Navan vs Clear Secure
Clear Secure reported revenue of $901 million in fiscal 2025, 1.3 times Navan's $702 million in fiscal 2026. Navan's revenue grew 30.8% in its latest year, and Clear Secure's grew 16.9%. Navan had an operating margin of -28.0%, against 20.7% at Clear Secure. Free cash flow was $33 million at Navan and $343 million at Clear Secure. Their fiscal years end in different months (January 31 and December 31), so the periods don't line up exactly.
Side by side
| Navan | Clear Secure | |
|---|---|---|
| Latest fiscal year | FY2026, Jan 31, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $702M | $901M |
| Revenue growth | 30.8% | 16.9% |
| Revenue growth a year, last 5 years | — | 31.3% |
| Gross margin | 71.3% | — |
| Operating margin | −28.0% | 20.7% |
| Net margin | −56.7% | 12.1% |
| Free cash flow | $33M | $343M |
| Free cash flow margin | 4.7% | 38.1% |
| Return on capital | — | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $174M |
| Change in diluted share count | 116.0% | — |
| Last close | $27.20 | $46.07 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | bought $45.3 million, sold $122.9 million | sold $99.7 million |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ 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
NavanClear Secure
Operating margin
Percent of revenue
NavanClear Secure
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
NavanClear Secure
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Navan and Clear Secure pages.