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Navan, Inc.

Rank #247Hypergrowth

NAVN · Nasdaq · Technology

Navan, Inc. (NAVN) — Rank #247 by gross profitability (GP/assets 0.28) · ROE -30.3% · Piotroski F-Score 5 / 9.

As-of 2026-09-15 · CIK 0001639723 · all metrics point-in-time as of the filing date.

About

Navan, Inc. operates an AI-powered software platform to simplify the travel and expense experience, benefiting users, customers, and suppliers.

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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. It has partnership with OpenTable Partner for AI-Powered Business Travel Planning. Navan, Inc. was formerly known as TripActions, Inc. and changed its name to Navan, Inc. in February 2023.

The company was incorporated in 2015 and is based in Palo Alto, California.

Industry
Software - Application
Sector
Technology
State
DE
Filer Category
Non-accelerated filerEmerging growth company
Fiscal Year End
January 31
Website
navan.com

Price History

NAVN+5.1% · +5.9% CAGRSPY+13.4% · +15.7% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$5.84B

P/E (annual)

—

P/S (annual)

8.3

P/B

4.4

P/OCF (annual)

173.4

Shareholder Yield

-116.0%

Employees

3,700

Industry

Software - Application

Exchange

Nasdaq

Signal Flags

1 green1 yellow2 red
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Operating margin decliningOperating margin lower than prior year
Valuation convergenceEPS declining, shares diluting, and revenue growth decelerating simultaneously

Quality Profile

Profitability

1/1 pass
GP / assets
0.28
Return on equity
-30.3%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.38
Current ratio
4.38×
Net cash
$1.05B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
25.9%

Growth

1/2 pass
Revenue growth
30.8%
Piotroski F-Score
5 / 9
Share dilution
116.0%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

24.2%

fairly valued

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 116.0% — per-share value needs a total required return of 140.3% once share-count change is priced in.

vs. own 6-year median revenue growth: 30.8%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

19.0%

r = 10% (base)

24.2%

r = 12%

28.8%

Net debt / market cap: -48.0%

Base FCF: $32.8M3Y mean FCF: $32.8M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

1.7xExpensive
1.0xmed 1.3x1.7x

P / GP

Price / gross profit per share

2.4xExpensive
1.5xmed 2.2x2.4x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.28

Primary signal (Novy-Marx).

30th pctl of 38 SIC 7372 peers

Return on equity

-30.3%

Gross margin

71.3%

51st pctl of 38 SIC 7372 peers

Revenue growth (YoY)

30.8%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

202420252026
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.38

72nd pctl of 33 SIC 7372 peers (best = lowest)

Current ratio

4.38×

78th pctl of 38 SIC 7372 peers

Quick ratio

3.22×

Net cash

$1.05B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$32.75M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.08

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

25.9%

Stock-based comp intensity.

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20242026
Hypergrowth
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