MeritValue

Asana, Inc.

ASANdata completeness 100%8 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Asana, Inc. earns about -114% on equity, below its ~9% cost of capital, but has diluted owners by 34% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.36 and $1.42 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$378.4M1$547.2M2$652.5M3$723.9M3$790.8M3
Net income−$288.3M4−$407.8M5−$257M6−$255.5M6−$189M6
Operating cash flow−$83.8M7−$160.1M8−$17.9M9$14.9M9$90.4M9
Capital expenditure$41.6M10$5.35M11$7.72M12$5.57M12$3.79M12
Free cash flow (derived)−$125.4M7−$165.4M8−$25.7M9$9.36M9$86.6M9
Total debt———$013$40.8M13
Cash & equivalents$240.4M14$526.6M15$236.7M16$184.7M16$199.8M16
Diluted shares176.4M200.0M220.4M229.5M236.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$6.51
your share of equity
Profit it earned you last year
−$7.98
Free cash flow it threw off
$3.66
Debt you’d be carrying
$1.72

10 shares is a claim on $6.51 of net worth that earned you −$7.98 and generated $3.66 of cash last year, against $1.72 of debt.

iii. Is this a good business?
Moat signal · return on equity
-114% avg · 5y
FY22 -141%FY23 -114%FY24 -79%FY25 -112%FY26 -123%

It earned about -114% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+34% shares · 5y

Share count is up 34% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

The 2 estimate methods that apply put fair value between $1.36 and $1.42 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$1.42
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$9.36M
DCF · Growth Exit 5Y
$1.36
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$9.36M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)9.02%
Terminal growth2.5%
At your growth, a share is worth $1.36
The three cases
Bear0.0%$1.23
Base5.0%$1.36
Bull10.0%$1.52

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-01-31 · accession 0001477720-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-31 · accession 0001477720-25-000045 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-01-31 · accession 0001477720-26-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-31 · accession 0001477720-24-000011 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-31 · accession 0001477720-25-000045 (NetIncomeLoss)
  6. 10-K · period ending 2024-01-31 · accession 0001477720-26-000021 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-31 · accession 0001477720-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-31 · accession 0001477720-25-000045 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-01-31 · accession 0001477720-26-000021 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-31 · accession 0001477720-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-31 · accession 0001477720-25-000045 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-01-31 · accession 0001477720-26-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2025-01-31 · accession 0001477720-26-000021 (LongTermDebtCurrent)
  14. 10-K · period ending 2022-01-31 · accession 0001477720-23-000012 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-01-31 · accession 0001477720-25-000045 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-01-31 · accession 0001477720-26-000021 (CashAndCashEquivalentsAtCarryingValue)