Navan, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jan 2026, Usage-based revenue was 91% and Subscription revenue was 9% of revenue.

In the fiscal year to Jan 2026, United States was 62% and United Kingdom was 21% of revenue; United States rose from 54% in the fiscal year to Jan 2024.

Quarters: Navan, Inc.'s SEC filings, named by the month they end.

How it makes money

The company loses $56.7 for every $100 of revenue. Operating expenses exceed all of gross profit.

Circled: Oct 2025 (net −115.6%, operating −40.6%). Net margin is usually about 13 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year; quarters: SEC filings.

Growth and margins together

Rule of 40 score 40.9 (growth 35.4% + FCF margin 5.5%): strong, clears the 40 line. Stock pay is 27.3% of revenue; counted as a cost, it brings the FCF margin down to −21.8%.

Navan trades at 7.5× revenue on 35.4% growth. SNOW grows fastest of its peers, 35.1%, and costs 19.4×.

Growth: revenue in the quarter ended Jul 2026 against the quarter ended Jul 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Jul 2026. From SEC filings.

Customers and suppliers

In its latest annual report Navan buys from Euromonitor, 3045 Park Property; one customer it does not name accounts for 11% of its revenue.

Suppliers

3

3045 Park Property

Euromonitor

 

NNAVNNavan

Customers

Unnamed customer 11%

Navan's 10-Q for the quarter to Apr 2026 gives one customer's share of its revenue: Payment Partner Customer (10%).

From Navan, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Only the companies Navan names in its 10-K filed Apr 2, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

EV/revenue of 7.5x, in line with the peer median of 7.0x.

EV/revenue in line with the peer median of 7.0x: priced like its peers.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $30.80, 18% above the current price; 100% of 15 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 15 analysts (100%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $25.50 to $31.08 (+22%), while NAVN went from $15.29 to $26.19 (+71%). In the past three months targets were raised 3 times and cut once. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved −11.3% (Oct 2025, beat); +54.1% (Jan 2026, beat); +9.4% (Apr 2026, beat); −23.9% (Jul 2026, beat).

For the quarter ending Oct 2026 (Navan reports on Dec 14, 2026), analysts expect adjusted earnings of $0.12 a share, and revenue of $254M, up 30% on a year earlier. For the fiscal year ending Jan 2027, they expect adjusted earnings of $0.26 a share, and revenue of $931M, up 33% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $46M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 4.1, no pressure to repay short-term debt; debt-to-equity 0.1, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 4 funds whose copy leaves NAVN out (on the exchange, not in the app yet): Board of Trustees of The Leland Stanford Junior University, Norges Bank, Swiss National Bank, Canada Pension Plan Investment Board.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 5 held NAVN at the end of their latest quarter (for most, Q2 2026). Over that quarter 1 added shares, 1 cut, 2 bought new, 1 sold all and 1 held the same. The largest of them is Renaissance Technologies, 1.03M shares worth $21.7M at Sep 30, 2026, 720.8% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of NAVN at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $45.3M and sold $63.1M of NAVN on the open market in the 12 months to Nov 12, 2026. 21% of the sales were made under 10b5-1 plans, set up in advance. The largest was Arif Janmohamed (Director), who sold $50.0M in 8 sales.

From the Form 4s filed with the SEC about Navan, Inc. (65 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 55 other transactions (grants, shares sold to pay tax and other transfers). Also not counted: 2 trades by holders of more than 10% who are neither officers nor directors.