100
This is reasonably forecastable, but not clean enough to treat as autopilot. In human-speak, analysts can model it, but they should not get comfortable.
beta
1.8
Beta measures how hard a stock tends to move relative to the market. At 1.8, a 10% market move has historically meant something closer to 18% here. Not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for ASAN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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