NextNav (NN)
Market Price (10/15/2026): $10.72 | Market Cap: $1.5 BilSector: Information Technology | Industry: Systems Software
NextNav (NN)
Market Price (10/15/2026): $10.72Market Cap: $1.5 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Advanced Aviation & Space. Themes include Wireless Services, Drone Technology, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -76 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1900% Expensive valuation multiplesP/SPrice/Sales ratio is 382x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -36%, Rev Chg QQuarterly Revenue Change % is -4.3% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 494% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1334%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1348% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% Key risksNN key risks include [1] dependence on a single, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Advanced Aviation & Space. Themes include Wireless Services, Drone Technology, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -76 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1900% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 382x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -36%, Rev Chg QQuarterly Revenue Change % is -4.3% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 494% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1334%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1348% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% |
| Key risksNN key risks include [1] dependence on a single, Show more. |
Qualitative Assessment
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NextNav (NN) stock has lost about 40% since 6/30/2026 because of the following key factors:
1. Protracted Regulatory Uncertainty and Backlash: NextNav's stock experienced significant pressure due to a powerful coalition of over 100 companies and trade groups, known as the SpecTech Alliance, urging Washington officials to reject the company's bid to reshape the 900 MHz spectrum band. This group warned that NextNav's proposed terrestrial GPS backup network could disrupt existing IoT systems and critical infrastructure, effectively transforming a primary growth catalyst into a major overhang for the stock and raising substantial doubts about the firm's core strategic direction. The FCC regulatory process and its uncertain timeline have been a continuous focus for investors, with the company's valuation heavily reliant on the outcome of its petition to repurpose this spectrum.
2. Accelerating Operating Losses and Continued Unprofitability: NextNav's fiscal Q2 2026 results, reported on August 11, 2026, highlighted an acceleration in operating losses to $20.25 million, an increase from $17.24 million in fiscal Q2 2025. This indicates growing expenditures on advocacy and research and development without sufficient revenue offsets. The company reported an Earnings Per Share (EPS) of -$0.24 for fiscal Q2 2026, missing analysts' consensus estimates of -$0.16 by $0.08. NextNav remains unprofitable and is not projected to achieve profitability in the current fiscal year, with revenue anticipated to decline by 14% per annum over the next two years, contributing to sustained negative investor sentiment.
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NextNav (NN) stock has lost about 40% since 6/30/2026 because of the following key factors:
1. Protracted Regulatory Uncertainty and Backlash: NextNav's stock experienced significant pressure due to a powerful coalition of over 100 companies and trade groups, known as the SpecTech Alliance, urging Washington officials to reject the company's bid to reshape the 900 MHz spectrum band. This group warned that NextNav's proposed terrestrial GPS backup network could disrupt existing IoT systems and critical infrastructure, effectively transforming a primary growth catalyst into a major overhang for the stock and raising substantial doubts about the firm's core strategic direction. The FCC regulatory process and its uncertain timeline have been a continuous focus for investors, with the company's valuation heavily reliant on the outcome of its petition to repurpose this spectrum.
2. Accelerating Operating Losses and Continued Unprofitability: NextNav's fiscal Q2 2026 results, reported on August 11, 2026, highlighted an acceleration in operating losses to $20.25 million, an increase from $17.24 million in fiscal Q2 2025. This indicates growing expenditures on advocacy and research and development without sufficient revenue offsets. The company reported an Earnings Per Share (EPS) of -$0.24 for fiscal Q2 2026, missing analysts' consensus estimates of -$0.16 by $0.08. NextNav remains unprofitable and is not projected to achieve profitability in the current fiscal year, with revenue anticipated to decline by 14% per annum over the next two years, contributing to sustained negative investor sentiment.
3. Significant Share Dilution: During fiscal Q2 2026, NextNav completed a substantial capital structure transformation. This included the conversion of $190 million in convertible debt into equity and the exercise of approximately 14.8 million warrants, which generated about $169.5 million of gross proceeds. These actions led to a considerable increase in the outstanding share count, which surged by 25.4% from 135.4 million at year-end 2025 to 167.0 million by the end of fiscal Q2 2026, resulting in significant shareholder dilution.
4. Negative Analyst Revisions and Overvaluation Concerns: The period saw multiple analyst downgrades, reflecting increased skepticism and concerns over NextNav's valuation and strategic execution. Specifically, Wall Street Zen cut its rating from "hold" to "sell" on September 27, 2026, and Zacks Research lowered its rating from a "strong-buy" to a "hold" on August 20, 2026. These downgrades, coupled with a lack of offsetting news regarding higher price targets, prompted investors to re-evaluate the company's future business plan, especially considering the amplified uncertainty surrounding regulatory approvals.
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Stock Movement Drivers
Fundamental Drivers
The -39.8% change in NN stock from 6/30/2026 to 10/14/2026 was primarily driven by a -36.1% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.83 | 10.74 | -39.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 4 | -1.3% |
| P/S Multiple | 598.9 | 382.5 | -36.1% |
| Shares Outstanding (Mil) | 135 | 142 | -4.4% |
| Cumulative Contribution | -39.8% |
Market Drivers
6/30/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| NN | -39.8% | |
| Market (SPY) | 3.1% | 43.1% |
| Sector (XLK) | -0.0% | 46.6% |
Fundamental Drivers
The -33.0% change in NN stock from 3/31/2026 to 10/14/2026 was primarily driven by a -19.6% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.02 | 10.74 | -33.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 4 | -13.0% |
| P/S Multiple | 475.5 | 382.5 | -19.6% |
| Shares Outstanding (Mil) | 136 | 142 | -4.2% |
| Cumulative Contribution | -33.0% |
Market Drivers
3/31/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| NN | -33.0% | |
| Market (SPY) | 18.6% | 22.4% |
| Sector (XLK) | 43.5% | 21.9% |
Fundamental Drivers
The -24.9% change in NN stock from 9/30/2025 to 10/14/2026 was primarily driven by a -36.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.30 | 10.74 | -24.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 4 | -36.5% |
| P/S Multiple | 302.3 | 382.5 | 26.5% |
| Shares Outstanding (Mil) | 132 | 142 | -6.6% |
| Cumulative Contribution | -24.9% |
Market Drivers
9/30/2025 to 10/14/2026| Return | Correlation | |
|---|---|---|
| NN | -24.9% | |
| Market (SPY) | 16.5% | 27.8% |
| Sector (XLK) | 35.7% | 28.6% |
Fundamental Drivers
The 108.9% change in NN stock from 9/30/2023 to 10/14/2026 was primarily driven by a 104.7% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.14 | 10.74 | 108.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 4 | 35.5% |
| P/S Multiple | 186.9 | 382.5 | 104.7% |
| Shares Outstanding (Mil) | 107 | 142 | -24.6% |
| Cumulative Contribution | 108.9% |
Market Drivers
9/30/2023 to 10/14/2026| Return | Correlation | |
|---|---|---|
| NN | 108.9% | |
| Market (SPY) | 86.2% | 28.3% |
| Sector (XLK) | 136.5% | 27.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NN Return | -13% | -67% | 52% | 250% | 7% | -32% | 12% |
| Peers Return | 20% | -15% | 4% | 0% | 64% | 52% | 165% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| NN Win Rate | 67% | 33% | 67% | 58% | 58% | 40% | |
| Peers Win Rate | 67% | 42% | 53% | 47% | 60% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NN Max Drawdown | -49% | -78% | -50% | -31% | -42% | -52% | |
| Peers Max Drawdown | -26% | -36% | -36% | -34% | -31% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IRDM, TRMB, GRMN, VSAT, LHX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)
How Low Can It Go
| Event | NN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.3% | -18.8% |
| % Gain to Breakeven | 30.3% | 23.1% |
| Time to Breakeven | 20 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.5% | -7.8% |
| % Gain to Breakeven | 21.2% | 8.5% |
| Time to Breakeven | 74 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -41.3% | -6.7% |
| % Gain to Breakeven | 70.3% | 7.1% |
| Time to Breakeven | 82 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -78.5% | -24.5% |
| % Gain to Breakeven | 364.8% | 32.4% |
| Time to Breakeven | 668 days | 427 days |
In The Past
NextNav's stock fell -23.3% during the 2025 US Tariff Shock. Such a loss loss requires a 30.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | NN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.3% | -18.8% |
| % Gain to Breakeven | 30.3% | 23.1% |
| Time to Breakeven | 20 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -41.3% | -6.7% |
| % Gain to Breakeven | 70.3% | 7.1% |
| Time to Breakeven | 82 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -78.5% | -24.5% |
| % Gain to Breakeven | 364.8% | 32.4% |
| Time to Breakeven | 668 days | 427 days |
In The Past
NextNav's stock fell -23.3% during the 2025 US Tariff Shock. Such a loss loss requires a 30.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About NextNav (NN)
NextNav Inc. (NN) is a technology company specializing in next-generation global positioning system (GPS) and 3D geolocation services. The company develops and delivers advanced positioning, navigation, and timing (PNT) solutions, which are crucial for applications requiring highly accurate and reliable location data, especially in environments where conventional GPS signals may be limited or unavailable.
The core of NextNav's offerings includes two primary network-based solutions: Pinnacle and TerraPoiNT. Pinnacle is a 3D geolocation service that provides precise vertical and horizontal positioning, commercially available across approximately 4,400 cities and towns in the United States. TerraPoiNT, on the other hand, is a terrestrial-based encrypted network designed to offer resilient and high-accuracy positioning, with deployments currently established in 51 markets nationally.
NextNav serves a diverse customer base, selling its sophisticated geolocation solutions directly or through partners. While specific customer types are not detailed, the advanced nature of its PNT services suggests applications in critical sectors such as public safety, aviation, defense, and commercial industries requiring enhanced 3D location intelligence. The company's primary operational focus and market reach are currently within the United States.
AI Analysis | Feedback
NextNav is like the '5G' for location services, significantly upgrading traditional GPS capabilities, similar to how mobile carriers like AT&T or Verizon enhance cellular networks.
NextNav is like an enterprise-grade, high-precision GPS, similar to how Microsoft Azure or Amazon Web Services provide specialized cloud solutions beyond consumer-level services.
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- Pinnacle: A 3D geolocation service providing next-generation positioning, navigation, and timing solutions.
- TerraPoiNT: A terrestrial-based encrypted network delivering advanced positioning, navigation, and timing (PNT) capabilities.
AI Analysis | Feedback
NextNav Inc. (NN) primarily operates on a business-to-business (B2B) model, providing its next-generation GPS and 3D geolocation services to other companies. Based on financial disclosures and market analysis, NextNav has significant customer concentration.
Its major customer is:
- T-Mobile US, Inc. (Symbol: TMUS)
This single customer has accounted for a substantial majority of NextNav's revenue in recent years (e.g., over 90% in 2023 and 2022). T-Mobile utilizes NextNav's services, particularly for enhanced location capabilities related to emergency 911 (E911) mandates, such as providing precise Z-axis (vertical) location for wireless callers.
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Amazon (AMZN)
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Mariam Sorond, Chief Executive Officer
Mariam Sorond was appointed Chief Executive Officer of NextNav on November 29, 2023, and also serves as the Board Chair. She brings nearly three decades of experience leading transformational change across mobile, wireless, fixed, and satellite networks. Prior to joining NextNav, Ms. Sorond held senior executive positions as Chief Technology Officer, SEBU at VMware, Chief Research and Development Officer at CableLabs, and Chief Wireless Architect at DISH Network, where she was instrumental in architecting DISH's wireless spectrum and network. She has also served in advisory roles for the NTIA and FCC, and is currently on the Board of Directors at CTIA.
Tim Gray, Chief Financial Officer
Tim Gray was appointed Chief Financial Officer of NextNav on September 22, 2025. He is responsible for all financial functions, including financial reporting, treasury, financial planning and analysis (FP&A), capital formation, investor relations, and tax. Before joining NextNav, Mr. Gray served as Chief Financial Officer of Anterix for over a decade. His previous experience includes multiple senior finance leadership positions at MedImmune, Inc., a subsidiary of AstraZeneca, where he also served as Senior Vice President and CFO. Earlier in his career, he held roles at AOL and Nextel, and began his career at Deloitte & Touche LLP.
Arun Raghupathy, Co-Founder and Chief Technology Officer
As Co-Founder and Chief Technology Officer, Arun Raghupathy leads NextNav's technology innovation and engineering development. He played a pivotal role in architecting NextNav's 3D positioning, navigation, and timing (PNT) solutions and services, contributing to foundational intellectual property and driving system, hardware, and software design. He is currently guiding the development of NextNav's next-generation PNT technology, which integrates 5G broadband radio access technology.
Susan Insley, Executive Vice President & Chief Operating Officer
Susan Insley oversees NextNav's program management and operations, product and software, IT & security, and human resources. She has over 25 years of experience in people management, finance, and business operations, having held key roles at prominent technology companies such as VMware, VeriSign, and Intel. Prior to her expanded role, Ms. Insley served as NextNav's Chief People Officer.
Chris Gates, Executive Vice President, Corporate Development
Chris Gates serves as NextNav's Executive Vice President of Corporate Development, a position he transitioned to on September 22, 2025. Prior to this, he was responsible for all corporate finance functions from 2021 to September 2025 as the company's CFO, leading its transition to public company operations. He previously served as Senior Vice President of Strategy, Corporate and Business Development, where he led strategic partnerships, contributed to policy and standards outreach, and supported public safety initiatives. Mr. Gates is a co-inventor on several patents related to NextNav's technologies and previously served as Vice President of Strategy at SkyTerra.
AI Analysis | Feedback
- Regulatory Dependence and FCC Decision: A primary risk for NextNav is its heavy reliance on a positive regulatory decision from the Federal Communications Commission (FCC) regarding its exclusive 900 MHz spectrum. The company's entire investment thesis is "hinges on a single, massive regulatory hurdle" concerning the monetization of its spectrum for positioning, navigation, and timing (PNT) applications, and the approval of a national 15-megahertz broadband license in the lower 900MHz band. Regulatory delays or an unfavorable decision would render the company's business model unviable and could lead to a significant reevaluation of its value.
- Financial Performance and Cash Burn: NextNav exhibits significant financial challenges, characterized by minimal and volatile revenue, ongoing substantial losses, and consistent cash burn. The company's revenue is "small, highly concentrated, and shows significant volatility". It is "currently unprofitable" with a "forecast annual revenue growth rate that is actually negative". This necessitates a reliance on future potential rather than current operational profitability.
- Competition and Market Adoption: NextNav operates in a highly competitive landscape dominated by the "globally-entrenched, free-to-use GPS system," and faces competition from large, established technology companies. The company's growth is "entirely dependent on the market accepting and adopting its 3D PNT technology". There is also uncertainty regarding the integration of NextNav's technology into major mobile devices, as companies like Google and Apple have their own existing solutions.
AI Analysis | Feedback
The rapid advancement and widespread integration of alternative positioning technologies into consumer devices and operating systems presents a clear emerging threat. These technologies include enhanced multi-frequency/multi-constellation Global Navigation Satellite System (GNSS) receivers, Ultra-Wideband (UWB), Wi-Fi RTT (Round Trip Time), and sophisticated sensor fusion combined with computer vision (e.g., SLAM). As these capabilities become standard features in smartphones and other devices, leveraging existing infrastructure or on-device processing for precise 3D geolocation, they could diminish the unique value proposition and market demand for NextNav's dedicated network-based Pinnacle and TerraPoiNT solutions.
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NextNav (NN) anticipates several key drivers to fuel its revenue growth over the next two to three years:
- Regulatory Approval and Commercialization of NextGen Positioning, Navigation, and Timing (PNT) Solution: A primary driver for NextNav is the ongoing process with the Federal Communications Commission (FCC) to reorganize the 900 MHz band. A favorable FCC decision is considered crucial for the company to fully commercialize its NextGen PNT solution, a terrestrial-based encrypted network designed to complement and backup traditional GPS systems. This 5G-based 3D PNT solution is highlighted as the main driver of future growth and represents a massive potential market.
- Expansion and Monetization of Pinnacle Platform and E911 Services: NextNav expects continued growth through the expansion of its core E911 service offering and increased monetization of its Pinnacle 3D geolocation platform. The company's 2024 growth was partly attributed to successfully signing new contracts and expanding these services.
- Securing New Technology and Services Contracts with Government and Commercial Customers: Consistent increases in NextNav's service revenue have been driven by new technology and services contracts with both government and commercial entities. The company continues to prioritize these customer segments for revenue generation.
- Strategic Partnerships and Spectrum Repurposing for 5G Broadband: NextNav is exploring the strategic repurposing of a portion of its 900 MHz spectrum for 5G broadband services, which could significantly enhance the value of its spectrum assets. The company is also prioritizing relationships and potential partnerships with mobile network operators to facilitate future infrastructure developments and the widespread commercialization of its 5G-based 3D PNT solution.
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Share Repurchases
No information available regarding share repurchases or authorized future repurchases for NextNav over the last 3-5 years.
Share Issuance
- NextNav had 135 million shares outstanding in Q3 2025, marking a 1.3% increase from the prior quarter.
- On March 27, 2025, NextNav issued warrants for 7.8 million shares as part of a $190 million private placement of Senior Secured Convertible Notes.
- Proceeds from the exercise of common stock options amounted to approximately $1.61 million in one recent period and $1.88 million in another.
Inbound Investments
- On March 27, 2025, NextNav closed a $190 million private placement of 5.00% Senior Secured Convertible Notes.
- The net proceeds from this private placement, after deducting fees and expenses, were approximately $188.6 million.
Outbound Investments
- On September 25, 2025, NextNav completed an agreement to acquire additional lower 900 MHz band licenses.
- NextNav's long-term investments, which can include debt or equity investments with benefits lasting over one year, ranged from approximately $0 to $0.203 million between 2021 and 2025.
Capital Expenditures
- Capital expenditures in the last 12 months totaled -$233,000.
- In Q3 2025, capital expenditures were approximately $350,000, consuming a significant portion of the operating cash flow.
- For the most recent quarter, capital expenditures were -$0.01 million USD.
Peer Outperformance in Systems Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| NN | NextNav | 18.5% | -14.3x | -15.8% | 145.3% | 11.9% | — |
| FTNT | Fortinet | 14.7% | 65.9x | 126.6% | 230.3% | 207.6% | +196pp |
| CVLT | CommVault Systems | 15.8% | 96.2x | -9.6% | 137.4% | 112.6% | +101pp |
| NTNX | Nutanix | 15.3% | 13.1x | 5.8% | 88.3% | 106.6% | +95pp |
| MSFT | Microsoft | 16.1% | 30.2x | 6.6% | 69.7% | 91.1% | +79pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 64.1% | 175.0% | 326.7% | TTMI 768% · FLEX 726% · SANM 449% |
| Semiconductor Materials & Equipment | 27 | 78.7% | 85.9% | 110.3% | AXTI 696% · KLAC 503% · LRCX 482% |
| Technology Distributors | 9 | 61.9% | 93.0% | 102.9% | AVT 208% · SNX 186% · CNXN 131% |
| Communications Equipment | 35 | 6.0% | 121.7% | 92.5% | AAOI 1258% · LITE 1060% · ANET 752% |
| Electronic Components | 26 | 24.5% | 81.4% | 70.5% | CLS 3781% · BELFA 1359% · COHR 419% |
| Semiconductors | 55 | 10.9% | 49.0% | 35.5% | MU 1370% · NVDA 996% · AVGO 705% |
| Internet Services & Infrastructure | 6 | -3.2% | 43.1% | 19.3% | GDDY 50% · VRSN 46% · DOCN 41% |
| Technology Hardware, Storage & Peripherals | 21 | 17.7% | 93.4% | 17.0% | DELL 1107% · SMCI 991% · STX 982% |
| Electronic Equipment & Instruments | 26 | -15.4% | 29.0% | -4.9% | PI 250% · KEYS 126% · OSIS 105% |
| IT Consulting & Other Services | 28 | -24.9% | -12.1% | -17.2% | APLD 570% · ADEA 167% · IBM 107% |
| Application Software | 125 | -24.5% | -13.9% | -46.3% | PLTR 765% · FROG 196% · CDNS 118% |
| Systems Software ← | 69 | -15.9% | 26.1% | -50.0% | ZETA 322% · CRWD 286% · FTNT 208% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Can NextNav Stock Hold Up When Markets Turn? | 10/17/2025 | |
| Day 7 of Gains Streak for NextNav Stock with 27% Return (vs. 15% YTD) [8/28/2025] | 08/29/2025 | |
| Day 6 of Gains Streak for NextNav Stock with 26% Return (vs. 14% YTD) [8/27/2025] | 08/28/2025 | |
| Day 5 of Gains Streak for NextNav Stock with 20% Return (vs. 8.9% YTD) [8/26/2025] | 08/27/2025 | |
| NextNav (NN) Net Income Comparison | 08/08/2025 | |
| NextNav (NN) Operating Income Comparison | 08/08/2025 | |
| NextNav (NN) Debt Comparison | 08/08/2025 | |
| NextNav (NN) EBITDA Comparison | 08/08/2025 | |
| NextNav (NN) Operating Cash Flow Comparison | 08/08/2025 | |
| NextNav (NN) Revenue Comparison | 08/08/2025 | |
| ARTICLES | ||
| The Bear Case: How NN Behaves During Market Shocks | 05/22/2026 | |
| Small Cap Stocks Trading At 52-Week High | 03/24/2026 | |
| NN Stock Up 27% after 7-Day Win Streak | 08/29/2025 | |
| NN Stock Up 26% after 6-Day Win Streak | 08/27/2025 | |
| NN Stock Up 20% after 5-Day Win Streak | 08/26/2025 |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 60.30 |
| Mkt Cap | 11.1 |
| Rev LTM | 4,204 |
| Op Inc LTM | 440 |
| FCF LTM | 676 |
| FCF 3Y Avg | 409 |
| CFO LTM | 1,196 |
| CFO 3Y Avg | 837 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.5% |
| Rev Chg 3Y Avg | 12.3% |
| Rev Chg Q | 6.1% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 12.5% |
| Op Inc Chg 3Y Avg | 11.4% |
| Op Mgn LTM | 13.9% |
| Op Mgn 3Y Avg | 12.3% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 23.5% |
| CFO/Rev 3Y Avg | 19.6% |
| FCF/Rev LTM | 16.5% |
| FCF/Rev 3Y Avg | 12.0% |
Price Behavior
| Market Price | $10.74 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 11/02/2020 | |
| Distance from 52W High | -54.5% | |
| 50 Days | 200 Days | |
| DMA Price | $15.22 | $16.73 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -29.5% | -35.8% |
| 3M | 1YR | |
| Volatility | 73.0% | 77.9% |
| Downside Capture | 383.96 | 191.02 |
| Upside Capture | 224.08 | 139.97 |
| Correlation (S&P 500) | 41.6% | 27.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.67 | 3.11 | 2.77 | 1.44 | 1.61 | 1.37 |
| Up Beta | 7.93 | 3.49 | 3.06 | 0.62 | 1.00 | 1.13 |
| Down Beta | 3.47 | 4.10 | 2.15 | 1.10 | 1.56 | 1.57 |
| Up Capture | 320% | 340% | 248% | 146% | 222% | 373% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 22 | 28 | 63 | 126 | 381 |
| Down Capture | 335% | 249% | 308% | 198% | 149% | 108% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 20 | 36 | 62 | 123 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NN | |
|---|---|---|---|---|
| NN | -20.2% | 77.9% | 0.05 | - |
| Sector ETF (XLK) | 34.2% | 26.2% | 1.08 | 28.6% |
| Equity (SPY) | 17.1% | 12.7% | 0.96 | 28.0% |
| Gold (GLD) | -0.6% | 29.4% | -0.02 | 6.4% |
| Commodities (DBC) | 49.3% | 20.7% | 1.82 | -5.9% |
| Real Estate (VNQ) | 5.7% | 13.7% | 0.15 | 13.0% |
| Bitcoin (BTCUSD) | -27.9% | 43.7% | -0.63 | 12.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NN | |
|---|---|---|---|---|
| NN | 0.2% | 76.3% | 0.33 | - |
| Sector ETF (XLK) | 21.2% | 25.9% | 0.72 | 23.4% |
| Equity (SPY) | 13.6% | 17.1% | 0.60 | 24.6% |
| Gold (GLD) | 17.9% | 18.9% | 0.76 | 4.4% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | 3.9% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.05 | 16.8% |
| Bitcoin (BTCUSD) | 8.5% | 51.8% | 0.34 | 10.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NN | |
|---|---|---|---|---|
| NN | 0.5% | 70.1% | 0.31 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 22.5% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 23.6% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 4.3% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 3.7% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 15.9% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 8.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 7.9% | 7.5% | -16.8% |
| 5/14/2026 | -3.1% | -3.6% | -11.9% |
| 3/17/2026 | 8.4% | 9.8% | 27.4% |
| 11/6/2025 | -6.1% | -0.2% | 27.8% |
| 8/6/2025 | -10.4% | -5.0% | 2.7% |
| 5/9/2025 | -5.8% | -2.4% | -11.5% |
| 3/12/2025 | 9.1% | 14.9% | 16.1% |
| 11/13/2024 | 4.4% | 13.2% | 23.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 10 |
| # Negative | 10 | 11 | 10 |
| Median Positive | 8.1% | 9.8% | 21.3% |
| Median Negative | -4.8% | -4.3% | -13.1% |
| Max Positive | 22.3% | 26.0% | 32.2% |
| Max Negative | -24.4% | -16.4% | -51.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 7.9% | 7.5% | -16.8% |
| 5/14/2026 | -3.1% | -3.6% | -11.9% |
| 3/17/2026 | 8.4% | 9.8% | 27.4% |
| 11/6/2025 | -6.1% | -0.2% | 27.8% |
| 8/6/2025 | -10.4% | -5.0% | 2.7% |
| 5/9/2025 | -5.8% | -2.4% | -11.5% |
| 3/12/2025 | 9.1% | 14.9% | 16.1% |
| 11/13/2024 | 4.4% | 13.2% | 23.8% |
| 8/7/2024 | 2.0% | 3.3% | -4.1% |
| 5/8/2024 | -3.7% | -10.7% | -11.1% |
| 3/13/2024 | -24.4% | -14.0% | 32.2% |
| 11/8/2023 | -0.6% | -1.0% | -19.7% |
| 8/9/2023 | 12.8% | 26.0% | 29.9% |
| 5/10/2023 | 22.3% | -1.7% | 17.2% |
| 3/22/2023 | -8.8% | 5.8% | 5.0% |
| 11/10/2022 | 5.0% | 15.2% | -14.3% |
| 8/10/2022 | 14.7% | 8.2% | 18.8% |
| 5/12/2022 | 3.1% | -16.4% | -51.5% |
| 3/23/2022 | -1.8% | -4.3% | -7.4% |
| 11/15/2021 | -1.7% | -5.0% | -15.1% |
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 10 |
| # Negative | 10 | 11 | 10 |
| Median Positive | 8.1% | 9.8% | 21.3% |
| Median Negative | -4.8% | -4.3% | -13.1% |
| Max Positive | 22.3% | 26.0% | 32.2% |
| Max Negative | -24.4% | -16.4% | -51.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/17/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/12/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/17/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/12/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/23/2022 | 10-K |
| 09/30/2021 | 10/22/2021 | 10-Q |
Insider Activity
Updated 9/25/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Insley, Susan Brasse | Chief Operating Officer | Direct | Sell | 9252026 | 14.22 | 2,370 | 33,702 | 2,329,766 | Form |
| 2 | Gray, Timothy | Chief Financial Officer | Direct | Sell | 9252026 | 14.64 | 11,099 | 162,538 | 1,767,389 | Form |
| 3 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 9212026 | 14.64 | 1,576 | 23,075 | 1,009,356 | Form |
| 4 | Sorond, Mariam | CEO, President and Director | Direct | Sell | 9172026 | 14.72 | 2,831 | 41,663 | 17,203,131 | Form |
| 5 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 9162026 | 14.79 | 430 | 6,360 | 1,042,902 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Insley, Susan Brasse | Chief Operating Officer | Direct | Sell | 9252026 | 14.22 | 2,370 | 33,702 | 2,329,766 | Form |
| 2 | Gray, Timothy | Chief Financial Officer | Direct | Sell | 9252026 | 14.64 | 11,099 | 162,538 | 1,767,389 | Form |
| 3 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 9212026 | 14.64 | 1,576 | 23,075 | 1,009,356 | Form |
| 4 | Sorond, Mariam | CEO, President and Director | Direct | Sell | 9172026 | 14.72 | 2,831 | 41,663 | 17,203,131 | Form |
| 5 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 9162026 | 14.79 | 430 | 6,360 | 1,042,902 | Form |
| 6 | Insley, Susan Brasse | Chief Operating Officer | Direct | Sell | 9162026 | 15.29 | 849 | 12,981 | 2,541,274 | Form |
| 7 | Black, James S | General Counsel | Direct | Sell | 9162026 | 15.34 | 1,878 | 28,814 | 1,377,964 | Form |
| 8 | Sorond, Mariam | CEO, President and Director | Direct | Sell | 9032026 | 15.30 | 69,853 | 1,068,870 | 17,930,410 | Form |
| 9 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 6292026 | 17.84 | 2,006 | 35,778 | 1,265,315 | Form |
| 10 | Insley, Susan Brasse | Chief Operating Officer | Direct | Sell | 6262026 | 17.13 | 2,370 | 40,602 | 2,861,902 | Form |
| 11 | Insley, Susan Brasse | Chief Operating Officer | Direct | Sell | 6182026 | 19.36 | 849 | 16,437 | 3,280,049 | Form |
| 12 | Sorond, Mariam | CEO, President and Director | Direct | Sell | 6182026 | 18.33 | 2,830 | 51,878 | 22,761,458 | Form |
| 13 | Black, James S | General Counsel | Direct | Sell | 6162026 | 22.96 | 1,878 | 43,110 | 2,104,735 | Form |
| 14 | Sorond, Mariam | CEO, President and Director | Direct | Sell | 6032026 | 19.92 | 69,853 | 1,391,426 | 24,789,521 | Form |
| 15 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 3272026 | 19.54 | 3,945 | 77,085 | 1,425,443 | Form |
| 16 | Insley, Susan Brasse | Chief Operating Officer | Direct | Sell | 3252026 | 18.57 | 2,370 | 44,015 | 3,162,276 | Form |
| 17 | Gray, Timothy | Chief Financial Officer | Direct | Sell | 3232026 | 18.11 | 1,405 | 25,445 | 2,386,644 | Form |
| 18 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 3232026 | 18.11 | 1,767 | 32,000 | 1,392,568 | Form |
| 19 | Black, James S | General Counsel | Direct | Sell | 3232026 | 17.97 | 9,429 | 169,428 | 1,681,273 | Form |
| 20 | Insley, Susan Brasse | Chief Operating Officer | Direct | Sell | 3232026 | 18.11 | 3,599 | 65,178 | 3,126,565 | Form |
| 21 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 3192026 | 17.80 | 115 | 2,047 | 1,111,930 | Form |
| 22 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 3192026 | 16.86 | 3,297 | 55,571 | 1,054,843 | Form |
| 23 | Sorond, Mariam | CEO, President and Director | Direct | Sell | 3192026 | 16.85 | 11,322 | 190,795 | 21,226,806 | Form |
| 24 | Insley, Susan Brasse | Chief Operating Officer | Direct | Sell | 3192026 | 16.85 | 3,396 | 57,235 | 2,114,874 | Form |
| 25 | Sorond, Mariam | CEO, President and Director | Direct | Sell | 3042026 | 16.91 | 69,853 | 1,181,294 | 21,493,143 | Form |
| 26 | Insley, Susan Brasse | Chief Operating Officer | Direct | Sell | 12292025 | 17.06 | 2,370 | 40,438 | 2,199,032 | Form |
| 27 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 12192025 | 16.91 | 115 | 1,945 | 1,114,031 | Form |
| 28 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 12162025 | 16.24 | 1,576 | 25,602 | 1,072,082 | Form |
| 29 | Sorond, Mariam | CEO, President and Director | Direct | Sell | 12032025 | 13.82 | 69,853 | 965,201 | 18,526,624 | Form |
| 30 | Samberg, Joseph D | The Joseph D. Samberg Revocable Trust | Buy | 11242025 | 11.86 | 58,457 | 693,300 | 115,582,816 | Form | |
| 31 | Insley, Susan Brasse | Chief Operating Officer | Direct | Sell | 11192025 | 12.78 | 12,189 | 155,775 | 1,677,388 | Form |
| 32 | Samberg, Joseph D | The Joseph D. Samberg Revocable Trust | Sell | 11172025 | 12.35 | 540,000 | 6,669,000 | 119,301,000 | Form | |
| 33 | Samberg, Joseph D | JDS TMT, LP | Sell | 11172025 | 12.35 | 60,000 | 741,000 | 9,386,000 | Form | |
| 34 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 9232025 | 17.34 | 102 | 1,769 | 1,171,681 | Form |
| 35 | Gates, Christian D | Chief Financial Officer | Direct | Sell | 9172025 | 17.10 | 6,399 | 109,453 | 14,163,701 | Form |
| 36 | Shams, Sammaad | Chief Accounting Officer | Direct | Sell | 9172025 | 17.13 | 1,400 | 23,981 | 1,159,205 | Form |
| 37 | Sorond, Mariam | CEO, President and Director | Direct | Sell | 9032025 | 17.60 | 69,853 | 1,229,678 | 24,832,828 | Form |
Investor Activity (13F)
Updated Oct 15, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Systems Software Resources |
| CNET |
| ZDNet |
| Gartner |
| Software Development Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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