Navan - Public Comps and Valuation Multiples

Navan Overview

About Navan

Navan Inc is an end-to-end, AI-powered software platform built to simplify the world-wide business T&E experience, benefiting users, customers, and suppliers. Its leveraged technology to reimagine business travel. The company deliver delightful, personalized experiences for users, efficiency and control for customers, and direct market access for suppliers-all powered by its proprietary AI framework, Navan Cognition. Geographically, the company operates in United States, United Kingdom and Other countries, of which United States derives maximum revenue.

Founded

2015

HQ

Employees

3.4K+

Website

navan.com

Sectors

Travel Services

Financials

Last FY Revenue $537M

Last FY EBITDA -$70.6M

EV

$2.6B

Valuation Multiples

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Navan Financials

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Navan P&L

In the most recent fiscal year, Navan reported revenue of $537M and EBITDA of -$70.6M.

Navan expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	XXX	$537M	XXX	XXX	XXX
Gross Profit	XXX	$367M	XXX	XXX	XXX
Gross Margin	XXX	68%	XXX	XXX	XXX
EBITDA	XXX	-$70.6M	XXX	XXX	XXX
EBITDA Margin	XXX	-13%	XXX	XXX	XXX
EBIT	XXX	-$108M	XXX	XXX	XXX
EBIT Margin	XXX	-20%	XXX	XXX	XXX
Net Profit	XXX	-$181M	XXX	XXX	XXX
Net Margin	XXX	-34%	XXX	XXX	XXX
Net Debt	XXX	$460M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Navan including revenue, profitability, and margin analysis across different time periods. In the most recent fiscal year, Navan achieved $537M in revenue and -$70.6M in EBITDA.
Financial Metric	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	Analyst estimates available to subscribers	$537M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	Analyst estimates available to subscribers	$367M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	Analyst estimates available to subscribers	68.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	Analyst estimates available to subscribers	-$70.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	Analyst estimates available to subscribers	-13.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	Analyst estimates available to subscribers	-$108M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	Analyst estimates available to subscribers	-20.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	Analyst estimates available to subscribers	-$181M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	Analyst estimates available to subscribers	-33.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	$460M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Navan

This financial data table provides comprehensive performance metrics for Navan, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Fiscal Year Performance

In the most recent fiscal year, Navan reported $537M in total revenue.
Fiscal year EBITDA was -$70.6M.
The company maintained a gross profit margin of 68.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was -13.2%.
Net profit margin reached -33.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Navan. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Navan Stock Performance

Navan has current market cap of $3.2B, and EV of $2.6B.

Market Cap Evolution

Navan Stock Data

As of December 17, 2025, Navan's stock price is $13.

See Navan trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.6B	$3.2B	XXX	XXX	XXX	XXX	n/a

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Navan Valuation Multiples

Navan's trades at 5.0x EV/Revenue multiple, and -31.4x EV/EBITDA.

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Navan Financial Valuation Multiples

As of December 17, 2025, Navan has market cap of $3.2B and EV of $2.6B.

Equity research analysts estimate Navan's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Navan's P/E ratio is not available.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$3.2B	XXX	$3.2B	XXX	XXX	XXX
EV (current)	$2.6B	XXX	$2.6B	XXX	XXX	XXX
EV/Revenue	n/a	XXX	5.0x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	-31.4x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	-22.2x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	n/a	XXX	-16.5x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-34.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Navan Margins & Growth Rates

Navan's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Navan's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Navan's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Navan Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	n/a	XXX	26%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-16%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	41%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	23%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	88%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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