Strategy vs Navan
Navan reported revenue of $702 million in fiscal 2026, 1.5 times Strategy's $477 million in fiscal 2025. Strategy's revenue grew 3.0% in its latest year, and Navan's grew 30.8%. Strategy had an operating margin of -1140.8%, against -28.0% at Navan. Free cash flow was −$75 million at Strategy and $33 million at Navan. Their fiscal years end in different months (December 31 and January 31), so the periods don't line up exactly.
Side by side
| Strategy | Navan | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2026, Jan 31, 2026 |
| Revenue | $477M | $702M |
| Revenue growth | 3.0% | 30.8% |
| Revenue growth a year, last 5 years | −0.1% | — |
| Gross margin | 68.7% | 71.3% |
| Operating margin | −1,140.8% | −28.0% |
| Net margin | −806.4% | −56.7% |
| Free cash flow | −$75M | $33M |
| Free cash flow margin | −15.8% | 4.7% |
| Return on capital | −11.4% | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 44.2% | 116.0% |
| Last close | $139.82 | $27.20 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | bought $2.2 million, sold $36.1 million | bought $45.3 million, sold $122.9 million |
| Piotroski F-score | 4 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
StrategyNavan
Operating margin
Percent of revenue
StrategyNavan
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
StrategyNavan