Asana stock hasn’t given many investors on Wall Street any cause for FOMO. In fact, shares are down over 10% year-to-date, and that’s coming off a tough couple of years already. So, is this a turnaround story or is the market telling us something more?
We take a closer look at where Asana stands right now, what’s changing in 2025, and what might be coming by 2030.
Moskowitz Is Still Leading The Charge
Moskovitz. Facebook co-founder, is now full-time Asana CEO and he’s the biggest shareholder by far. As of May 2025, he still owns over 45% of the company, and he’s been buying more shares.
In March, Moskovitz snapped up another $100 million worth of stock on the open market. That brought his total purchases this year to $150 million, all out of pocket. That’s a remarkable gesture and by no means a token buy. But why?
Over the past two years, nearly every SaaS company slapped “AI” on their pitch decks. Most of them added some predictive tagging or an OpenAI integration and called it a day but Asana rewired its entire business and product around artificial intelligence.
In Q1 2025, Asana rolled out AI teammates, to not only auto-complete helpers, but also to fully interactive bots that can assign tasks, chase deadlines, and nudge humans when something’s off-track.
Asana’s own data states that customers using AI teammates finish projects 27% faster, much to the fanfare of CIOs who like to spike productivity without hiring more people. And with IT budgets getting tighter in 2025, Asana’s pitch is hitting home.
Asana Leans Into Enterprise
When Asana first came to market, it essentially was a small business solution but big corporations didn’t gravitate towards it to it yet that has largely changed this year with Asana adding IBM, Goldman Sachs, and Nestlé to its enterprise customer list.
Better yet those deals are big multi-million dollar deals that eclipse $5 million in annual contract value, a big leap from the early $9-per-seat roots.
And it’s quite possible the ball is just getting started to roll down hill because, according to Asana’s latest earnings call, deals over $100,000 now account for 56% of total revenue. That’s the highest ratio in history. It’s becoming evident that management aren’t focused on wining over small teams sequentially so much as they are going after higher-paying businesses.
Product-Led Growth Leads to Scale
When “freemium” was the go-to strategy for SaaS businesses, Asana really embraced it and won over millions of users who tried the platform pro bono. But converting those users to paid plans became a serious pain point.
Fast forward to this year, and Asana’s new pricing model has become the de facto standard because it involves usage-based billing for larger accounts, similar to Snowflake and Twilio. That’s a major turnaround because it means Asana grows with its customers. More usage equals more revenue, no need for constant upsell pressure.
It’s subtle, but it’s showing up in user behavior with speculation that average revenue per enterprise customer jumped mightily over the past two quarters.
Analysts Are Warming Back Up
Anaysts cite three drivers:
The AI rollout is stickier than expected, customers aren’t just trying it, they’re building workflows around it.
Enterprise expansion is accelerating, not slowing.
Founder buying sends a signal that the floor is probably in.
Also worth noting is that InsiderScore tagged Asana as a top-5 “conviction buy” among tech midcaps in its April report. That’s a screen based purely on insider buying relative to float. And in 2025, Moskovitz is blowing the doors off that metric.
The Valuation Still Feels Off
Now for the elephant in the room. Even after a 10% drop this year, Asana trades at a price-to-sales multiple that’s well above most of its workflow software peers. Think Monday.com, Smartsheet, and Atlassian. Those companies are cheaper on a sales basis and in some cases, growing just as fast.
So why the premium? Simple. The market’s still assigning a founder premium, and maybe an AI one too. The logic is: if Moskovitz is still buying, he’s not doing it to break even. He thinks Asana becomes a $10 billion company or more.
Right now, Asana’s market cap is sitting around $4.2 billion. So a $10 billion valuation five years from now implies over 130% upside. Not a skyrocketing valuation, but not small potatoes either.
Where Will Asana Be in 5 Years?
By 2030, Asana will be:
Deep into AI-native productivity. Think customizable AI agents for every team.
Embedded in the enterprise tech stack right next to Salesforce and ServiceNow.
Still led by Moskovitz. He’s locked in, and there’s no exit strategy in sight.
With that kind of setup, a $10–12 billion valuation is within reach. That would imply a stock price somewhere between $48 and $60, depending on share dilution.
That’s a double, maybe more, from where we are now.
But the bigger story is that Asana has moved from “startup darling” to “infrastructure layer.” It’s not flashy. It’s not going viral. But it’s becoming something stickier than buzz, necessary.
The Bottom Line
You’re not buying Asana for this quarter or even this year. You’re buying it for what it’s becoming. A company with a sticky, AI-powered product. One that big enterprises are finally adopting. And one that its billionaire founder won’t stop buying.
Honestly, I didn’t expect to say this. But Asana in 2025 looks more like a long-term winner than it has in years.
By 2030, it’s not hard to see Asana stock back in the spotlight and finally living up to the vision that started it all.
The author has no position in any of the stocks mentioned. Financhill has a disclosure policy. This post may contain affiliate links or links from our sponsors.