# Asana, Inc. (ASAN)

> Source: Nexqual · https://nexqual.com/ASAN · data as of 2026-11-09 21:00 UTC · cite as "Nexqual, Asana, Inc. (ASAN), nexqual.com/ASAN" · informational, not investment advice.

## What changed for ASAN since Aug 31, 2025
The built-in knowledge of several widely used AI models ends around Aug 31, 2025. Everything below is newer, dated and sourced (as of Nov 9, 2026).

- Asana, Inc. (ASAN) stock went from USD 14.6 (close of the week of Aug 25, 2025, split-adjusted) to USD 10.02, a -31.4% price change; the S&P 500 (SPY) moved +18.3% over the same period.
- ASAN revenue over the last four reported quarters (through Jul 31, 2026) was $828M, +14.4% vs $724M in fiscal year 2025 (ended Jan 31, 2025), the last full year filed before September 2025; net income -$256M → -$154M (SEC 10-K / 10-Q).
- Analyst actions on ASAN in the last 120 days: 7 (5 upgrades or target raises, 0 downgrades or target cuts); most recent DA Davidson, Sep 4, 2026.

**Price:** USD 10.02 (-5.56% on the day) · last close of Nov 9, 2026; US market pre market, not a live price. Prev close 10.61 · day 10–10.55 · 52w 5.38–15.28 · market cap $2.29B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $828M, net income -$154M (-18.6% margin), free cash flow $124M (SEC filings).
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $6.0M; 4 not under a Rule 10b5-1 plan ($345K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.73 on a 1–5 scale) (15 analysts), mean target USD 10.23 (range 6.25–15).
- Total return with dividends: 1Y -25.9% vs S&P 500 +11.7%; 5Y -92.9% vs S&P 500 +72.2%.
- Next earnings: 2026-12-01, EPS estimate USD 0.08, revenue estimate $218M. All companies reporting that day: https://nexqual.com/earnings/2026-12-01
- Dividend: ASAN paid no cash dividend in the last five years.
- Short interest: 20.96% of float (as of 2026-10-15), 2.5 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $378M | $547M | $653M | $724M | $791M | $828M |
| Gross profit | $340M | $491M | $588M | $647M | $704M | — |
| Operating income | -$265M | -$408M | -$270M | -$267M | -$197M | -$160M |
| Net income | -$288M | -$408M | -$257M | -$256M | -$189M | -$154M |
| EPS (diluted) | -$1.63 | -$2.04 | -$1.17 | -$1.11 | -$0.80 | — |
| Free cash flow | -$125M | -$165M | -$25.7M | $9.4M | $86.6M | $124M |
| Gross margin | 89.7% | 89.7% | 90.1% | 89.3% | 89.0% | — |
| Operating margin | -70.1% | -74.5% | -41.4% | -36.8% | -25.0% | -19.4% |
| Net margin | -76.2% | -74.5% | -39.4% | -35.3% | -23.9% | -18.6% |
| Revenue growth | +66.7% | +44.6% | +19.2% | +10.9% | +9.2% | — |
| Cash + short-term investments | $312M | $529M | — | — | $200M | — |
| Total debt | $0K | — | — | — | — | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/S 2.8x · P/FCF 18.5x · P/B 22.0x · FCF yield 5.40% · Earnings yield -6.72% · Buyback yield (TTM) 8.08%

## Insider sales (SEC Form 4, open-market, last ~7 months)
10 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-22 | Rogers Daniel Mark | Chief Executive Officer | 19,676 | $227K | 1.4% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-10-09 | Rogers Daniel Mark | Chief Executive Officer | 18,021 | $181K | 1.2% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-30 | Colendich Katie Marie | GC, Corporate Secretary | 6,318 | $55K | 3.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-21…2026-09-23 | Megji Aziz | Chief Financial Officer | 38,668 | $368K | 5.1% | Yes (adopted March 23, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-21…2026-09-22 | Colendich Katie Marie | GC, Corporate Secretary | 15,910 | $154K | 9% | Yes (adopted March 25, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-21…2026-09-22 | Rogers Daniel Mark | Chief Executive Officer | 451,112 | $4.2M | 23.4% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-27 | Rogers Daniel Mark | Chief Executive Officer | 1,655 | $17K | 0.1% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-30 | Rogers Daniel Mark | Chief Executive Officer | 13,790 | $95K | 0.7% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-26 | Colendich Katie Marie | GC, Corporate Secretary | 5,242 | $35K | 2.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-24 | Megji Aziz | Chief Financial Officer | 13,239 | $89K | 1.7% | Yes (adopted March 23, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-22…2026-06-24 | Colendich Katie Marie | GC, Corporate Secretary | 15,984 | $107K | 8.1% | Yes (adopted March 25, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-22 | Sosa Veronica | Chief Accounting Officer | 11,378 | $76K | 15.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-22 | Megji Aziz | Chief Financial Officer | 31,696 | $211K | 3.9% | Yes (adopted March 23, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-22 | Rogers Daniel Mark | Chief Executive Officer | 26,975 | $180K | 1.4% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.73 on a 1–5 scale), 15 analysts; mean target USD 10.23 (low 6.25, high 15).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-04 | DA Davidson | Target raised | Neutral | $8 → $9 |
| 2026-09-04 | Baird | Target raised | Neutral | $9 → $10 |
| 2026-09-04 | RBC Capital | Target raised | Sector Perform | $8 → $9.5 |
| 2026-09-04 | UBS | Target raised | Neutral | $8 → $10 |
| 2026-09-04 | Citizens | Reiterated | Market Outperform | $15 |
| 2026-09-04 | BTIG | Reiterated | Neutral |  |
| 2026-09-04 | Piper Sandler | Target raised | Neutral | $7 → $9 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-10) | 5Y (from 2021-11-08) |
|---|---|---|
| Total return | -25.9% | -92.9% |
| S&P 500 (SPY) | +11.7% | +72.2% |
| Per year | -26.0% | -41.1% |
| Volatility (annualized) | 66.5% | 74.9% |
| Max drawdown | -63.8% (Dec 2025→Apr 2026) | -96.2% (Nov 2021→Apr 2026) |

## Dividends
ASAN paid no cash dividend in the last five years.

## Short interest
18,936,769 shares sold short, 20.96% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 22,141,079 shares (-14.5%). Days to cover: 2.5 (short shares ÷ average daily volume).

## Peers (Software - Application)
FROG (JFrog Ltd.) USD 108.18 +7.13% · DUOL (Duolingo, Inc.) USD 154.25 -3.85% · IDCC (InterDigital, Inc.) USD 294.11 +3.10% · TTAN (ServiceTitan, Inc.) USD 82.52 +0.92% · DSGX (The Descartes Systems Group Inc) USD 94.7 +0.76% · APPF (AppFolio, Inc.) USD 229.49 -0.54%

## More
Full page: https://nexqual.com/ASAN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ASAN's own 10-K filed 2026-03-13 (https://www.sec.gov/Archives/edgar/data/1477720/000147772026000021/asan-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Apple (AAPL) | "We rely on third parties maintaining open marketplaces, including the Apple App Store and Google Play, which make our mobile application available for download." |
| Supplier | Alphabet (Google) (GOOGL) | "We rely on third parties maintaining open marketplaces, including the Apple App Store and Google Play, which make our mobile application available for download." |
| Customer | Amazon (AMZN) | "The level of service provided by AWS could affect the availability or speed of our platform, which may also impact the usage of, and our customers' satisfaction with, our platform and could seriously harm our business an…" |
| Partner | OpenAI | "We have expanded this ecosystem through strategic partnerships with leading foundational model providers, including OpenAI and Anthropic, to power our AI features with state-of-the-art intelligence." |
| Partner | Anthropic | "We have expanded this ecosystem through strategic partnerships with leading foundational model providers, including OpenAI and Anthropic, to power our AI features with state-of-the-art intelligence." |
| Partner | PayPal (PYPL) | "A large portion of our customers authorize us to bill their credit card accounts or bill them via other payment methods, such as PayPal or other direct debit methods, through our third-party payment processing partners f…" |

## Company outlook (8-K filed 2026-09-03)

- "For the third quarter of fiscal 2027, Asana expects: • Revenues of $217 million to $219 million, representing year-over-year growth of 8% to 9%. • Non-GAAP operating income of $18 million to $19 million, with 8% to 9% operating margin. • Non-GAAP net income per share of $0.08, assuming diluted weighted average shares outstanding of approximately 236 million."
- "For fiscal 2027, Asana expects: • Revenues of $858.5 million to $863.5 million, representing year-over-year growth of 9%. • Non-GAAP operating income of $84.5 million to $86.5 million, with approximately 10% operating margin. • Non-GAAP net income per share of $0.37, assuming diluted weighted average shares outstanding of approximately 239 million."
- "A reconciliation of non-GAAP outlook measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, many of these costs and expenses that may be 2 Exhibit 99.1 incurred in the future."

Analysts expect $218.1M for the current quarter, +0.1% vs the guidance midpoint $218.0M. Source: https://www.sec.gov/Archives/edgar/data/1477720/000147772026000058/asana8-kex991q2fy27.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.08 | $0.09 | -8.8% | $218.1M | 14 |
| Next quarter (ends 2027-01-31) | $0.09 | $0.10 | -5.1% | $221.7M | 14 |
| Current fiscal year (ends 2027-01-31) | $0.37 | $0.37 | +0.0% | $861.6M | 15 |
| Next fiscal year (ends 2028-01-31) | $0.45 | $0.47 | -3.3% | $929.3M | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-12-01): ±21.4%; earnings reaction alone ±12.4%; last 8 reports averaged ±17.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 10 | 70.0% | ±8.7% |
| 2026-12-18 | 38 | 82.2% | ±21.4% |
| 2027-01-15 | 66 | 78.5% | ±26.9% |
| 2027-02-19 | 101 | 78.7% | ±33.3% |
| 2027-05-21 | 192 | 74.4% | ±43.0% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Sep 3, 2026 | Quarter ended Jul 31, 2026 | $0.10 | $0.09 | Beat +11.1% | -10.1% |
| May 28, 2026 | Quarter ended Apr 30, 2026 | $0.10 | $0.08 | Beat +25.0% | +20.1% |
| Mar 2, 2026 | Quarter ended Jan 31, 2026 | $0.08 | $0.07 | Beat +14.3% | +4.8% |
| Dec 2, 2025 | Quarter ended Oct 31, 2025 | $0.08 | $0.06 | Beat +33.3% | +13.0% |
| Sep 3, 2025 | — | — | — | — | +5.1% |
| Jun 3, 2025 | — | — | — | — | -17.8% |
| Mar 10, 2025 | — | — | — | — | -30.7% |
| Dec 5, 2024 | — | — | — | — | +40.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-30 | Schedule 13G/A | Vanguard Portfolio Management: 4.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1477720/000210012126001054/0002100121-26-001054-index.htm |
| 2026-09-28 | 8-K | Director or executive officer change, or pay arrangement — “Board Chair Transition On September 25, 2026 the Board of Directors (the "Board") of Asana, Inc. (the "Company") appointed Dan Rogers, the Company's Chief Executive Officer and a Class III director, as Chair of the Board to succeed Dustin Moskovitz in that role. As a current employee of the Company, Mr. Rogers is not eligible to receive compensation for his Board service under the Company's Non-Employee Director Compensation Policy (the "Compensation Policy"). Krista Anderson-Copperman will remain in her position…” | https://www.sec.gov/Archives/edgar/data/1477720/000162828026063720/0001628280-26-063720-index.htm |
| 2026-09-03 | 10-Q | Quarterly report · period ended Jul 31, 2026 | https://www.sec.gov/Archives/edgar/data/1477720/000147772026000060/0001477720-26-000060-index.htm |
| 2026-09-03 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1477720/000147772026000058/0001477720-26-000058-index.htm |
| 2026-08-28 | 8-K | Director or executive officer change, or pay arrangement — “Appointment of Principal Accounting Officer On August 26, 2026, the Board of Directors (the "Board") of Asana, Inc. (the "Company") appointed Aziz Megji as the Company's Principal Accounting Officer in addition to his current role as the Company's Chief Financial Officer and Principal Financial Officer. A description of Mr. Megji's compensation arrangements and information regarding Mr. Megji's background and business experience can be found in the Company's definitive proxy statement filed with the SEC on April 2…” | https://www.sec.gov/Archives/edgar/data/1477720/000162828026059413/0001628280-26-059413-index.htm |
| 2026-07-27 | Schedule 13G | BlackRock, Inc.: 5.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1477720/000201238326002188/0002012383-26-002188-index.htm |
| 2026-07-17 | 8-K | Director or executive officer change, or pay arrangement — “On July 13, 2026, Veronica Sosa tendered to the Board of Directors (the "Board") of Asana, Inc. (the "Company") her resignation as Chief Accounting Officer and Principal Accounting Officer of the Company, effective as of August 7, 2026 (the "Effective Date"). Ms. Sosa is expected to remain in her role as Chief Accounting Officer and Principal Accounting Officer through the Effective Date. There were no disagreements between Ms. Sosa and the Company, and her departure is not related to the operations, policies, or…” | https://www.sec.gov/Archives/edgar/data/1477720/000162828026048674/0001628280-26-048674-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.