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Operates value-priced optical retail chains (America's Best, Eyeglass World) selling eyewear and eye exams.
Operates value-priced optical retail chains (America's Best, Eyeglass World) selling eyewear and eye exams.
Draws shoppers with low-priced exams and package pricing, then earns mostly on the glasses sold afterwards, where the selling price is far above frame and lens cost. Many customers pay partly through vision insurance. Growth comes from opening stores in new towns.
Moat: narrow (scale, cost advantage, distribution). Low-price, high-volume optical format and store scale versus premium optical chains.
Headquarters: Duluth, Georgia, US · Founded: 1990 · Employees: 13,138
Size National Vision (EYE) is a United States Consumer Discretionary company (Specialty Stores) with a market value of $1.42B, the 2032nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $17.90 on 6 Nov 2026.
Performance Over six months the shares fell 22.0%, against -2.7% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 7.8% over the last twelve months (peer median +6.8%); the operating margin is 4.2% (peer median 7.1%).
Valuation It trades at 16.3× forward earnings against a peer median of 14.6× (8th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.9 points below its cost of capital (8.3% WACC).
Backlog Backlog (remaining performance obligations) was $87.8M at 4 Jul 2026 — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 19.9% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.03B | $1.99B | $1.82B | $1.76B | $2.01B |
| Revenue growth | — | +9% | +4% | -12% | — |
| Gross profit | $1.10B | $1.08B | $968M | $932M | $980M |
| EBITDA | $179M | $152M | $124M | $116M | $161M |
| Net income | $50.3M | $29.6M | -$28.5M | -$65.9M | $42.1M |
| Free cash flow | $49.1M | $73.5M | $38.1M | $54.9M | $5.65M |
| Capital expenditure | $80.5M | $72.8M | $95.5M | $115M | $114M |
| Total debt | $697M | $695M | $816M | $923M | $1.00B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| National Vision EYE | $1.42B | -22% | +8% | 4% | 16.3× | 15.6% |
| Warby Parker WRBY | $3.15B | -14% | +11% | 0% | 57.8× | n/a |
| EssilorLuxottica EL.PA | $101B | +12% | +8% | 12% | 26.6× | 19.4% |
| Costco COST | $467B | +4% | +10% | 4% | 46.2× | 19.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EYE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.9% | -0.1% | 7th highest of 21 |
| 6-month return | -22.0% | -2.7% | 6th lowest of 21 |
| Distance from 52-week high | -40.4% | -22.4% | 6th lowest of 21 |
| Revenue growth (TTM) | +7.8% | +6.8% | 11th highest of 21 |
| Operating margin | 4.2% | 7.1% | 9th lowest of 21 |
| Forward P/E | 16.3× | 14.6× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 15.6% | -1.6% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +3.0% | +5.6% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | +12.6 pp | -5.0 pp | most demanding of 17 |
| ROIC minus cost of capital | -3.9 pp | +3.4 pp | 5th lowest of 20 |
| EV / EBITDA | 11.6× | 7.2× | 4th most expensive of 13 |
| Net debt / EBITDA | 3.7× | 1.4× | 4th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| National Vision EYE | United States | $1.42B | -22% | +8% | 4% | 16.3× | 15.6% | +3.0% |
| Itochu Enex 8133.T | Japan | $1.41B | +3% | +2% | 3% | n/a | -7.1% | +2.9% |
| Leon's Furniture LNF.TO | Canada | $1.43B | +16% | 0% | 8% | 13.3× | -3.3% | +3.0% |
| Sun Art Retail 6808.HK | Hong Kong | $1.37B | -24% | -10% | 0% | n/a | 1.6% | -9.4% |
| Bilia BILI-A.ST | Sweden | $1.37B | +9% | +1% | 3% | 14.6× | 0.9% | +6.0% |
| Pets At Home PETS.L | United Kingdom | $1.51B | +48% | -1% | 7% | 15.9× | 9.2% | +5.2% |
| Savers Value Village SVV | United States | $1.52B | +22% | +10% | 8% | 18.2× | 12.9% | +15.0% |
| SILICON 2 257720.KS | South Korea | $1.30B | -39% | +55% | 19% | 7.2× | -14.8% | +62.2% |
| Rusta RUSTA.ST | Sweden | $1.28B | -17% | +8% | 8% | 18.7× | 2.5% | +7.3% |
| Luk Fook Holdings (International) 0590.HK | Hong Kong | $1.58B | -9% | +29% | 20% | 6.1× | n/a | n/a |
| Chengdu Fusen Noble-House Industrial 002818.SZ | China | $1.26B | -8% | -22% | 42% | 11.2× | -2.7% | -1.0% |
| Nextage 3186.T | Japan | $1.25B | -26% | +24% | 4% | 11.2× | -0.1% | +22.0% |
| Honasa Consumer HONASA.NS | India | $1.61B | +32% | +21% | 10% | 52.9× | 42.5% | +39.1% |
| Kidswant Digital Technology 301078.SZ | China | $1.24B | -25% | +5% | 5% | 21.8× | -0.6% | +4.2% |
| Sally Beauty SBH | United States | $1.71B | +31% | +1% | 9% | 8.3× | -2.6% | +1.0% |
| Beijing Caishikou Department Store 605599.SS | China | $1.71B | -23% | +37% | 4% | 13.3× | -17.2% | +32.7% |
| MarineMax HZO | United States | $1.16B | +21% | -6% | 2% | 32.8× | n/a | n/a |
| Sinomach Automobile 600335.SS | China | $1.16B | -14% | -11% | 2% | n/a | -10.9% | -4.2% |
| Bluestone Jewellery and Lifestyle BLUESTONE.NS | India | $1.15B | +41% | +38% | 9% | 132.9× | n/a | n/a |
| TUHU Car 9690.HK | Hong Kong | $1.14B | -13% | +16% | 0% | 21.3× | -17.8% | +12.7% |
| Chow Sang Sang Holdings International 0116.HK | Hong Kong | $1.13B | +7% | +16% | 20% | 3.1× | n/a | n/a |
National Vision reported $87.8M of remaining performance obligations at 4 Jul 2026 and down 1% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.