On February 17, 2026, Greenoaks Capital Partners disclosed a new position in Navan (NAVN 7.69%), acquiring 16,047,328 shares during the fourth quarter.
What happened
According to an SEC filing dated February 17, 2026, Greenoaks Capital Partners initiated a new position in Navan, purchasing 16,047,328 shares. At quarter-end, the stake was valued at $274.09 million, with the entire net position change attributable to this new investment and market price activity.
What else to know
- The new Navan position represents 9.19% of Greenoaks’ reportable AUM as of December 31, 2025.
- Top five holdings after the filing:
- NYSE:CVNA: $1.79 billion (60.0% of AUM)
- NYSE:CPNG: $362.77 million (12.2% of AUM)
- NASDAQ: NAVN: $247.09 million (9.19% of AUM)
- NASDAQ:TTAN: $165.32 million (5.5% of AUM)
- NYSE:VEEV: $155.13 million (5.2% of AUM)
- As of Thursday, shares of Navan were priced at $10.59, down nearly 60% from their October IPO price of $25 per share.
Company overview
| Metric | Value |
|---|---|
| Price (as of Thursday) | $10.59 |
| Market Capitalization | $2.38 billion |
| Revenue (TTM) | $656.3 million |
| Net Income (TTM) | ($371.9 million) |
Company snapshot
- Navan, Inc. provides an AI-powered software platform focused on travel, payments, and expense management solutions.
- The company offers software solutions that streamline travel booking, policy enforcement, payment processing, and expense reconciliation for enterprise clients.
- Navan serves finance, human resources, travel managers, inventory, and other markets.
Navan, Inc. is a technology company specializing in software solutions that simplify and automate the corporate travel and expense lifecycle. Leveraging artificial intelligence, the company delivers integrated tools designed to enhance operational efficiency for enterprise customers. With a focus on innovation and user experience, Navan aims to provide a competitive edge to organizations managing complex travel and expense needs.
What this transaction means for investors
High-growth software names that drop 60% from their IPO price tend to invite either capitulation or conviction. Navan’s latest quarter suggests the story is more complicated than the stock chart. Revenue climbed 29% year over year to $195 million, with gross booking volume up 40% to $2.6 billion. Non-GAAP operating income reached $25 million, a 13% margin, reflecting 870 basis points of expansion.
The balance sheet also looks transformed post-IPO. Cash, cash equivalents, and restricted cash totaled $895 million at quarter’s end, giving the company room to invest while it targets full-year revenue of roughly $685 million to $687 million, up about 28%.
Against that backdrop, a $274 million new position stands out, especially in a portfolio already dominated by concentrated bets like Carvana and Coupang, which is consistent with a manager willing to embrace volatility for asymmetric upside.
For long-term investors, the key is execution. GAAP losses remain significant due in part to stock-based compensation and debt-related charges. If revenue growth, enterprise momentum, and operating leverage continue, the multiple can compress in a good way. If not, a 60% drawdown will not be the floor.
