A dramatic deleveraging occurred with the debt-to-equity ratio collapsing from 7.67 to 0.13 between Q1 2025 and Q2 2026, supported by a strong $742.9M cash position and a 4.33x current ratio, though equity is almost entirely derived from contributed capital.
Navan, Inc. (NAVN) balance sheet — 3-year assets, liabilities & shareholders' equity history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 |
|---|
| Total Current Assets | 1.39B | 1.31B | 684.07M | 679.68M |
| Cash & Short-Term Investments | 909.88M | 740.51M | 305.83M | 262.38M |
| Cash Only | 742.86M | 583.52M | 305.83M | 262.38M |
| Short-Term Investments | 167.03M | 156.99M | 0 | 0 |
| Accounts Receivable | 425.41M | 426.39M | 345.81M | 386.55M |
| Days Sales Outstanding | 190.38 | 221.61 | 235.12 | 350.75 |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 55.45M | 105.98M | 15.47M | 18.12M |
| Total Non-Current Assets | 420.32M | 401.77M | 399.89M | 386.34M |
| Property, Plant & Equipment | 77.42M | 53.78M | 77.54M | 77.06M |
| Fixed Asset Turnover | 12.61x | 13.06x | 6.92x | 5.22x |
| Goodwill | 236.79M | 241.31M | 219.73M | 220.54M |
| Intangible Assets | 17.68M | 43.96M | 55.63M | 61.01M |
| Long-Term Investments | 10.56M | 0 | 4.77M | 5M |
| Other Non-Current Assets | 82.82M | 62.73M | 42.21M | 22.73M |
| Total Assets | 1.81B | 1.71B | 1.08B | 1.07B |
| Asset Turnover | 0.47x | 0.41x | 0.50x | 0.38x |
| Asset Growth % | 168.4% | 57.64% | 1.68% | - |
| Total Current Liabilities | 321.03M | 320.94M | 446.03M | 187.68M |
| Accounts Payable | 56.79M | 65.94M | 42.83M | 24.32M |
| Days Payables Outstanding | 99.85 | 119.27 | 80.41 | 47.22 |
| Short-Term Debt | 14.29M | 584K | 232.3M | 8.33M |
| Deferred Revenue (Current) | 243.81M | 71.54M | 34.1M | 27.79M |
| Other Current Liabilities | 204.21M | 56.11M | 103.19M | 92.58M |
| Current Ratio | 4.33x | 4.07x | 1.53x | 3.62x |
| Quick Ratio | 4.33x | 4.07x | 1.53x | 3.62x |
| Cash Conversion Cycle | 90.53 | - | - | - |
| Total Non-Current Liabilities | 174.38M | 179.76M | 519.9M | 654.06M |
| Long-Term Debt | 124.17M | 124.21M | 397.03M | 520.26M |
| Capital Lease Obligations | 141.33M | 37.59M | 43.1M | 45.26M |
| Deferred Tax Liabilities | 9.05M | 1.01M | 7.66M | 7.03M |
| Other Non-Current Liabilities | 18.45M | 16.96M | 71.31M | 81.19M |
| Total Liabilities | 495.41M | 500.7M | 965.93M | 846.87M |
| Total Debt | 170.22M | 174.35M | 672.43M | 573.85M |
| Net Debt | -572.64M | -409.16M | 366.6M | 311.46M |
| Debt / Equity | 0.13x | 0.14x | 5.89x | 2.62x |
| Debt / EBITDA | -1.10x | - | - | - |
| Net Debt / EBITDA | 3.70x | - | - | - |
| Interest Coverage | -13.14x | -6.72x | -1.26x | -4.15x |
| Total Equity | 1.32B | 1.21B | 114.22M | 219.15M |
| Equity Growth % | 3511.8% | 957.64% | -47.88% | - |
| Book Value per Share | 5.13 | 12.35 | 0.46 | 0.88 |
| Total Shareholders' Equity | 1.32B | 1.21B | 114.22M | 219.15M |
| Common Stock | 2K | 2K | 1K | 1K |
| Retained Earnings | -2.06B | -2.02B | -1.62B | -1.44B |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | -10.33M | -3.23M | -37.62M | -28.29M |
| Minority Interest | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NAVN stock.
As of 2025, Navan, Inc. (NAVN) had total assets of $1.71B including $1.31B in current assets.
Navan, Inc. (NAVN) carries total debt of $174.4M, offset by $740.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Navan, Inc. (NAVN) has total shareholders' equity (book value) of $1.21B ($12.35 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Navan, Inc. (NAVN) reported a current ratio of 4.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Reliance on equity raises over operations
Metrics are mathematically derived from official filings.
Deleveraging via Capital Infusion
Navan's balance sheet underwent a dramatic transformation in mid-2025, with total assets and equity surging while debt was sharply reduced, indicating a significant equity raise fundamentally altered its financial structure from highly leveraged to conservatively capitalized.
The shift is stark: equity ballooned from $92.7M in Q2 2025 to $1.2B by Q3 2025, while total debt was cut from $710.5M to $254.3M in the same period. This pattern suggests a major financing event, likely an equity offering, was executed to fortify the balance sheet ahead of its growth phase. The trajectory now shows stabilization, with the company maintaining a low D/E of 0.13 and a substantial cash buffer, positioning it to fund operations without immediate refinancing pressure.
Ample Liquidity Cushions Burn
As reported in recent filings, Navan held $742.9M in cash against total liabilities of $495.4M in Q2 2026, yielding a current ratio of 4.33 and providing a substantial buffer that appears sufficient to cover near-term operating obligations.
This level of liquidity is noteworthy given the company's history of operating losses. The cash position has grown consistently over the last four quarters, suggesting that recent financing has been effectively channeled into the balance sheet. However, the utility of this cushion depends entirely on the trajectory of cash burn from operations, which, according to prior cash flow analysis, remains volatile and influenced by non-cash charges.
Minimal Leverage Post-Recapitalization
Based on the company's reported figures, Navan's debt-to-equity ratio collapsed from a concerning 7.67 in early 2025 to just 0.13 by mid-2026, indicating that the earlier high leverage was successfully addressed through what appears to be a significant equity infusion.
The residual debt of $170.2M is now modest relative to the $1.3B equity base, suggesting strategic rather than necessity-driven leverage. The primary implication is reduced refinancing risk and greater financial flexibility. Investors should monitor whether this conservative structure is maintained or if debt is strategically re-employed as the business scales, but for now, the leverage profile is not a material concern.
Light Asset Model with Intangible Focus
Goodwill of $236.8M constitutes a material 13% of total assets as of Q2 2026, highlighting that a significant portion of Navan's balance sheet value is derived from past acquisition activity rather than tangible operating assets.
The relatively low PPE net of $77.4M confirms an asset-light software business model. The key analytical question is the impairment risk embedded in the goodwill balance; if the acquired businesses do not perform as expected, this asset could face write-downs that would directly reduce equity. The stable PPE trend suggests modest reinvestment in core infrastructure, with growth likely driven more by software development and human capital.
Hidden Dilution in Equity Base
The negative retained earnings of -$2.1B in Q2 2026, as reported in the balance sheet, are almost entirely offset by a massive positive equity balance, suggesting the company's net worth is built on contributed capital rather than accumulated profits, making shareholders highly vulnerable to future dilution.
This structure is a classic indicator of a high-growth, pre-profitability company. The massive accumulated deficit means any future equity raises or stock-based compensation will be issuing shares from a position of cumulative operational losses. The analysis implies that the current equity value is fragile; it is supported by investor capital, not business earnings, and future dilution appears a near-certain mechanism for funding ongoing losses until a clear profitability inflection is achieved.