We develop a 3D porous medium model for sap flow within a tree stem, which consists of a nonlinear parabolic partial differential equation with a suitable transpiration source term. Using an asymptotic analysis, we derive approximate series solutions for the liquid saturation and sap velocity for a general class of coefficient functions. Several important non-dimensional parameters are identified that can be used to characterize various flow regimes. We investigate the relative importance of stem aspect ratio versus anisotropy in the sapwood hydraulic conductivity, and how these two effects impact the radial and vertical components of sap velocity. The analytical results are validated by means of a second-order finite volume discretization of the governing equations, and comparisons are drawn to experimental results on Norway spruce trees.