The Navy method (assuming you are talking about PRT measurements) uses an algorithm derived from simple tape measurements and your height. It has been validated to plus or minus 1.5% when compared to hydrostatic weighing (I was involved in this research in the late '90's/early '00's). It does not rely on calipers or your hydration status (unlike bioimpedance methods). This is the most accurate way to determine body fat percentage other than hydrostatic weighing or autopsy.
I find it more valuable to use BF% to track a gaining/losing trend rather than as an absolute number. It is especially valuable when you are no longer losing weight, but are still changing your body composition with strength training. I hope this helps.