Navan, Inc. (NAVN) Stock Forecast & Price Target

Navan Inc reported impressive Q3 financials, with total revenue reaching $195 million, marking a robust 29% year-over-year growth, which exceeded previous estimates driven by strong business travel bookings and customer ramp-ups. The company also demonstrated solid performance in Gross Booking Volume, achieving $2.6 billion, which represented a 40% increase year-over-year and surpassed expectations. Looking ahead, Navan's guidance for FY26 revenue of $685-$687 million reflects continued growth potential, further bolstered by the company’s expanding enterprise customer base and anticipated improvements in product attach rates.

Navan Inc. faces significant headwinds due to macroeconomic uncertainty and changing work models that could lead to a decline in global booking volumes and, subsequently, reduced revenues. Despite experiencing top-line growth and improving margins, the company remains unprofitable, with estimates suggesting increasing losses over the next few fiscal years. Additionally, Navan's reliance on transaction-based revenue exposes it to substantial risks during economic downturns and potential travel disruptions, further contributing to a negative financial outlook.