Asana, Inc. — Earnings Quality Grade F
ASAN · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 51 days, change +7 days YoY
AR growth 26.0% exceeds revenue growth 9.2%
Revenue 9.2%, CFFO 505.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 8.9% vs revenue 9.2%. Normal
SG&A/Gross Profit = 85.2%, exceeds 70%
Gross margin 89.0%, change -0.3pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -0.41
Accruals ratio = -33.1%. Low accruals
Cash $0.4B covers debt $0.2B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -62.7x (<2x). Financial stress
Other assets 2.5% vs revenue 9.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -3.85 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25