Navan

NAVN

Software - Application · Technology

Price

$25.96

+0.16 (+0.62%)

Market Cap

$6.21B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−60.6% over 2y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 248.2M (2024) → 97.8M (2026)

Navan, Inc. operates an AI-powered software platform to simplify the travel and expense experience, benefiting users, customers, and suppliers. The company offers AI-powered travel, payments, and expense management solutions to streamline the travel lifecycle, from booking and policy enforcement to payment processing, expense reconciliation, and reporting. It serves finance, human resources, travel managers, inventory, and other markets. The company was formerly known as TripActions, Inc. and ch

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+34.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-52.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$151M/ year

↑ Rising (+47% vs prior year)

21.5% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

81.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$584M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Navan grew revenue 35% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

70.7%

Premium pricing power — 70.7% gross margin

Operating Margin

-50.3%

Losing money on operations — -50.3%

ROCE

-6.7%

Weak — -6.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+25.4%

Fast-growing sales (25.4% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

1.1%

Thin free cash flow (1.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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