Latest Ratios: P/E Ratio -5.3x · EV/EBITDA N/A · ROE -60.2%. (2023–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Market Cap | $5.1B | $1.1B | — | — |
| Enterprise Value | $4.7B | $714M | — | — |
| P/E Ratio → | -5.27 | — | — | — |
| P/S Ratio | 7.29 | 1.60 | — | — |
| P/B Ratio | 1.73 | 0.93 | — | — |
| P/FCF | 346.95 | 76.04 | — | — |
| P/OCF | 152.13 | 33.34 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| EV / Revenue | — | 1.02 | — | — |
| EV / EBITDA | — | — | — | — |
| EV / EBIT | — | — | — | — |
| EV / FCF | — | 48.33 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Gross Margin | 71.3% | 71.3% | 63.8% | 53.3% |
| Operating Margin | -28.0% | -28.0% | -20.1% | -61.2% |
| Net Profit Margin | -56.7% | -56.7% | -33.7% | -82.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | -60.2% | -60.2% | -108.6% | -151.3% |
| ROA | -28.5% | -28.5% | -16.8% | -31.1% |
| ROIC | -23.1% | -23.1% | -16.0% | -34.8% |
| ROCE | -19.4% | -19.4% | -14.2% | -28.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 5.89 | 2.62 |
| Debt / EBITDA | — | — | — | — |
| Net Debt / Equity | — | -0.34 | 3.21 | 1.42 |
| Net Debt / EBITDA | — | — | — | — |
| Debt / FCF | — | -27.71 | — | — |
| Interest Coverage | -6.72 | -6.72 | -1.26 | -4.15 |
Net cash position: cash ($584M) exceeds total debt ($174M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 4.07 | 4.07 | 1.53 | 3.62 |
| Quick Ratio | 4.07 | 4.07 | 1.53 | 3.62 |
| Cash Ratio | 2.31 | 2.31 | 0.69 | 1.40 |
| Asset Turnover | — | 0.41 | 0.50 | 0.38 |
| Inventory Turnover | — | — | — | — |
| Days Sales Outstanding | — | 221.61 | 235.12 | 350.75 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | — | — | — | — |
| FCF Yield | 0.3% | 1.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $98M | $248M | $248M |
Includes 30+ ratios · 3 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NAVN stock.
Navan, Inc.'s current P/E ratio is -5.3x. This places it at the 50th percentile of its historical range.
Navan, Inc.'s return on equity (ROE) is -60.2%. The historical average is -106.7%.
Based on historical data, Navan, Inc. is trading at a P/E of -5.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Navan, Inc. has 71.3% gross margin and -28.0% operating margin.
Key Metrics
Top Statement Risk
Persistent negative returns on capital despite growth
Metrics are mathematically derived from official filings.
Negative Returns Despite Top-Line Momentum
Navan's capital efficiency remains deeply negative, with ROIC contracting to -2.7% in Q2 2026, a stark contrast to the positive returns generated by profitable travel peers like Expedia and Booking.
The negative ROIC trend, which has ranged from -1.7% to -10.6% over the past several quarters, indicates the company is destroying value on invested capital, not compounding it. This suggests the high revenue growth has not yet translated into operational efficiency or adequate margins to cover the cost of capital, a critical gap for a software model.
Gross Margins Improve, But Operating Leverage Lags
While gross margins have expanded to 74.1% in Q2 2026 from 65.0% in early 2024, operating margins remain firmly negative at -11.9%, indicating that SGA and R&D spending is outpacing gross profit gains.
The 900 basis point gross margin expansion is a positive structural trend, yet it has not flowed to the bottom line, implying significant ongoing investment in growth. This disconnect suggests the company is in an investment phase where scale has yet to generate operating profitability, a common risk in high-growth software.
Premium Multiple Reflects Growth, Not Earnings
The forward EV/EBITDA multiple of 51.7x and P/S of 7.15x indicate the market is pricing in significant future earnings growth, yet these multiples appear high relative to peers with proven profitability.
A P/E ratio of -5.16 is meaningless for valuation, shifting focus to revenue and forward estimates. The high EV/Sales multiple is typical for pre-profit SaaS, but given the negative ROIC and operating losses, it carries substantial execution risk. Investors are paying for a future that must be funded by continued dilution or operational improvement.
Substantial Cash Buffer Amidst Burn
With a current ratio of 4.33 in Q2 2026 and reported cash holdings of $742.9M, Navan's liquidity position appears robust enough to fund operations for the foreseeable future despite negative earnings.
The strong liquidity position, supported by what appears to be a recent equity infusion, provides a critical runway. However, the sustainability of this buffer depends on the magnitude of future cash burn and the company's ability to reach profitability or secure additional financing before reserves deplete.
Lagging Peers on Returns, Leading on Growth
Compared to profitable peers like Booking (20% net margin) and Expedia (44% ROE), Navan's negative profitability metrics highlight a significant gap, though its 35% revenue growth likely outpaces the mature platforms.
The peer comparison underscores that Navan is competing in a different stage of its lifecycle. While established players demonstrate the end-state potential of high margins and strong returns, Navan's metrics reflect the cost of capturing market share. The key question is whether its growth can eventually translate into similar profitability profiles.
The Misleading Implication of Current Ratio
The high current ratio of 4.33 is frequently misinterpreted as a sign of financial strength, but for a cash-burning software company, it may primarily signal an inefficiently deployed capital base rather than resilience.
For Navan, a large current ratio, driven by a cash hoard, could indicate that capital is sitting idle rather than being invested in high-return growth initiatives that would lower the ratio. The more critical metric is the quarterly cash burn rate relative to this liquidity, as a high ratio can mask operational inefficiency and delay the urgency for profitability.