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Sells cloud software combining corporate travel booking with expense management for businesses.
Sells cloud software combining corporate travel booking with expense management for businesses.
A large part of its income comes from commissions paid by airlines, hotels and other suppliers when employees book trips, plus a share of fees on its corporate card and software subscriptions for expense management. Customers use one system to book and expense travel, so more bookings feed more spending. It listed in 2025.
Moat: narrow (switching costs, network effects). Combining booking and expense in one workflow with negotiated travel inventory raises switching costs.
Headquarters: Palo Alto, California, United States · Founded: 2015 · Employees: 3,700
Size Navan (NAVN) is a United States Information Technology company (Packaged Software) with a market value of $6.25B, the 1035th largest of 3,117 United States companies the cockpit tracks. Shares closed at $25.48 on 6 Nov 2026.
Performance Over six months the shares gained 36.4%, against +10.2% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 34.8% over the last twelve months (peer median +11.2%); the operating margin is -24.8% (peer median 12.8%).
Valuation It trades at 76.3× forward earnings against a peer median of 21.3× (3rd most expensive of 20).
Capital Return on invested capital runs 38.5 points below its cost of capital (10.4% WACC).
Short interest Short interest is 5.2% of the free float (15 Oct 2026).
Next results Next results expected around 15 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | $826M | $702M | $537M | $402M |
| Revenue growth | — | +31% | +33% | — |
| Gross profit | $566M | $466M | $342M | $214M |
| EBITDA | -$131M | -$130M | -$82.7M | -$219M |
| Net income | -$348M | -$398M | -$181M | -$332M |
| Free cash flow | $17.5M | $14.8M | -$51.4M | -$167M |
| Capital expenditure | $21.6M | $18.9M | $16.3M | $17.3M |
| Total debt | $170M | $174M | $672M | $574M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Navan NAVN | $6.25B | +36% | +35% | -25% | 76.3× | n/a |
| Sap SAP.DE | $276B | +49% | +8% | 29% | 29.8× | 14.9% |
| Global Business Travel GBTG | n/a | +78% | n/a | n/a | n/a | n/a |
| Flight Centre Travel FLT.AX | $1.72B | +17% | +3% | 7% | 11.4× | 8.5% |
| Corporate Travel Management CTD.AX | $350M | -69% | +7% | 6% | 19.5× | 12.0% |
| BILL BILL | $4.50B | +25% | +13% | 1% | 13.7× | 36.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NAVN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.4% | +4.3% | 7th highest of 21 |
| 6-month return | +36.4% | +10.2% | 5th highest of 21 |
| Distance from 52-week high | -17.5% | -30.4% | 8th highest of 21 |
| Revenue growth (TTM) | +34.8% | +11.2% | 2nd highest of 21 |
| Operating margin | -24.8% | 12.8% | 3rd lowest of 21 |
| Forward P/E | 76.3× | 21.3× | 3rd most expensive of 20 |
| ROIC minus cost of capital | -38.5 pp | +3.5 pp | 2nd lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Navan NAVN | United States | $6.25B | +36% | +35% | -25% | 76.3× | n/a | n/a |
| SenseTime 0020.HK | Hong Kong | $6.25B | -44% | +31% | -51% | n/a | n/a | n/a |
| Topicus.com TOI.V | Canada | $6.25B | +9% | +28% | 15% | 21.3× | 0.7% | +26.5% |
| International Games System 3293.TWO | Taiwan | $6.27B | 0% | +15% | 59% | 14.4× | -4.0% | +21.2% |
| RingCentral RNG | United States | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% | +16.3% |
| Open Text OTEX.TO | Canada | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% | +10.8% |
| Dolby Laboratories DLB | United States | $6.07B | +11% | +1% | 19% | 14.3× | 10.0% | +3.0% |
| Bilibili 9626.HK | Hong Kong | $6.06B | -36% | +11% | 4% | 14.2× | 7.3% | +19.5% |
| ACI Worldwide ACIW | United States | $6.06B | +32% | +7% | 19% | 22.9× | 11.8% | +6.3% |
| Hundsun Technologies 600570.SS | China | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% | +7.0% |
| Commvault Systems CVLT | United States | $6.48B | +51% | +14% | 10% | 27.6× | 26.9% | +10.3% |
| NIQ Global Intelligence NIQ | United States | $6.02B | +5% | +9% | 8% | 17.1× | 10.9% | +14.6% |
| Sectra SECT-B.ST | Sweden | $6.53B | +27% | +14% | 20% | 85.0× | 29.0% | +16.8% |
| Shanghai Baosight Software 600845.SS | China | $5.97B | -24% | +11% | 10% | 30.3× | 6.9% | +1.4% |
| Qualys QLYS | United States | $6.59B | +102% | +11% | 35% | 23.7× | 4.7% | +13.1% |
| Klaviyo KVYO | United States | $5.90B | +36% | +29% | -2% | 19.7× | 7.0% | +37.7% |
| Doximity DOCS | United States | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% | +25.5% |
| UiPath PATH | United States | $6.78B | +20% | +15% | 9% | 15.2× | 19.2% | +21.5% |
| CD PROJEKT RED Spolka Akcyjna CDR.WA | Poland | $6.80B | +4% | -14% | 54% | 53.4× | 35.0% | -16.5% |
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |