Asana, Inc.

Worth knowing

• Returning more cash than it generates. Paid out $211M vs $70M of free cash flow over the 3 fiscal years to FY Jan 2026.

  Asana returned $211M to shareholders over three years, 300% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

• Stock pay outran buybacks. Stock-based pay expense $629M vs $211M spent repurchasing shares over the 3 fiscal years to FY Jan 2026.

  Over three fiscal years Asana recorded $629M of stock-based pay expense and spent $211M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Asana recorded $629M of stock-based pay expense and spent $211M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Much more borrowing than peers. Debt is 2.5× equity vs a peer median of 0.2×.Debt is 2.5× equity vs peers 0.2×.

  Debt is 2.5× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.5× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

• Stock-based pay is a large cost. Stock pay was 27% of revenue in FY Jan 2026.

  Asana paid employees $215M in stock in FY Jan 2026, 27% of its $791M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.