NN Technology

NextNav Inc.

$9.85+2.39%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Technology
Industry: Software - Infrastructure
Country: United States
Market cap: 1.7B USD
Enterprise value: 1.7B USD
Full-time employees: 103

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: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.16 vs a peer median of 0.87)bigger price swings (beta 1.16 vs peers 0.87)

Ranks #1,284 of 1,612 technology companies (bottom 21%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 59% from December 2022 to August 2026.
NextNav had 59% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.NextNav had 59% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 364% of revenue in 2025.
NextNav paid employees $17M in stock in 2025, 364% of its $5M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Not profitable yet. Reported a loss in the 12 months to June 2026.
NextNav reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Revenue is falling. Revenue fell 36% in the 12 months to June 2026 vs the 12 months before.
NextNav's revenue fell 36% in the 12 months to June 2026 vs the 12 months before.

StockQuotient Score

34/ 100

Oct 5 34 → Nov 4 34

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 23.7% (existing holders diluted)

Valuation 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-6.7%

SEC filings · 12 months to Jun 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-4.0%

SEC filings · 12 months to Jun 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 yield-3.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield20.1%

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

Growth

Is it growing?

28/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth10.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.73Sector median: 0.0483 · MAD: 0.0793

Revenue growth-36.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.04Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

4/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

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

Operating margin-1900.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-28.8%

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

Return on invested capital-11.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.12Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin-104.9%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-33.4%

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

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

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.

Beta1.16

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.79Sector median: 0.8710 · MAD: 0.3700

Current ratio25.63×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 8.42Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.04×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.93Sector 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 NextNav

Is NextNav getting weaker?: Its latest SEC filing (Aug 11, 2026) got weaker in some ways: share count up 23.7%. Its overall score is unchanged at 34/100 since Oct 28, 2026.
How is NextNav valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -6.7% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -6.7% vs peers 2.2% (weaker than 100% of peers).
Is NextNav growing?: More slowly than most of its peers. Growth scores 28/100 against 1,711 technology peers. 3-year revenue growth 10.6% vs a peer median of 4.8% (stronger than 69% of peers).3-year revenue growth 10.6% vs peers 4.8% (stronger than 69% of peers). Revenue growth -36.5% vs a peer median of 8.5% (weaker than 100% of peers).Revenue growth -36.5% vs peers 8.5% (weaker than 100% of peers).
How profitable is NextNav?: Less profitable than most of its peers. Profitability scores 4/100 against 1,711 technology peers. Operating margin -1900.4% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -1900.4% vs peers 6.3% (weaker than 100% of peers).
How risky is NextNav?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 25.63× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 25.63× vs peers 1.83× (stronger than 95% of peers). Beta 1.16 vs a peer median of 0.87 (weaker than 68% of peers).Beta 1.16 vs peers 0.87 (weaker than 68% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 11, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Share count up 23.7% (existing holders diluted)

Worth watching: NextNav 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)	4.0M USD	4.0M USD	−1.3%
Net income (12 months)	−141.3M USD	−111.9M USD	−20.8%
Operating margin	-1801.2%	-1900.4%	−99.2 pts
Free cash flow (12 months)	−48.6M USD	−53.1M USD	+9.1%
Debt	267.2M USD	267.2M USD	0.0%
Cash	30.6M USD	77.7M USD	+154.0%
Shares outstanding	136.4M	168.8M	+23.7%

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

Industry valuation context

Industry: Software - Infrastructure · 71 companies

Valuations in Software - Infrastructure are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +19% and earnings +22% (medians): prices and earnings moved broadly together.
Median price-to-sales is +97% vs the whole market, against a usual +103%.

2016Shaded: most expensive fifth of its range2026

Financials

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

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	69.6%	39.1%	40.0%	87.1%	—	—
Operating margin	-5560.8%	-1669.3%	-1645.0%	-1060.1%	-1535.8%	▼ 476 pts
Net margin	-18960.2%	-1021.8%	-1857.5%	-1797.1%	-4138.5%	▼ >999 pts
Return on assets (ROA)	-105.7%	-32.4%	-44.2%	-63.0%	-76.6%	▼ 14 pts
Return on equity (ROE)	-144.7%	-40.1%	-91.1%	-203.3%	—	—
Free cash flow margin	-6416.0%	-1020.4%	-988.9%	-676.6%	-1110.8%	▼ 434 pts
Current ratio	15.92×	6.89×	9.31×	7.09×	12.71×	▲ 79%
Debt to equity	—	—	0.62×	1.09×	—	—
Interest coverage	-2.38×	—	—	—	—	—

NN 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: growing more slowly than most peersgrowing more slowly than peers

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

Drawback: its share price swings more than most peers’ (beta 1.16 vs a peer median of 0.87)bigger price swings (beta 1.16 vs peers 0.87)

Ranks #1,284 of 1,612 technology companies (bottom 21%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 59% from December 2022 to August 2026.

NextNav had 59% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.NextNav had 59% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 364% of revenue in 2025.

NextNav paid employees $17M in stock in 2025, 364% of its $5M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Not profitable yet. Reported a loss in the 12 months to June 2026.

NextNav reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Revenue is falling. Revenue fell 36% in the 12 months to June 2026 vs the 12 months before.

NextNav's revenue fell 36% in the 12 months to June 2026 vs the 12 months before.

Questions investors ask about NextNav

Is NextNav getting weaker?

Its latest SEC filing (Aug 11, 2026) got weaker in some ways: share count up 23.7%. Its overall score is unchanged at 34/100 since Oct 28, 2026.

How is NextNav valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -6.7% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -6.7% vs peers 2.2% (weaker than 100% of peers).

Is NextNav growing?

More slowly than most of its peers. Growth scores 28/100 against 1,711 technology peers. 3-year revenue growth 10.6% vs a peer median of 4.8% (stronger than 69% of peers).3-year revenue growth 10.6% vs peers 4.8% (stronger than 69% of peers). Revenue growth -36.5% vs a peer median of 8.5% (weaker than 100% of peers).Revenue growth -36.5% vs peers 8.5% (weaker than 100% of peers).

How profitable is NextNav?

Less profitable than most of its peers. Profitability scores 4/100 against 1,711 technology peers. Operating margin -1900.4% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -1900.4% vs peers 6.3% (weaker than 100% of peers).

How risky is NextNav?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 25.63× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 25.63× vs peers 1.83× (stronger than 95% of peers). Beta 1.16 vs a peer median of 0.87 (weaker than 68% of peers).Beta 1.16 vs peers 0.87 (weaker than 68% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

4.0M USD

4.0M USD

−1.3%

Net income (12 months)

−141.3M USD

−111.9M USD

−20.8%

Operating margin

-1801.2%

-1900.4%

−99.2 pts

Free cash flow (12 months)

−48.6M USD

−53.1M USD

+9.1%

Debt

267.2M USD

267.2M USD

0.0%

Cash

30.6M USD

77.7M USD

+154.0%

Shares outstanding

136.4M

168.8M

+23.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

69.6%

39.1%

40.0%

87.1%

—

Operating margin

-5560.8%

-1669.3%

-1645.0%

-1060.1%

-1535.8%

▼ 476 pts

Net margin

-18960.2%

-1021.8%

-1857.5%

-1797.1%

-4138.5%

▼ >999 pts

Return on assets (ROA)

-105.7%

-32.4%

-44.2%

-63.0%

-76.6%

▼ 14 pts

Return on equity (ROE)

-144.7%

-40.1%

-91.1%

-203.3%

—

Free cash flow margin

-6416.0%

-1020.4%

-988.9%

-676.6%

-1110.8%

▼ 434 pts

Current ratio

15.92×

6.89×

9.31×

7.09×

12.71×

▲ 79%

Debt to equity

—

0.62×

1.09×

—

Interest coverage

-2.38×

—