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Navan, Inc. Class A (NAVN) AI Stock Analysis

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NAVN

Navan, Inc. Class A

(NASDAQ:NAVN)

Select Model
Rating:61Neutral
Price Target:$28.00▲(7.28% Upside)
Action:reiterated
Date:10/09/26

The score is driven primarily by improving fundamentals (rapid growth, higher gross margins, improved leverage, and positive 2026 operating/free cash flow), supported by a strongly positive earnings call with raised guidance and improving non-GAAP profitability outlook. Offsetting these positives are still-heavy GAAP losses and mixed technical signals, while valuation support is limited due to a negative P/E and no dividend.

Positive Factors
Strong revenue and enterprise growthRapid revenue and booking-volume growth, together with record enterprise sales, indicates broadening adoption and stronger penetration of large customers. Enterprise wins can create durable transaction, subscription, payments, and expense-management opportunities as accounts expand across Navan’s platform.
Negative Factors
Heavy GAAP lossesVery large GAAP losses remain the central weakness in the financial profile and show that revenue growth has not yet translated into durable bottom-line profitability. Persistent losses can consume financial resources and make future results more sensitive to execution, spending, and growth assumptions.

Navan, Inc. Class A (NAVN) vs. SPDR S&P 500 ETF (SPY)

-75%-50%-25%0%25%50%75%NAVN+38.17%SPY+11.79%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
$6.40B
Dividend Yield
―
Average Volume (3M)
3.15M
Price to Earnings (P/E)
-18.8
Beta (1Y)
1.61
Revenue Growth
34.83%
EPS Growth
-83.69%
Country
US
Employees
3,700
Sector
General
Sector Strength
55
Industry
Software - Application

Navan, Inc. Class A Business Overview & Revenue Model

Company Description

Navan, Inc. delivers an innovative, AI-powered software platform engineered to simplify the complex landscape of corporate travel and expense management. This advanced system offers comprehensive solutions for travel booking, payments, and expense tr...

Navan, Inc. Class A Earnings Call Summary

Earnings Call Date:Sep 08, 2026(Q2-2027)|% Change Since:0.81%|Next Earnings Date:Dec 20, 2026
Earnings Call SentimentPositive

The call was strongly positive. Highlights significantly outweighed the limited challenges, with broad-based revenue, GBV, payments, subscription, enterprise sales, customer adoption, AI usage, margins, cash flow, and guidance momentum. The main cautions were travel price inflation, lengthy enterprise ramp cycles, higher sales commissions, moderated quarterly gross margin expansion, and limited near-term financial contributions from recent acquisitions.

Positive Updates

Strong Q2 Revenue and Gross Booking Volume Growth
Revenue was $233 million, up 35% year-over-year, while total GBV exceeded $3 billion, up 45% year-over-year. Management said it exceeded expectations for both revenue and non-GAAP operating income.

Negative Updates

Travel Price Inflation and Geopolitical Disruptions
Management said travel price inflation increased during the second half of Q1 due to disruptions occurring around the world. Steady inflation continued throughout Q2, and the company is assuming steady inflation for the rest of the year while acknowledging that inflation is very hard to predict.

Company Guidance

For Q3, Navan expects revenue of $253 million to $255 million, representing 30% growth at the midpoint, and non-GAAP operating income of $35.5 million to $36.5 million, representing a 14% margin; for the full year, it raised revenue guidance to $927 million to $933 million, or 32% growth at the midpoint, and non-GAAP operating income guidance to $82 million to $86 million, or a 9% margin. The company is assuming steady inflation for the rest of the year, described as “a reasonable assumption”; SmartTrip is expected to have an immaterial impact on fiscal '27, while BoomPop is expected to have a low single digit -- very low single-digit impact to revenue in fiscal '27, a mid-single-digit impact to non-GAAP operating income, and become accretive in fiscal '28.

Navan, Inc. Class A Financial Statement Overview

Summary

Strong and consistent revenue growth and materially improving gross margin are positives, and leverage reduction plus a turn to positive operating/free cash flow in 2026 reduce near-term balance sheet risk. However, operating and net losses remain very large and worsened versus 2025, keeping overall financial quality only mid-range.

Income Statement

44Neutral

Balance Sheet

70Positive

Cash Flow

62Positive
Financial statement breakdown
BreakdownTTMJan 2026Jan 2025Jan 2024
Income Statement
Total Revenue825.87M702.26M536.84M402.26M
Gross Profit599.16M500.47M342.43M214.27M
EBITDA-265.36M-284.38M-70.62M-235.98M
Net Income-347.77M-398.03M-181.08M-331.55M
Balance Sheet
Total Assets1.81B1.71B1.08B1.07B
Cash, Cash Equivalents and Short-Term Investments909.88M740.51M305.83M262.38M
Total Debt170.22M174.35M672.43M573.85M
Total Liabilities495.41M500.70M965.93M846.87M
Stockholders Equity1.32B1.21B114.22M219.15M
Cash Flow
Free Cash Flow40.38M14.76M-51.40M-166.92M
Operating Cash Flow47.27M33.67M-50.41M-166.36M
Investing Cash Flow-216.08M-203.03M44.87M-108.78M
Financing Cash Flow601.55M519.92M52.55M212.62M

Navan, Inc. Class A Technical Analysis

Technical Analysis SentimentPositive
Last Price26.10

Price Trends

50DMA24.48Positive
100DMA24.91Positive
200DMA19.48Positive

Market Momentum

MACD0.98Negative
RSI58.71Neutral
STOCH53.05Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NAVN, the sentiment is Positive. The current price of 26.10 is above the 20-day moving average (MA) of 24.99, above the 50-day MA of 24.48, and above the 200-day MA of 19.48, indicating a bullish trend. The MACD of 0.98 indicates Negative momentum. The RSI at 58.71 is Neutral, neither overbought nor oversold. The STOCH value of 53.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NAVN.

Navan, Inc. Class A Risk Analysis

Navan, Inc. Class A disclosed 66 risk factors in its most recent earnings report. Navan, Inc. Class A reported the most risks in the "Finance & Corporate" category.

Higher RiskSector Avg.Lower RiskFinance & CorporateTech & InnovationLegal & RegulatoryProductionAbility to SellMacro & Political
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added

0 New Risks

Navan, Inc. Class A Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

NAVN against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
DSPDSP72Outperform$853.18M30.2311.42%―21.99%271.66%
GRNDGRND63Neutral$2.20B24.33357.13%―32.38%―
NAVNNAVN61Neutral$6.80B-18.75-27.94%―34.83%-83.69%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
SMRTSMRT55Neutral$258.68M-13.45-8.50%―-2.78%72.47%

* General Sector Average

Performance Comparison

-50%0%50%NAVNGRNDSMRTDSPDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
NAVN and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
NAVNNavan, Inc. Class A26.108.8751.48%
GRNDGrindr Inc.12.65-1.05-7.66%
SMRTSmartrent, Inc.1.35-0.01-0.74%
DSPViant Technology, Inc.12.834.0145.46%

Navan, Inc. Class A Corporate Events

Business Operations and StrategyPrivate Placements and Financing

Navan establishes new warehouse credit facility to fund receivables

Positive
Oct 9, 2026

On October 5, 2026, Navan Travel US SPV LLC, a bankruptcy-remote subsidiary of Navan, Inc., entered into a new revolving warehouse credit facility of up to $225 million with a lender group led by Barclays Bank PLC to finance purchases of Navan’...

Business Operations and StrategyFinancial DisclosuresM&A TransactionsProduct-Related Announcements

Navan Raises 2027 Outlook After Strong Q2 Results

Positive
Sep 9, 2026

Navan reported strong second quarter fiscal 2027 results on September 9, 2026, with revenue up 35% year-over-year to $233 million and gross booking volume rising 45% to $3.0 billion, driven by new customers and expansion in its installed base. Non-GA...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 09, 2026