The company's financial leverage has deteriorated significantly, with the debt-to-equity ratio climbing to 1.81 in 2027Q1 from 0.85 in 2024Q4 as the equity base eroded to $137.0M.
| Total Current Assets | 550.48M | 593.35M | 600.74M | 659.72M | 660.39M | 411.39M | 445.76M | 380.63M | 103.16M |
| Cash & Short-Term Investments | 424.64M | 434.05M | 466.88M | 519.46M | 529.3M | 312.03M | 386.27M | 351.31M | 87.97M |
| Cash Only | 193.66M | 199.84M | 184.73M | 236.66M | 526.56M | 240.4M | 259.88M | 306.02M | 23.78M |
| Short-Term Investments | 230.98M | 234.21M | 282.16M | 282.8M | 2.74M | 71.63M | 126.4M | 45.29M | 64.19M |
| Accounts Receivable | 73.48M | 110.31M | 87.57M | 88.33M | 82.36M | 59.09M | 32.19M | 12.66M | 5.59M |
| Days Sales Outstanding | 36.71 | 50.91 | 44.15 | 49.41 | 54.94 | 56.99 | 51.76 | 32.4 | 26.6 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.26M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 217.89 |
| Other Current Assets | 52.36M | 48.99M | 28.85M | 26.9M | 23.59M | 17.31M | 10.6M | 6.19M | 2.13M |
| Total Non-Current Assets | 255.03M | 250.74M | 290.67M | 302.24M | 294.57M | 295.64M | 285.36M | 41.06M | 10.59M |
| Property, Plant & Equipment | 225.15M | 221.74M | 262.38M | 278.27M | 271.17M | 273.71M | 257.36M | 30.92M | 4.1M |
| Fixed Asset Turnover | 3.48x | 3.57x | 2.76x | 2.34x | 2.02x | 1.38x | 0.88x | 4.61x | 18.73x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 2.76M | 19.13M | 4.66M | 2.8M |
| Other Non-Current Assets | 29.88M | 29M | 28.29M | 23.97M | 23.4M | 19.17M | 8.87M | 5.48M | 3.69M |
| Total Assets | 805.51M | 844.09M | 891.41M | 961.96M | 954.96M | 707.03M | 731.12M | 421.69M | 113.75M |
| Asset Turnover | 0.96x | 0.94x | 0.81x | 0.68x | 0.57x | 0.54x | 0.31x | 0.34x | 0.67x |
| Asset Growth % | -23.91% | -5.31% | -7.33% | 0.73% | 35.07% | -3.29% | 73.38% | 270.72% | - |
| Total Current Liabilities | 479.64M | 501.02M | 415.82M | 367.21M | 332.32M | 255.19M | 163.48M | 100.13M | 43.49M |
| Accounts Payable | 25.16M | 18.82M | 9.92M | 6.91M | 7.55M | 11.56M | 9.6M | 7.55M | 3.65M |
| Days Payables Outstanding | 72.09 | 79.19 | 46.92 | 39.07 | 48.75 | 108.45 | 121.9 | 138.59 | 96.24 |
| Short-Term Debt | 26M | 24.85M | 5.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.27B | 333.64M | 300.8M | 265.31M | 226.44M | 170.14M | 103.88M | 62.73M | 31.92M |
| Other Current Liabilities | 105.56M | 123.72M | 17.75M | 22.82M | 61.15M | 44.01M | 31.01M | 14.76M | 5.59M |
| Current Ratio | 1.15x | 1.18x | 1.44x | 1.80x | 1.99x | 1.61x | 2.73x | 3.80x | 2.37x |
| Quick Ratio | 1.15x | 1.18x | 1.44x | 1.80x | 1.99x | 1.61x | 2.73x | 3.80x | 2.18x |
| Cash Conversion Cycle | -35.38 | - | - | - | - | - | - | - | 148.25 |
| Total Non-Current Liabilities | 188.89M | 188.95M | 248.07M | 268.35M | 266.07M | 248.01M | 580.43M | 466.88M | 251.26M |
| Long-Term Debt | 183.94M | 183.75M | 39.29M | 43.62M | 46.7M | 34.61M | 380.67M | 203.1M | 0 |
| Capital Lease Obligations | 564.73M | 0 | 201.73M | 215.08M | 210.01M | 208.42M | 196.8M | 10.47M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | -4.1M | -2M | -1.4M | 0 |
| Other Non-Current Liabilities | 4.75M | 5.2M | 5.05M | 3.73M | 2.21M | 4.97M | 2.96M | 253.31M | 251.26M |
| Total Liabilities | 668.53M | 689.97M | 663.89M | 635.56M | 598.39M | 503.19M | 743.91M | 567.01M | 294.76M |
| Total Debt | 248.24M | 208.59M | 268.39M | 277.88M | 271.54M | 255.61M | 585.86M | 225.18M | 0 |
| Net Debt | 54.58M | 8.76M | 83.66M | 41.22M | -255.02M | 15.2M | 325.98M | -80.84M | -23.78M |
| Debt / Equity | 1.81x | 1.35x | 1.18x | 0.85x | 0.76x | 1.25x | - | - | - |
| Debt / EBITDA | -1.41x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.31x | - | - | - | - | - | - | - | - |
| Interest Coverage | -26.80x | -10.29x | -67.09x | -63.10x | -200.45x | -14.51x | -4.81x | -1516.23x | - |
| Total Equity | 136.98M | 154.12M | 227.52M | 326.4M | 356.57M | 203.84M | -12.79M | -145.31M | -181.01M |
| Equity Growth % | -118.65% | -32.26% | -30.29% | -8.46% | 74.93% | 1693.87% | 91.2% | 19.72% | - |
| Book Value per Share | 0.58 | 0.65 | 0.99 | 1.48 | 1.78 | 1.16 | -0.08 | -0.92 | -1.21 |
| Total Shareholders' Equity | 136.98M | 154.12M | 227.52M | 326.4M | 356.57M | 203.84M | -12.79M | -145.31M | -181.01M |
| Common Stock | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 1K | 1K |
| Retained Earnings | -2.21B | -2.15B | -1.83B | -1.49B | -1.24B | -829.79M | -541.45M | -329.74M | -211.15M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.66M | 4.21M | -3.85M | -236K | -873K | -626K | 39K | -102K | -80K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative equity trajectory
As reported in recent financial statements, Asana's total equity has contracted from $326.4M in 2024Q4 to $137.0M in 2027Q1, reflecting a persistent trend of value erosion driven by cumulative net losses that continue to weigh heavily on the company's long-term financial stability and overall balance sheet quality.
The consistent decline in equity suggests that the company's growth-at-all-costs strategy is failing to generate sufficient retained earnings to offset operational losses. Investors should monitor whether this downward trajectory in equity will eventually necessitate dilutive capital raises to maintain operational liquidity.
Based on the provided quarterly data, Asana's debt-to-equity ratio has deteriorated significantly, climbing from 0.85 in 2024Q4 to 1.81 in 2027Q1, which indicates that the company is increasingly relying on debt financing to sustain its operations as its equity base continues to shrink under persistent net losses.
This shift toward higher leverage in the face of negative profitability suggests a narrowing margin for error regarding debt service and covenant compliance. The reliance on debt to fund operations, rather than internal cash generation, warrants further investigation into the company's long-term solvency and refinancing risks.
According to the latest quarterly filings, Asana's current ratio has compressed from 1.80 in 2024Q4 to 1.15 in 2027Q1, signaling a reduced capacity to cover short-term obligations as cash reserves remain stagnant while current liabilities continue to exert pressure on the company's immediate financial flexibility.
A current ratio approaching unity suggests that the company has little room for operational missteps or unexpected cash outflows. This tightening liquidity profile may limit management's ability to pivot or invest in growth initiatives without further external financing or significant improvements in working capital management.
As evidenced by the company's reported figures, the accumulated deficit has ballooned to $2.2B as of 2027Q1, a staggering figure that highlights the structural difficulty of achieving GAAP profitability and suggests that the balance sheet is fundamentally distorted by years of aggressive, loss-making expansion efforts.
This massive deficit serves as a significant overhang that may complicate future capital allocation decisions and limit the company's ability to return value to shareholders. The persistence of this deficit, despite high gross margins, implies that the current business model may be structurally incapable of scaling to profitability without a radical change in cost structure.
Quick answers to the most common questions about buying ASAN stock.
As of 2026, Asana, Inc. (ASAN) had total assets of $844.1M including $593.3M in current assets.
Asana, Inc. (ASAN) carries total debt of $208.6M, offset by $434.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Asana, Inc. (ASAN) has total shareholders' equity (book value) of $154.1M ($0.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Asana, Inc. (ASAN) reported a current ratio of 1.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.