Asana, Inc.

ASAN

TechnologySoftware - ApplicationNYSE

$6.01

Market Cap: $1.42B

Asana, Inc. (ASAN) Valuation Summary

Updated Apr 6, 2026 22:24

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.01 – $6.64	$0.01	-99.9%
Revenue DCF 10Y	$0.31 – $12.47	$2.14	-65.6%
▸ Trading Multiples
EV/Revenue	$7.27 – $12.32	$9.95	+59.7%

Valuation History

DCF Analysis

Asana, Inc. (ASAN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.14

Market Price

$6.01

Upside / Downside

-64.4%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -24.9% to a target of 10.0% over 5 years, discounted at a WACC of 8.9%, Asana, Inc. (ASAN) has an intrinsic value of $2.14 per share (range: $0.31 – $12.47).

Key Assumptions

Current Operating Margin

-24.9%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

6.0%

D&A/Revenue

2.4%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2027	854	8.0%	-18.0%	-153	-153	20	(30)	13	-175	-168
2028	922	7.9%	-11.0%	-101	-101	22	(34)	8	-122	-107
2029	1,003	8.8%	-4.0%	-40	-40	24	(40)	10	-66	-54
2030	1,109	10.5%	3.0%	33	26	27	(48)	13	-8	-6
2031	1,333	20.2%	10.0%	133	105	32	(61)	27	48	33
2032	1,564	17.4%	10.0%	156	123	37	(76)	28	56	35
2033	1,791	14.5%	10.0%	179	141	43	(92)	28	64	37
2034	1,999	11.6%	10.0%	199	158	48	(109)	25	71	37
2035	2,174	8.7%	10.0%	217	171	52	(124)	21	78	37
2036	2,301	5.9%	10.0%	230	181	55	(138)	16	83	37

Enterprise Value Bridge

Sum of PV(FCFF)-118

Terminal Value (Gordon Growth at 3.0%)1,431

PV of Terminal Value634

Enterprise Value516

(–) Net Debt9

Equity Value507

(÷) Shares Outstanding237

Fair Value per Share$2.14

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.0%	$-2	$0	$4	$8	$12
8.0%	$-2	$-0	$3	$6	$9
8.9%	$-2	$-0	$2	$5	$7
9.9%	$-2	$-1	$2	$4	$6
10.9%	$-2	$-1	$1	$3	$5

Current price: $6.01. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 12.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Asana, Inc. (ASAN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.01

Market Price

$6.01

Upside / Downside

-99.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-24.9%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

6.0%

D&A/Revenue

2.4%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2027	854	8.0%	-18.0%	-153	-153	20	(32)	13	-178	-170
2028	922	7.9%	-11.0%	-101	-101	22	(40)	8	-127	-112
2029	1,003	8.8%	-4.0%	-40	-40	24	(49)	10	-75	-60
2030	1,109	10.5%	3.0%	33	26	27	(60)	13	-20	-15
2031	1,333	20.2%	10.0%	133	105	32	(80)	27	30	20

Enterprise Value Bridge

Sum of PV(FCFF)-337

Terminal Value (Gordon Growth at 3.0%)512

PV of Terminal Value348

Enterprise Value10

(–) Net Debt9

Equity Value2

(÷) Shares Outstanding237

Fair Value per Share$0.01

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.0%	$-2	$-2	$1	$4	$7
8.0%	$-2	$-2	$0	$3	$5
8.9%	$-2	$-2	$0	$2	$4
9.9%	$-2	$-2	$-0	$1	$3
10.9%	$-2	$-2	$-0	$1	$2

Current price: $6.01. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 12.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$9.95

Market Price

$6.01

Upside / Downside

+65.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Asana, Inc. (ASAN) has a fair value of $9.95 based on 8 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Asana, Inc.ASAN	1,423	1.8x	1.8x
Braze, Inc.BRZE	2,624	3.5x	2.9x
Freshworks Inc.FRSH	2,401	2.2x	2.6x
Dave Inc.DAVE	2,308	4.5x	6.7x
Intapp, Inc.INTA	2,033	3.4x	3.5x
nCino, Inc.NCNO	2,011	3.7x	4.1x
Vertex, Inc.VERX	1,930	2.6x	3.0x
Pattern Group Inc. Series A Common StockPTRN	1,928	0.7x	0.5x
Blackbaud, Inc.BLKB	1,859	2.0x	1.9x
Industry Median		3.0x	2.9x
(*) Revenue		791	790
= Enterprise Value		2,405	2,323
(-) Net Debt		9	9
Equity Value		2,397	2,314
(/) Outstanding shares		237	237
Fair Price		$10	$10

Selected Fair Value (avg of trailing + forward)

$9.95

+65.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.01 – $6.64

$0.01

-99.9%

Revenue DCF 10Y

$0.31 – $12.47

$2.14

-65.6%

▸ Trading Multiples

EV/Revenue

$7.27 – $12.32

$9.95

+59.7%

DCF Analysis

Asana, Inc. (ASAN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.14

Market Price

$6.01

Upside / Downside

-64.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-24.9%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

6.0%

D&A/Revenue

2.4%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2027	854	8.0%	-18.0%	-153	-153	20	(30)	13	-175	-168
2028	922	7.9%	-11.0%	-101	-101	22	(34)	8	-122	-107
2029	1,003	8.8%	-4.0%	-40	-40	24	(40)	10	-66	-54
2030	1,109	10.5%	3.0%	33	26	27	(48)	13	-8	-6
2031	1,333	20.2%	10.0%	133	105	32	(61)	27	48	33
2032	1,564	17.4%	10.0%	156	123	37	(76)	28	56	35
2033	1,791	14.5%	10.0%	179	141	43	(92)	28	64	37
2034	1,999	11.6%	10.0%	199	158	48	(109)	25	71	37
2035	2,174	8.7%	10.0%	217	171	52	(124)	21	78	37
2036	2,301	5.9%	10.0%	230	181	55	(138)	16	83	37

Enterprise Value Bridge

Sum of PV(FCFF)-118

Terminal Value (Gordon Growth at 3.0%)1,431

PV of Terminal Value634

Enterprise Value516

(–) Net Debt9

Equity Value507

(÷) Shares Outstanding237

Fair Value per Share$2.14

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.0%	$-2	$0	$4	$8	$12
8.0%	$-2	$-0	$3	$6	$9
8.9%	$-2	$-0	$2	$5	$7
9.9%	$-2	$-1	$2	$4	$6
10.9%	$-2	$-1	$1	$3	$5

Current price: $6.01. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 12.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$9.95

Market Price

$6.01

Upside / Downside

+65.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Asana, Inc. (ASAN) has a fair value of $9.95 based on 8 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Asana, Inc.ASAN	1,423	1.8x	1.8x
Braze, Inc.BRZE	2,624	3.5x	2.9x
Freshworks Inc.FRSH	2,401	2.2x	2.6x
Dave Inc.DAVE	2,308	4.5x	6.7x
Intapp, Inc.INTA	2,033	3.4x	3.5x
nCino, Inc.NCNO	2,011	3.7x	4.1x
Vertex, Inc.VERX	1,930	2.6x	3.0x
Pattern Group Inc. Series A Common StockPTRN	1,928	0.7x	0.5x
Blackbaud, Inc.BLKB	1,859	2.0x	1.9x
Industry Median		3.0x	2.9x
(*) Revenue		791	790
= Enterprise Value		2,405	2,323
(-) Net Debt		9	9
Equity Value		2,397	2,314
(/) Outstanding shares		237	237
Fair Price		$10	$10

Selected Fair Value (avg of trailing + forward)

$9.95

+65.5%