Navan, Inc.

NAVNdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Navan, Inc. earns about -33% on equity, but has diluted owners by 119% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2024	FY 2025	FY 2026
Revenue	$402.3M¹	$536.8M¹	$702.3M¹
Net income	−$331.6M²	−$181.1M²	−$398M²
Operating cash flow	−$166.4M³	−$50.4M³	$33.7M³
Capital expenditure	$561,000⁴	$994,000⁴	$917,000⁴
Free cash flow (derived)	−$166.9M³	−$51.4M³	$32.8M³
Total debt	—	$617.9M⁵	$124.8M⁵
Cash & equivalents	$166.4M⁶	$157.7M⁶	$583.5M⁶
Diluted shares	44.6M	45.3M	97.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$123.53

your share of equity

Profit it earned you last year

−$40.7

Free cash flow it threw off

$3.35

Debt you’d be carrying

$12.76

10 shares is a claim on $123.53 of net worth that earned you −$40.7 and generated $3.35 of cash last year, against $12.76 of debt.

iii. Is this a good business?

Moat signal · return on equity

-33% avg · 3y

FY24 —FY25 —FY26 -33%

It earned an average -33% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+119% shares · 3y

Share count is up 119% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 80% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2024-01-31 · accession 0001628280-26-023250 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2024-01-31 · accession 0001628280-26-023250 (NetIncomeLoss)
10-K · period ending 2024-01-31 · accession 0001628280-26-023250 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-01-31 · accession 0001628280-26-023250 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2025-01-31 · accession 0001628280-26-023250 (LongTermDebt)
10-K · period ending 2024-01-31 · accession 0001628280-26-023250 (CashAndCashEquivalentsAtCarryingValue)