Academy Sports + Outdoors vs National Vision
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KIRA’s take AI analyst
I put Academy Sports + Outdoors and National Vision side by side, using each one’s latest annual report. Here is what stands out:
- 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 26.6x against 9.9x for Academy Sports + Outdoors.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Academy Sports + Outdoors
ASO
6/10
Operating marginNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
National Vision
EYE
3/10
Revenue growth5-year growthFCF margin
Side by side
Best in the row
| Latest fiscal year | ASO FY25 | EYE FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.8B | $1.3B |
| 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 | 9.9x | 26.6x |
| Piotroski F-score | 7 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.