Navan, Inc. Class A (NAVN) AI Stock Analysis

• Market Cap: $2.21B
• Dividend Yield: N/A
• Average Volume (3M): 1.48M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.01
• Revenue Growth: 30.42%
• EPS Growth: -68.70%
• Country: US
• Employees: 3,400
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.14
• Shares Outstanding: 233,339,370
• 10 Day Avg. Volume: 1,545,176
• 30 Day Avg. Volume: 1,481,438
• PEG Ratio: 0.60
• Price to Book (P/B): 43.46
• Price to Sales (P/S): 9.25
• P/FCF Ratio: -96.58
• Enterprise Value/Market Cap: 2.41
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $21.20
• Price Target Upside: 133.22% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.02
• Revenue Forecast (FY): $840.76M

• Rating: 48 Neutral
• Price Target: $11.00 ▲(21.01% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 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.

Improving Gross Margins via AI

A record 74% gross margin driven by AI efficiencies and scale signals sustainable unit economics improvements. Durable margin expansion from automation and supplier direct connections can fund product investment and sales motion, making incremental revenue more profitable as bookings scale.

Enterprise Wins & Strong Customer Loyalty

Signing marquee enterprise customers and achieving an NPS of 45 with 97% satisfaction indicates strong product-market fit in corporate travel. High retention and referenceable logos lower CAC payback risk, support upsell of payments/analytics, and strengthen long-term competitive positioning against incumbents.

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.

Persistent Operating Losses

Meaningful negative net margins and deeply negative ROE show the company still runs at structural losses despite revenue growth. Sustained unprofitability increases reliance on external capital, makes path to positive retained earnings longer, and pressures long-term return on invested capital.

Negative Operating Cash Flow

Although free cash flow improved, ongoing negative operating cash flow indicates core operations are not yet consistently cash-generative. This gap limits ability to delever, fund product initiatives, or absorb seasonality without external financing, raising execution and liquidity risk over months ahead.

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 travel lifecycle, from booking and policy enforcement to payment processing, expense reconciliation, and reporting. It serves finance, human resources, travel managers, inventory, and other markets. The company was formerly known as TripActions, Inc. and changed its name to Navan, Inc. in February 2023. Navan, Inc. was incorporated in 2015 and is based in Palo Alto, California.

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 features for travel booking and expense management. Additionally, the company earns money through transaction fees associated with travel bookings made through its platform. Partnerships with travel suppliers, such as airlines and hotels, also contribute to its earnings by allowing Navan to earn commissions on bookings made by users. Furthermore, Navan may offer premium services and analytics tools as add-ons, creating additional revenue opportunities.

Navan, Inc. Class A Financial Statement Overview

Summary

Strong revenue growth and improved gross margin are outweighed by ongoing losses (negative net margin) and high leverage (very high debt-to-equity), which raises financial risk despite improving free cash flow trends.

Income Statement

Navan, Inc. has shown a significant improvement in revenue growth, with a 33.46% increase year-over-year. However, the company is still operating at a loss, with a negative net profit margin of -33.73% and an EBIT margin of -17.79%. The gross profit margin improved to 63.79%, indicating better cost management. Despite these improvements, the company needs to address its negative profitability metrics to enhance its financial health.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 5.89, indicating significant leverage and potential financial risk. The return on equity is negative at -158.53%, reflecting the company's ongoing losses. The equity ratio stands at 10.54%, suggesting a low proportion of equity financing. The company needs to manage its debt levels and improve profitability to strengthen its balance sheet.

Cash Flow

Navan, Inc. has shown a positive free cash flow growth rate of 69.21%, indicating improved cash generation capabilities. The free cash flow to net income ratio is slightly above 1, suggesting that the company is generating cash flow in line with its net losses. However, the operating cash flow remains negative, highlighting the need for further operational improvements to achieve positive cash flow.

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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DSP	75 Outperform	$726.03M	8.21	19.72%	―	22.97%	49.49%
GRND	67 Neutral	$2.34B	27.11	60.60%	―	28.97%	-4.18%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
WEAV	58 Neutral	$374.37M	-20.65	-36.38%	―	17.34%	-8.35%
SMRT	54 Neutral	$309.48M	-6.33	-25.34%	―	-24.30%	-181.62%
NAVN	48 Neutral	$2.21B	-32.13	-203.32%	―	30.42%	-68.70%

Navan, Inc. Class A Corporate Events

Navan Appoints New CFO to Strengthen Financial Leadership

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 Accounting Officer. Nolf brings more than two decades of international public company finance experience from Lyft, Electronic Arts, and PwC, and his compensation package includes a $600,000 base salary plus substantial equity awards designed to align his incentives with long-term shareholder value.

At Lyft, Nolf led FP&A and investor relations, contributing to improved forecasting, sustainable profitability, and stronger cash flow, experience Navan’s leadership highlighted as critical to scaling its AI-driven travel and expense platform as a public company. His hire follows the recent addition of Shai Weiss to Navan’s board and notable enterprise customer wins such as Yahoo and Axel Springer, underscoring the company’s push to strengthen its executive bench and governance as it competes aggressively in the business travel technology market.

The most recent analyst rating on (NAVN) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Navan, Inc. Class A stock, see the NAVN Stock Forecast page.

Navan appoints Shai Weiss to board and audit committee

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 the Audit Committee. Weiss, a veteran of the travel, technology and financial sectors, joins Navan at a time of new enterprise customer wins and strengthened partnerships with airlines and online travel platforms, and his track record in leading Virgin Atlantic through a digital transformation, major strategic alliances and the pandemic is expected to reinforce Navan’s operational and financial oversight as it scales its business travel and expense platform. As part of the company’s standard non-employee director compensation program, Weiss received an initial three-year vesting restricted stock unit grant and is eligible for prorated annual cash retainers and additional equity awards, and he entered into Navan’s customary indemnification agreement for directors, underscoring the company’s effort to attract high-profile governance talent without introducing related-party or conflict-of-interest concerns.

The most recent analyst rating on (NAVN) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Navan, Inc. Class A stock, see the NAVN Stock Forecast page.

Navan, Inc. Announces CFO Transition Amid Strong Growth

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 CFO. Navan reported strong financial performance for the third quarter of fiscal year 2026, with a 29% year-over-year revenue growth to $195 million and significant non-GAAP operating margin expansion. The company continues to see strong demand in the corporate travel and expense market, despite recent travel disruptions.

The most recent analyst rating on (NAVN) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on Navan, Inc. Class A stock, see the NAVN Stock Forecast page.