A Business at a Glance
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National Vision Holdings, Inc.
EYE
$1.6B
Mkt Cap
$19.92
-0.35%
National Vision Holdings, Inc. (EYE) has a 5-year average return on invested capital (ROIC) of 2.6%. This is below average and may indicate limited pricing power.
National Vision Holdings, Inc. (EYE) has a market capitalization of $1.6B. It is classified as a small-cap stock.
National Vision Holdings, Inc. (EYE) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.20%.
National Vision Holdings, Inc. (EYE) operates in the Ophthalmic Goods industry, within the Healthcare sector.
National Vision Holdings, Inc. (EYE) reported annual revenue of $2.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
National Vision Holdings, Inc. (EYE) has a net profit margin of 1.5%. This is a modest margin.
National Vision Holdings, Inc. (EYE) generated $73 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
National Vision Holdings, Inc., a Delaware corporation, and its consolidated subsidiaries are referred to here as “we,” “our,” “us,” “the Company,” or “National Vision.” National Vision Holdings, Inc. conducts substantially all of its activities through its indirect, wholly-owned subsidiary, National Vision, Inc. (“NVI”), and NVI’s subsidiaries. We operate under one reportable segment, our Owned & Host segment, which includes our two owned brands, America’s Best Contacts and Eyeglasses (“America’s Best”) and Eyeglass World, as well as our Host brands, Vista Optical locations within select Fred Meyer stores and Vista Optical locations on select military bases. See Part II. Item 8. Note 15. “Segment Reporting” for more information. Our Strategy & Transformation We are one of the largest optical retailers in the United States (“U.S.”) and a leader in the value segment of the U.S. optical retail industry.
| Metric | TTM | FY2026 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.0B | 2.0B | 1.8B | 1.8B | 1.6B | 1.7B |
| Net Income | 30M | 30M | -28M | -66M | 42M | 36M |
| EPS | $0.37 | $0.37 | $-0.36 | $-0.84 | $0.52 | $0.44 |
| Free Cash Flow | 73M | 73M | 38M | 58M | 5.7M | 158M |
| ROIC | 3.9% | 3.9% | -2.5% | 1.3% | 3.1% | 7.1% |
| Gross Margin | 58.8% | 58.8% | 58.1% | 58.2% | 59.4% | 54.0% |
| Debt/Equity | 0.27 | 0.27 | 0.41 | 0.54 | 0.61 | 0.69 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 59M | 59M | -10M | 24M | 53M | 87M |
| Operating Margin | 3.0% | 3.0% | -0.6% | 1.4% | 3.2% | 5.1% |
| ROE | 3.4% | 3.4% | -3.5% | -7.6% | 4.7% | 4.0% |
| Shares Outstanding | 80M | 80M | 79M | 78M | 81M | 82M |
| Metric | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 1.1B | 1.4B | 1.5B | 1.7B | 1.7B | 1.6B | 1.8B | 1.8B | 2.0B | 2.0B |
| Gross Margin | 53.8% | 53.7% | 53.6% | 53.2% | 54.0% | 59.4% | 58.2% | 58.1% | 58.8% | 58.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 474M | 600M | 687M | 744M | 725M | 833M | 905M | 939M | 1.0B | 1.0B |
| EBIT | 45M | 64M | 42M | 74M | 87M | 53M | 24M | -10M | 59M | 59M |
| Op. Margin | 4.2% | 4.7% | 2.8% | 4.3% | 5.1% | 3.2% | 1.4% | -0.6% | 3.0% | 3.0% |
| Net Income | 13M | 43M | 24M | 33M | 36M | 42M | -66M | -28M | 30M | 30M |
| Net Margin | 1.3% | 3.1% | 1.5% | 1.9% | 2.1% | 2.6% | -3.8% | -1.6% | 1.5% | 1.5% |
| Non-Recurring | 7.7M | 0 | 18M | 8.9M | 22M | 5.5M | 2.7M | 40M | 2.0M | 2.0M |
| Returns on Capital | ||||||||||
| ROIC | 3.2% | 7.1% | 3.4% | 5.7% | 7.1% | 3.1% | 1.3% | -2.5% | 3.9% | 3.9% |
| ROE | 2.9% | 8.2% | 3.4% | 4.3% | 4.0% | 4.7% | -7.6% | -3.5% | 3.4% | 3.4% |
| ROA | 0.9% | 2.8% | 1.5% | 1.8% | 1.6% | 1.8% | -3.0% | -1.4% | 1.5% | 1.5% |
| Cash Flow | ||||||||||
| Op. Cash Flow | 83M | 90M | 107M | 165M | 235M | 119M | 173M | 134M | 146M | 146M |
| Free Cash Flow | 6.0M | -3.0M | 2.1M | 64M | 158M | 5.7M | 58M | 38M | 73M | 73M |
| Owner Earnings | 32M | 23M | 11M | 65M | 133M | 17M | 63M | 26M | 31M | 31M |
| CapEx | 77M | 93M | 104M | 101M | 77M | 114M | 115M | 96M | 73M | 73M |
| Maint. CapEx | 44M | 62M | 74M | 87M | 92M | 89M | 90M | 91M | 91M | 91M |
| Growth CapEx | 33M | 31M | 30M | 14M | 0 | 25M | 25M | 4.2M | 0 | 0 |
| D&A | 44M | 62M | 74M | 87M | 92M | 89M | 90M | 91M | 91M | 91M |
| CapEx/OCF | N/A | N/A | 98.0% | 61.4% | 32.7% | 36.9% | 66.3% | 71.5% | N/A | 49.8% |
| Capital Allocation | ||||||||||
| Dividends Paid | 146M | 171M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 188K | 0 | 1.9M | 26M | 689K | 84M | 28M | 3.1M | 3.2M | 3.2M |
| Buyback Yield | N/A | N/A | 0.1% | 1.0% | 0.0% | 2.1% | 0.9% | 0.2% | 0.0% | 0.2% |
| Stock-Based Comp | 6.6M | 5.2M | 21M | 13M | 11M | 14M | 20M | 17M | 24M | 24M |
| Debt Repayment | 6.1M | 368M | 204M | 592M | 369M | 4K | 103M | 222M | 126M | 126M |
| Balance Sheet | ||||||||||
| Net Debt | 741M | 565M | 561M | 497M | 251M | 317M | 295M | 263M | 198M | 198M |
| Cash & Equiv. | 4.9M | 4.2M | 17M | 39M | 374M | 229M | 150M | 74M | 39M | 39M |
| Long-Term Debt | 738M | 562M | 571M | 526M | 625M | 546M | 438M | 239M | 223M | 223M |
| Debt/Equity | 1.87 | 0.87 | 0.78 | 0.69 | 0.69 | 0.61 | 0.54 | 0.41 | 0.27 | 0.27 |
| Interest Coverage | 1.2 | 1.2 | 1.1 | 2.2 | 1.8 | 2.1 | 14.6 | -8.4 | 59.9 | 59.9 |
| Equity | 400M | 655M | 743M | 776M | 907M | 901M | 829M | 816M | 870M | 870M |
| Total Assets | 1.5B | 1.6B | 1.7B | 2.0B | 2.3B | 2.3B | 2.2B | 2.0B | 2.0B | 2.0B |
| Total Liabilities | 1.1B | 927M | 918M | 1.3B | 1.4B | 1.4B | 1.3B | 1.2B | 1.1B | 1.1B |
| Intangibles | 241M | 73M | 65M | 57M | 50M | 35M | 20M | 8.3M | 7.6M | 7.6M |
| Retained Earnings | -8.7M | 32M | 75M | 107M | 143M | 321M | 255M | 226M | 256M | 256M |
| Working Capital | -52M | -49M | 3.1M | -39M | 238M | 130M | -1.0M | -218M | -187M | -187M |
| Current Assets | 147M | 162M | 215M | 235M | 567M | 474M | 397M | 250M | 226M | 226M |
| Current Liabilities | 200M | 211M | 212M | 273M | 329M | 344M | 398M | 468M | 412M | 412M |
| Per Share Data | ||||||||||
| EPS | 0.23 | 0.70 | 0.30 | 0.40 | 0.44 | 0.52 | -0.84 | -0.36 | 0.37 | 0.37 |
| Owner EPS | 0.56 | 0.38 | 0.14 | 0.79 | 1.61 | 0.21 | 0.80 | 0.32 | 0.39 | 0.39 |
| Book Value | 6.89 | 10.62 | 9.43 | 9.47 | 10.99 | 11.12 | 10.57 | 10.31 | 10.87 | 10.87 |
| Cash Flow/Share | 1.43 | 1.46 | 1.35 | 2.01 | 2.85 | 1.47 | 2.21 | 1.69 | 1.83 | 1.51 |
| Dividends/Share | 2.51 | 2.77 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 58.0M | 61.6M | 78.8M | 82.0M | 82.4M | 81.0M | 78.5M | 79.2M | 80.0M | 80.0M |
| Valuation | ||||||||||
| P/E Ratio | N/A | N/A | 129.5 | 79.3 | 105.8 | 27.2 | N/A | N/A | N/A | 53.8 |
| P/FCF | N/A | N/A | N/A | 40.8 | 24.3 | 558.0 | 54.4 | 40.3 | N/A | 21.7 |
| EV/EBIT | N/A | N/A | 75.1 | 42.2 | 43.1 | 20.6 | 136.3 | N/A | N/A | 30.5 |
| Price/Book | N/A | N/A | 4.1 | 3.4 | 4.2 | 3.9 | 3.8 | 1.9 | N/A | 1.8 |
| Price/Sales | N/A | N/A | 1.8 | 1.8 | 1.7 | 2.2 | 1.6 | 1.0 | N/A | 0.8 |
| FCF Yield | N/A | N/A | 0.1% | 2.4% | 4.1% | 0.2% | 1.8% | 2.5% | N/A | 4.6% |
| Market Cap | N/A | N/A | 3.1B | 2.6B | 3.8B | 3.5B | 3.2B | 1.5B | 0 | 1.6B |
| Avg. Price | N/A | N/A | 35.01 | 37.21 | 35.03 | 50.86 | 35.73 | 21.92 | 0.00 | 19.92 |
| Year-End Price | N/A | N/A | 38.86 | 31.74 | 46.54 | 38.93 | 40.37 | 19.42 | 0.00 | 19.92 |
National Vision Holdings, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 19.0x vs a median of 40.6x. The company's 5-year average ROIC is 2.6% with a gross margin of 57.7%. Total shareholder yield (buybacks) is 0.2%. At current prices, the estimated annualized return to fair value is -14.9%.
National Vision Holdings, Inc. (EYE) has a debt-to-equity ratio of 0.27. This indicates a conservatively financed balance sheet.
National Vision Holdings, Inc. (EYE) reported earnings per share (EPS) of $0.37 in its most recent fiscal year.
National Vision Holdings, Inc. (EYE) has a return on equity (ROE) of 3.4%. This indicates moderate shareholder returns.
National Vision Holdings, Inc. (EYE) has a 5-year average gross margin of 57.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 9 years of financial data for National Vision Holdings, Inc. (EYE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
National Vision Holdings, Inc. (EYE) has a book value per share of $10.87, based on its most recent annual SEC filing.