Private Markets, Angel and Secondary Investing, Sacra

Sacra

Bringing transparency to private markets so investors, founders, and employees can build on conviction.

Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).</li><li>FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.</li><li>Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).</li></ul>

Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).

Navan

Primer: Navan - 19 Apr 2026