NAVN · Nasdaq · Technology
Navan, Inc. (NAVN) — Rank #236 by gross profitability (GP/assets 0.28) · ROE -30.3% · Piotroski F-Score 5 / 9.
As-of 2026-10-30 · 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
- Emerging growth company
- Fiscal Year End
- January 31
- Website
- navan.com
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
3,700
Industry
Software - Application
Exchange
Nasdaq
9/12
Flags passed
NAVN fails 2 critical flags
Passes 9 of 12 quality flags, 1 caution
- FAILOperating margin declining
Operating margin lower than prior year
- FAILValuation convergence
EPS declining, shares diluting, and revenue growth decelerating simultaneously
- CAUTIONDilution above 2%
Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
- PASSGross margin holding
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSRevenue not declining
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
Strengths Deferred revenue growing
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passRevenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Does it make money well?
Warning: Operating margin declining · GP/assets 31st percentile of 36 SIC 7372 peers
Gross profitability (GP / assets)
0.28
Primary signal (Novy-Marx).
31st pctl of 36 SIC 7372 peers
Return on equity
-30.3%
Gross margin
71.3%
54th pctl of 36 SIC 7372 peers
Revenue growth (YoY)
30.8%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2024 | 2025 | 2026 | |
|---|---|---|---|
| Revenue vs COGS | |||
| Revenue vs OpEx | |||
| Op. Income vs Revenue |
Cash Flow Health
Is the cash real?
No warning flags · FCF 108% above net income
Free cash flow
$32.75M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
108.2%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
25.9%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
Caution: Dilution above 2% · net cash $1.05B, F-Score 5/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.38
68th pctl of 32 SIC 7372 peers (best = lowest)
Current ratio
4.38×
80th pctl of 36 SIC 7372 peers
Quick ratio
3.22×
Net cash
$1.05B
Cash & equivalents minus total debt.
Piotroski F-Score
5 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
Warning: Valuation convergence
Capital allocation quality
Composite score
2.0 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports