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Asana, Inc.

ASAN · Technology · FY2026 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

65

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $378M to $791M, increasing; diluted EPS -1.63 to -0.80, increasing.

100

Median gross margin 89.2% over 8y, very stable.

0

Median ROIC -365.0%, above the 12% hurdle in 0% of years.

55

Net cash position — no leverage risk.

24

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$6.86
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

9 years of fundamentals

The business, in plain English

Asana, Inc. booked $791M of revenue in FY2026 in the Technology sector and kept 89.0% of it as gross profit — a high-margin business by that measure. After every other cost, −23.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $76.8M (FY2019) to $791M (FY2026) — about 39.5% a year compounded over 7 years.

The balance sheet carried $40.8M of total debt in FY2026. Balance-Sheet Safety scores it 55/100.

Put together: Pricing Power is the strongest of the five filters (100/100) and Returns on Capital the weakest (0/100), which is how ASAN lands at 49/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2018–FY2026 · 9 fiscal years, normalized from ASAN’s SEC filings

Sales, as filed$791M FY2026
$0$500M2018202120242026
Revenue kept after cost of goods89.0% FY2026
0%50%2018202120242026
Standard ROIC or separately labeled Operating ROICROIC −492.4% FY2025

Not meaningful FY2026: invested capital is negative (cash exceeds debt + equity)

−400%−200%0%2018202120242026
Cash an owner could take out−$171M FY2026
−$400M−$200M$02018202120242026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Asana, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$791M · 100%Cost of revenue$86.8M · 11%Gross profit$704M · 89%Operating income−$197M · −25%Income before tax−$184M · −23%Income tax$4.9M · 1%Net income−$189M · −24%As of 2026-01-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$791M100%
Cost of revenue$86.8M11%
$704M89%
−$197M−25%
Income before tax−$184M−23%
Income tax$4.9M1%
−$189M−24%
Source: · event Jan 31, 2026 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What Asana, Inc. owns — and owes

Asana, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$844M100%
Cash and equivalents$200M24%
$40.8M5%
Stockholders’ equity$154M18%
Source: · event Jan 31, 2026 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Asana, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−99%Tax burden103%net income ÷ pretax incomeInterest burden93%pretax ÷ operating incomeOperating margin−25%operating income ÷ revenueAsset turnover0.91×revenue ÷ average assetsEquity multiplier4.55×average assets ÷ average equityAs of 2026-01-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$189MFY2026
Income before tax−$184MFY2026
Operating income−$197MFY2026
$791MFY2026
Ending assets$844MFY2026
Beginning assets$891MFY2025
$154MFY2026
$228MFY2025
Source:
  • SEC filingFiling detailsAccession 0001477720-26-000021
· event Jan 31, 2026 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where Asana, Inc.'s cash went

Asana, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$90.4M100%
Depreciation and amortization$22M24%
Source: · event Jan 31, 2026 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Asana, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Markel / Markel-GaynerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source unavailable · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Asana, Inc. insiders reported

Insider activity is unavailable from the source; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale48.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for ASAN.

Technology context

#311 of 744 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #309SDCH SideChannel, Inc.49.2Shallow moat
  2. #310DSGT DSG Global, Inc.49.1Shallow moat
  3. #312TOST Toast, Inc.48.8Shallow moat
  4. #313KVYO Klaviyo, Inc.48.8Shallow moat

Compare ASAN with its nearest peers →All Technology companies on the Index →

Common questions about ASAN

Does Asana, Inc. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores Asana, Inc. (ASAN) 48.8 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 65, pricing power 100, returns on capital 0, balance-sheet safety 55, capital allocation 24.
How has ASAN's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 48.8 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ASAN. See the disclaimer.