Carter's vs Warby Parker
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The short version
- Carter's is the larger business, with $2.9B of revenue in fiscal 2025 against $872M for Warby Parker, about 3.3 times as much.
- Warby Parker grew revenue faster (13.0%, against 1.9%).
- Carter's kept more of each dollar of sales as operating profit (5.0% operating margin, against −0.6%).
- Warby Parker turned more of its sales into free cash flow (5.0% FCF margin, against 2.4%).
- Carter's earned a higher return on the capital invested in it (11.9%, against −3.4%).
| Latest fiscal year | CRI · FY25 | WRBY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.2B | $3.3B |
| Revenue | $2.9B | $872M |
| Free cash flow | $68.6M | $43.7M |
| Net income | $91.8M | $1.6M |
| Growth | ||
| Revenue growth | 1.9% | 13.0% |
| 5-year growth | −0.9% | 17.2% |
| Share count change | −0.3% | 3.9% |
| Profitability | ||
| Gross margin | 45.4% | 54.0% |
| Operating margin | 5.0% | −0.6% |
| Net margin | 3.2% | 0.2% |
| FCF margin | 2.4% | 5.0% |
| Return on capital | 11.9% | −3.4% |
| Return on equity | 10.3% | 0.5% |
| Balance sheet | ||
| Net debt | $80.1M | −$286M |
| Net debt / EBITDA | 0.4x | −6.4x |
| Dividends and buybacks | $56.4M | $0.0M |
| Valuation & quality | ||
| P/E | 6.1x | — |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
CRI $3.2B
WRBY —
FY17
CRI $3.4B
WRBY —
FY18
CRI $3.5B
WRBY —
FY19
CRI $3.5B
WRBY $371M
FY20
CRI $3.0B
WRBY $394M
FY21
CRI $3.5B
WRBY $541M
FY22
CRI $3.2B
WRBY $598M
FY23
CRI $2.9B
WRBY $670M
FY24
CRI $2.8B
WRBY $771M
FY25
CRI $2.9B
WRBY $872M
CRI
WRBY
Operating margin
FY16
CRI 13.3%
WRBY —
FY17
CRI 12.3%
WRBY —
FY18
CRI 11.3%
WRBY —
FY19
CRI 10.6%
WRBY −0.5%
FY20
CRI 6.3%
WRBY −14.1%
FY21
CRI 14.3%
WRBY −26.6%
FY22
CRI 11.8%
WRBY −18.6%
FY23
CRI 11.0%
WRBY −10.8%
FY24
CRI 9.0%
WRBY −3.9%
FY25
CRI 5.0%
WRBY −0.6%
CRI
WRBY
Free cash flow
FY16
CRI $281M
WRBY —
FY17
CRI $260M
WRBY —
FY18
CRI $292M
WRBY —
FY19
CRI $326M
WRBY −$11.2M
FY20
CRI $556M
WRBY $12.7M
FY21
CRI $231M
WRBY −$80.5M
FY22
CRI $48.0M
WRBY −$49.8M
FY23
CRI $469M
WRBY $7.3M
FY24
CRI $243M
WRBY $34.7M
FY25
CRI $68.6M
WRBY $43.7M
CRI
WRBY
Return on capital
FY16
CRI 25.9%
WRBY —
FY17
CRI 27.5%
WRBY —
FY18
CRI 24.0%
WRBY —
FY19
CRI 23.4%
WRBY —
FY20
CRI 14.8%
WRBY —
FY21
CRI 43.2%
WRBY —
FY22
CRI 27.7%
WRBY −163.2%
FY23
CRI 22.7%
WRBY −69.8%
FY24
CRI 21.2%
WRBY −27.9%
FY25
CRI 11.9%
WRBY −3.4%
CRI
WRBY
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.