Demand and volumemixed · 4 filings
“Payments revenue is driven by the volume of corporate card spending, primarily through travel bookings.”10-Q · Sep 10, 2026 ↗
Navan, Inc.
NAVN
Market read
No connected market move is active around Navan, Inc..
No new filing conclusion is available. 0 of 0 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
Revenue YoY+30.8%2026-01-31
Operating margin-28.0%-8.0 pts YoY
Company+2.4% todayVolume comparison unavailable
Market groupNo active group readNo durable group available
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Revenue growth was tied to higher payment volume, a larger customer base, and increased adoption of Expense Management.
- Operating cash flow turned positive, helped by a lower adjusted net loss but partly offset by cash used for working capital.
Invalidation: The isolated read changes if NAVN's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 0 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Revenue growth was tied to higher payment volume, a larger customer base, and increased adoption of Expense Management.
- Operating cash flow turned positive, helped by a lower adjusted net loss but partly offset by cash used for working capital.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods3
Price observations231
Usable filing statements63
Verified relationships9
Evidence supporting the case
- Latest annual revenue changed +30.8% year over year.
Evidence challenging the case
- Operating margin changed -8.0 percentage points in the latest annual period.
- Net margin changed -22.9 percentage points in the latest annual period.
Questions before a position
- EV/sales is 25% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Oct 1, 2026
21.516m+70.1%12m—24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2024-01-31$402.3M—$-7.44—
2025-01-31$536.8M+33.5%$-4.00+1.5%
2026-01-31$702.3M+30.8%$-4.07—
What management says matters
Persistent and emerging business drivers
Credit and interest ratesmixed · 2 filings
“The increase was primarily driven by the receipt of proceeds from our IPO and proceeds from debt borrowings during the year ended January 31, 2026, partially offset by payments on debt borrowings, primarily due to repayments made on the Warehouse Credit Facil…”10-K · Apr 2, 2026 ↗
Product pipeline and R&Dmixed · 2 filings
“Research and development expense for the six months ended July 31, 2026 increased by $21.9 million, or 34%, primarily due to an increase in salaries and related benefits of $20.8 million driven by an increase of $12.3 million related to stock-based compensati…”10-Q · Sep 10, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.0× · EV/sales 2.3×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Fewer than 4 annual revenue periods; too little history to scaffold scenarios.
Price action
How the market is pricing the story
21.51+2.4% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 1 Oct, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for NAVN. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for NAVN. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind NAVN
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
EXFYFiling-linked namecompetitorJun 11, 2026 ▾
“Our Expense Management and Corporate Payments offerings face competitive challenges from do-it-yourself approaches as well as horizontal platform solutions with expense management features such as Expensify, Oracle, and SAP, corporate card providers, and expe…”
ORCLOracle CorporationcompetitorJun 11, 2026 ▾
“Our Expense Management and Corporate Payments offerings face competitive challenges from do-it-yourself approaches as well as horizontal platform solutions with expense management features such as Expensify, Oracle, and SAP, corporate card providers, and expe…”
BCSBarclays PLCpartnerApr 2, 2026 ▾
“These include integrations with payment networks like Visa and Mastercard as well as card issuers like Brex, Rho, Citi, Barclays, and Citizens Bank, extending our reach into the financial ecosystem.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 5 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
NAVN is currently a Leader in the organic co-movement group Unknown Theme. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for NAVN; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.