Forensic Analysis · Technology / Software · as of Aug 11, 2026
Asana, Inc. (ASAN)
A forensic read on Asana, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-5.9
Distress distance
Clean
Earnings quality
4
Forensic signals
-13.4
P / E (ttm)
-122.6%
ROE
$2.1B
Market cap
0.00%
Dividend yield
9.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Asana, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -5.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-84.7%
FY2026
Return on invested capital.Return on invested capital is -84.7% in the latest fiscal year and rising from -335% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.8%/yr
FY2023–FY2026
Share-count dilution.Diluted share count changed +18% over the last 3 years to FY2026 (+5.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~16%.
153% of FCF
FY2026
Shareholder returns.Returned $132M to shareholders (buybacks + dividends) in FY2026 — 153% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $215M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 401%.
27% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 27% of revenue and 248% of free cash flow in FY2026 — about $0.91 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 5.8% a year and is falling.
Key fundamentals
Latest Revenue$790.8M
Revenue Growth YoY+9.2%
Revenue CAGR (3yr)+13.1%
Net Margin-23.9%
Free Cash Flow$86.6M
Return on Equity-122.6%
Debt / Equity0.53x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Asana, Inc.'s actual 10-K/10-Q/8-K filings?