Navan

NAVN · NASDAQ

$26.28+$0.61 (+2.38%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $25.67

NAVN analyst rating

BuyConsensus of 14 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy14
Hold0
Underperform0
Sell0

12-month price target · 17 analysts

Average $31.42 (+19.5% upside)

Low: $26.26
Now: $26.28
High: $39.90

Upgrades and downgrades

The latest rating actions, newest first

NAVN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citizens	Sep 10, 2026	Maintains	Market Outperform	$38.00	48%
TD Cowen	Sep 10, 2026	Maintains	Buy	$34.00 → $31.00	67%
Rosenblatt	Sep 10, 2026	Maintains	Buy	$27.00 → $29.00	61%
BTIG	Sep 10, 2026	Maintains	Buy	$30.00	39%
B of A Securities	Sep 2, 2026	Maintains	Buy	$26.00 → $34.00	50%
Oppenheimer	Aug 27, 2026	Maintains	Outperform	$30.00 → $35.00	58%
TD Cowen	Aug 13, 2026	Maintains	Buy	$29.00 → $34.00	67%
BNP Paribas	Jul 13, 2026	Maintains	Outperform	$27.00 → $30.00	52%
Needham	Jun 22, 2026	Maintains	Buy	$30.00	38%
TD Cowen	Jun 11, 2026	Maintains	Buy	$28.00 → $29.00	67%

The case for and against

Updated Oct 21, 2026

Bull case

Navan is supported by strong fundamental momentum, with Q2 revenue up 35% year over year to $233 million, gross margin at 75%, and operating margin at 7%, while payment volume rose 34% to $1.3 billion and customer satisfaction remained high. Its $4.0 billion of newly signed GBV over the trailing twelve months, 60% growth year over year, plus RFP activity up 200% in 1H and 50 S&P 500 customers, signals durable enterprise demand and a long ramp of future revenue. The case is further strengthened by AI-driven efficiency gains, a doubling of PLG revenue in 2Q, and a strong balance sheet with $820 million in cash versus $125 million of debt, giving it flexibility to invest and scale.

Bear case

Navan is exposed to a fragile macro backdrop because its business travel and expense platform depends heavily on corporate travel volumes, and most of its revenue is transaction based, making it especially vulnerable to recessionary pullbacks, global conflicts, pandemics, or government shutdowns. A slowdown in SaaS and cloud adoption, combined with materially higher competition, could lengthen sales cycles, increase quarterly volatility, and force deflationary pricing that compresses margins as newer entrants offer comparable functionality at lower cost. Its outlook is further weakened by execution and security risks, since delays, processing errors, or data leakage could damage client trust, trigger litigation, and erode its competitive position in highly contested markets.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.