National Vision
EYE · Specialty Stores
$18.67
1.1%MarineMax
HZO · Specialty Stores
$52.59
0.4%The short version
- MarineMax is the larger business, with $2.3B of revenue in fiscal 2025 against $2.0B for National Vision.
- National Vision grew revenue faster (9.0%, against −5.0%).
- National Vision kept more of each dollar of sales as operating profit (3.0% operating margin, against 1.5% operating margin).
- National Vision turned more of its sales into free cash flow (3.7% FCF margin, against 0.5% FCF margin).
- National Vision earned a higher return on the capital invested in it (3.9%, against 1.4%).
| Latest fiscal year | EYE · FY25 | HZO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $1.2B |
| Revenue | $2.0B | $2.3B |
| Free cash flow | $73.5M | $11.9M |
| Net income | $29.6M | −$31.6M |
| Growth | ||
| Revenue growth | 9.0% | −5.0% |
| 5-year growth | 3.0% | 8.9% |
| Share count change | 2.5% | −4.2% |
| Profitability | ||
| Gross margin | — | 32.5% |
| Operating margin | 3.0% | 1.5% |
| Net margin | 1.5% | −1.4% |
| FCF margin | 3.7% | 0.5% |
| Return on capital | 3.9% | 1.4% |
| Return on equity | 3.5% | −3.3% |
| Balance sheet | ||
| Net debt | $207M | $939M |
| Net debt / EBITDA | 1.4x | 11.3x |
| Dividends and buybacks | $3.2M | $27.5M |
| Valuation & quality | ||
| P/E | 30.6x | — |
| Piotroski F-score | 7 | 5 |
FY16
EYE $1.2B
HZO $942M
FY17
EYE $1.4B
HZO $1.1B
FY18
EYE $1.5B
HZO $1.2B
FY19
EYE $1.7B
HZO $1.2B
FY20
EYE $1.7B
HZO $1.5B
FY21
EYE $2.1B
HZO $2.1B
FY22
EYE $1.6B
HZO $2.3B
FY23
EYE $1.8B
HZO $2.4B
FY24
EYE $1.8B
HZO $2.4B
FY25
EYE $2.0B
HZO $2.3B
EYE
HZO
FY16
EYE 5.4%
HZO 4.3%
FY17
EYE 4.7%
HZO 4.3%
FY18
EYE 2.8%
HZO 5.4%
FY19
EYE 4.3%
HZO 4.9%
FY20
EYE 5.1%
HZO 7.1%
FY21
EYE 8.4%
HZO 10.2%
FY22
EYE 3.2%
HZO 11.5%
FY23
EYE 1.4%
HZO 8.4%
FY24
EYE −0.6%
HZO 5.3%
FY25
EYE 3.0%
HZO 1.5%
EYE
HZO
FY16
EYE $7.6M
HZO $10.0M
FY17
EYE −$3.0M
HZO −$9.6M
FY18
EYE $2.1M
HZO $56.6M
FY19
EYE $63.8M
HZO −$29.5M
FY20
EYE $158M
HZO $292M
FY21
EYE $163M
HZO $348M
FY22
EYE $5.7M
HZO $18.1M
FY23
EYE $58.3M
HZO −$288M
FY24
EYE $38.1M
HZO −$86.1M
FY25
EYE $73.5M
HZO $11.9M
EYE
HZO
FY16
EYE —
HZO 6.3%
FY17
EYE 5.5%
HZO 5.9%
FY18
EYE 3.4%
HZO 9.0%
FY19
EYE 5.6%
HZO 7.7%
FY20
EYE 6.5%
HZO 14.9%
FY21
EYE 12.6%
HZO 35.0%
FY22
EYE 3.1%
HZO 33.9%
FY23
EYE 1.0%
HZO 12.4%
FY24
EYE −0.7%
HZO 5.2%
FY25
EYE 3.9%
HZO 1.4%
EYE
HZO
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