📈 Price History

Ratio Health

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📊 Sector Averages

About

Navan, Inc. operates an AI-powered software platform to simplify the travel and expense experience, benefiting users, customers, and suppliers.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding NAVN

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	300.4K	$4.0M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 2 quarters analysed

Q3 2026

Confident Specific

The CEO and CFO repeatedly used precise metrics such as '29% revenue growth', '13% non-GAAP operating margin', and '74% gross margin' to underscore strong performance. They directly addressed the CFO departure as planned and cited specific large enterprise wins like Visa and Engie. The tone was assured and backed by data.

Q4 2026 latest

Confident Specific

Management used emphatic language like 'we are doing it', 'incredible results', 'huge growth rate', and provided specific metrics (35% revenue growth, 42% GBV growth, 47 NPS, 96 CSAT) to back their claims. They repeatedly highlighted execution on both SLG and PLG motions and becoming free cash flow positive ahead of plan.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Navan delivered accelerating revenue (35% YoY), achieved free cash flow positive one year ahead of plan, and showed strong momentum with a 50% jump in new signed GBV. The AI platform differentiation is credible, with high NPS/CSAT and expanding margins. The launch of Navan Edge opens a $57B unmanaged TAM, and management provided prudent FY27 guidance with continued margin expansion. Key risks include potential macro/geopolitical disruption (though management says minimal impact) and execution on migrating Reed & Mackay customers. Watch next quarter: further growth in Navan Edge adoption, net revenue retention trends (especially for Reed & Mackay migration), and whether the 50% new signed GBV growth continues to feed revenue acceleration.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 2 quarters Full tone analysis in Intelligence →

📊 MIXED Navan posts 35% revenue growth, first free cash flow positive quarter

Revenue & Profitability

Q4 2026 revenue was $178 million, up 35% year-over-year, and GBV was $2.3 billion, up 42%. Non-GAAP operating margin was breakeven (0%), a 1,100 basis point improvement, while GAAP operating margin was negative 50% due to a $36.2 million non-cash amortization charge for retiring the Reed & Mackay brand. The company achieved free cash flow positive for the first time. Full-year FY2026 net revenue retention was 107% (core platform 110%). Guidance for FY2027: revenue $866-$874 million (24% growth) and non-GAAP operating profit $58-$62 million (7% margin). Q1 FY2027: revenue $204-$206 million (30% growth) and non-GAAP operating profit $4.5-$5.5 million.

Outlook

Management sees strong corporate travel momentum, citing the GBTA index showing mid- to high-single-digit growth, outperforming TSA checks. Business travel is resilient; even during disruptions like storms, trips are rescheduled. Geopolitical tensions have minimal impact (low single-digit Middle East exposure). Tailwinds from legacy displacement and industry consolidation (e.g., CWT acquisition, Egencia) are driving demand.

Growth Drivers

Key growth levers include SLG (new signed GBV over 50% higher year-over-year in Q4) and PLG (driven by social media and Navan Edge for the unmanaged market). Enterprise onboarding is faster, and cross-selling payments, expense management, and meetings/events is increasing. AI innovation, such as the expense AI agent and restaurant bookings, accelerates product delivery and attach rates.

Balance Sheet & CapEx

Not directly discussed as a separate line item. Management highlighted investments in hiring across go-to-market channels (SDRs, commercial, enterprise sales reps) and continued investment in AI and product innovation. The IPO has removed constraints on the payment business, allowing further growth.

Margins

Non-GAAP operating margin improved 1,100 basis points year-over-year to breakeven in Q4. Non-GAAP operating expenses decreased as a percentage of revenue. Guidance implies further margin expansion to 7% non-GAAP operating margin for FY2027. Free cash flow turned positive one year ahead of plan. The core Navan platform has higher gross margins than the legacy Reed & Mackay business.

Key Risks

Management flagged minimal exposure to geopolitical tensions (low single-digit Middle East volume). Travel disruptions (storms, wars) are inherent but historically do not materially impact business travel as trips are rescheduled. No other major risks were explicitly discussed; management expressed confidence in the guidance.

Generated by AI · Q4 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (3 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (3)

Q1 2027 Q1 2027 2026-06-10

Q1 saw 50% growth in gross bookings and 40% in revenue, driven by robust demand, AI innovation, and strong go-to-market execution. Raised full-year guidance to 30% revenue growth, with continued margin expansion and strong cash position.

Q4 2026 Q4 2026 2026-03-25

Q4 revenue grew 35% year-over-year to $178M, with GBV up 42% and record customer satisfaction. FY 2027 guidance calls for 24% revenue growth and 7% non-GAAP operating margin, driven by AI innovation, legacy displacement, and strong corporate travel demand.

Q3 2026 Q3 2026 2025-12-15

Q3 delivered 29% revenue growth and record gross margins, driven by AI-powered platform gains and major enterprise wins. Guidance for Q4 and FY26 was raised, with continued investment in AI and payments, and free cash flow positivity targeted for FY27.

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