NAVN · sample dossier
Navan, Inc. Class A Common Stock
66/100
OutdatedGenerated Sep 5, 2026 · 10:00 AM UTC · 62 days ago
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EquityNavan, Inc. Class A Common Stock · XNAS
Decision context
Recommendation
Weighed down by weak Value (36/100) and Quality (44/100) scores.
More going for it than against it — worth a closer look.
AlphaDog Fair Value
Executive thesis & key metrics
Executive Investment Thesis
Navan, Inc. Class A Common Stock is an enterprise travel and expense software platform with a market capitalization of $7.07B, trading at $27.78 with a gross margin of 72.1%. The Avoid stance is underscored by deeply negative profitability, including a net margin of -46.7%, an EV/EBITDA of -45.67, and an ROA of -8.4%, which overshadow revenue growth of 39.9% YoY and a debt-to-equity ratio of 0.14. The primary risk is a severe Beneish M-score of 505630796.73 indicating potential earnings manipulation, reinforced by a Piotroski F-score of 3/9 and 3-month net insider selling of -$11.85M as of 2026-09-05.
Key Metrics to Watch
What changed recently
No material changes found in the last 30 days.
Why this rating
Score 66 · Buy
Data through
OutdatedApr 30, 2026
Momentum 100/100 — price trend leads the profile.
Levels unavailable — AlphaDog quantitative valuation model did not produce an estimate from comps or DCF
Re-evaluate if
- Net margin falls below -37.4% (was -46.7%)
- Debt/Equity multiple rises above 0.14
Trim / reconsider if
- ROA falls below -8.4%
- Net Margin drops below -46.7%
These dollars come from our value estimate and help sketch entry and exit zones. They’re a guide, not a trade order.
A Calmer Look · Devil's Advocate
The unanimous consensus to rate NAVN an Avoid overweights an extreme Beneish M-score anomaly of 505630796.73 while discounting robust solvency evidenced by an Altman Z-score of 10.18 and a debt-to-equity ratio of 0.14.
May be overlooked
The consensus treats the Beneish M-score of 505630796.73 as conclusive evidence of fraud despite zero auditor changes, zero restatements in filings through 2026-06-26, and an Altman Z-score of 10.18 indicating balance sheet safety.
Bears focus entirely on the -46.7% net margin while ignoring positive free cash flow per share of $0.02, demonstrating the business is not experiencing an operational liquidity crisis.
The bear case magnifies -$11.85M in insider selling over 3 months without acknowledging that this total represents merely 0.17% of the $7.07B market capitalization.
Expectations look stretched
Bulls rely on trend extrapolation from a 165.1% 6-month return while NAVN trades at deeply negative multiples of EV/EBITDA of -45.7 and P/E of -19.6.
Extrapolating 39.9% YoY revenue growth ignores that a Piotroski F-score of 3/9 reflects fundamentally deteriorating operational efficiency.
Affording NAVN a P/B multiple of 5.7 assumes balance sheet productivity that is contradicted by an ROA of -8.4%.
Revenue Growth YoY decelerates below 39.9%
Revenue Growth YoY decelerates below 39.9%
Market context
Snapshot returns at report publication
1 month
-0.3%
3 months
+31.0%
6 months
+165.1%
1 year
—
At a Glance
A mid-sized company is on a steady trend at unprofitable earnings.
Top Holders
Financial trajectory
Financial Performance
Go deeper
For learning and research only — not investment advice. AlphaDog doesn’t hold stocks and isn’t your financial advisor.
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