National Vision
EYE · Specialty Stores
$18.67
1.1%Five Below
FIVE · Specialty Stores
$223.24
1.2%The short version
- Five Below is the larger business, with $4.8B of revenue in fiscal 2025 against $2.0B for National Vision, about 2.4 times as much.
- Five Below grew revenue faster (22.9%, against 9.0%).
- Five Below kept more of each dollar of sales as operating profit (9.6% operating margin, against 3.0% operating margin).
- Five Below turned more of its sales into free cash flow (8.6% FCF margin, against 3.7% FCF margin).
- Five Below earned a higher return on the capital invested in it (26.9%, against 3.9%).
- Investors pay more for each dollar of National Vision’s earnings: a P/E of 30.6x against 20.0x for Five Below.
| Latest fiscal year | EYE · FY25 | FIVE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $12.4B |
| Revenue | $2.0B | $4.8B |
| Free cash flow | $73.5M | $412M |
| Net income | $29.6M | $359M |
| Growth | ||
| Revenue growth | 9.0% | 22.9% |
| 5-year growth | 3.0% | 19.4% |
| Share count change | 2.5% | 0.5% |
| Profitability | ||
| Gross margin | — | 36.0% |
| Operating margin | 3.0% | 9.6% |
| Net margin | 1.5% | 7.5% |
| FCF margin | 3.7% | 8.6% |
| Return on capital | 3.9% | 26.9% |
| Return on equity | 3.5% | 17.9% |
| Balance sheet | ||
| Net debt | $207M | −$932M |
| Net debt / EBITDA | 1.4x | −1.4x |
| Dividends and buybacks | $3.2M | $0.0M |
| Valuation & quality | ||
| P/E | 30.6x | 20.0x |
| Piotroski F-score | 7 | 7 |
FY16
EYE $1.2B
FIVE $1.0B
FY17
EYE $1.4B
FIVE $1.3B
FY18
EYE $1.5B
FIVE $1.6B
FY19
EYE $1.7B
FIVE $1.8B
FY20
EYE $1.7B
FIVE $2.0B
FY21
EYE $2.1B
FIVE $2.8B
FY22
EYE $1.6B
FIVE $3.1B
FY23
EYE $1.8B
FIVE $3.6B
FY24
EYE $1.8B
FIVE $3.9B
FY25
EYE $2.0B
FIVE $4.8B
EYE
FIVE
FY16
EYE 5.4%
FIVE 11.4%
FY17
EYE 4.7%
FIVE 12.3%
FY18
EYE 2.8%
FIVE 12.0%
FY19
EYE 4.3%
FIVE 11.8%
FY20
EYE 5.1%
FIVE 7.9%
FY21
EYE 8.4%
FIVE 13.3%
FY22
EYE 3.2%
FIVE 11.2%
FY23
EYE 1.4%
FIVE 10.8%
FY24
EYE −0.6%
FIVE 8.4%
FY25
EYE 3.0%
FIVE 9.6%
EYE
FIVE
FY16
EYE $7.6M
FIVE $61.8M
FY17
EYE −$3.0M
FIVE $99.6M
FY18
EYE $2.1M
FIVE $70.4M
FY19
EYE $63.8M
FIVE −$25.3M
FY20
EYE $158M
FIVE $166M
FY21
EYE $163M
FIVE $39.8M
FY22
EYE $5.7M
FIVE $63.0M
FY23
EYE $58.3M
FIVE $165M
FY24
EYE $38.1M
FIVE $107M
FY25
EYE $73.5M
FIVE $412M
EYE
FIVE
FY16
EYE —
FIVE 44.4%
FY17
EYE 5.5%
FIVE 51.9%
FY18
EYE 3.4%
FIVE 59.4%
FY19
EYE 5.6%
FIVE 44.3%
FY20
EYE 6.5%
FIVE 25.7%
FY21
EYE 12.6%
FIVE 46.2%
FY22
EYE 3.1%
FIVE 29.8%
FY23
EYE 1.0%
FIVE 27.7%
FY24
EYE −0.7%
FIVE 20.2%
FY25
EYE 3.9%
FIVE 26.9%
EYE
FIVE
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.