Academy Sports + Outdoors vs National Vision
Add, change or remove companies; up to four.
The short version
- Academy Sports + Outdoors is the larger business, with $6.1B of revenue in fiscal 2025 against $2.0B for National Vision, about 3.0 times as much.
- National Vision grew revenue faster (9.0%, against 2.0%).
- Academy Sports + Outdoors kept more of each dollar of sales as operating profit (8.5% operating margin, against 3.0%).
- Academy Sports + Outdoors earned a higher return on the capital invested in it (17.6%, against 3.9%).
- Investors pay more for each dollar of National Vision’s earnings: a P/E of 30.6x against 10.1x for Academy Sports + Outdoors.
| Latest fiscal year | ASO · FY25 | EYE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.8B | $1.5B |
| Revenue | $6.1B | $2.0B |
| Free cash flow | $222M | $73.5M |
| Net income | $377M | $29.6M |
| Growth | ||
| Revenue growth | 2.0% | 9.0% |
| 5-year growth | 1.3% | 3.0% |
| Share count change | −6.9% | 2.5% |
| Profitability | ||
| Gross margin | 34.8% | — |
| Operating margin | 8.5% | 3.0% |
| Net margin | 6.2% | 1.5% |
| FCF margin | 3.7% | 3.7% |
| Return on capital | 17.6% | 3.9% |
| Return on equity | 18.1% | 3.5% |
| Balance sheet | ||
| Net debt | $154M | $207M |
| Net debt / EBITDA | 0.2x | 1.4x |
| Dividends and buybacks | $234M | $3.2M |
| Valuation & quality | ||
| P/E | 10.1x | 30.6x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
ASO —
EYE $1.2B
FY17
ASO —
EYE $1.4B
FY18
ASO $4.8B
EYE $1.5B
FY19
ASO $4.8B
EYE $1.7B
FY20
ASO $5.7B
EYE $1.7B
FY21
ASO $6.8B
EYE $2.1B
FY22
ASO $6.4B
EYE $1.6B
FY23
ASO $6.2B
EYE $1.8B
FY24
ASO $5.9B
EYE $1.8B
FY25
ASO $6.1B
EYE $2.0B
ASO
EYE
Operating margin
FY16
ASO —
EYE 5.4%
FY17
ASO —
EYE 4.7%
FY18
ASO 2.7%
EYE 2.8%
FY19
ASO 3.7%
EYE 4.3%
FY20
ASO 7.4%
EYE 5.1%
FY21
ASO 13.4%
EYE 8.4%
FY22
ASO 13.2%
EYE 3.2%
FY23
ASO 11.0%
EYE 1.4%
FY24
ASO 9.1%
EYE −0.6%
FY25
ASO 8.5%
EYE 3.0%
ASO
EYE
Free cash flow
FY16
ASO —
EYE $7.6M
FY17
ASO —
EYE −$3.0M
FY18
ASO $90.6M
EYE $2.1M
FY19
ASO $201M
EYE $63.8M
FY20
ASO $970M
EYE $158M
FY21
ASO $597M
EYE $163M
FY22
ASO $444M
EYE $5.7M
FY23
ASO $328M
EYE $58.3M
FY24
ASO $328M
EYE $38.1M
FY25
ASO $222M
EYE $73.5M
ASO
EYE
Return on capital
FY16
ASO —
EYE —
FY17
ASO —
EYE 5.5%
FY18
ASO —
EYE 3.4%
FY19
ASO —
EYE 5.6%
FY20
ASO —
EYE 6.5%
FY21
ASO 44.5%
EYE 12.6%
FY22
ASO 36.6%
EYE 3.1%
FY23
ASO 26.7%
EYE 1.0%
FY24
ASO 19.5%
EYE −0.7%
FY25
ASO 17.6%
EYE 3.9%
ASO
EYE
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.