B
Navan, Inc. — Earnings Quality Grade B
NAVN · Technology
Generally healthy
Revenue
$702M
2026
Net Income
-$398M
2026
Gross Margin
71.3%
Free Cash Flow
$15M
01
Screening Summary
6
Passed
3
Watch
0
Failed
—
M-Score
Management Signals
High Risk2026-02-11
Mr. Nolf · Chief Financial Officer — Appointment
9 senior leadership changes within 90 days
SECSource: SEC EDGAR 8-K Item 5.02, with exhibit links when available
03
18-Point Screening
01
Revenue Quality
—
A1DSO Change
Insufficient data
—
A2AR vs Revenue Growth
Insufficient data
—
A3Revenue vs CFFO
Insufficient data
02
Expense Quality
✓
B1Inventory vs COGS
No material inventory
—
B2CapEx vs Revenue
Insufficient data
!
B3SG&A Ratio
SG&A/Gross Profit = 109.1%, exceeds 70%
—
B4Gross Margin
Insufficient data
03
Cash Flow Quality
!
C1CFFO vs Net Income
CFFO/NI = -0.08. Below 1.0
✓
C2Free Cash Flow
FCF $0.0B, FCF/NI = -0.04
✓
C3Accruals Ratio
Accruals ratio = -25.3%. Low accruals
✓
C4Cash vs Debt
Cash $0.7B covers debt $0.2B
04
Balance Sheet Health
✓
D1Goodwill + Intangibles
Goodwill+Intangibles $0.3B = 24% of equity. Manageable
!
D2Leverage
Interest coverage = -3.8x (<2x). Financial stress
—
D3Soft Asset Growth
Insufficient data
—
D4Asset Impairment
No write-off data
05
Acquisition Risk
✓
E1Serial Acquirer FCF
FCF after acquisitions positive
—
E2Goodwill Surge
Insufficient data
06
Manipulation Score
—
F1Beneish M-Score
Insufficient data
05
Altman Z-Score
1.12
Grey Zone0 Distress1.102.605.0+ Safe
0.5771
Liquidity
-1.1793
Cumulative profit
-0.2017
Operating efficiency
2.4127
Leverage
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25