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Saturday 7 November 2026
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Navan, Inc.
NAVN Technology Software Application
Navan, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $702.3 million, up 30.8% from fiscal 2025.
- Revenue
- +35.4%
- EPS
- +86.7%
- Free cash flow
- +618.7%
- Total debt
- −70.2%
Quarter to July 2026, against a year earlier
25.48
0.06
+0.24%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to January
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Jul ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 402 | 537 | 702 | 826 | +32.1% | 931 | 1,156 | 1,408 | +26.1% | |
| Gross margin, % | — | — | — | — | — | — | — | 59.57 | 68.37 | 71.27 | 72.55 | +11.7 pt | ||||||
| EBT | — | — | — | — | — | — | — | (326) | (172) | (396) | (350) | +10.2% | ||||||
| EBT margin, % | — | — | — | — | — | — | — | (81.07) | (31.95) | (56.38) | (42.39) | +24.7 pt | ||||||
| Net income | — | — | — | — | — | — | — | (332) | (181) | (398) | (348) | +9.6% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 9.02 | 11.86 | 7.18 | 3.22 | (10.8%) | |||||
| Earnings | — | — | — | — | — | — | — | (7.44) | (4.00) | (4.07) | (5.06) | (26.0%) | ||||||
| Cash flow | — | — | — | — | — | — | — | (3.73) | (1.11) | 0.34 | 0.18 | n/m | ||||||
| Capex | — | — | — | — | — | — | — | (0.39) | (0.36) | (0.19) | (0.07) | (29.4%) | ||||||
| Free cash flow | — | — | — | — | — | — | — | (4.12) | (1.47) | 0.15 | 0.11 | n/m | ||||||
| Book value | — | — | — | — | — | — | — | 0.00 | 2.52 | 12.35 | 5.13 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | — | 45 | 45 | 98 | 163 | +48.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | 0.00 | 0.00 | 1.50 | 7.91 | 0.5 | ||||||
| P/B | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.87 | 4.96 | 0.3 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.50 | 6.95 | 0.2 | ||||||
| EV/FCF | — | — | — | — | — | — | — | (14.54) | (14.54) | 23.93 | 202.59 | (1.7) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | (166) | (50) | 34 | 47 | n/m | |||||
| Capex | — | — | — | — | — | — | — | (17) | (16) | (19) | (19) | +4.5% | ||||||
| Free cash flow | — | — | — | — | — | — | — | (184) | (67) | 15 | 28 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | — | 243 | 986 | 1,084 | +306.1% | |||||
| Net debt | — | — | — | — | — | — | — | — | 91 | (702) | (792) | n/m | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | — | 114 | 1,208 | 1,316 | +957.6% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | (33.41) | (28.50) | (38.41) | (28.5) pt | |||||
| ROIC | — | — | — | — | — | — | — | 0.00 | (32.75) | (24.31) | (25.34) | (24.3) pt | ||||||
| ROE | — | — | — | — | — | — | — | 0.00 | 0.00 | (3,761.74) | (540.18) | (3,761.7) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 3,400 | 3,700 | — | +8.8% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.00 | 0.16 | 0.19 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jan 2026 · latest quarter Jul 2026 · fundamentals updated 25 Oct 2026
Business profile
Navan, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| YOU CLEAR Secure, Inc. | $7.6B | 28.9× | 28.9× | +27.77% (above 0%: growing) | +156.72% (above 0%: growing) | −94.18% (below 0%: shrinking) | 68.55% | 28.32% | Compare |
| IDCC InterDigital, Inc. | $7.4B | 23.4× | 31.1× | +17.46% (above 0%: growing) | +18.71% (above 0%: growing) | −64.24% (below 0%: shrinking) | 100.00% | 51.37% | Compare |
| DUOL Duolingo, Inc. | $7.4B | 51.4× | 58.5× | +13.73% (above 0%: growing) | −90.89% (below 0%: shrinking) | +15.63% (above 0%: growing) | 72.86% | 7.83% | Compare |
| LYFT Lyft, Inc. | $6.8B | 2.5× | 31.8× | +8.11% (above 0%: growing) | n/m | +13.35% (above 0%: growing) | 52.17% | (1.06%) | Compare |
| NAVN Navan, Inc. | $6.6B | — (loss-making) | — (loss-making) | +35.38% (above 0%: growing) | n/m | +618.65% (above 0%: growing) | 74.09% | (10.98%) | |
| CVLT CommVault Systems, Inc. | $6.5B | 80.9× | 59.6× | +13.11% (above 0%: growing) | +113.79% (above 0%: growing) | −3.69% (below 0%: shrinking) | 81.15% | 9.72% | Compare |
| RNG Ringcentral, Inc. | $6.3B | 9.2× | 8.8× | +5.85% (above 0%: growing) | +3,442.11% (above 0%: growing) | +21.03% (above 0%: growing) | 73.12% | 7.97% | Compare |
| KVYO Klaviyo, Inc. | $5.9B | 920× | 460× | +24.55% (above 0%: growing) | n/m | −14.79% (below 0%: shrinking) | 74.22% | (1.16%) | Compare |
| NIQ NIQ Global Intelligence plc | $5.9B | — (loss-making) | — (loss-making) | +8.01% (above 0%: growing) | n/m | +199.46% (above 0%: growing) | 55.52% | 5.81% | Compare |
| Median of peers | $6.6B | 28.9× | 31.8× | +13.42% | +113.79% | +4.83% | 72.99% | 7.90% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
66.22%
Held by the ten largest
44.64%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| LIGHTSPEED MANAGEMENT COMPANY, L.L.C. | 41.70m | 16.40% | −8.22m |
| a16z Capital Management, L.L.C. | 28.22m | 11.10% | 0.00 |
| Vanguard | 7.53m | 2.96% | +4.10m |
| COSMIC MANAGEMENT, LLC | 7.14m | 2.81% | 0.00 |
| BlackRock | 6.70m | 2.63% | +3.87m |
| Napean Trading & Investment Co (Singapore) PTE Ltd | 5.87m | 2.31% | 0.00 |
| BIT Capital GmbH | 5.21m | 2.05% | +4.98m |
| Millennium Management | 4.30m | 1.69% | +1.46m |
| Capital Group | 3.60m | 1.42% | −182.64k |
| Wellington Management | 3.28m | 1.29% | −1.97m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Navan, Inc. (NAVN) Latest News
12 Oct
20 Sep
10 Sep
9 Sep
NAVN metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Shares outstanding
- Book value per share
Navan is a business travel and expense platform for organizations and their employees. Founded in 2015 and headquartered in Palo Alto, it is led by Chief Executive Officer Ariel Cohen. Its software brings travel booking, corporate payments and expense management into one system.
Employees can use Navan Travel to book flights, hotels, trains and rental cars within their employer’s travel policies. The platform also provides trip updates and lets travelers change reservations. Finance teams can use its expense tools to see spending, apply policies and reconcile transactions. Customers can use Navan’s corporate cards or connect eligible existing third-party cards to its expense application.