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Navan, Inc. Class A
(NASDAQ:NAVN)
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Rating:61Neutral
Price Target:
$24.50
▼(-11.58% Downside)
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 growth
Rapid revenue, booking-volume, and enterprise sales growth indicates broad customer adoption and expanding market penetration. Record signed enterprise volume also creates a substantial base for future implementation, cross-selling, and recurring revenue as customers adopt more of Navan’s platform.
Negative Factors
Heavy GAAP losses
Very large GAAP losses remain the central weakness in Navan’s financial profile despite strong revenue growth and better non-GAAP results. Persistent losses can consume financial resources, weaken returns on equity, and limit confidence that improving operating metrics will translate into durable shareholder profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and enterprise growth
Rapid revenue, booking-volume, and enterprise sales growth indicates broad customer adoption and expanding market penetration. Record signed enterprise volume also creates a substantial base for future implementation, cross-selling, and recurring revenue as customers adopt more of Navan’s platform.
Read all positive factors
Navan, Inc. Class A (NAVN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.02B
Dividend YieldN/A
Average Volume (3M)4.18M
Price to Earnings (P/E)―
Beta (1Y)1.79
Revenue Growth34.83%
EPS Growth-83.69%
CountryUS
Employees3,700
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)-5.06
Shares Outstanding245,330,800
10 Day Avg. Volume2,884,379
30 Day Avg. Volume4,179,393
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.93
Price to Sales (P/S)1.60
P/FCF Ratio76.04
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue7.37
Enterprise Value/Gross Profit10.15
Enterprise Value/Ebitda-22.57
Forecast
1Y Price Target
$30.45Price Target Upside9.90% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)0.25
Revenue Forecast (FY)$931.08M
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...
Navan, Inc. Class A Earnings Call Summary
Earnings Call Date:Sep 09, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Dec 21, 2026
Earnings Call Sentiment Positive
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.
Read all updates
Q2-2027 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
44
Neutral
Balance Sheet
70
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 825.87M | 702.26M | 536.84M | 402.26M |
| Gross Profit | 599.31M | 500.47M | 342.43M | 214.27M |
| EBITDA | -269.58M | -284.38M | -70.62M | -235.98M |
| Net Income | -347.77M | -398.03M | -181.08M | -331.55M |
Balance Sheet | ||||
| Total Assets | 1.81B | 1.71B | 1.08B | 1.07B |
| Cash, Cash Equivalents and Short-Term Investments | 909.88M | 740.51M | 305.83M | 262.38M |
| Total Debt | 170.22M | 174.35M | 672.43M | 573.85M |
| Total Liabilities | 495.41M | 500.70M | 965.93M | 846.87M |
| Stockholders Equity | 1.32B | 1.21B | 114.22M | 219.15M |
Cash Flow | ||||
| Free Cash Flow | 40.38M | 14.76M | -51.40M | -166.92M |
| Operating Cash Flow | 47.27M | 33.67M | -50.41M | -166.36M |
| Investing Cash Flow | -216.08M | -203.03M | 44.87M | -108.78M |
| Financing Cash Flow | 601.55M | 519.92M | 52.55M | 212.62M |
Navan, Inc. Class A Technical Analysis
Positive
27.71
Price Trends
25.34
Negative
24.08
Negative
18.76
Positive
Market Momentum
-0.86
Negative
52.43
Neutral
89.63
Negative
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 27.71 is above the 20-day moving average (MA) of 21.25, above the 50-day MA of 25.34, and above the 200-day MA of 18.76, indicating a neutral trend. The MACD of -0.86 indicates Negative momentum. The RSI at 52.43 is Neutral, neither overbought nor oversold. The STOCH value of 89.63 is Negative, 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.
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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $875.12M | 30.56 | 11.42% | ― | 21.99% | 271.66% | |
68 Neutral | $2.60B | 29.13 | 357.13% | ― | 32.38% | ― | |
61 Neutral | $6.02B | -4.64 | -27.94% | ― | 34.83% | -83.69% | |
61 Neutral | $594.53M | -29.10 | -24.96% | ― | 16.73% | 35.67% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $222.27M | -11.50 | -8.50% | 2.88% | -2.78% | 72.47% |
* General Sector Average
NAVN
Navan, Inc. Class A
23.08
3.08
15.40%
GRND
Grindr
14.94
2.98
24.92%
SMRT
SmartRent
1.16
-0.23
-16.55%
DSP
Viant Technology
13.16
5.02
61.67%
WEAV
Weave Communications
7.39
0.81
12.31%
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 NavanR...
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...
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.