Why Navan Is Up +30% in 2026. When So Many Other Public Software Leaders Are Down.

While most software stocks are down sharply in twenty twenty-six, expense management company Navan is a rare bright spot—up thirty percent. According to SaaStr, the software ETF has fallen fifteen percent year-to-date, off roughly thirty percent from its September twenty twenty-five peak. The historic context: software forward multiples have just dipped below the S&P five hundred for the first time in history. In a sector awash in red, Navan's surge stands alone.

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