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National Vision

EYE Nasdaq Specialty Stores Financials FY2016–FY2025

National Vision's revenue rose 9.0% to $2.0 billion in fiscal 2025. Its operating margin was 3.0%, up from −0.6% a year earlier. Free cash flow was $73 million, up 92.6%. It paid out $3 million in dividends and buybacks, 4% of free cash flow. The diluted share count rose 2.5%.

Last close · Oct 23, 2026

$18.67

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$2.0B
9.0% vs prior year
Operating margin Operating income as a share of revenue.
3.0%
3.5 pts
Net income Profit after all expenses, interest and tax.
$29.6M
Free cash flow Cash from operations minus capital spending.
$73.5M
92.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.9%
4.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
30.6x
On $0.61 EPS (TTM)

What National Vision does

No business description yet.

Legal name
National Vision Holdings, Inc.
Fiscal year ends
January 3, 2026
Latest annual report
—
Accession · CIK
0001628280-26-014379
0001710155

Revenue and margins

National Vision had $2.0B of revenue in fiscal 2025, up 9.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $73.5M in fiscal 2025, 3.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

National Vision returned $3.2M to shareholders in fiscal 2025, 4% of free cash flow. The diluted share count rose 2.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value National Vision yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$207M and divides by 80.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 30.6x · peers 10.1x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably National Vision can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $306M$229M$150M$73.9M$38.7M
Debt incl. finance leases $570M$568M$461M$350M$246M
Net debt / EBITDA 1.0x2.4x2.7x3.4x1.4x
Debt / equity 0.6x0.6x0.6x0.4x0.3x
Interest coverage 6.8x3.1x2.1x−0.8x3.1x
Current ratio 1.5x1.4x1.0x0.5x0.6x
Quick ratio 1.1x1.0x0.7x0.3x0.3x
Total assets $2.3B$2.3B$2.2B$2.0B$2.0B
Total liabilities $1.4B$1.4B$1.3B$1.2B$1.1B
Shareholders' equity $926M$901M$829M$816M$870M
Net debt (− = net cash) $264M$338M$311M$276M$207M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.8M

1 insider

Sold, 12 months

$1.3M

2 insiders

Of sales under plans

100%

$1.3M

DateInsiderTradeSharesPriceValueFiling
Jun 5, 2026 Michael J NicholsonDirector Bought 50,000 $15.52 $0.8M Form 4
Mar 11, 2026 Alexander WilkesChief Executive Officer, Director Sold plan 35,000 $26.54 $0.9M Form 4
Mar 6, 2026 Fahs L ReadeExecutive Chairman, Director Sold plan 11,672 $29.58 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 86 / 87 / 8
Accruals ratio −10.7%−7.8%−5.9%
Altman Z'' 1.100.340.82

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
National Vision EYE $1.5B 9.0% 3.0% 3.7% 3.9% 30.6x 7
MarineMax HZO $1.2B −5.0% 1.5% 0.5% 1.4% — 5 Compare →
Sally Beauty SBH $1.7B −0.4% 8.9% 4.7% 16.1% 9.1x 8 Compare →
Five Below FIVE $12.4B 22.9% 9.6% 8.6% 26.9% 20.0x 7 Compare →
Academy Sports + Outdoors ASO $3.8B 2.0% 8.5% 3.7% 17.6% 10.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.2B $1.4B $1.5B $1.7B $1.7B $2.1B $1.6B $1.8B $1.8B $2.0B
Gross profit $651M $738M $823M — — — — — — —
Operating income $64.1M $64.3M $42.4M $73.6M $87.0M $175M $52.8M $24.5M −$10.4M $58.8M
Interest expense $39.1M $55.5M $37.3M $33.3M $48.3M $25.6M $16.9M $11.7M $13.4M $19.1M
Pretax income $25.0M $4.2M $4.9M $30.5M $38.7M $149M $52.3M $9.6M −$25.7M $41.7M
Income tax $11.6M −$38.9M −$18.8M −$2.3M $2.4M $21.1M $15.5M $6.0M $1.5M $12.1M
Net income $13.3M $43.1M $23.7M $32.8M $36.3M $128M $42.1M −$65.9M −$28.5M $29.6M
Diluted EPS $0.23 $0.70 $0.30 $0.40 $0.44 $1.43 $0.52 −$0.84 −$0.36 $0.37
Diluted shares 0.06B 0.06B 0.08B 0.08B 0.08B 0.10B 0.08B 0.08B 0.08B 0.08B
Cash flow
Cash from operations $97.6M $90.3M $107M $165M $235M $259M $119M $173M $134M $146M
Capital expenditure $90.0M $93.2M $105M $101M $76.8M $95.5M $114M $115M $95.5M $72.8M
Free cash flow $7.6M −$3.0M $2.1M $63.8M $158M $163M $5.7M $58.3M $38.1M $73.5M
Depreciation and amortization $52.7M $62.0M $74.3M $87.2M $91.6M $97.1M $88.7M $89.9M $91.3M $91.2M
Stock-based compensation $4.3M $5.2M $20.9M $12.7M $10.7M $14.9M $13.5M $20.2M $16.7M $23.7M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.2M $0.0M $1.9M $25.6M $0.7M $73.3M $84.4M $28.4M $3.1M $3.2M
Dividends paid $0.0M $171M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.2M $171M $1.9M $25.7M $0.7M $73.3M $84.4M $28.4M $3.1M $3.2M
Balance sheet
Cash and short-term investments $4.9M $4.2M $17.1M $39.3M $374M $306M $229M $150M $73.9M $38.7M
Total debt $746M $569M $578M $536M $625M $544M $546M $445M $337M $237M
Finance lease liabilities $0.0M $0.0M $0.0M $33.3M $30.8M $26.5M $21.3M $16.1M $12.8M $9.4M
Current assets $147M $163M $215M $235M $567M $515M $474M $397M $250M $226M
Current liabilities $200M $211M $212M $273M $329M $344M $344M $398M $468M $412M
Inventory $87.1M $91.2M $116M $128M $111M $124M $123M $120M $93.9M $89.3M
Property and equipment, net $256M $302M $355M $367M $341M $346M $360M $360M $362M $345M
Total assets $1.5B $1.6B $1.7B $2.0B $2.3B $2.3B $2.3B $2.2B $2.0B $2.0B
Total liabilities $1.1B $927M $918M $1.3B $1.4B $1.4B $1.4B $1.3B $1.2B $1.1B
Shareholders' equity $400M $655M $743M $776M $907M $926M $901M $829M $816M $870M
Margins
Gross margin 54.5% 53.7% 53.6% — — — — — — —
Operating margin 5.4% 4.7% 2.8% 4.3% 5.1% 8.4% 3.2% 1.4% −0.6% 3.0%
EBITDA margin 9.8% 9.2% 7.6% 9.3% 10.4% 13.1% 8.6% 6.5% 4.4% 7.6%
Net margin 1.1% 3.1% 1.5% 1.9% 2.1% 6.2% 2.6% −3.8% −1.6% 1.5%
FCF margin 0.6% −0.2% 0.1% 3.7% 9.2% 7.9% 0.3% 3.3% 2.1% 3.7%
Returns
Return on capital — 5.5% 3.4% 5.6% 6.5% 12.6% 3.1% 1.0% −0.7% 3.9%
Return on capital employed — 4.8% 3.0% 4.6% 4.6% 8.9% 2.7% 1.3% −0.6% 3.8%
Return on equity — 8.2% 3.4% 4.3% 4.3% 14.0% 4.6% −7.6% −3.5% 3.5%
Return on assets — 2.8% 1.5% 1.8% 1.7% 5.5% 1.8% −3.0% −1.4% 1.5%
Growth
Revenue growth 12.6% 15.0% 11.8% 12.2% −0.7% 21.5% −20.9% 6.8% 3.8% 9.0%
Net income growth 268.9% 223.3% −45.2% 38.7% 10.6% 253.5% −67.2% −256.5% — —
EPS growth 283.3% 204.4% −57.1% 33.3% 10.0% 225.0% −63.6% −261.5% — —
FCF growth 26.6% −139.2% — 2,886.2% 148.1% 3.3% −96.5% 931.0% −34.5% 92.6%
Share count change 1.9% 8.8% 27.4% 3.3% 1.4% 16.1% −16.5% −2.1% −0.0% 2.5%
Financial health
Net debt / EBITDA 6.3x 4.5x 4.8x 3.3x 1.6x 1.0x 2.4x 2.7x 3.4x 1.4x
Debt / equity 1.9x 0.9x 0.8x 0.7x 0.7x 0.6x 0.6x 0.6x 0.4x 0.3x
Interest coverage 1.6x 1.2x 1.1x 2.2x 1.8x 6.8x 3.1x 2.1x −0.8x 3.1x
Current ratio 0.7x 0.8x 1.0x 0.9x 1.7x 1.5x 1.4x 1.0x 0.5x 0.6x
Quick ratio 0.3x 0.3x 0.5x 0.4x 1.4x 1.1x 1.0x 0.7x 0.3x 0.3x
Capital allocation
Capex / revenue 7.5% 6.8% 6.8% 5.9% 4.5% 4.6% 6.9% 6.5% 5.2% 3.7%
Stock comp / revenue 0.4% 0.4% 1.4% 0.7% 0.6% 0.7% 0.8% 1.2% 0.9% 1.2%
Payouts / FCF 2.5% — 90.3% 40.2% 0.4% 44.9% 1,493.3% 48.8% 8.1% 4.4%
Quality scores
Piotroski F-score — — 6.0 6.0 5.0 6.0 4.0 5.0 6.0 7.0
Altman Z'' 0.4 0.9 1.2 0.9 1.8 2.1 1.7 1.1 0.3 0.8
Accruals ratio — −3.0% −5.1% −7.2% −9.1% −5.7% −3.4% −10.7% −7.8% −5.9%

Source: SEC EDGAR XBRL filings (CIK 0001710155). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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