| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | $891 | $962 | $955 | $707 | $731 |
| Liabilities | $664 | $636 | $598 | $503 | $744 |
| Equity | $228 | $326 | $357 | $204 | -$13 |
| Data source | 10-K | 10-K | 10-K | 10-K | 10-K |
Over the five-year period Asana’s balance sheet moved from a stretched position in 2021 to a materially stronger position by 2022–2023, then showed some erosion in 2024–2025. Total assets were $731.1M in 2021, dipped slightly in 2022 to $707.0M, then rose sharply to a peak around $962.0M in 2024 before falling to $891.4M in 2025. Liabilities fell dramatically from $743.9M in 2021 to $503.2M in 2022 (a reduction of about $240.7M), then climbed gradually to $663.9M by 2025. Stockholders’ equity swung from negative $12.8M in 2021 to a positive $203.8M in 2022 (an improvement of roughly $216.6M), peaked at $356.6M in 2023, and then declined to $227.5M by 2025. The net effect: solvency and leverage improved markedly after 2021 (liabilities/assets fell from ~102% to ~63% by 2023 and equity/assets rose from negative to ~37%), reflecting either debt reduction, capital infusion, or retained capital improvements. Since 2023 there has been some back-and-forth—assets eased and liabilities increased, trimming equity (equity fell ~36% from the 2023 peak to 2025). In a SaaS context, these moves are consistent with companies shifting capital structure through fundraising, debt paydowns or recognition of deferred revenue while managing cash burn; the big 2022 liability reduction and subsequent rise deserve attention (monitor debt, cash balances, deferred revenue and operating cash flow) because continued liability buildup with declining assets can compress equity and increase financial risk going forward.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.
