Navan, Inc. key statistics and ratios

In fiscal 2026, Navan, Inc. had an operating margin of -28.0%, debt equal to 10.3% of equity and a current ratio of 4.07. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Navan, Inc.: financial ratios, annual
Fiscal year	2024Jan 2024	2025Jan 2025	2026Jan 2026	LTMJul 2026
Gross margin	59.6%	68.4%	71.3%	72.5%
Operating margin	−61.2%	−20.1%	−28.0%	−25.7%
Net margin	−82.4%	−33.7%	−56.7%	−42.1%
Free-cash-flow margin	−41.5%	−9.6%	4.7%	5.5%
Return on equity	—	—	—	−27.6%
Return on assets	—	−16.7%	−28.5%	−19.8%
Asset turnover	—	0.50	0.50	0.47
Current ratio	—	1.54	4.07	4.38
Debt to equity	—	—	10.3%	9.5%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m
R&D as % of revenue	32.9%	22.8%	21.5%	21.0%
Capital spending as % of revenue	0.1%	0.2%	0.1%	0.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Navan, Inc.: financial ratios, quarterly
Quarter	2025 Q3Oct 2024	2025 Q4Jan 2025	2026 Q1Apr 2025	2026 Q2Jul 2025	2026 Q3Oct 2025	2026 Q4Jan 2026	2027 Q1Apr 2026	2027 Q2Jul 2026
Gross margin	70.5%	67.6%	71.0%	72.7%	70.7%	70.7%	74.0%	74.1%
Operating margin	−12.9%	−24.9%	−10.1%	−7.1%	−40.6%	−50.3%	−8.2%	−11.0%
Net margin	−27.7%	−35.3%	−38.9%	−22.5%	−115.6%	−40.9%	−9.3%	−12.5%
Free-cash-flow margin	—	−6.9%	2.8%	0.1%	−3.3%	19.5%	−3.1%	10.4%
Current ratio	—	1.54	—	—	4.49	4.07	4.31	4.38
Debt to equity	—	—	—	—	17.0%	10.3%	10.1%	—
R&D as % of revenue	21.8%	23.9%	19.9%	19.4%	26.3%	19.8%	17.9%	20.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · July 31, 2026

What it owns · $1.8bn

Short-term assets $1.4bnLonger-term assets $406m

What it owes, and who funded it · $1.8bn

Short-term liabilities $321mLonger-term liabilities $174mShareholders' equity $1.3bn

Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $321m of liabilities due within a year.
Short-term assets cover long-term liabilities $1.4bn short-term assets against $174m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$212m against $25m of interest.

From Navan, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Navan, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Navan, Inc.