Asana

ASAN

Software - Application · Technology

Price

$7.69

+0.05 (+0.65%)

Market Cap

$1.83B

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+34.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 176.4M (2022) → 236.8M (2026)

Asana is a software company that makes work management tools used by teams at businesses of all sizes. Its platform lets employees organize tasks, track projects, and coordinate with coworkers — all in one place online. Customers range from small startups to large enterprises, and Asana competes in the broader productivity and collaboration software market alongside tools like Monday.com and Microsoft Project.

Asana makes money by charging businesses a monthly or annual subscription fee, with higher-priced tiers unlocking more features and admin controls. The company operates globally, with a significant portion of revenue coming from outside the United States, and it generates strong gross margins above 88%. However, Asana is not yet profitable at the operating level, and its key challenge is converting free or low-paying users into higher-value enterprise contracts fast enough to reach profitability before its cash reserves become a concern.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+48.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$301M/ year

↓ Declining (-12% vs prior year)

38.1% of revenue

2.5x the sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

44.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$200M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Asana is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

87.8%

Premium pricing power — 87.8% gross margin

Operating Margin

-31.5%

Losing money on operations — -31.5%

ROCE

-17.8%

Weak — -17.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+9.8%

Steady sales growth (9.8% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

12.0%

Modest free cash flow (12.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.35

Elevated debt (1.35)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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