National Vision vs Sally Beauty
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The short version
- Sally Beauty is the larger business, with $3.7B of revenue in fiscal 2025 against $2.0B for National Vision, about 1.9 times as much.
- National Vision grew revenue faster (9.0%, against −0.4%).
- Sally Beauty kept more of each dollar of sales as operating profit (8.9% operating margin, against 3.0%).
- Sally Beauty turned more of its sales into free cash flow (4.7% FCF margin, against 3.7%).
- Sally Beauty earned a higher return on the capital invested in it (16.1%, against 3.9%).
- Investors pay more for each dollar of National Vision’s earnings: a P/E of 30.6x against 9.1x for Sally Beauty.
| Latest fiscal year | EYE · FY25 | SBH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $1.7B |
| Revenue | $2.0B | $3.7B |
| Free cash flow | $73.5M | $173M |
| Net income | $29.6M | $196M |
| Growth | ||
| Revenue growth | 9.0% | −0.4% |
| 5-year growth | 3.0% | 1.0% |
| Share count change | 2.5% | −2.9% |
| Profitability | ||
| Gross margin | — | 51.6% |
| Operating margin | 3.0% | 8.9% |
| Net margin | 1.5% | 5.3% |
| FCF margin | 3.7% | 4.7% |
| Return on capital | 3.9% | 16.1% |
| Return on equity | 3.5% | 27.5% |
| Balance sheet | ||
| Net debt | $207M | $726M |
| Net debt / EBITDA | 1.4x | 1.7x |
| Dividends and buybacks | $3.2M | $54.0M |
| Valuation & quality | ||
| P/E | 30.6x | 9.1x |
| Piotroski F-score | 7 | 8 |
FY16
EYE $1.2B
SBH $4.0B
FY17
EYE $1.4B
SBH $3.9B
FY18
EYE $1.5B
SBH $3.9B
FY19
EYE $1.7B
SBH $3.9B
FY20
EYE $1.7B
SBH $3.5B
FY21
EYE $2.1B
SBH $3.9B
FY22
EYE $1.6B
SBH $3.8B
FY23
EYE $1.8B
SBH $3.7B
FY24
EYE $1.8B
SBH $3.7B
FY25
EYE $2.0B
SBH $3.7B
EYE
SBH
FY16
EYE 5.4%
SBH 12.6%
FY17
EYE 4.7%
SBH 12.2%
FY18
EYE 2.8%
SBH 10.9%
FY19
EYE 4.3%
SBH 11.8%
FY20
EYE 5.1%
SBH 7.4%
FY21
EYE 8.4%
SBH 10.8%
FY22
EYE 3.2%
SBH 8.9%
FY23
EYE 1.4%
SBH 8.7%
FY24
EYE −0.6%
SBH 7.6%
FY25
EYE 3.0%
SBH 8.9%
EYE
SBH
FY16
EYE $7.6M
SBH $203M
FY17
EYE −$3.0M
SBH $254M
FY18
EYE $2.1M
SBH $286M
FY19
EYE $63.8M
SBH $213M
FY20
EYE $158M
SBH $316M
FY21
EYE $163M
SBH $308M
FY22
EYE $5.7M
SBH $57.3M
FY23
EYE $58.3M
SBH $159M
FY24
EYE $38.1M
SBH $145M
FY25
EYE $73.5M
SBH $173M
EYE
SBH
FY16
EYE —
SBH 22.4%
FY17
EYE 5.5%
SBH 20.5%
FY18
EYE 3.4%
SBH 23.0%
FY19
EYE 5.6%
SBH 23.5%
FY20
EYE 6.5%
SBH 13.1%
FY21
EYE 12.6%
SBH 23.9%
FY22
EYE 3.1%
SBH 19.7%
FY23
EYE 1.0%
SBH 17.2%
FY24
EYE −0.7%
SBH 14.1%
FY25
EYE 3.9%
SBH 16.1%
EYE
SBH
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.