National Vision Holdings, Inc. EYE
National Vision Holdings, Inc., a Delaware corporation, and its consolidated subsidiaries are referred to here as "we," "our," "us," "the Company," or "National Vision." National Vision Holdings, Inc. conducts substantially all of its activities through its indirect, wholly-owned subsidiary, National Vision, Inc. ("NVI"), and NVI's subsidiaries.
We are one of the largest optical retailers in the United States ("U.S.") and a leader in the value segment of the U.S. optical retail industry. We believe that vision is central to quality of life and that people deserve to see their best to live their best. Our mission is to help people by making quality eye care and eyewear more affordable and accessible. We achieve this by providing eye exams, eyeglasses and contact lenses to consumers across the nation. Our range of quality product offerings at multiple price points makes us an attractive destination for consumers of all income levels. As of January 3, 2026, our 2025 fiscal year end, we reach our customers through a diverse portfolio of 1,250 retail stores across four brands, our associated omni-channel consumer websites, and our dedicated e-commerce consumer website, DiscountContacts.com.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.99B | $1.82B | $1.76B | $1.64B | $2.08B | $1.71B | $1.72B | $1.54B | $1.38B | $1.20B |
| Cost of revenue | — | — | — | — | — | — | — | $713.6M | $637.0M | $544.8M |
| Gross profit | — | — | — | — | — | — | — | $823.3M | $738.3M | $651.4M |
| SG&A | $1.02B | $938.5M | $904.8M | $832.6M | $900.8M | $725.0M | $744.5M | $687.5M | $600.0M | $525.9M |
| Total operating expenses | $1.11B | $1.07B | $997.2M | $924.2M | $999.8M | $838.1M | $844.2M | $780.9M | $674.1M | $587.3M |
| Operating income | $58.8M | -$10.4M | $24.5M | $52.8M | $174.9M | $87.0M | $73.6M | $42.4M | $64.3M | $64.1M |
| Interest expense | — | — | — | — | — | — | — | — | $55.5M | $39.1M |
| Pre-tax income | $41.7M | -$25.7M | $9.6M | $52.3M | $149.3M | $38.7M | $30.5M | $4.9M | $4.2M | $25.0M |
| Income tax | $12.1M | $1.5M | $6.0M | $15.5M | $21.1M | $2.4M | $2.3M | $18.8M | $38.9M | $11.6M |
| Net income | $29.6M | -$28.5M | -$65.9M | $42.1M | $128.2M | $36.3M | $32.8M | $23.7M | $43.1M | $13.3M |
| EPS, basic | 0.37 | -0.36 | -0.84 | 0.53 | 1.57 | 0.45 | 0.42 | 0.31 | 0.72 | 0.24 |
| EPS, diluted | 0.37 | -0.36 | -0.84 | 0.52 | 1.43 | 0.44 | 0.40 | 0.30 | 0.70 | 0.23 |
| Shares, diluted (wtd. avg.) | $80.6M | $78.6M | $78.6M | $80.3M | $96.1M | $82.8M | $81.7M | $79.0M | $62.0M | $57.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $38.7M | $73.9M | $149.9M | $230.6M | $306.9M | $375.2M | $40.3M | $18.0M | $5.2M | $5.7M |
| Receivables | $57.3M | $49.9M | $86.9M | $79.9M | $55.7M | $58.0M | $44.5M | $50.7M | $43.2M | $34.4M |
| Inventory | $89.3M | $93.9M | $119.9M | $123.2M | $123.7M | $111.3M | $127.6M | $116.0M | $91.2M | $87.1M |
| Total current assets | $225.7M | $249.8M | $396.7M | $473.8M | $514.6M | $566.6M | $234.6M | $214.7M | $162.5M | $147.3M |
| Property, plant and equipment | — | — | — | — | — | — | — | $355.1M | $302.3M | $256.4M |
| Goodwill | $700.6M | $698.3M | $717.5M | $777.6M | $777.6M | $777.6M | $777.6M | $777.6M | $792.7M | $793.2M |
| Other intangibles | $7.6M | $8.3M | $20.2M | $34.7M | $42.0M | $49.5M | $56.9M | $64.5M | $72.9M | — |
| Total assets | $1.98B | $2.01B | $2.17B | $2.29B | $2.29B | $2.33B | $2.03B | $1.66B | $1.58B | $1.53B |
| Accounts payable | $79.0M | $53.6M | $67.6M | $65.3M | $64.3M | $64.9M | $40.8M | $43.6M | $35.7M | $39.4M |
| Short-term debt | $13.2M | $98.0M | $7.5M | $0 | $0 | $0 | $10.5M | — | — | — |
| Total current liabilities | $412.4M | $468.3M | $397.7M | $344.3M | $343.8M | $328.7M | $273.2M | $211.7M | $211.3M | $199.7M |
| Long-term debt | $223.2M | $239.1M | $437.7M | $546.2M | $543.6M | $624.6M | $525.9M | — | — | — |
| Retained earnings | $255.7M | $226.1M | $254.6M | $320.5M | $278.4M | $142.9M | $107.1M | $74.8M | $32.2M | -$8.7M |
| Total equity | $869.5M | $816.3M | $829.4M | $901.1M | $926.0M | $906.5M | $776.4M | $743.2M | $654.6M | $399.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $146.3M | $133.6M | $173.0M | $119.2M | $258.9M | $235.0M | $165.1M | $106.6M | $90.3M | $97.6M |
| Depreciation and amortisation | — | — | — | — | — | — | — | — | $52.7M | $42.8M |
| Stock-based compensation | $23.7M | $16.7M | $20.2M | $13.5M | $14.9M | $10.7M | $12.7M | $20.9M | $5.2M | $4.3M |
| Capital expenditure | $72.8M | $95.5M | $114.8M | $113.5M | $95.5M | $76.8M | $101.3M | $104.5M | $93.2M | $90.0M |
| Investing cash flow | -$76.6M | -$96.1M | -$115.8M | -$110.9M | -$92.9M | -$76.4M | -$100.6M | -$104.2M | -$94.6M | -$91.0M |
| Financing cash flow | -$104.6M | -$113.3M | -$136.8M | -$84.6M | -$234.3M | $176.3M | -$42.1M | $10.4M | $3.8M | -$6.6M |
| Dividends paid | — | — | — | — | — | — | $0 | $0 | $171.0M | $0 |
| Buybacks | $3.2M | $3.1M | $28.4M | $84.4M | $73.3M | $689.0K | $25.6M | $1.9M | $0 | $188.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-018642.
Others in SIC 3851
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| COO | COOPER COMPANIES, INC. | $13.57B | 37.2x | 5.1% |
| BLCO | Bausch & Lomb Corp | $6.44B | — | 6.5% |
| WRBY | Warby Parker Inc. | $3.02B | 2,435.0x | 13.0% |
| STAA | STAAR SURGICAL CO | $1.18B | — | -23.7% |
| RXST | RxSight, Inc. | $265.2M | — | -3.9% |
| LUCYW | Innovative Eyewear Inc | $275.5K | — | 62.6% |
| ALC | ALCON INC | — | — | 4.9% |