NAVN

Navan is a fast-growing travel-and-expense (T&E) management software company that recently came public. The growth and unit economics are attractive: FY2026 revenue grew 30.8% to $702M (up from $402M two years earlier) with a 71.3% gross margin and gross profit up 36.4% to $500M — gross margin expanding faster than revenue, a sign of operating leverage. Encouragingly, operating cash flow turned positive at $33.7M (up 166.8%), and the operating loss of -$197M is far smaller than the headline net loss.

That headline net loss of -$398M (vs -$181M in FY2025) looks like it widened, but the gap between the -$197M operating loss and the -$398M net loss points to large below-the-line, likely IPO-related non-cash charges (e.g., stock-based compensation or convertible/preferred remeasurement) rather than operational deterioration. The balance sheet is much stronger post-IPO: cash rose 270.1% to $584M, equity jumped 201.8% to $1.21B, long-term debt fell 79.8% to $125M, and liabilities/equity is a comfortable 0.41x — ample runway to keep investing in growth and AI (Navan Cognition).