1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
ASAN
Event Date
2020-09-30
Sector
Information Technology
Subsector
Software
Offer Range
$21.00-$21.00
Shares Offered
30.03M
163.05M
$4.4B
18.4%
Implied Upside vs Midpoint
Description
(Note: This is not a traditional IPO. This is a direct listing of our Class A common stock on the New York Stock Exchange without the involvement of any investment bank. From the prospectus: “We have engaged Morgan Stanley & Co. LLC, or Morgan Stanley; J.P. Morgan Securities LLC, or J.P. Morgan; Credit Suisse Securities (USA) LLC, or Credit Suisse; and Jefferies LLC, or Jefferies; to serve as our financial advisors. There will be no book building process and no price at which underwriters initially sell shares to the public to help inform efficient and sufficient price discovery with respect to the opening trades on the NYSE.”) Our mission is to help humanity thrive by enabling the world’s teams to work together effortlessly. Asana is a work management platform that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives. Over 75,000 paying customers use Asana to manage everything from product launches to marketing campaigns to organization-wide goal setting. Our platform adds structure to unstructured work, creating clarity, transparency, and accountability to everyone within an organization—individuals, team leads, and executives—so they understand exactly who is doing what, by when.
Asana, Inc. annual income statement and balance sheet, FY 2022 to FY 2026, as reported in SEC filings.
| Metric | FY 2022 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|
| Revenue | $378M | $653M | $724M | $791M |
| Gross profit | $340M | $588M | $647M | $704M |
| Operating income | ($265M) | ($270M) | ($267M) | ($197M) |
| Net income | ($288M) | ($257M) | ($256M) | ($189M) |
| Metric | FY 2022 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|
| Total assets | $707M | — | $891M | $844M |
| Total liabilities | $503M | — | $664M | $690M |
| Total equity | $204M | $326M | $228M | $154M |
| Cash & equivalents | $240M | $237M | $185M | $200M |