Asana: Stabilizing Profitability Doesn't Solve The Long-Term Growth Question

Gary Alexander33.41K FollowersFollow5ShareSavePlay(8min)CommentsSummaryAsana remains under significant pressure, with shares down ~60% over the past year despite a recent Q4 rally.I reiterate my "Sell" rating, citing persistent net churn, sub-100% net retention, and vulnerability to AI-driven disruption.ASAN trades at a cheap 1.5x EV/FY27 revenue, but higher-quality peers like Atlassian offer better fundamentals for only a modest premium.While FY27 guidance showed high single-digit growth and margin expansion, I see Asana as outclassed and recommend investing elsewhere.

Getty Images It's obvious that 2026 has been an incredibly tough year for software stocks that are contending with the building "SaaSpocalypse" narrative, but it's an especially tough time for enterprise software companies that already entered into the year in a limping state, plagued by competitiveThis article was written byGary Alexander33.41K FollowersFollowWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular contributor on Seeking Alpha since 2017. He has been quoted in many web publications and his articles are syndicated to company pages in popular trading apps like Robinhood.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.