The market did not wait to pass judgment on Navan. The stock collapsed 21.8% in a single session, wiping away weeks of price gains, even as the company reported another quarter of rapid revenue expansion to US$232.8 million.

That clash between a punishing share price move and a growing top line highlights where sentiment is right now. Investors are no longer paying up for growth alone when the travel and expense platform is still posting quarterly losses and trades at a rich P/S multiple compared with both peers and the broader US hospitality sector.

Is Navan now a growth story priced for perfection, or did a 21.8% one day drop finally bring a rich P/S multiple back toward reality? Compare the gap between rapid revenue expansion and a…