Navan, Inc. (NAVN)

Price$27.78Cached quoteAs of 2026-09-05 11:31 UTC

AI: Overvalued

Price checkNavan’s strong growth is already priced aggressively, leaving little margin for slower progress.

Using roughly 254 million shares, the market values Navan’s equity near $7.8 billion. After subtracting about $394 million of net cash, enterprise value—the value investors are paying for the operating business—is about $7.4 billion. Against management’s $907–913 million fiscal-year revenue target, that is roughly 8.1 times revenue. Even assuming 25% annual growth for three more years and a 15% free-cash-flow margin, meaning cash left after normal operations and investment, today’s enterprise value is still about 28 times that future cash flow. StockAnalysis.com +1

Big pictureGrowth is excellent, but reported losses and uneven cash generation still weaken earnings durability.

Fiscal 2026 revenue rose 31% to $702 million, while operating cash flow improved to positive $33.7 million from a $50.4 million outflow. Free cash flow reached about $15 million. The latest quarter accelerated further: revenue rose 40% to $220.2 million and the accounting net loss narrowed to $20.5 million from $61.3 million. However, operating cash flow slipped back to a $6.8 million outflow and free cash flow was negative $11.6 million, showing that dependable cash generation is not established yet. Navan, Inc. +1

Business strengthA stronger balance sheet and rising margins give Navan time to grow without urgent financing.

Navan had about $518 million of cash and $124 million of debt after the latest quarter, leaving nearly $394 million of net cash. The improvement largely followed its IPO, which produced $713 million of net proceeds and helped extinguish $134 million of expensive debt. Gross margin also improved to 74% from 71%. The trade-off is dilution: first-quarter stock compensation was $37.3 million, about 17% of revenue, and 56.3 million shares remained potentially issuable through employee options and restricted stock awards, roughly 22% of shares then outstanding. SEC +2 SEC +2

What could change the storySustained thirty-percent growth with cleaner cash profits could justify more; slower bookings would expose the premium.

The bull case is clear: management now targets about 30% annual revenue growth and $76–80 million of adjusted operating profit, while first-quarter booking volume grew 50%. A stronger valuation case would require that growth to persist while free cash flow becomes consistently positive and stock compensation falls materially as a share of revenue. The bear case is company-specific: about 92% of first-quarter revenue came from usage tied to travel and payments. If booking growth slows toward the low twenties, an eight-times-revenue valuation becomes much harder to defend. Navan, Inc. +1

AI: News

Q1 beat and raiseFaster growth and a large guidance increase sharply raised expectations for Navan’s near-term earnings power.

On June 10, Navan reported $220.2 million of quarterly revenue, up 40%, while gross booking volume climbed 50% to $3.1 billion. Management raised full-year revenue guidance from $866–874 million to $907–913 million and adjusted operating-profit guidance from $58–62 million to $76–80 million. Reuters reported the shares rose about 19% in extended trading. That reaction is directly tied to higher growth and profit expectations rather than price timing alone. Reuters +1

Full-year cash milestoneNavan reached positive annual cash flow early, easing concerns that rapid growth required continuing outside funding.

On March 25, Navan reported fiscal 2026 revenue of $702 million, up 31%, alongside $33.7 million of operating cash flow and roughly $15 million of free cash flow, both turning positive for the year. Fourth-quarter revenue also beat expectations. The shares jumped about 23% after hours and ultimately rose more than 40% the following session according to contemporaneous reporting. The milestone mattered because it showed the business could begin funding growth internally despite continuing accounting losses. Navan, Inc. +2 Benzinga +2

First public-quarter setbackStrong sales growth was overshadowed by heavier costs and a finance leadership change soon after the listing.

On December 15, Navan’s first quarterly report after its IPO showed revenue rising 29% to $195 million and booking volume rising 40%, but the reported operating loss widened to $79 million from $19 million a year earlier. The company also announced that Chief Financial Officer Amy Butte would depart in January. The shares were down about 17% the next morning. Investors appeared to focus on the widening reported losses and questions about the cost required to sustain growth. Navan, Inc. +1

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Revenue

2024

2025

2026

Net income

2024

2025

2026

Free cash flow

2024

2025

2026

Total cash / debt

CashTotal debt

2024

2025

2026

Financial statements

	2026	2025	2024
Revenue	$702.3M	$536.8M	$402.3M
Gross profit	$500.5M	$367.0M	$239.6M
Gross margin	71.27%	68.37%	59.57%
Research & development	$151.2M	$122.4M	$132.4M
Operating expenses	$697.3M	$474.7M	$486.0M
Operating income	−$196.9M	−$107.6M	−$246.3M
Operating margin	−28.03%	−20.05%	−61.24%
EBITDA	−$136.6M	−$82.7M	−$219.5M
EBITDA margin	−19.46%	−15.41%	−54.56%
Net income	−$398.0M	−$181.1M	−$331.6M
Net profit margin	−56.68%	−33.73%	−82.42%
Basic EPSper basic share	-$4.07	-$4.00	-$7.44
Diluted EPSper diluted share	-$4.07	-$4.00	-$7.44

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈17.45%of listed shares

LIGHTSPEED MANAGEMENT COMPANY, L.L.C.41.7M shares · Jun 30, 2026

View holders

Top 20 reported holders of NAVN
Holder	% owned
LIGHTSPEED MANAGEMENT COMPANY, L.L.C.	≈17.45%41.7M shares
Lightspeed Strategic Partners Ultimate General Partner I L.L.C. / Lightspeed Venture Partners X, L.P. / Lightspeed Ultimate General Partner Opportunity Fund, Ltd. / Lightspeed Opportunity Fund, L.P. / Lightspeed Ultimate General Partner X, Ltd. / Lightspeed General Partner X, L.P. / Lightspeed Strategic Partners I L.P. / Lightspeed General Partner Opportunity Fund, L.P. / Lightspeed Strategic Partners General Partner I L.P. / Lightspeed Affiliates X, L.P.	≈17.44%41.69M shares
Lightspeed General Partner Select III, L.P. / Lightspeed Venture Partners Select II, L.P. / Lightspeed General Partner Select II, L.P. / LIGHTSPEED VENTURE PARTNERS SELECT III, L.P. / Lightspeed Ultimate General Partner Select II, Ltd. / Lightspeed Ultimate General Partner Select III, Ltd.	≈17.44%41.69M shares
ZEEV VENTURES VI, L.P. / ZEEV VENTURES V, L.P. / ZEEV VENTURES VII, L.P. / ZEEV VENTURES III, L.P. / ZEEV OREN / Zeev Ventures IV, L.P. / ZEEV VENTURES II, L.P. / ZEEV VENTURES VIII, L.P. / ZEEV OPPORTUNITY FUND I, L.P. / ZEEV VENTURES II-A, L.P.	≈15.63%37.36M shares
HOROWITZ BENJAMIN A	≈11.81%28.23M shares
Andreessen Horowitz LSV Fund II-B, L.P. / AH Equity Partners LSV I, L.L.C. / Andreessen Horowitz LSV Fund II, L.P. / Andreessen Horowitz LSV Fund II-Q, L.P. / AH Equity Partners LSV II, L.L.C. / Andreessen Horowitz LSV Fund I-Q, L.P. / Andreessen Marc L / Andreessen Horowitz LSV Fund I, L.P. / Andreessen Horowitz LSV Fund I-B, L.P.	≈11.81%28.22M shares
a16z Capital Management, L.L.C.	≈11.81%28.22M shares
AH Parallel Fund V-Q, L.P. / AH Parallel Fund V-A, L.P. / Andreessen Horowitz Fund V-B, L.P. / Andreessen Horowitz Fund V-A, L.P. / Andreessen Horowitz Fund V-Q, L.P. / AH Equity Partners V (Parallel), L.L.C. / AH Equity Partners V, L.L.C. / Andreessen Horowitz Fund V, L.P. / AH Parallel Fund V-B, L.P. / AH Parallel Fund V, L.P.	≈11.81%28.22M shares
CLF Partners, LP / AH 2022 ANNUAL FUND-B, L.P. / AH 2022 Annual Fund, L.P. / AH Equity Partners LSV III, L.L.C. / Andreessen Horowitz LSV Fund III-B, L.P. / AH 2022 ANNUAL FUND-QC, L.P. / Andreessen Horowitz LSV Fund III, L.P. / AH Equity Partners 2022 Annual Fund, L.L.C.	≈11.81%28.22M shares
Kaveripatnam Sandesh	≈3.61%8.63M shares
COSMIC MANAGEMENT, LLC	≈2.99%7.14M shares
BlackRock, Inc.	≈2.80%6.7M shares
Napean Trading & Investment Co (Singapore) PTE Ltd	≈2.46%5.87M shares
BIT Capital GmbH	≈2.18%5.21M shares
MILLENNIUM MANAGEMENT LLC	≈1.80%4.3M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈1.67%3.98M shares
Capital International Investors	≈1.51%3.6M shares
WELLINGTON MANAGEMENT GROUP LLP	≈1.37%3.28M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈1.32%3.16M shares
Janmohamed Arif	≈1.22%2.92M shares

Percentages use 239.03M shares of this listed class outstanding on Jun 4, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys50$173.89M disclosed value

Sells (SEC code S)42$208.47M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4	Twig Ilan EzraChief Technology Officer	SellClass A Common Stock	24.7K	$21.06	$520.7K	805.9K
Jun 22, 2026Form 4	Sindicich Michael EricPresident	SellClass A Common Stock	2.2K	$21.06	$45.8K	548.3K
Jun 22, 2026Form 4	Cohen Ariel M.Chairperson and CEO	SellClass A Common Stock	41.5K	$21.06	$874.6K	1.25M
Jun 17, 2026Form 4	Janmohamed ArifDirector	SellClass A Common Stock · indirect	29.3K	$19.64	$576.2K	2.28M
Jun 17, 2026Form 4	Janmohamed ArifDirector	SellClass A Common Stock · indirect	48.0K	$18.71	$897.8K	2.31M

Review ownership filings at SEC.gov ↗

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Navan, Inc. (NAVN)

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