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Navan

NAVN on Nasdaq. Navan sells business travel and expense software to companies and travel suppliers. Market value $1.4bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
past 12 months to July 2026
1.2%low

For every $100 of what the whole company costs, it produced $1.23 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to July 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to January 2026
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 6 of 100. Our list needs 70 on quality and 60 on price.

$21.34 a share, 163% above its 1-year low

Over the past year the price has ranged from $8.10 to $30.88.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
0.0
202612 monthsto Jul '26

Spare cash swings from quarter to quarter here: $26 million in the past 12 months, $15 million in the year to January 2026.

Revenue
$702m
Operating margin
-28.0%
Debt to equity
0.10
Shares outstanding
0.10bn

Health checks

  • Free cash flow positive1 of 1 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • Debt0.10× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
2 April 2026
Next quarterly (estimated, 10-Q)
10 December 2026

Who owns it

1 long-term investor we follow owns it, up from 0 last quarter. 208 funds in all.

Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Oren Zeev
    Passive investor
    at least 16.0%
    (filed with 18 related holders)
    Since 31 October 2025
  • Marc L. Andreessen
    Passive investor
    at least 11.7%
    (filed with 12 related holders)
    Since 31 December 2025
  • Lightspeed General Partner X, L.P.
    Passive investor
    at least 8.4%−1.7 pts
    (filed with 16 related holders)
    Since 30 June 2026
  • Ilan Twig
    Passive investor
    5.3%
    Since 31 December 2025
  • GREENOAKS LLC
    Passive investor
    Sold down below 5%
    Since 30 June 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $45m of shares on the open market. 5 sold $122m, $13m of it under preset trading plans.

  • Twig Ilan Ezra
    Chief Technology Officer, Director
    Sold
    Date
    21 September 2026
    Shares
    36,040
    Price
    $21.27
    Value
    $766,719
  • Sindicich Michael Eric
    President
    Sold
    Date
    21 September 2026
    Shares
    8,977
    Price
    $21.27
    Value
    $190,978
  • Cohen Ariel M.
    Chairperson and CEO, Director
    Sold
    Date
    21 September 2026
    Shares
    50,647
    Price
    $21.27
    Value
    $1m
  • Cohen Ariel M.
    Chairperson and CEO, Director
    Sold
    under a preset trading plan
    Date
    27 August 2026
    Shares
    393,378
    Price
    $30.14
    Value
    $12m
  • Twig Ilan Ezra
    Chief Technology Officer, Director
    Sold
    Date
    22 June 2026
    Shares
    24,726
    Price
    $21.06
    Value
    $520,730
  • Sindicich Michael Eric
    President
    Sold
    Date
    22 June 2026
    Shares
    2,176
    Price
    $21.06
    Value
    $45,827
  • Cohen Ariel M.
    Chairperson and CEO, Director
    Sold
    Date
    22 June 2026
    Shares
    41,530
    Price
    $21.06
    Value
    $874,622
  • Janmohamed Arif
    Director
    Sold
    Date
    17 June 2026
    Shares
    77,323
    Price
    $19.06
    Value
    $1m
  • Janmohamed Arif
    Director
    Sold
    Date
    16 June 2026
    Shares
    398,546
    Price
    $19.13
    Value
    $8m
  • Janmohamed Arif
    Director
    Sold
    Date
    15 June 2026
    Shares
    1,004,231
    Price
    $20.37
    Value
    $20m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Apr 2026, plus the 10-Q filed 10 Sep 2026 and 4 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.