ASANAsana, Inc.
Services-Prepackaged Software
- Revenue
- $791M
- 9.2% YoY
- Operating margin
- -25.0%
- 32% YoY
- EBITDA
- −$175M
- 30% YoY
- Market cap
- $2.5B
- Employees
- 1,767
- $448K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 18.0
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 3 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes27% of revenueOver 10% of revenue
- Payouts exceed cash flowYes146% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo7% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$448K · 51st pctBottom quartile of its SIC industry
- Quiet on AINo18.0 per 10K words · 98th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$26M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $378M | $547M | $653M | $724M | $791M | 9.2% |
| Operating income | −$265M | −$408M | −$270M | −$267M | −$197M | 26% |
| Net income | −$288M | −$408M | −$257M | −$256M | −$189M | 26% |
| Operating cash flow | −$84M | −$160M | −$18M | $15M | $90M | 505% |
| Capex | $42M | $5M | $8M | $6M | $4M | 32% |
| Stock-based comp | $105M | $189M | $202M | $211M | $215M | 1.7% |
| Buybacks | $40K | $9K | $0 | $78M | $132M | 69% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 15, 2025 | Moskovitz Dustin A. | SCHEDULE 13D/A | 58.0% | Passive |
| Jul 31, 2025 | Moskovitz Dustin A. | SCHEDULE 13D/A | 57.2% | Passive |
| Jul 17, 2025 | Moskovitz Dustin A. | SCHEDULE 13D/A | 56.4% | Passive |
| Apr 14, 2025 | Moskovitz Dustin A. | SCHEDULE 13D/A | 57.2% | Passive |
| Mar 27, 2025 | Moskovitz Dustin A. | SCHEDULE 13D/A | 56.4% | Passive |
| Nov 14, 2023 | Moskovitz Dustin A. | SC 13D/A | 59.3% | Passive |
| Sep 16, 2022 | Moskovitz Dustin A. | SC 13D/A | 58.3% | Passive |
| Mar 7, 2022 | Moskovitz Dustin A. | SC 13D/A | 54.7% | Passive |
| Feb 14, 2022 | Moskovitz Dustin A. | SC 13D | 53.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $26M · 38
- Net
- −$26M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 29 | 256 |
| FY2025 | — | — | 60 | 204 |
| FY2024 | — | — | 49 | 160 |
| FY2023 | — | — | 44 | 107 |
| FY2022 | — | — | 148 | 126 |