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Software - Application · Technology · Fiscal year ends Jan 31
Navan reported revenue of $702M in the fiscal year ended Jan 2026, up 30.8% from the year before. Operating income was −$197M, an operating margin of −28.0%, and net income was −$398M. Operating cash flow of $34M less capital expenditure of $917,000 left free cash flow of $33M. It held more cash than debt (net cash $459M).
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|
| Revenue | 402 | 537 | 702 |
| Cost of revenue | 163 | 170 | 202 |
| Gross profit | 240 | 367 | 500 |
| Research & development | 132 | 122 | 151 |
| Selling, general & admin | 354 | 352 | 546 |
| Operating income | −246 | −108 | −197 |
| Interest expense | 63.3 | 76.0 | 51.3 |
| Pre-tax income | −326 | −172 | −396 |
| Income tax | 5.4 | 9.6 | 2.1 |
| Net income | −332 | −181 | −398 |
| Diluted EPS | −7.44 | −4.00 | −4.07 |
| Diluted shares | 44.6 | 45.3 | 97.8 |
| Fiscal year | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|
| Cash & equivalents | 166 | 158 | 584 |
| Receivables | – | 185 | 216 |
| Current assets | – | 689 | 1,307 |
| Net PP&E | – | 29.5 | 35.0 |
| Goodwill | 221 | 220 | 241 |
| Total assets | – | 1,084 | 1,709 |
| Payables | – | 42.8 | 65.9 |
| Deferred revenue | – | 34.1 | 45.2 |
| Current liabilities | – | 446 | 321 |
| Long-term debt | – | 618 | 125 |
| Total liabilities | – | 970 | 501 |
| Shareholders' equity | −1,082 | −1,187 | 1,208 |
| Fiscal year | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|
| Operating cash flow | −166 | −50.4 | 33.7 |
| Capital expenditure | 0.6 | 1.0 | 0.9 |
| Free cash flow | −167 | −51.4 | 32.8 |
| Depreciation & amortisation | 26.9 | 24.9 | 60.2 |
| Stock-based compensation | 75.9 | 77.0 | 182 |
| Acquisitions | 7.0 | 3.9 | 0.0 |
| Fiscal year | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|
| Revenue growth (YoY) | – | 33.5% | 30.8% |
| Gross margin | 59.6% | 68.4% | 71.3% |
| Operating margin | −61.2% | −20.1% | −28.0% |
| Net margin | −82.4% | −33.7% | −56.7% |
| Return on equityBlank when equity is negative | – | – | −32.9% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −16.9% | −14.2% |
| Free cash flow margin | −41.5% | −9.6% | 4.7% |
| Cash conversion (CFO ÷ net income) | 0.50x | 0.28x | −0.08x |
| Receivable days | – | 126 | 112 |
| Payable days | – | 92 | 119 |
| Interest cover | −3.89x | −1.42x | −3.84x |
| Debt ÷ equity | – | – | 0.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 460 | −459 |
| Current ratio | – | 1.54x | 4.07x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.