A Business at a Glance
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Our Company Warby Parker is a mission-driven, lifestyle brand that operates at the intersection of design, technology, healthcare, and social enterprise. We stand for fun, creativity, and doing good in the world. Every day, our team of over 4,000 employees is focused on our mission to inspire and impact the world with vision, purpose, and style (without charging a premium for it). Our ultimate objective is to provide vision for all. As a pioneer of the direct-to-consumer model, we design our glasses in-house at our New York City headquarters and sell directly to customers, enabling us to make high-quality, designer eyewear more accessible, with simple, unified pricing starting at $95 including prescription lenses.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 872M | 872M | 771M | 670M | 598M | 541M |
| Net Income | 1.6M | 1.6M | -20M | -63M | -110M | -157M |
| EPS | $0.01 | $0.01 | $-0.17 | $-0.54 | $-0.96 | $-2.21 |
| Free Cash Flow | 44M | 44M | 35M | 7.3M | -50M | -81M |
| ROIC | -3.5% | 0.4% | -6.0% | -20.9% | -38.5% | -55.0% |
| Gross Margin | 54.0% | 54.0% | 55.3% | 54.5% | 57.0% | 58.8% |
| Debt/Equity | 0.00 | 0.96 | 0.99 | 0.92 | 0.98 | 0.54 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -5.3M | -5.3M | -30M | -72M | -111M | -144M |
| Operating Margin | -0.6% | -0.6% | -3.9% | -10.7% | -18.6% | -26.6% |
| ROE | 0.4% | 0.5% | -6.0% | -20.9% | -38.5% | -55.0% |
| Shares Outstanding | 164M | 164M | 120M | 117M | 115M | 71M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 394M | 541M | 598M | 670M | 771M | 872M | 872M |
| Gross Margin | 58.9% | 58.8% | 57.0% | 54.5% | 55.3% | 54.0% | 54.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 288M | 461M | 452M | 437M | 457M | 476M | 476M |
| EBIT | -56M | -144M | -111M | -72M | -30M | -5.3M | -5.3M |
| Op. Margin | -14.1% | -26.6% | -18.6% | -10.7% | -3.9% | -0.6% | -0.6% |
| Net Income | -56M | -157M | -110M | -63M | -20M | 1.6M | 1.6M |
| Net Margin | -14.2% | -29.1% | -18.5% | -9.4% | -2.6% | 0.2% | 0.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | -12.5% | -55.0% | -38.5% | -20.9% | -6.0% | 0.4% | -3.5% |
| ROE | N/A | -55.0% | -38.5% | -20.9% | -6.0% | 0.5% | 0.4% |
| ROA | -12.6% | -35.7% | -19.4% | -10.9% | -3.0% | 0.2% | 0.2% |
| Cash Flow | |||||||
| Op. Cash Flow | 33M | -32M | 10M | 61M | 99M | 111M | 111M |
| Free Cash Flow | 13M | -81M | -50M | 7.3M | 35M | 44M | 44M |
| Owner Earnings | -31M | -161M | -120M | -48M | 5.6M | 26M | 26M |
| CapEx | 20M | 49M | 60M | 54M | 64M | 67M | 67M |
| Maint. CapEx | 18M | 22M | 32M | 39M | 46M | 50M | 50M |
| Growth CapEx | 1.7M | 27M | 28M | 15M | 18M | 17M | 17M |
| D&A | 18M | 22M | 32M | 39M | 46M | 50M | 50M |
| CapEx/OCF | N/A | N/A | 580.3% | 88.0% | 64.8% | 60.5% | 60.5% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 8.1M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 0.2% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 45M | 107M | 98M | 71M | 47M | 35M | 35M |
| Debt Repayment | 31M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | -286M |
| Cash & Equiv. | 314M | 256M | 209M | 217M | 254M | 286M | 286M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | -0.69 | 0.54 | 0.98 | 0.92 | 0.99 | 0.96 | 0.00 |
| Interest Coverage | -119.4 | -957.7 | -604.4 | -317.2 | -122.4 | -16.4 | -16.4 |
| Equity | -198M | 286M | 287M | 302M | 340M | 368M | 368M |
| Total Assets | 445M | 441M | 569M | 580M | 676M | 721M | 721M |
| Total Liabilities | 136M | 155M | 282M | 279M | 336M | 353M | 353M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -325M | -493M | -604M | -667M | -687M | -686M | -686M |
| Working Capital | 255M | 210M | 165M | 172M | 196M | 202M | 202M |
| Current Assets | 360M | 328M | 295M | 299M | 326M | 352M | 352M |
| Current Liabilities | 105M | 118M | 130M | 127M | 130M | 150M | 150M |
| Per Share Data | |||||||
| EPS | -1.05 | -2.21 | -0.96 | -0.54 | -0.17 | 0.01 | 0.01 |
| Owner EPS | -0.27 | -2.26 | -1.04 | -0.41 | 0.05 | 0.16 | 0.16 |
| Book Value | -1.72 | 4.02 | 2.49 | 2.58 | 2.84 | 2.24 | 2.24 |
| Cash Flow/Share | 0.29 | -0.45 | 0.09 | 0.52 | 0.82 | 0.68 | 0.32 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 114.9M | 71.2M | 115.0M | 117.0M | 119.9M | 164.1M | 164.1M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| P/FCF | N/A | N/A | N/A | 223.8 | 84.4 | 90.7 | 86.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 11.7 | 5.2 | 5.4 | 8.6 | 10.8 | 10.3 |
| Price/Sales | N/A | 6.9 | 4.0 | 2.2 | 2.5 | 4.2 | 4.4 |
| FCF Yield | N/A | -2.4% | -3.3% | 0.4% | 1.2% | 1.1% | 1.2% |
| Market Cap | N/A | 3.4B | 1.5B | 1.6B | 2.9B | 4.0B | 3.8B |
| Avg. Price | N/A | 52.33 | 20.66 | 12.64 | 15.85 | 22.36 | 23.14 |
| Year-End Price | N/A | 47.04 | 13.01 | 14.00 | 24.42 | 24.18 | 23.14 |
Warby Parker Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 56.5x vs a median of 87.6x. The company's 5-year average gross margin is 55.9%. At current prices, the estimated annualized return to fair value is +58.3%.
Warby Parker Inc. (WRBY) has a current P/E ratio of 2314.0, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
Warby Parker Inc. (WRBY) has a 5-year average return on invested capital (ROIC) of -24.0%. This is below average and may indicate limited pricing power.
Warby Parker Inc. (WRBY) has a market capitalization of $3.8B. It is classified as a mid-cap stock.
Warby Parker Inc. (WRBY) does not currently pay a regular dividend.
Based on historical P/E analysis, Warby Parker Inc. (WRBY) appears expensive. The current P/E of 2314.0 is 15327% above its historical median of 15.0.
Warby Parker Inc. (WRBY) operates in the Ophthalmic Goods industry, within the Healthcare sector.
Warby Parker Inc. (WRBY) reported annual revenue of $872 million in its most recent fiscal year, based on SEC EDGAR filings.
Warby Parker Inc. (WRBY) has a net profit margin of 0.2%. This is a modest margin.
Warby Parker Inc. (WRBY) generated $44 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Warby Parker Inc. (WRBY) has a debt-to-equity ratio of 0.96. This indicates moderate leverage.
Warby Parker Inc. (WRBY) reported earnings per share (EPS) of $0.01 in its most recent fiscal year.
Warby Parker Inc. (WRBY) has a return on equity (ROE) of 0.5%. This indicates moderate shareholder returns.
Warby Parker Inc. (WRBY) has a 5-year average gross margin of 55.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for Warby Parker Inc. (WRBY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Warby Parker Inc. (WRBY) has a book value per share of $2.24, based on its most recent annual SEC filing.