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Forensic Analysis · Software & SaaS · as of Nov 8, 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
Distress distance
2
Forensic signals
-32.9%
ROE

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Navan, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.7, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-19.3%
FY2026
Return on invested capital. Return on invested capital is -19.3% in the latest fiscal year. $157M of the $804M base at FY2026 is short-term investments (19.5%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
26% of rev
FY2026
Stock-based comp load. Stock-based compensation ran 26% of revenue and 1233% of free cash flow in FY2026 — about $1.86 per diluted share. It is a real cost, but it is not a cash cost — no cash left the business, which is why operating cash flow adds it back. Where a compensation charge lands instead is the share count, and this filer's count is not on file in enough years to say how the count moved.

Key fundamentals

Latest Revenue$702.3M
Net Margin-56.7%
Free Cash Flow$14.8M
Return on Equity-32.9%
Debt / Equity0.10x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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