NAVN Technology

Navan, Inc.

$24.80-2.29%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 6.5B USD
Enterprise value: 5.8B USD
Full-time employees: 3,700

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Not enough data: growth

Would rank #1,196 of 1,612 fully scored technology companies (bottom 26%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Not profitable yet. Reported a loss in the 12 months to July 2026.
Navan reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

38/ 100

Oct 5 39 → Nov 4 38 (-1)

Valuation

Is the price right?

16/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-5.5%

SEC filings · 12 months to Jul 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-2.7%

SEC filings · 12 months to Jul 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield0.7%

SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.74Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield20.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

Insufficient data

Insufficient data: 0 of 3 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.

Profitability

Does it earn well?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-25.7%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -4.51Sector median: 0.0631 · MAD: 0.0710

Return on assets-19.2%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.92Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-21.3%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -3.27Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin72.5%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-26.4%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 93 → 92

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.8710 · MAD: 0.3700

Current ratio4.38×

SEC filings · latest balance sheetReported value33% base weight · Z-score 3.72Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.10×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.65Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Navan

Is Navan getting weaker?: Its latest SEC filing (Sep 10, 2026) showed no major changes. Its overall score is unchanged at 38/100 since Oct 28, 2026.
How is Navan valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 16/100 against 1,711 technology peers. Earnings yield -5.5% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -5.5% vs peers 2.2% (weaker than 100% of peers).
Is Navan growing?: Insufficient data: 0 of 3 inputs reported (at least 2 needed).
How profitable is Navan?: Less profitable than most of its peers. Profitability scores 6/100 against 1,711 technology peers. Return on assets -19.2% vs a peer median of 2.9% (weaker than 100% of peers).Return on assets -19.2% vs peers 2.9% (weaker than 100% of peers).
How risky is Navan?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 4.38× vs a peer median of 1.83× (stronger than 87% of peers).Current ratio 4.38× vs peers 1.83× (stronger than 87% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 31, 2026 · filed Sep 10, 2026 · compared with the quarter ended Apr 30, 2026

No major changes

Worth watching: Navan is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	765.0M USD	825.9M USD	+8.0%
Net income (12 months)	−357.3M USD	−347.8M USD	−2.7%
Operating margin	-26.0%	-25.7%	+0.3 pts
Free cash flow (12 months)	21.4M USD	45.5M USD	+112.8%
Debt	124.8M USD	124.8M USD	0.0%
Cash	518.4M USD	653.0M USD	+26.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Jan 2024	FY Jan 2025	FY Jan 2026	Change
Gross margin	59.6%	68.4%	71.3%	▲ 2.9 pts
Operating margin	-61.2%	-20.1%	-28.0%	▼ 8.0 pts
Net margin	-82.4%	-33.7%	-56.7%	▼ 23 pts
Return on assets (ROA)	—	-16.7%	-23.3%	▼ 6.6 pts
Return on equity (ROE)	—	—	-32.9%	—
Free cash flow margin	-41.5%	-9.6%	4.7%	▲ 14 pts
Current ratio	—	1.54×	4.07×	▲ 164%
Debt to equity	—	—	0.10×	—
Interest coverage	-3.89×	-1.42×	-3.84×	▼ 171%

NAVN price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Not enough data: growth

Would rank #1,196 of 1,612 fully scored technology companies (bottom 26%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Questions investors ask about Navan

Is Navan getting weaker?

Its latest SEC filing (Sep 10, 2026) showed no major changes. Its overall score is unchanged at 38/100 since Oct 28, 2026.

How is Navan valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 16/100 against 1,711 technology peers. Earnings yield -5.5% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -5.5% vs peers 2.2% (weaker than 100% of peers).

Is Navan growing?

Insufficient data: 0 of 3 inputs reported (at least 2 needed).

How profitable is Navan?

Less profitable than most of its peers. Profitability scores 6/100 against 1,711 technology peers. Return on assets -19.2% vs a peer median of 2.9% (weaker than 100% of peers).Return on assets -19.2% vs peers 2.9% (weaker than 100% of peers).

How risky is Navan?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 4.38× vs a peer median of 1.83× (stronger than 87% of peers).Current ratio 4.38× vs peers 1.83× (stronger than 87% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

765.0M USD

825.9M USD

+8.0%

Net income (12 months)

−357.3M USD

−347.8M USD

−2.7%

Operating margin

-26.0%

-25.7%

+0.3 pts

Free cash flow (12 months)

21.4M USD

45.5M USD

+112.8%

Debt

124.8M USD

124.8M USD

0.0%

Cash

518.4M USD

653.0M USD

+26.0%

Key ratios

FY Jan 2024

FY Jan 2025

FY Jan 2026

Change

Gross margin

59.6%

68.4%

71.3%

▲ 2.9 pts

Operating margin

-61.2%

-20.1%

-28.0%

▼ 8.0 pts

Net margin

-82.4%

-33.7%

-56.7%

▼ 23 pts

Return on assets (ROA)

—

-16.7%

-23.3%

▼ 6.6 pts

Return on equity (ROE)

—

-32.9%

—

Free cash flow margin

-41.5%

-9.6%

4.7%

▲ 14 pts

Current ratio

—

1.54×

4.07×

▲ 164%

Debt to equity

—

0.10×

—

Interest coverage

-3.89×

-1.42×

-3.84×

▼ 171%