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This paper introduces a new methodology for evaluating the performance of asynchronous linear-pipelines. The token vector delay model is introduced to capture delay variability, which can originate from data, process and/or environment. Then, closed form equations modeling handshaking protocols are defined. These equations enable us to construct an abstract analytical model of the pipeline. The analytical model is then solved to compute the circuit performance in the presence of time variable delays. The tool developed to implement the method enables the designer to analyze circuits with tens of pipeline stages in a few seconds.