Navan, Inc. (NAVN) Stock

Navan, Inc. (NAVN) is a Technology stock trading at $28.55 (as of 2026-08-20), with a market capitalization of $7.15B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Navan, Inc. provides a software platform for managing business travel and expenses, including booking support, policy enforcement, payment processing, expense reconciliation, and reporting. Its solutions are used by customers across travel and finance-related functions to coordinate interactions among users and suppliers.

Understand Navan, Inc.: how it makes money

Navan provides an AI-powered travel and expense management platform, it helps users and companies manage the full travel lifecycle (booking, policy enforcement, payments, expense reconciliation, and reporting) and it makes money from transaction-related usage (including payments processed through Navan cards) and from subscription offerings.

Navan's profit engine is primarily usage-driven, revenue is tied to how much travel and payments flow through its platform (including Payment Volume Processed Through Navan Cards), and it is complemented by a smaller Subscription revenue stream.

Revenue by segment (latest quarter)
Usage$0.2B
Subscription$0.0B

Business quality (Weak): Strong gross margin (74.0%), but operating margin is negative (-8.2%) in the latest reported period (2026-04-30), so scale and unit economics below gross margin are currently a challenge.

Bull case

  • Customer and efficiency signals: Customer Satisfaction Score is 97% and customer support interactions deflected by Navan Artificial Virtual Assistant is 54%, indicating meaningful automation and support load reduction.
  • Product value metrics are measurable: Median Customer Savings and Median Travel Budget Savings are both 15%, and Percentage of Expenses Automated is 70%, which supports the idea that users get tangible outcomes from the platform.

Bear case

  • Operating profitability is not yet achieved: Operating margin is -8.2% (gross margin is 74.0%), so costs are exceeding gross profit in the latest reported period (2026-04-30).
  • Revenue is likely sensitive to payment and booking volumes: Usage revenue appears to be the dominant revenue component, so changes in Payment Volume Processed Through Navan Cards and related usage metrics could pressure results, especially while subscription revenue remains smaller.
Valuation — source: SEC EDGAR (first-party)
Price$28.55
Market Cap$7.15B
Price / Book5.78
Price / Sales9.87
FCF Yield-0.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$702.26M
Net Margin-56.7%
Revenue Growth (YoY)30.8%
EPS Growth (YoY)1.8%
FCF Growth (YoY)-163.7%
Financial Health — source: SEC EDGAR
Altman Z-Score2.42 (grey)
Valuation vs Sector & Industry
Sector P/E (Technology)33.9
Industry P/E (Business Services)30.0
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderLIGHTSPEED MANAGEMENT COMPANY, L.L.C. ($660.96M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryBusiness Services
CEOAriel Cohen
Employees3,400
CountryUS
IPO Date2025-10-30

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NAVN earnings history · NAVN institutional & insider holders · NAVN KPIs & operating metrics · NAVN financials · NAVN investor presentations & press releases · NAVN SEC filings · NAVN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.