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NAVNNavan, Inc.
$22.82$5.5B
Overview & Verdict
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NAVN logoNavan, Inc.(NAVN)Earnings, Financials & Key Ratios

NAVN•NASDAQ
$22.82
Price updated Jun 27, 2026
  • Revenue$702M+30.8%
  • EBITDA-$137M-65.1%
  • Net Income-$398M-119.8%
  • EPS (Diluted)-4.07-457.5%
  • Gross Margin71.27%+11.7%
  • EBITDA Margin-19.46%-26.2%
  • Operating Margin-28.03%-39.8%
  • Net Margin-56.68%-68.0%
  • ROE-60.2%+44.6%

NAVN Price & Volume

Navan, Inc. (NAVN) stock price & volume — 10-year historical chart

Loading chart...

Robust Revenue Growth Faces Structural Margin Constraints

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Accelerating
Profitability:Negative
Financial:Healthy
Cash Flow:Burning
Primary Risk:Salesforce platform dependency

Key Thesis Takeaways

  • Navan demonstrates impressive top-line momentum with 39.9% year-over-year revenue growth in 2026Q1, yet the company remains challenged by a structural 74.1% gross margin ceiling tied to Salesforce royalty obligations.
  • While successful deleveraging has improved the balance sheet, with the debt-to-equity ratio falling from 7.67 in 2025Q2 to 0.14 in 2026Q1, the firm continues to struggle with operating leverage and significant stock-based compensation of $37.3 million.
  • Investors should monitor whether the company can achieve sustainable profitability as its reliance on the Salesforce ecosystem continues to pose a long-term competitive risk.

Verdict Logic

while the company has successfully reduced its debt-to-equity ratio to 0.14, the persistent negative operating margin of -8.1% and reliance on stock-based compensation warrant a cautious approach.

NAVN Growth Metrics

Navan, Inc. (NAVN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-

Return on Capital

10 Years-20.56%
5 Years-20.56%
3 Years-20.56%
Last Year-19.44%

NAVN Recent Earnings

Navan, Inc. (NAVN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 3/4 qtrs (100%)●Beat Revenue 3/4 qtrs (100%)
Q3 2026Latest
Jun 10, 2026
Metric
Actual
Est
EPS
$0.08+1441.4%
$0.01
Rev
$220M+7.3%
$205M
Q2 2026
Mar 25, 2026
Metric
Actual
Est
EPS
$0.02+133.3%
$0.06
Rev
$178M+9.7%
$162M
Q4 2025
Dec 15, 2025
Metric
Actual
Est
EPS
$0.14+281.8%
$0.08
Rev
$195M+7.1%
$182M
Q4 2025
Oct 10, 2025
Metric
Actual
Est
EPS
$0.17
—
Rev
$172M
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026LatestJun 10, 2026
$0.08vs $0.01+1441.4%
$220Mvs $205M+7.3%
Q2 2026Mar 25, 2026
$0.02vs $0.06+133.3%
$178Mvs $162M+9.7%
Q4 2025Dec 15, 2025
$0.14vs $0.08+281.8%
$195Mvs $182M+7.1%
Q4 2025Oct 10, 2025
$0.17
$172M
Based on last 4 quarters of dataView full earnings history →

Latest NAVN News

Recent stock market news and headlines for Navan, Inc. (NAVN)

Business Wire·4 days ago
Cummins Selects Navan to Modernize Travel Program

PALO ALTO, Calif.--(BUSINESS WIRE)--Navan (NASDAQ: NAVN), the global AI-powered business travel and expense platform, today announced that Cummins Inc. (NYSE: CMI), a global power leader and American manufacturing icon, has selected Navan following a comprehensive review of the business travel landscape. Through the partnership, Navan will be supporting the travel needs of Cummins' more than 60,000 employees, who span locations in more than 60 countries across three global regions. “At Cummins,.

Business Wire·5 days ago
Enbridge Selects Navan to Drive Reliable, User-Friendly Travel Booking Experience Through AI-Powered Travel and Expense Management

PALO ALTO, Calif.--(BUSINESS WIRE)--Navan (NASDAQ: NAVN), the global AI-powered business travel and expense platform, today announced a partnership with Enbridge, a leading North American energy infrastructure company headquartered in Canada, to transform its travel program. “At Enbridge, disciplined cost management and operational excellence are key to our success,” said Tracie Slone, VP & Chief Supply Chain Officer at Enbridge. “Navan helps us simplify travel, reduce manual work, and deli.

Business Wire·6 days ago
Navan Drives Global Travel and Expense Efficiencies at Viessmann Generations Group

PALO ALTO, Calif.--(BUSINESS WIRE)--Navan (NASDAQ: NAVN), the global AI-powered business travel and expense platform, today announced its collaboration with Viessmann Generations Group, a global family company with 109 years of entrepreneurial heritage, guided by the purpose of co-creating living spheres for generations to come. Since implementing Navan in 2023, Viessmann Generations Group has increased transparency, reduced manual effort and improved the employee experience across travel and e.

Business Wire·6 days ago
ISOPLUS Selects Navan to Consolidate Global Travel and Expense Operations

PALO ALTO, Calif.--(BUSINESS WIRE)--Navan (NASDAQ: NAVN), the global AI-powered business travel and expense platform, today announced it has been selected by ISOPLUS, a leading manufacturer of pre-insulated pipe systems for district heating and cooling, to consolidate its global travel and expense program. Following the success of Navan's partnership with the wider Viessmann Generations Group, ISOPLUS has chosen to consolidate its travel and expense operations with Navan – moving away from sign.

Newsfile Corp·Jun 22, 2026
Grabar Law Office Investigates Navan, Inc. (NAVN) on Behalf of Shareholders

Philadelphia, Pennsylvania--(Newsfile Corp. - June 22, 2026) - Grabar Law Office is investigating whether certain officers and directors of Navan, Inc. (NASDAQ: NAVN) breached their fiduciary duties owed to the Company and its shareholders. What is the Investigation's Focus?

Peers Comparison

Key metrics vs top competitors for Navan, Inc. (NAVN)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
NAVN logoNAVNNavan, Inc.Current
$22.82$5.45B-5.6130.82%-56.68%-60.2%—
TRVG logoTRVGtrivago N.V.
$5.31$374.56M31.0619.11%2.02%5.7%—
MMYT logoMMYTMakeMyTrip Limited
$53.38$5.06B113.576.71%4.96%——
SABR logoSABRSabre Corporation
$1.99$786.67M1.49-8.54%17.58%——
EXPE logoEXPEExpedia Group, Inc.
$262.80$30.75B26.797.61%10.26%68.68%—
BKNG logoBKNGBooking Holdings Inc.
$181.46$140.61B27.4113.39%22.23%——

Compare NAVN vs Peers

Navan, Inc. (NAVN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs TRVG

Most directly comparable listed peer for NAVN.

Scale Benchmark

vs V

Larger-name benchmark to compare NAVN against a more recognizable public peer.

Peer Set

Compare Top 5

vs TRVG, MMYT, SABR, EXPE

NAVN SEC Filings & Documents

Navan, Inc. (NAVN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 17, 2026·SEC

Material company update

Mar 25, 2026·SEC

Material company update

Feb 11, 2026·SEC

10-K Annual Reports

1
FY 2026

Apr 2, 2026·SEC

10-Q Quarterly Reports

1
FY 2025

Dec 15, 2025·SEC

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NAVN Frequently Asked Questions

Navan, Inc. (NAVN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Navan, Inc.'s revenue?

Navan, Inc. (NAVN) reported $765.0M in revenue for fiscal year 2025. This represents a 90% increase from $402.3M in 2023.

How fast is Navan, Inc. growing?

Navan, Inc. (NAVN) grew revenue by 30.8% over the past year. This is strong growth.

Is NAVN profitable?

Navan, Inc. (NAVN) reported a net loss of $357.3M for fiscal year 2025.

Dividend & Returns
What is NAVN's return on equity?

Navan, Inc. (NAVN) has a return on equity (ROE) of -60.2%. Negative ROE indicates the company is unprofitable.

What is Navan, Inc.'s free cash flow?

Navan, Inc. (NAVN) generated $13.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in NAVN back in 2023?

Total return calculator · dividends reinvested · 3+ years of data

See returns →