Asana - Public Comps and Valuation Multiples

Asana Overview

About Asana

Asana is a work management platform that allows for increased collaboration and visibility across an organization. Delivered via a SaaS-based model, users can track progress across marketing and development initiatives, create and automate workflows, and manage IT approvals. Revenue is generated on a per-seat basis across several pricing tiers. As of fiscal 2025, the company had over 175,000 customers.

Founded

2008

HQ

Employees

1.8K+

Website

asana.com

Sectors

Communication & Collaboration Software
Productivity Software
B2B SaaS
Horizontal SaaS

Financials

LTM Revenue $768M

LTM EBITDA $42.0M

EV

$3.1B

Valuation Multiples

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Asana Financials

As of September 2025, Asana reported last 12-month revenue of $768M and EBITDA of $42.0M.

In the same period, Asana generated $690M in LTM gross profit and $32.5M in net income.

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Asana P&L

In the most recent fiscal year, Asana reported revenue of $724M and EBITDA of -$230M.

Asana expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$768M	XXX	$724M	XXX	XXX	XXX
Gross Profit	$690M	XXX	$647M	XXX	XXX	XXX
Gross Margin	90%	XXX	89%	XXX	XXX	XXX
EBITDA	$42.0M	XXX	-$230M	XXX	XXX	XXX
EBITDA Margin	5%	XXX	-32%	XXX	XXX	XXX
EBIT	$23.3M	XXX	-$267M	XXX	XXX	XXX
EBIT Margin	3%	XXX	-37%	XXX	XXX	XXX
Net Profit	$32.5M	XXX	-$256M	XXX	XXX	XXX
Net Margin	4%	XXX	-35%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Asana including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $768M. EBITDA for the last twelve months was $42.0M. In the most recent fiscal year, Asana achieved $724M in revenue and -$230M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$768M	Analyst estimates available to subscribers	$724M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$690M	Analyst estimates available to subscribers	$647M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	89.8% gross margin	Analyst estimates available to subscribers	89.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$42.0M	Analyst estimates available to subscribers	-$230M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	5.5% EBITDA margin	Analyst estimates available to subscribers	-31.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$23.3M	Analyst estimates available to subscribers	-$267M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	3.0% EBIT margin	Analyst estimates available to subscribers	-36.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$32.5M	Analyst estimates available to subscribers	-$256M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	4.2% net profit margin	Analyst estimates available to subscribers	-35.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Asana

This financial data table provides comprehensive performance metrics for Asana, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Asana generated $768M in revenue over the last twelve months.
The company achieved $42.0M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $690M.
Net income over the last twelve months reached $32.5M.

Fiscal Year Performance

In the most recent fiscal year, Asana reported $724M in total revenue.
Fiscal year EBITDA was -$230M.
The company maintained a gross profit margin of 89.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was -31.7%.
Net profit margin reached -35.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Asana. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Asana Stock Performance

Asana has current market cap of $3.3B, and EV of $3.1B.

Market Cap Evolution

Asana Stock Data

As of October 17, 2025, Asana's stock price is $14.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.1B	$3.3B	XXX	XXX	XXX	XXX	$0.13

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Asana Valuation Multiples

Asana's trades at 4.3x EV/Revenue multiple, and -13.4x EV/EBITDA.

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Asana Financial Valuation Multiples

As of October 17, 2025, Asana has market cap of $3.3B and EV of $3.1B.

Equity research analysts estimate Asana's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Asana has a P/E ratio of 101.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$3.3B	XXX	$3.3B	XXX	XXX	XXX
EV (current)	$3.1B	XXX	$3.1B	XXX	XXX	XXX
EV/Revenue	4.0x	XXX	4.3x	XXX	XXX	XXX
EV/EBITDA	73.3x	XXX	-13.4x	XXX	XXX	XXX
EV/EBIT	132.3x	XXX	-11.5x	XXX	XXX	XXX
EV/Gross Profit	4.5x	XXX	n/a	XXX	XXX	XXX
P/E	101.6x	XXX	-12.9x	XXX	XXX	XXX
EV/FCF	64.0x	XXX	-18305.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Asana Margins & Growth Rates

Asana's last 12 month revenue growth is 9%

Asana's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.5M for the same period.

Asana's rule of 40 is -24% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Asana's rule of X is 27% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Asana Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	9%	XXX	XXX	XXX
EBITDA Margin	5%	XXX	-32%	XXX	XXX	XXX
EBITDA Growth	105%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-24%	XXX	-24%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	27%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	58%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	47%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	126%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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