Navan

NAVN · Nasdaq · Information Technology · Financials, fiscal 2024 to 2026

NAVN · Last close · October 26, 2026

$27.20

Navan's revenue rose 30.8% to $702 million in fiscal 2026. Its operating margin was −28.0%, down from −20.1% a year earlier. Free cash flow was $33 million. The diluted share count rose 116.0%.

NAVAN, INC. Latest fiscal year ended January 31, 2026 10-K filed April 2, 2026 · 0001628280-26-023250 Updated October 24, 2026

Revenue

$702M

30.8%

Operating margin

−28.0%

8.0 pts

Net income

−$398M

Free cash flow

$33M

Return on equity

—

Market cap

$7.0B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Navan lost money in fiscal 2026: a net loss of $398 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Navan yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Navan's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Navan's fiscal 2026 free cash flow of $33M, net cash of $616M at January 31, 2026 and 256 million diluted shares, from its filings. The scenarios are fitted to Navan: the base scenario's growth in years 1 to 5 is its revenue growth over the last 2 years, 32.1% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Application Software), plus 1 point as a smaller company, worth $7.0B, plus 1 point for unsteady results (a loss in fiscal 2026); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in the quarter to July 31, 2026. The count changed sharply since the 10-K (a stock split, merger or spin-off can do that), so this is the one that matches the share price.

Your assumptions

Start from

Fitted to Navan's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 12% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $27.20
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Navan's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY24	FY25	FY26
Cash and short-term investments	166	158	740
Debt incl. finance leases	—	618	125
Net debt (negative means net cash)	—	460	−616
Net debt to EBITDA	—	—	—
Debt to equity	—	—	0.1x
Interest coverage	−3.9x	−1.4x	−3.8x
Current ratio	—	1.5x	4.1x
Quick ratio	—	1.5x	4.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $45.3 million of Navan shares on the open market, and 7 insiders sold $122.9 million, $12.9 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 21, 2026	Ariel M. CohenChairperson and CEO, Director	Sold	50,647	$21.27	$1.1 million	Form 4
Sep 21, 2026	Ilan Ezra TwigChief Technology Officer, Director	Sold	36,040	$21.27	$766,571	Form 4
Sep 21, 2026	Michael Eric SindicichPresident	Sold	8,977	$21.27	$190,941	Form 4
Aug 27, 2026	Ariel M. CohenChairperson and CEO, Director	Sold plan	393,378	$30.14	$11.9 million	Form 4
Jul 8, 2026	Lightspeed General Partner Opportunity Fund L.P.10% owner	Sold	8,983	$25.36	$227,809	Form 4
Jul 1, 2026	Lightspeed Venture Partners X L.P.10% owner	Sold	10,569	$24.65	$260,526	Form 4
Jun 22, 2026	Ariel M. CohenChairperson and CEO, Director	Sold	41,530	$21.06	$874,622	Form 4
Jun 22, 2026	Ilan Ezra TwigChief Technology Officer, Director	Sold	24,726	$21.06	$520,730	Form 4
Jun 22, 2026	Michael Eric SindicichPresident	Sold	2,176	$21.06	$45,827	Form 4
Jun 17, 2026	Lightspeed Strategic Partners Ultimate General Partner I L.L.C.10% owner	Sold	77,323	$19.06	$1.5 million	Form 4
Jun 16, 2026	Lightspeed Strategic Partners Ultimate General Partner I L.L.C.10% owner	Sold	398,546	$19.13	$7.6 million	Form 4
Jun 15, 2026	Lightspeed Venture Partners X L.P.10% owner	Sold	1,004,231	$20.37	$20.5 million	Form 4

The latest 12 of 37 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY25	FY26
Net income is positive	—	Fail
Cash from operations is positive	Fail	Pass
Return on assets rose	—	—
Cash from operations exceeds net income	Pass	Pass
Debt fell relative to assets	—	—
Current ratio rose	—	Pass
Share count didn't rise	Fail	Fail
Gross margin rose	Pass	Pass
Revenue rose relative to assets	—	—
F-score	—	—
Accruals ratio	—	−30.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Navan side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Navan	FY26	30.8%	−28.0%	4.7%	—	—	—
Asana	FY26	9.2%	−24.9%	10.9%	—	—	—	Compare
Clear Secure	FY25	16.9%	20.7%	38.1%	—	—	—	Compare
AppFolio	FY25	19.7%	16.1%	25.1%	50.2%	−1.4x	4	Compare
GitLab	FY26	25.8%	−7.4%	23.2%	—	—	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

3 years of figures

Fiscal year	FY24	FY25	FY26
Income statement
Revenue	402	537	702
Revenue growth	—	33.5%	30.8%
Gross profit	240	367	500
Research and development	132	122	151
Operating income	−246	−108	−197
Net income	−332	−181	−398
Diluted EPS (US$)	−7.44	−4.00	−4.07
Diluted shares (millions)	45	45	98
Cash flow
Cash from operations	−166	−50	34
Capital expenditure	1	1	1
Free cash flow	−167	−51	33
Dividends paid	0	0	0
Share buybacks	0	0	0
Acquisitions	7	4	0
Stock-based compensation	76	77	182
Balance sheet at fiscal year end
Cash and short-term investments	166	158	740
Debt incl. finance leases	—	618	125
Total assets	—	1,084	1,709
Total liabilities	—	970	501
Shareholders' equity	−1,082	−1,187	1,208
Margins and ratios
Gross margin	59.6%	68.4%	71.3%
Operating margin	−61.2%	−20.1%	−28.0%
Net margin	−82.4%	−33.7%	−56.7%
Free cash flow margin	−41.5%	−9.6%	4.7%
Return on capital	—	—	—
Return on equity	—	—	—
Return on assets	—	—	−28.5%
Net debt to EBITDA	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Navan's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Navan.