NAVNNavan, Inc.
Services-Prepackaged Software
- Revenue
- $702M
- 31% YoY
- Operating margin
- -28.0%
- 40% YoY
- EBITDA
- −$137M
- 65% YoY
- Market cap
- $1.2B
- Employees
- 3,700
- $190K revenue each
- Net debt / EBITDA
- —
- −$529M net debt
- AI in 10-K
- 18.1
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes26% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo13% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$190K · 11th pctBottom quartile of its SIC industry
- Quiet on AINo18.1 per 10K words · 98th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$4M netNet sales over $10M in 12 months
Financials
| Metric | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|
| Revenue | $402M | $537M | $702M | 31% |
| Operating income | −$246M | −$108M | −$197M | 83% |
| Net income | −$332M | −$181M | −$398M | 120% |
| Operating cash flow | −$166M | −$50M | $34M | 167% |
| Capex | $561K | $994K | $917K | 7.7% |
| Stock-based comp | $76M | $77M | $182M | 137% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $174M · 50
- Open-market sells, 12 mo
- $169M · 47
- Net
- $4M
Pay vs performance
No pay-versus-performance disclosure yet.