Navan, Inc. Class A (NAVN)
NASDAQ:NAVN
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Navan, Inc. Class A
(NASDAQ:NAVN)
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Rating:48Neutral
Price Target:
$11.00
▲(21.01% Upside)
Action:ReiteratedDate:02/28/26
The score is primarily held down by weak financial fundamentals—continued losses and very high leverage—along with bearish technical signals. These are partially offset by a favorable earnings-call outlook (raised guidance, strong growth, and margin improvements) and positive leadership/governance events, while valuation support is limited due to negative earnings and no dividend.
Positive Factors
Sustained Revenue Growth
Consistent high-teens-to-30% revenue growth demonstrates durable demand for Navan’s subscription and transaction-based platform. This trend supports scale economics, expands recurring revenue, and provides a multi-quarter runway to convert enterprise sales into predictable cash flows and product-led expansion.
Negative Factors
Very High Leverage
A debt-to-equity ratio near 6 and low equity ratio materially increase financial risk. Elevated leverage constrains strategic flexibility, raises interest and covenant sensitivity, and can force prioritization of servicing liabilities over growth investments if cash generation falters over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Consistent high-teens-to-30% revenue growth demonstrates durable demand for Navan’s subscription and transaction-based platform. This trend supports scale economics, expands recurring revenue, and provides a multi-quarter runway to convert enterprise sales into predictable cash flows and product-led expansion.
Read all positive factors
Navan, Inc. Class A (NAVN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.12B
Dividend YieldN/A
Average Volume (3M)3.18M
Price to Earnings (P/E)―
Beta (1Y)0.34
Revenue Growth30.42%
EPS Growth-68.70%
CountryUS
Employees3,400
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.02
Shares Outstanding235,456,310
10 Day Avg. Volume3,312,668
30 Day Avg. Volume3,180,237
Financial Highlights & Ratios
PEG Ratio0.60
Price to Book (P/B)43.46
Price to Sales (P/S)9.25
P/FCF Ratio-96.58
Enterprise Value/Market Cap1.71
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$19.50Price Target Upside114.52% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.17
Revenue Forecast (FY)$871.24M
Navan, Inc. Class A Business Overview & Revenue Model
Company Description
Navan, Inc. operates an AI-powered software platform to simplify the travel and expense experience, benefiting users, customers, and suppliers. The company offers AI-powered travel, payments, and expense management solutions to streamline the trav...
How the Company Makes Money
Navan generates revenue through a combination of subscription fees, transaction fees, and value-added services. Its primary revenue stream comes from subscription plans offered to businesses for access to its platform, which typically includes fea...
Navan, Inc. Class A Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Jun 25, 2026
Earnings Call Sentiment Positive
The call highlighted strong commercial momentum (35% revenue growth, 42% GBV growth), meaningful product and AI progress, improved non-GAAP profitability (breakeven in Q4), and a strong balance sheet with free cash flow turned positive. Offsetting items include a large one-time GAAP charge related to retiring the Reed & Mackay brand, Reed & Mackay’s lower growth dragging consolidated NRR to 107%, and cautious full-year guidance (24% revenue growth) that is modest relative to the recent quarter’s acceleration. New initiatives (Navan Edge, restaurant bookings, meetings/events) present upside but remain early-stage. Overall, the positives around growth, margins, cash flow, and product momentum outweigh the disclosed headwinds.Positive Updates
Q4 Revenue Growth
Q4 revenue of $178,000,000, up 35% year-over-year, demonstrating strong top-line momentum.
Negative Updates
Material GAAP Charge in Q4
GAAP operating margin was negative 50% in Q4 due primarily to a $36,200,000 non-cash amortization charge related to retiring the Reed & Mackay brand, materially impacting GAAP results for the quarter.
Read all updates
Q4-2026 Updates
Positive
Negative
Q4 Revenue Growth
Q4 revenue of $178,000,000, up 35% year-over-year, demonstrating strong top-line momentum.
Read all positive updates
Company Guidance
For fiscal 2027 Navan guided revenue of $866–$874 million (≈24% growth at the midpoint) and non‑GAAP operating profit of $58–$62 million (≈7% margin at the midpoint); for Q1 FY27 they guided revenue $204–$206 million (≈30% YoY) and non‑GAAP operating profit $4.5–$5.5 million. Management framed this guidance against a strong Q4 (revenue $178M, +35% YoY; GBV $2.3B, +42% YoY; new signed GBV >50% YoY in the quarter), a Q4 non‑GAAP operating margin at breakeven (GAAP op margin −50% reflecting a $36.2M non‑cash amortization), turning free cash flow positive a year ahead of plan, ending FY26 with $741M cash/short‑term investments vs $125M debt, and FY26 net revenue retention of 107% (core platform ~110%)—factors management cited as the basis for the 2027 growth and margin targets.Navan, Inc. Class A Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
30
Negative
Cash Flow
55
Neutral
| Breakdown | Jan 2025 | Jan 2024 |
|---|---|---|
Income Statement | ||
| Total Revenue | 536.84M | 402.26M |
| Gross Profit | 342.43M | 214.27M |
| EBITDA | -70.62M | -235.98M |
| Net Income | -181.08M | -331.55M |
Balance Sheet | ||
| Total Assets | 1.08B | 1.07B |
| Cash, Cash Equivalents and Short-Term Investments | 305.83M | 262.38M |
| Total Debt | 672.43M | 573.85M |
| Total Liabilities | 965.93M | 841.75M |
| Stockholders Equity | 114.22M | 219.15M |
Cash Flow | ||
| Free Cash Flow | -51.40M | -166.92M |
| Operating Cash Flow | -50.41M | -166.36M |
| Investing Cash Flow | 44.87M | -108.78M |
| Financing Cash Flow | 52.55M | 212.62M |
Navan, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $601.85M | 8.21 | 19.72% | ― | 22.97% | 49.49% | |
67 Neutral | $2.24B | 27.11 | 60.60% | ― | 28.97% | -4.18% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $364.14M | -20.65 | -36.38% | ― | 17.34% | -8.35% | |
54 Neutral | $271.04M | -6.33 | -25.34% | ― | -24.30% | -181.62% | |
48 Neutral | $3.12B | -32.13 | -203.32% | ― | 30.42% | -68.70% |
* Technology Sector Average
NAVN
Navan, Inc. Class A
13.59
-6.41
-32.05%
GRND
Grindr
12.68
-5.48
-30.18%
SMRT
SmartRent
1.43
0.70
95.89%
DSP
Viant Technology
10.01
-2.86
-22.22%
WEAV
Weave Communications
4.85
-4.55
-48.40%
Navan, Inc. Class A Corporate Events
Business Operations and StrategyExecutive/Board Changes
Navan Appoints New CFO to Strengthen Financial Leadership
Positive
Feb 11, 2026
Navan on February 11, 2026 announced the appointment of Aurélien Nolf as Chief Financial Officer, effective March 2, 2026, succeeding interim CFO Anne Giviskos, who will return to her role as Senior Vice President, Strategic Finance and Chief...
Business Operations and StrategyExecutive/Board Changes
Navan appoints Shai Weiss to board and audit committee
Positive
Jan 28, 2026
On January 28, 2026, Navan, Inc. expanded its Board of Directors from nine to ten members and elected former Virgin Atlantic CEO Shai Weiss as a Class III director, with a term running until the 2028 annual meeting, while also appointing him to th...
Executive/Board ChangesFinancial Disclosures
Navan, Inc. Announces CFO Transition Amid Strong Growth
Positive
Dec 15, 2025
Navan, Inc. announced the departure of Amy Butte as Chief Financial Officer, effective January 9, 2026, with Anne Giviskos stepping in as Interim CFO. The transition is part of a seamless leadership change as the company searches for a permanent C...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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