Navan, Inc. NAVN
Navan is a global AI-powered business travel and expense platform. We leverage technology to reimagine business travel and deliver personalized experiences for users, efficiency and control for customers, and direct market access for suppliers—all powered by our proprietary AI framework, Navan Cognition.
We identified the challenges of legacy travel and expense management systems, and built Navan on the premise that to win, all players in the ecosystem - users, customers, and suppliers - must be integrated on one platform with AI at its core. Our platform was built from the ground up to connect distinct stakeholders, and unify traditionally disparate product features, through a single system that unlocks new efficiencies and experiences. By building true connectivity into the core of our cohesive offering, the Navan platform unlocks a smarter, more rewarding future for travel—one where everyone wins.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $702.3M | $536.8M | $402.3M | — |
| Cost of revenue | $201.8M | $169.8M | $162.6M | — |
| Gross profit | $500.5M | $367.0M | $239.6M | — |
| R&D | $151.2M | $122.4M | $132.4M | — |
| SG&A | $203.4M | $133.6M | $133.0M | — |
| Total operating expenses | $697.3M | $474.7M | $486.0M | — |
| Operating income | -$196.9M | -$107.6M | -$246.3M | — |
| Interest expense | $51.3M | $76.0M | $63.3M | — |
| Pre-tax income | -$395.9M | -$171.5M | -$326.1M | — |
| Income tax | $2.1M | $9.6M | $5.4M | — |
| Net income | -$398.0M | -$181.1M | -$331.6M | — |
| EPS, basic | -4.07 | -4.00 | -7.44 | — |
| EPS, diluted | -4.07 | -4.00 | -7.44 | — |
| Shares, diluted (wtd. avg.) | $97.8M | $45.3M | $44.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $583.5M | $157.7M | $166.4M | $330.3M |
| Short-term investments | $157.0M | $0 | — | — |
| Receivables | $215.9M | $184.9M | — | — |
| Total current assets | $1.31B | $688.9M | — | — |
| Property, plant and equipment | $35.0M | $29.5M | — | — |
| Goodwill | $241.3M | $219.7M | $220.5M | — |
| Other intangibles | $19.3M | $55.6M | — | — |
| Total assets | $1.71B | $1.08B | — | — |
| Accounts payable | $65.9M | $42.8M | — | — |
| Total current liabilities | $320.9M | $446.0M | — | — |
| Long-term debt | $124.8M | $617.9M | — | — |
| Total liabilities | $500.7M | $969.7M | — | — |
| Retained earnings | -$2.02B | -$1.62B | — | — |
| Total equity | $1.21B | -$1.19B | -$1.08B | -$840.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $33.7M | -$50.4M | -$166.4M | — |
| Depreciation and amortisation | $60.2M | $24.9M | $26.9M | — |
| Stock-based compensation | $182.1M | $77.0M | $75.9M | — |
| Capital expenditure | $917.0K | $994.0K | $561.0K | — |
| Investing cash flow | -$203.0M | $44.9M | -$108.8M | — |
| Financing cash flow | $519.9M | $52.6M | $212.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-023250.
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