Navan, Inc. (NAVN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-222.2%

-$32.01

vs $26.19 price

Levered DCF

$49.58

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.52

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	-7.18×	-27.4×	-14.93×
P/B	2.37×	43.46×	22.65×
P/S	4.07×	9.25×	12.34×
EV / EBITDA	-8.62×	-75.49×	-22.36×
Gross margin	71.3%	63.8%	53.3%
Operating margin	-28.0%	-20.1%	-61.2%
Net margin	-56.7%	-33.7%	-82.4%
Current ratio	4.07×	1.53×	3.62×
Debt / equity	0.14×	5.89×	2.62×
Interest coverage	-3.84×	-1.42×	-3.89×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	-32.9%	-158.5%	-151.3%
Return on invested capital	-14.1%	-12.4%	-27.8%
Return on assets	-23.3%	-16.7%	-31.1%
Free cash flow yield	0.5%	-1.0%	-3.4%
Earnings yield	-13.9%	-3.6%	-6.7%
Enterprise value	$2.5B	$5.3B	$5.3B
Net debt / EBITDA	1.44×	-5.19×	-1.32×
Cash conversion cycle (days)	102	155	304