Forensic Analysis · Technology / Software · as of Jun 27, 2026
Navan, Inc. (NAVN)
A forensic read on Navan, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.7
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-44.6%
ROE
$5.8B
Market cap
Navan, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.7, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+26.4%Accruals ratio.Net operating assets grew +26.4% relative to their average in FY2026 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -65% of net operating assets.
-19%Return on invested capital.Return on invested capital is -19% and slipping from -18% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+59.7%/yrShare-count dilution.Diluted share count changed +119% over the last 2 years to FY2026 (+59.7%/yr). The count is GROWING — existing holders are being diluted. That's ~59.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~119%.
26% of revStock-based comp load.Stock-based compensation ran 26% of revenue and 556% of free cash flow in FY2026 — about $1.86 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-56.7%
Debt / Equity0.10x
Free Cash Flow$32.8M
Latest Revenue$702.3M
Return on Equity-32.9%
Revenue Growth YoY+30.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Navan, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NAVN's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown