Navan NAVN
United StatesTechnology · Software - ApplicationUSD
30.80 USD (+38.2%)
15 analysts
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Navan, Inc. is a software company that provides an integrated platform for business travel management and corporate expense management, helping companies control and optimize their spending on travel and procurement.
Key points
from its scores- ✓Strong growth9.3
- ✕Little or no dividend0.5
- ✕Little competitive advantage3.2
- ✕Demanding valuation3.2
AI analysis
bottom line, main risk, context and newsHold only if you trust the growth path to profitability; the risk/reward profile does not justify a new entry at the current multiple.
Navan is growing strongly (revenue +35.4%) with an excellent gross margin (72.6%), but it is burning cash with negative operating margins (-11.7%) and high leverage (Net Debt/EBITDA 4.04), which weighs on its financial health and quality. The demanding valuation (forward P/E 55.8) is not supported by current profitability.
The main risk is the combination of high leverage (Net Debt/EBITDA 4.04) with negative operating margins (-11.7%), which could lead to liquidity issues or the need for dilutive financing if growth slows.
Context and risks
Navan is a US-based software company with no material exposure to current macro factors (rates, oil, shipping routes). Its travel and expense management software business does not depend on commodities or supply routes affected by the geopolitical context. The main risk is its own business model: high leverage (Net Debt/EBITDA 4.04) and negative operating margins, which are company-specific risks, not macro ones.
Is Navan stock cheap or expensive?
at the analysis dateOn Price / sales, it trades 33% above the Technology median.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| Price / book | 4.4 | 6.3 | −30% |
| Price / sales | 7.0 | 5.3 | +33% |
Sector: median of the 283 Technology companies analysed. In bold, the multiples used for the comparison.
Valuation score: 3.2 out of 10 (median for Technology: 5.3).
Average analyst target: 30.80 USD, +38.2% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 3.2 (sector 6.4), Growth 9.3 (sector 7.5).
Classic formulas with standard assumptions (5.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Technology medianValuation
- Forward P/E
- 55.8
- EV / EBITDA
- −32.0
- Price / book
- 4.4
- Price / sales
- 7.0
- Market cap
- 5.8B USD
- Enterprise value
- 5.2B USD
Profitability
- ROE
- −49.4%
- ROA
- −8.7%
- ROIC (approx.)
- −6.5%
- Gross margin
- 72.6%
- Operating margin
- −11.7%
- Net margin
- −42.1%
- Free cash flow
- 114.0M USD
- FCF yield
- 2.0%
Solvency
- Total debt
- 170.2M USD
- Net debt
- −649.8M USD
- Cash
- 820.0M USD
- EBITDA
- −161.0M USD
- Net debt / EBITDA
- 4.04
- Debt / equity
- 12.94
- Current ratio
- 4.38
- Quick ratio
- 3.88
Growth
- Revenue growth
- +35.4%
- EPS (TTM)
- −1.91 USD
- EPS (forward)
- 0.40 USD
Dividend
- Dividend yield
- 0.0%
Risk and market
- Analyst consensus
- Strong buy (15)
- Target price
- 30.80 USD
- 52-week range
- 8.11 – 30.88
Recent news
All NAVN news →Compare it with its sector
All 283 in Technology →Frequently asked questions about Navan
Is Navan stock cheap or expensive?
On Price / sales, it trades 33% above the Technology median. Valuation score: 3.2 out of 10 (median for Technology: 5.3). Average analyst target: 30.80 USD, +38.2% versus the price. This is not investment advice.
What score does Navan get on MeridIAn Screener?
It scores 4.7 out of 10, rank 1,820 of 2,130 (better than 14% of the companies analysed). Its strongest category is Growth (9.3) and its weakest, Dividend (0.5). Analysis of 08/10/2026.
How much is Navan worth on the stock market?
Its market capitalisation is 5.8B USD and its enterprise value, debt included, is 5.2B USD.
How much debt does Navan have?
It has more cash than debt: net cash of 649.8M USD.
Does Navan pay a dividend?
It pays no dividend, or almost none.
How has Navan stock performed over the last year?
It has risen 9.9% over the last year, excluding dividends. Over the last 52 weeks it has traded between 8.11 and 30.88 USD. Past performance does not guarantee future results.
What do analysts think of Navan?
15 analysts cover it; their average recommendation is “Strong buy” and their average target is 30.80 USD (+38.2% versus the price). It is an estimate, not market data.