Navan Inc
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Navan Inc AI Insights
Informational only. Not investment advice.Snapshot
- Trading at 0.64x EV/Revenue (228M EV on 656M TTM revenue) vs 2.6x industry median - deep discount despite 71% gross margin[Enterprise Value]
- 809M cash (45% of assets) vs 254M debt provides 2+ years runway at current -28M FCF burn rate[Cash and Equivalents]
- Operating loss of -140M TTM with 97M in special charges - underlying loss closer to -43M, path to profitability unclear[Operating Income]
Watch Triggers
- Operating Margin TTM: Improves from -21% toward -10% — Would signal operating leverage kicking in as revenue scales
- Free Cash Flow TTM: Turns positive or burn rate accelerates beyond -50M — Determines runway and potential need for dilutive financing
- Cash and Equivalents: Falls below 500M — Would indicate less than 18 months runway at current burn
Bull Case
EV of 228M is just 0.35x revenue for a 71% gross margin SaaS business - market pricing in permanent losses despite strong unit economics
1.07B working capital and 809M cash provide runway to reach scale without dilution; debt/equity of 0.21 is conservative
Bear Case
EBITDA of -270M and net loss of -372M TTM show no near-term profitability; ROE of -31% destroys shareholder value
Interest expense of 66M on 254M debt (26% effective rate) suggests distressed financing; FCF burn of -28M continues
Bull vs Bear Balance
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Forward Thesis
Path to operating breakeven within 18 months if revenue scales while opex stabilizes
- 71% gross margin provides leverage on incremental revenue
- 707M recent equity raise extends runway for growth investment
- Special charges of 97M likely non-recurring
Valuation Context
Caveats
Public Strategies Rankings
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NAVN Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$446.28M | — | ||
$-108.52M | — | ||
0.00 | — | ||
$656.34M | — | ||
$-1.50 | — | ||
-21.4% | — | ||
-56.7% | — | ||
$-27.87M | — | ||
-30.5% | — | ||
Beta 5Y (Monthly) | unknown | — |
NAVN Dividend History
NAVN Stock Splits
NAVN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/15/25 | 10/31/25 | 10-Q | |
10/31/25 | 07/31/25 | 424B4 | |
09/19/25 | 07/31/25 | S-1 | |
10/31/25 | 01/31/25 | 424B4 | |
09/19/25 | 01/31/25 | S-1 | |
12/15/25 | 10/31/24 | 10-Q |