Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -45%

Attractive yield
FCF Yield is 5.9%

Megatrend and thematic drivers
Megatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), Digital Collaboration & Work Management, Show more.

Weak multi-year price returns
2Y Excs Rtn is -78%, 3Y Excs Rtn is -134%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -169 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -21%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 25%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13%

Key risks
ASAN key risks include [1] an inability to differentiate its platform in a highly competitive market, Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -45%
2 Attractive yield
FCF Yield is 5.9%
3 Megatrend and thematic drivers
Megatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), Digital Collaboration & Work Management, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -78%, 3Y Excs Rtn is -134%
5 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%
6 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -169 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -21%
7 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 25%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13%
9 Key risks
ASAN key risks include [1] an inability to differentiate its platform in a highly competitive market, Show more.

ASAN in ETFs

Weight = ASAN's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
VB0.01%
IWO0.04%
IGV0.03%
VTWO0.02%
VBK0.02%
+3 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/13/2026

Asana (ASAN) stock has gained about 20% since 3/31/2026 because of the following key factors:

1. Asana exceeded fiscal Q1 2027 earnings expectations, demonstrating strong financial performance.

The company reported revenues of $205.1 million for fiscal Q1 2027, which ended on April 30, 2026, marking a 9.5% year-over-year increase and surpassing its guidance of $202.5 million to $204.5 million. Additionally, Asana achieved a record non-GAAP operating margin of 11.5%, representing a 720 basis point improvement year-over-year, and posted non-GAAP diluted net income per share of $0.10, significantly beating analyst estimates of $0.03.

2. Robust adoption of AI products and strategic AI acquisitions drove growth and retention.

Asana reported strong momentum in AI product adoption, with AI Studio customers showing materially higher retention rates and stronger net revenue retention. AI product bookings accounted for 17% of net new Annual Recurring Revenue (ARR) in fiscal Q1 2027, exceeding the company's full-year target of 15%. Furthermore, Asana acquired StackAI for approximately $75 million in upfront cash, an acquisition expected to accelerate its product roadmap by over a year and contribute to cross-system workflow orchestration for human-agent teams.

Show more
Updated on 7/13/2026

Asana (ASAN) stock has gained about 20% since 3/31/2026 because of the following key factors:

1. Asana exceeded fiscal Q1 2027 earnings expectations, demonstrating strong financial performance.

The company reported revenues of $205.1 million for fiscal Q1 2027, which ended on April 30, 2026, marking a 9.5% year-over-year increase and surpassing its guidance of $202.5 million to $204.5 million. Additionally, Asana achieved a record non-GAAP operating margin of 11.5%, representing a 720 basis point improvement year-over-year, and posted non-GAAP diluted net income per share of $0.10, significantly beating analyst estimates of $0.03.

2. Robust adoption of AI products and strategic AI acquisitions drove growth and retention.

Asana reported strong momentum in AI product adoption, with AI Studio customers showing materially higher retention rates and stronger net revenue retention. AI product bookings accounted for 17% of net new Annual Recurring Revenue (ARR) in fiscal Q1 2027, exceeding the company's full-year target of 15%. Furthermore, Asana acquired StackAI for approximately $75 million in upfront cash, an acquisition expected to accelerate its product roadmap by over a year and contribute to cross-system workflow orchestration for human-agent teams.

3. Upgraded fiscal year 2027 guidance and improved operating efficiency signaled sustained profitability.

The company provided positive guidance for fiscal Q2 2027 (ending July 31, 2026), expecting revenues between $213 million and $215 million, representing an 8.2% to 9.2% year-over-year growth, and non-GAAP operating income of $18 million to $20 million. For the full fiscal year 2027, Asana raised its non-GAAP operating margin outlook to at least 9.75% and forecast non-GAAP net income per share of $0.37, reflecting ongoing progress in operating efficiency and fundamental business improvements.

4. Positive analyst sentiment and reiterated price targets boosted investor confidence.

Following the Q1 2027 earnings report, several analysts maintained or reiterated favorable ratings and price targets. For instance, on July 7, 2026, Citizens reiterated its "Market Outperform" rating and maintained a $15.00 price target. Citigroup also maintained a "Buy" rating with an $11.00 price target on May 29, 2026, contributing to a generally positive outlook on the stock's future performance.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 20.2% change in ASAN stock from 3/31/2026 to 7/13/2026 was primarily driven by a 17.4% change in the company's P/S Multiple.
(LTM values as of)33120267132026Change
Stock Price ($)6.407.6920.2%
Change Contribution By: 
Total Revenues ($ Mil)7918092.3%
P/S Multiple1.92.317.4%
Shares Outstanding (Mil)2382380.1%
Cumulative Contribution20.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/13/2026
ReturnCorrelation
ASAN20.2% 
Market (SPY)15.2%-4.3%
Sector (XLK)36.4%3.5%

Fundamental Drivers

The -43.9% change in ASAN stock from 12/31/2025 to 7/13/2026 was primarily driven by a -46.3% change in the company's P/S Multiple.
(LTM values as of)123120257132026Change
Stock Price ($)13.717.69-43.9%
Change Contribution By: 
Total Revenues ($ Mil)7748094.5%
P/S Multiple4.22.3-46.3%
Shares Outstanding (Mil)238238-0.2%
Cumulative Contribution-43.9%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/13/2026
ReturnCorrelation
ASAN-43.9% 
Market (SPY)10.2%9.2%
Sector (XLK)26.1%13.6%

Fundamental Drivers

The -43.0% change in ASAN stock from 6/30/2025 to 7/13/2026 was primarily driven by a -47.2% change in the company's P/S Multiple.
(LTM values as of)63020257132026Change
Stock Price ($)13.507.69-43.0%
Change Contribution By: 
Total Revenues ($ Mil)7398099.5%
P/S Multiple4.32.3-47.2%
Shares Outstanding (Mil)235238-1.4%
Cumulative Contribution-43.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/13/2026
ReturnCorrelation
ASAN-43.0% 
Market (SPY)22.3%21.5%
Sector (XLK)43.8%21.3%

Fundamental Drivers

The -65.1% change in ASAN stock from 6/30/2023 to 7/13/2026 was primarily driven by a -72.5% change in the company's P/S Multiple.
(LTM values as of)63020237132026Change
Stock Price ($)22.047.69-65.1%
Change Contribution By: 
Total Revenues ($ Mil)57980939.7%
P/S Multiple8.22.3-72.5%
Shares Outstanding (Mil)216238-9.1%
Cumulative Contribution-65.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/13/2026
ReturnCorrelation
ASAN-65.1% 
Market (SPY)75.0%39.3%
Sector (XLK)112.5%36.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ASAN Return152%-82%38%7%-32%-47%-75%
Peers Return37%-36%64%24%-9%-31%12%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
ASAN Win Rate67%25%50%50%50%29% 
Peers Win Rate58%28%68%57%42%37% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
ASAN Max Drawdown-55%-83%-36%-44%-51%-60% 
Peers Max Drawdown-19%-47%-20%-26%-37%-46% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: TEAM, NOW, MSFT, WDAY, ORCL. See ASAN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/13/2026 (YTD)

How Low Can It Go

EventASANS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-26.6%-9.5%
  % Gain to Breakeven36.3%10.5%
  Time to Breakeven46 days24 days

Compare to TEAM, NOW, MSFT, WDAY, ORCL

In The Past

Asana's stock fell -7.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 7.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventASANS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-26.6%-9.5%
  % Gain to Breakeven36.3%10.5%
  Time to Breakeven46 days24 days

Compare to TEAM, NOW, MSFT, WDAY, ORCL

In The Past

Asana's stock fell -7.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 7.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Asana (ASAN)

```html

Asana, Inc. (ASAN) operates a comprehensive work management platform designed to help teams and organizations streamline their operations. The company's core function is to enable users to orchestrate a wide array of work, ranging from managing daily tasks and individual assignments to coordinating complex, cross-functional strategic initiatives.

The main product is its intuitive cloud-based work management platform. This platform provides essential tools for planning and tracking various business processes, including managing product launches, executing marketing campaigns, and setting and monitoring organization-wide goals. It facilitates collaboration, task assignment, progress tracking, and overall project oversight, allowing teams to work more efficiently and achieve their objectives.

Asana serves a diverse global customer base, catering to individuals, team leads, and executives across numerous industries. Its clientele spans sectors such as technology, retail, education, non-profit organizations, government, healthcare, media, and financial services, highlighting the broad applicability of its work management solutions for different operational needs and organizational structures.

```

AI Analysis | Feedback

Here are a few brief analogies for Asana:

  • Like Salesforce for internal team projects and work management.
  • Like Slack or Microsoft Teams, but specifically for managing and orchestrating team projects and tasks.

AI Analysis | Feedback

  • Asana Work Management Platform: A digital platform that enables individuals, teams, and executives to organize, track, and manage their work from daily tasks to large-scale initiatives.
  • Project Management: A service within the platform facilitating the planning, execution, and monitoring of specific projects such as product launches and marketing campaigns.
  • Organizational Goal Setting: A service that helps define, align, and track company-wide strategic objectives across an organization.

AI Analysis | Feedback

Asana Inc. (ASAN) primarily sells its work management platform to other companies and organizations, rather than directly to individuals in a business-to-consumer (B2C) model.

The company does not publicly disclose the specific names of its major corporate customers. Asana's business model involves providing its work management platform to a broad base of organizations, ranging from small teams to large enterprises, across diverse industries globally. Its platform is utilized by individuals, team leads, and executives within these organizations to orchestrate work, manage projects, and set organizational goals.

Based on the company's description, Asana serves customers in the following industries:

  • Technology
  • Retail
  • Education
  • Non-profit
  • Government
  • Healthcare
  • Media
  • Financial Services

While specific customer company names are not disclosed, these categories represent the types of organizations and sectors that constitute Asana's customer base.

AI Analysis | Feedback

  • Amazon.com, Inc. (AMZN)
  • Alphabet Inc. (GOOGL)

AI Analysis | Feedback

```html
Dustin Moskovitz, Chief Executive Officer, Co-Founder, and Board Member
Dustin Moskovitz co-founded Asana in 2008. Before Asana, he co-founded Facebook (now Meta Platforms) in 2004 with Mark Zuckerberg, serving as its first Chief Technology Officer and later as Vice President of Engineering, leaving in 2008. He was recognized as the world's youngest self-made billionaire in 2011. Moskovitz is also a co-founder of the philanthropic organization Good Ventures, which, along with his wife, Cari Tuna, is a primary funder of the Open Philanthropy Project. He is slated to transition from CEO to Board Chair in July 2025.

Aziz Megji, Chief Financial Officer
Aziz Megji assumed the role of Chief Financial Officer at Asana on March 24, 2026. Prior to this, he served as Asana's Head of Financial Planning & Analysis since December 2024, overseeing the company's annual planning, budgeting, forecasting, and performance management. His background includes senior finance leadership positions at RingCentral, NVIDIA, and Hewlett Packard Enterprise before joining Asana.

Anne Raimondi, Chief Operating Officer and Head of Business
Anne Raimondi leads and scales Asana's growth and global business operations and go-to-market teams. She co-founded One Jackson, an e-commerce startup that was acquired by TaskRabbit, and served as its CEO. Raimondi's extensive experience also includes leadership roles at companies such as Zendesk, SurveyMonkey, and early product leadership at eBay.

Saket Srivastava, Chief Information Officer
Saket Srivastava is the Chief Information Officer at Asana, where he is responsible for overseeing the IT organization, optimizing technology systems, and aligning technology strategy with business goals. He has a background in enterprise technology, having held executive positions at Square (now Block), Guidewire Software, and other prominent technology companies.
```

AI Analysis | Feedback

Asana (ASAN) faces several key risks that could impact its business and financial performance.

1. Inability to Achieve and Sustain Profitability: Asana has a history of net losses and has not yet achieved sustained profitability, despite revenue growth. The company expects to continue incurring losses in the near to medium term as it prioritizes investment in growth. This ongoing lack of profitability is a significant concern for investors and raises questions about the company's long-term financial sustainability.

2. Intense Competition and Challenges in Customer Acquisition and Retention: Asana operates in a highly competitive and rapidly evolving market for work management solutions, facing established players like Microsoft and Atlassian, as well as other specialized providers. This intense competition makes it challenging for Asana to acquire new customers, maintain its market share, and retain existing clients. The company has also experienced a slowdown in customer expansion and a declining dollar-based net retention rate, indicating that existing customers are, on average, spending less.

3. Regulatory Compliance, Data Security, and AI Integration Risks: Asana, as a software-as-a-service (SaaS) provider handling sensitive business and personal information, is subject to complex and evolving domestic and international laws and regulations related to data privacy, data protection, and security. Non-compliance with these regulations or actual or perceived security breaches could lead to significant legal, financial, and reputational damage. Additionally, while Asana is investing in AI, the rapid pace of AI innovation presents both opportunities and threats. Failure to keep pace with competitor AI advancements or to successfully integrate new AI-powered features could erode Asana's competitive edge and negatively impact its market position.

AI Analysis | Feedback

The emergence of Microsoft's strategy to deeply integrate comprehensive work management capabilities directly into its ubiquitous Microsoft 365 ecosystem (via initiatives like Microsoft Loop, Planner, Project, and enhanced features within Teams) presents a clear emerging threat to Asana. This strategy aims to provide an all-in-one productivity and collaboration suite, potentially diminishing the perceived necessity of standalone work management platforms for organizations already extensively using Microsoft's software and services.

AI Analysis | Feedback

Unable to size the markets for products.

AI Analysis | Feedback

Asana (ASAN) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends:

  1. Expansion within Larger Customer Accounts: Asana continues to prioritize and achieve growth by deepening its relationships with existing larger customers, specifically those categorized as "Core customers" (spending $5,000 or more annually) and "Enterprise customers" (spending $100,000 or more annually). This strategy involves increasing "wallet share" and expanding the number of paid seats within these organizations, which have consistently been Asana's fastest-growing cohorts.
  2. Advancements and Adoption of AI-Powered Products: A significant driver of future revenue is Asana's investment in artificial intelligence. The company has launched and is enhancing AI-driven features like "AI Teammates" and "AI Studio," which offer consumption-based offerings and integrate AI across the product to create agentic workflows. This focus aims to transform Asana into an "AI-driven Work Management" platform, differentiating its offering and catering to the growing demand for automation and intelligent solutions.
  3. Shift to Top-Down Enterprise Selling: Asana has been strategically pivoting its sales motion towards a "top-down" enterprise selling approach, moving away from a heavy reliance on self-service for small and medium businesses (SMBs). This shift is designed to acquire new, high-value enterprise clients and secure larger deployments by directly engaging with decision-makers in major organizations.
  4. Customer Upgrades to Higher-Tier Plans: Revenue growth is also expected from encouraging customers to transition to higher-tier subscription plans, such as "Enterprise+." This involves delivering increased value through advanced features and capabilities, prompting existing users to upgrade their service levels and expanding their commitment to the platform.

AI Analysis | Feedback

Share Repurchases

  • Asana announced a stock repurchase program on June 20, 2024, authorizing the repurchase of up to $150 million of its Class A common stock through June 30, 2025.
  • Under the program announced in June 2024, the company completed the repurchase of 16,310,754 shares for $210.6 million by February 27, 2026.
  • As of March 9, 2026, Asana expanded its stock repurchase program with an additional $160 million authorization, bringing the total available for future repurchases to $199.4 million.

Share Issuance

  • Asana's diluted average shares outstanding have shown a consistent increase over the last five fiscal years.
  • The diluted average shares outstanding grew from $185.0 million in fiscal year 2021 to $237.8 million in fiscal year 2025.
  • The increase in shares outstanding is likely influenced by stock-based compensation, a common practice for growth-oriented technology companies.

Capital Expenditures

  • Asana's capital expenditures, reported as cash outflows in financial statements, were approximately $13.5 million, $12.3 million, $13.2 million, $7.2 million, and $42.7 million for the most recent fiscal years, counting backward from fiscal year 2025.
  • The company's latest trailing twelve months (TTM) Capital Expenditure percentage was 1.74%.
  • Over the past five years, Asana's average Capital Expenditure percentage was 5.96%, with a high of 25.68% recorded on December 31, 2020, and a low of 1.19% on September 30, 2022.

Better Bets vs. Asana (ASAN)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ASANTEAMNOWMSFTWDAYORCLMedian
NameAsana AtlassianServiceN.MicrosoftWorkday Oracle  
Mkt Price7.6996.16111.26390.99144.87131.54121.40
Mkt Cap1.825.1115.22,903.536.8378.276.0
Rev LTM8096,19013,960318,2739,85467,35811,907
Op Inc LTM-169-2291,876148,9571,15622,4421,516
FCF LTM1071,2054,62472,9162,972-23,6862,088
FCF 3Y Avg331,3153,80070,9522,427-4,0911,871
CFO LTM1241,2495,437170,1413,17831,9774,308
CFO 3Y Avg471,3524,626136,9912,65623,8243,641

Growth & Margins

ASANTEAMNOWMSFTWDAYORCLMedian
NameAsana AtlassianServiceN.MicrosoftWorkday Oracle  
Rev Chg LTM9.5%24.7%21.7%17.9%13.3%17.4%17.6%
Rev Chg 3Y Avg11.8%22.7%22.4%15.3%15.1%10.6%15.2%
Rev Chg Q9.5%31.7%22.1%18.3%13.5%20.6%19.5%
QoQ Delta Rev Chg LTM2.3%7.5%5.1%4.2%3.2%5.1%4.7%
Op Inc Chg LTM31.0%-35.5%26.5%22.0%82.9%24.3%25.4%
Op Inc Chg 3Y Avg23.0%-11.1%71.1%20.7%175.2%17.8%21.8%
Op Mgn LTM-20.9%-3.7%13.4%46.8%11.7%33.3%12.6%
Op Mgn 3Y Avg-31.4%-3.2%12.1%45.6%7.5%31.7%9.8%
QoQ Delta Op Mgn LTM4.1%-0.5%-0.3%0.1%1.0%1.0%0.6%
CFO/Rev LTM15.3%20.2%38.9%53.5%32.3%47.5%35.6%
CFO/Rev 3Y Avg5.9%27.2%39.9%49.5%30.4%39.7%35.0%
FCF/Rev LTM13.3%19.5%33.1%22.9%30.2%-35.2%21.2%
FCF/Rev 3Y Avg4.0%26.5%32.7%26.1%27.7%-4.5%26.3%

Valuation

ASANTEAMNOWMSFTWDAYORCLMedian
NameAsana AtlassianServiceN.MicrosoftWorkday Oracle  
Mkt Cap1.825.1115.22,903.536.8378.276.0
P/S2.34.18.29.13.75.64.8
P/Op Inc-10.9-109.761.419.531.816.918.2
P/EBIT-11.8-172.347.918.526.815.717.1
P/E-11.2-115.765.523.243.422.122.7
P/CFO14.820.121.217.111.611.815.9
Total Yield-8.9%-0.9%1.5%5.2%2.3%6.0%1.9%
Dividend Yield0.0%0.0%0.0%0.9%0.0%1.5%0.0%
FCF Yield 3Y Avg2.3%4.0%2.8%2.5%5.2%-0.8%2.6%
D/E0.10.00.00.00.10.40.1
Net D/E-0.10.0-0.0-0.0-0.00.3-0.0

Returns

ASANTEAMNOWMSFTWDAYORCLMedian
NameAsana AtlassianServiceN.MicrosoftWorkday Oracle  
1M Rtn4.1%8.6%8.9%0.1%10.8%-28.3%6.3%
3M Rtn32.6%56.9%24.9%1.9%20.8%-15.2%22.9%
6M Rtn-40.7%-34.3%-22.0%-17.7%-30.3%-35.3%-32.3%
12M Rtn-44.6%-48.6%-40.7%-21.7%-35.1%-42.3%-41.5%
3Y Rtn-66.6%-46.3%-4.1%15.9%-35.3%14.3%-19.7%
1M Excs Rtn-2.0%1.6%1.5%-5.0%2.0%-37.8%-0.2%
3M Excs Rtn30.6%58.0%23.8%-4.6%18.5%-14.7%21.2%
6M Excs Rtn-50.6%-44.2%-32.5%-26.4%-39.5%-38.6%-39.0%
12M Excs Rtn-66.3%-71.6%-62.2%-41.1%-56.5%-63.0%-62.6%
3Y Excs Rtn-133.7%-112.4%-70.3%-53.1%-104.3%-51.9%-87.3%

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Single Segment791724653547378
Total791724653547378


Price Behavior

Price Behavior
Market Price$7.69 
Market Cap ($ Bil)1.8 
First Trading Date09/30/2020 
Distance from 52W High-49.9% 
   50 Days200 Days
DMA Price$7.22$9.85
DMA Trenddownup
Distance from DMA6.5%-21.9%
 3M1YR
Volatility81.2%60.5%
Downside Capture-69.81203.50
Upside Capture69.0388.26
Correlation (SPY)1.2%23.1%
ASAN Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.58-0.10-0.010.521.081.71
Up Beta-1.04-2.98-0.80-0.250.321.37
Down Beta0.290.390.39-0.460.891.37
Up Capture57%78%40%21%77%626%
Bmk +ve Days11244067140429
Stock +ve Days6182849115351
Down Capture146%23%11%175%155%112%
Bmk -ve Days10172358112321
Stock -ve Days14223473131388

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ASAN
ASAN-46.8%60.4%-0.81-
Sector ETF (XLK)41.9%24.4%1.3822.0%
Equity (SPY)20.8%12.6%1.2322.6%
Gold (GLD)20.0%27.9%0.64-5.3%
Commodities (DBC)27.6%18.9%1.165.5%
Real Estate (VNQ)13.3%13.9%0.663.2%
Bitcoin (BTCUSD)-44.8%42.7%-1.2825.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ASAN
ASAN-35.9%78.9%-0.22-
Sector ETF (XLK)20.2%25.5%0.7147.6%
Equity (SPY)13.0%17.1%0.5947.5%
Gold (GLD)17.0%18.3%0.754.3%
Commodities (DBC)7.8%19.5%0.298.2%
Real Estate (VNQ)2.9%18.9%0.0634.6%
Bitcoin (BTCUSD)13.6%53.5%0.4429.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ASAN
ASAN-12.9%76.8%0.03-
Sector ETF (XLK)25.0%24.8%0.9146.6%
Equity (SPY)15.4%17.9%0.7345.6%
Gold (GLD)11.3%16.1%0.574.2%
Commodities (DBC)6.3%18.0%0.288.3%
Real Estate (VNQ)5.1%20.7%0.2132.6%
Bitcoin (BTCUSD)57.7%66.2%0.9824.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity35.5 Mil
Short Interest: % Change Since 615202612.0%
Average Daily Volume5.9 Mil
Days-to-Cover Short Interest6.0 days
Basic Shares Quantity238.2 Mil
Short % of Basic Shares14.9%

Earnings Returns History

Updated 7/1/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/28/202615.6%21.2%5.1%
3/2/20261.9%8.2%-12.3%
12/2/20257.8%12.8%-3.8%
9/3/20252.8%-6.7%-5.3%
6/3/2025-20.5%-24.5%-24.9%
3/10/2025-24.2%-15.7%-17.3%
12/5/202443.5%54.1%31.6%
9/3/2024-5.1%-15.3%-14.7%
...
SUMMARY STATS   
# Positive11119
# Negative121214
Median Positive7.8%21.2%13.2%
Median Negative-12.9%-15.8%-19.3%
Max Positive43.5%54.1%82.5%
Max Negative-26.4%-24.5%-27.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/28/202615.6%21.2%5.1%
3/2/20261.9%8.2%-12.3%
12/2/20257.8%12.8%-3.8%
9/3/20252.8%-6.7%-5.3%
6/3/2025-20.5%-24.5%-24.9%
3/10/2025-24.2%-15.7%-17.3%
12/5/202443.5%54.1%31.6%
9/3/2024-5.1%-15.3%-14.7%
5/30/2024-0.6%5.3%6.5%
3/11/2024-12.7%-15.8%-21.8%
12/5/2023-16.7%-19.3%-27.6%
9/5/2023-13.2%-10.9%-21.3%
6/1/2023-2.8%-1.4%-3.7%
3/8/202318.9%23.4%9.1%
12/1/2022-10.5%-21.2%-26.7%
9/7/202224.8%32.2%36.7%
6/2/2022-6.6%-10.7%-16.4%
3/9/2022-22.1%-23.8%-25.4%
12/2/2021-26.4%-18.9%-21.3%
9/1/202115.4%26.0%31.8%
6/3/20216.5%24.9%82.5%
3/10/20216.3%3.5%6.2%
12/9/20202.7%2.8%13.2%
SUMMARY STATS   
# Positive11119
# Negative121214
Median Positive7.8%21.2%13.2%
Median Negative-12.9%-15.8%-19.3%
Max Positive43.5%54.1%82.5%
Max Negative-26.4%-24.5%-27.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
04/30/202605/28/202610-Q
01/31/202603/13/202610-K
10/31/202512/02/202510-Q
07/31/202509/03/202510-Q
04/30/202506/03/202510-Q
01/31/202503/18/202510-K
10/31/202412/05/202410-Q
07/31/202409/03/202410-Q
04/30/202405/30/202410-Q
01/31/202403/14/202410-K
10/31/202312/05/202310-Q
07/31/202309/05/202310-Q
04/30/202306/01/202310-Q
01/31/202303/24/202310-K
10/31/202212/01/202210-Q
07/31/202209/07/202210-Q
Collapse to Preview
Report DateFiling DateFiling
04/30/202605/28/202610-Q
01/31/202603/13/202610-K
10/31/202512/02/202510-Q
07/31/202509/03/202510-Q
04/30/202506/03/202510-Q
01/31/202503/18/202510-K
10/31/202412/05/202410-Q
07/31/202409/03/202410-Q
04/30/202405/30/202410-Q
01/31/202403/14/202410-K
10/31/202312/05/202310-Q
07/31/202309/05/202310-Q
04/30/202306/01/202310-Q
01/31/202303/24/202310-K
10/31/202212/01/202210-Q
07/31/202209/07/202210-Q
04/30/202206/03/202210-Q
01/31/202203/24/202210-K
10/31/202112/03/202110-Q
07/31/202109/03/202110-Q
04/30/202106/04/202110-Q
01/31/202103/30/202110-K
10/31/202012/10/202010-Q
07/31/202009/30/2020424B4
04/30/202008/24/2020S-1

Recent Forward Guidance

Updated 7/12/2026

Latest: Q1 2027 Earnings Reported 5/28/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2027 Revenue213.00 Mil214.00 Mil215.00 Mil5.2% Higher NewGuidance: 203.50 Mil for Q1 2027
Q2 2027 Non-GAAP Operating Income18.00 Mil19.00 Mil20.00 Mil18.8% Higher NewGuidance: 16.00 Mil for Q1 2027
Q2 2027 Non-GAAP Operating Margin8.5%8.9%9.3% 1.0%Higher NewGuidance: 7.85% for Q1 2027
Q2 2027 Non-GAAP Net Income per share0.080.090.0913.3% Higher NewGuidance: 0.07 for Q1 2027
2027 Revenue855.50 Mil859.50 Mil863.50 Mil0.6% RaisedGuidance: 854.00 Mil for 2027
2027 Non-GAAP Operating Margin 9.75%  0.2%RaisedGuidance: 9.5% for 2027
2027 Non-GAAP Net Income per share 0.37 1.4% RaisedGuidance: 0.36 for 2027

Prior: Q4 2026 Earnings Reported 3/2/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2027 Revenue202.50 Mil203.50 Mil204.50 Mil   
Q1 2027 Non-GAAP Operating Profit15.00 Mil16.00 Mil17.00 Mil   
Q1 2027 Non-GAAP Operating Margin7.4%7.85%8.3%   
Q1 2027 Non-GAAP Net Income per share0.070.070.08 0.5%RaisedGuidance: 0.07 for Q4 2026
2027 Revenue850.00 Mil854.00 Mil858.00 Mil8.1% Higher NewGuidance: 790.00 Mil for 2026
2027 Non-GAAP Operating Margin 9.5%    
2027 Non-GAAP Net Income per share0.360.360.37 11.0%Higher NewGuidance: 0.26 for 2026

Q3 2026 Earnings Reported 12/2/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Revenue204.00 Mil205.00 Mil206.00 Mil   
Q4 2026 Non-GAAP Operating Income14.00 Mil15.00 Mil16.00 Mil   
Q4 2026 Non-GAAP Net Income per share 0.07    
2026 Revenue789.00 Mil790.00 Mil791.00 Mil0.6% RaisedGuidance: 785.00 Mil for 2026
2026 Non-GAAP Operating Income52.50 Mil53.50 Mil54.50 Mil11.5% RaisedGuidance: 48.00 Mil for 2026
2026 Non-GAAP Net Income per share0.250.260.266.2%1.5%RaisedGuidance: 0.24 for 2026

Insider Activity

Updated 7/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Rogers, Daniel MarkChief Executive OfficerDirectSell70220266.8913,79095,08213,045,271Form
2Colendich, Katie MarieGC, Corporate SecretaryDirectSell63020266.685,24235,0431,180,558Form
3Megji, AzizChief Financial OfficerDirectSell62620266.7313,23989,0815,150,073Form
4Colendich, Katie MarieGC, Corporate SecretaryDirectSell62420266.748,33756,2081,225,965Form
5Colendich, Katie MarieGC, Corporate SecretaryDirectSell62420266.667,64750,9211,266,389Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Rogers, Daniel MarkChief Executive OfficerDirectSell70220266.8913,79095,08213,045,271Form
2Colendich, Katie MarieGC, Corporate SecretaryDirectSell63020266.685,24235,0431,180,558Form
3Megji, AzizChief Financial OfficerDirectSell62620266.7313,23989,0815,150,073Form
4Colendich, Katie MarieGC, Corporate SecretaryDirectSell62420266.748,33756,2081,225,965Form
5Colendich, Katie MarieGC, Corporate SecretaryDirectSell62420266.667,64750,9211,266,389Form
6Sosa, VeronicaChief Accounting OfficerDirectSell62420266.6611,37875,766415,149Form
7Megji, AzizChief Financial OfficerDirectSell62420266.6631,696210,9915,183,104Form
8Rogers, Daniel MarkChief Executive OfficerDirectSell62420266.6626,975179,62712,690,589Form
9Megji, AzizChief Financial OfficerDirectSell33120266.1030,650187,0661,370,490Form
10Colendich, Katie MarieGC, Corporate SecretaryDirectSell32620266.425,01532,196639,586Form
11Colendich, Katie MarieGC, Corporate SecretaryDirectSell32620266.391,5009,585668,654Form
12Colendich, Katie MarieGC, Corporate SecretaryDirectSell32420266.653,57523,764695,577Form
13Parekh, Sonalee ElizabethChief Financial OfficerDirectSell32420266.6534,151227,0156,208,658Form
14Sosa, VeronicaChief Accounting OfficerDirectSell32420266.656,47943,069490,060Form
15Colendich, Katie MarieGC, Corporate SecretaryDirectSell31220267.427,30454,196802,948Form
16Lacey, Eleanor BGC, Corporate SecretaryDirectSell1223202513.5545,463615,8375,806,166Form
17Parekh, Sonalee ElizabethChief Financial OfficerDirectSell1223202513.5424,888337,10813,113,578Form
18Lacey, Eleanor BGC, Corporate SecretaryDirectSell1223202514.3155,234790,3996,784,257Form
19Parekh, Sonalee ElizabethChief Financial OfficerDirectSell1223202514.3183,6561,197,11714,210,359Form
20Raimondi, AnneChief Operating OfficerDirectSell1222202514.3162,165889,58110,045,806Form
21Raimondi, AnneChief Operating OfficerDirectSell1222202514.4776,0931,101,07211,057,718Form
22Raimondi, AnneChief Operating OfficerDirectSell1222202514.5222,198322,20412,196,534Form
23Lacey, Eleanor BGC, Corporate SecretaryDirectSell1211202515.24100,0001,524,5008,069,575Form
24Rosenstein, Justin DirectSell1210202515.12850,23312,855,4383,181,197Form
25Rosenstein, Justin DirectSell1210202514.958,215122,81415,856,433Form
26Rosenstein, Justin DirectSell1028202514.9513,701204,84415,980,317Form
27Rosenstein, Justin DirectSell1023202514.98458,8786,872,98316,214,172Form
28Rosenstein, Justin DirectSell1014202515.0714,500218,57723,235,903Form
29Rosenstein, Justin DirectSell1010202515.231,199,56018,274,81723,703,895Form
30Rosenstein, Justin DirectSell1010202515.08454,9136,860,86141,557,398Form
31Parekh, Sonalee ElizabethChief Financial OfficerDirectSell924202514.3863,374911,62215,488,013Form
32Lacey, Eleanor BGC, Corporate SecretaryDirectSell924202514.4110,570152,3147,627,588Form
33Parekh, Sonalee ElizabethChief Financial OfficerDirectSell924202514.17194,9762,763,00516,155,889Form
34Lacey, Eleanor BGC, Corporate SecretaryDirectSell924202514.1720,049284,1147,650,866Form
35Raimondi, AnneChief Operating OfficerDirectSell924202514.1728,026397,15612,222,048Form
36Moskovitz, Dustin A DirectBuy825202513.52122,4701,655,954782,862,123Form
37Moskovitz, Dustin A DirectBuy821202513.62225,0003,064,860787,001,098Form
38Moskovitz, Dustin A DirectBuy821202513.85221,9663,074,984797,276,552Form
39Moskovitz, Dustin A DirectBuy819202514.12225,0003,176,640809,393,754Form
40Moskovitz, Dustin A DirectBuy819202513.98224,2353,135,545798,502,363Form
41Moskovitz, Dustin A DirectBuy815202513.77225,0003,097,260782,984,093Form
42Moskovitz, Dustin A DirectBuy815202513.66224,8613,071,107773,779,449Form
43Moskovitz, Dustin A DirectBuy812202512.93225,0002,909,632729,734,590Form
44Moskovitz, Dustin A DirectBuy812202513.76225,0003,095,662773,295,172Form
45Moskovitz, Dustin A DirectBuy808202514.10223,9053,157,016789,305,450Form
46Moskovitz, Dustin A DirectBuy808202514.48225,0003,258,878807,564,314Form
47Moskovitz, Dustin A DirectBuy805202514.38225,0003,236,242798,719,018Form
48Moskovitz, Dustin A DirectBuy805202514.04225,0003,159,225776,551,532Form
49Moskovitz, Dustin A DirectBuy731202515.32225,0003,447,945844,072,245Form
50Moskovitz, Dustin A DirectBuy731202515.24225,0003,429,022836,010,910Form
51Rosenstein, Justin DirectSell730202515.04517,6357,783,93648,276,360Form
52Rosenstein, Justin DirectSell728202514.98223,8943,353,30555,835,496Form
53Rosenstein, Justin DirectSell728202515.03115,9361,743,05159,415,642Form
54Moskovitz, Dustin A DirectBuy725202514.91225,0003,354,548814,499,027Form
55Moskovitz, Dustin A DirectBuy725202515.04225,0003,384,608818,413,121Form
56Rosenstein, Justin DirectSell724202515.08729,22810,996,83161,343,781Form
57Rosenstein, Justin DirectSell724202515.04966,57614,536,53072,144,411Form
58Moskovitz, Dustin A DirectBuy723202515.04225,0003,383,595814,784,699Form
59Moskovitz, Dustin A DirectBuy723202514.91225,0003,354,975804,537,901Form
60Rosenstein, Justin DirectSell722202515.01195,1312,928,19486,491,316Form
61Rosenstein, Justin DirectSell722202514.99226,6003,396,59889,318,807Form
62Moskovitz, Dustin APresident, CEO, & ChairDirectBuy721202514.82225,0003,334,568796,309,524Form
63Moskovitz, Dustin APresident, CEO, & ChairDirectBuy721202514.36222,9073,200,298768,190,978Form
64Moskovitz, Dustin APresident, CEO, & ChairDirectBuy717202513.99225,0003,147,908745,467,755Form
65Moskovitz, Dustin APresident, CEO, & ChairDirectBuy717202513.96225,0003,141,338740,770,551Form
66Moskovitz, Dustin APresident, CEO, & ChairDirectBuy715202514.25222,6843,172,223752,628,529Form
67Moskovitz, Dustin APresident, CEO, & ChairDirectBuy715202514.16225,0003,185,235744,784,502Form
68Rosenstein, Justin DirectSell714202514.9525,000373,75092,471,700Form
69Moskovitz, Dustin APresident, CEO, & ChairDirectBuy709202514.60225,0003,284,122764,622,654Form
70Moskovitz, Dustin APresident, CEO, & ChairDirectBuy709202514.04224,2173,148,657732,483,394Form
71Moskovitz, Dustin APresident, CEO, & ChairDirectBuy703202513.61225,0003,061,462706,669,783Form
72Parekh, Sonalee ElizabethChief Financial OfficerDirectSell703202513.571,88425,55718,110,259Form
73Moskovitz, Dustin APresident, CEO, & ChairDirectBuy703202513.58225,0003,056,355702,434,476Form

Investor Activity (13F)

Updated Jul 14, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Westerly Capital Management, LLC$8.2 Mil2.5%36ADD +409.6%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Westerly Capital Management, LLC$8.2 Mil2.5%36ADD +409.6%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Westerly Capital Management, LLC$8.2 Mil2.5%36ADD +409.6%13F
Core Cache Last Updated: 7/13/2026