EYE

MKT CAP:$2B

National Vision Holdings, Inc.

Market Cap

$2B

Consumer Cyclical·Specialty Retail·🇺🇸 United States·NASDAQ

Consumer Cyc.·Specialty Retail·🇺🇸·NASDAQ

Stock Price

$24.15-$1.80 (-6.94%)

Apr 23, 2026

Company Details

National Vision Holdings, Inc., through its subsidiaries, operates as an optical retailer in the United States. The company operates in two segments, Owned & Host and Legacy. It offers eyeglasses and contact lenses, and optical accessory pr...

CEO

Alexander N. Wilkes

IPO Date

Oct 27, 2017

Website

www.nationalvision.com

Key Metrics TTM

Revenue

$1.9B

+2.2% YoY

Net Income

-$2M

EPS (Diluted)

-$0.03

Free Cash Flow

$83M

Revenue / Share

$23.66

Gross Margin

57.5%

Operating Margin

1.4%

Net Margin

-0.1%

FCF Margin

4.3%

P/S

1.0x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Mar 4, 2026

$2.0B+9.0%EPS $0.37

Q3 2025

Nov 6, 2025

$487MEPS $0.04

Q2 2025

Aug 7, 2025

$486M+7.7%EPS $0.11

Q1 2025

May 8, 2025

$510M+5.7%EPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$549M	$314M	$55M
Q3 21	$518M	$292M	$51M
Q4 21	$478M	$260M	$8M
Q1 22	$528M	$292M	$37M
Q2 22	$510M	$275M	$18M
Q3 22	$499M	$266M	$15M
Q4 22	$469M	$247M	-$10M
Q2 23	$432M	$251M	$6M
Q3 23	$439M	$255M	$4M
Q4 23	$506M	$259M	-$13M
Q1 24	$483M	$287M	$23M
Q2 24	$452M	$258M	$591.0K
Q4 24	$437M	$252M	-$26M
Q1 25	$510M	$305M	$26M
Q2 25	$486M	$286M	$16M
Q3 25	$487M	$262M	$10M

Valuation

Quarter	P/S	P/E
Q2 21	0.9x	12.5x
Q3 21	0.9x	12.0x
Q4 21	0.9x	14.7x
Q1 22	0.9x	16.4x
Q2 22	0.9x	21.7x
Q3 22	0.9x	32.7x
Q4 22	0.9x	44.8x
Q2 23	1.0x	107.2x
Q3 23	1.0x	—
Q4 23	1.0x	—
Q1 24	1.0x	—
Q2 24	1.0x	—
Q4 24	1.0x	—
Q1 25	1.0x	—
Q2 25	1.0x	—
Q3 25	1.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$92M	$70M
Q3 21	$44M	$24M
Q4 21	$25M	-$11M
Q1 22	$47M	$19M
Q2 22	$41M	$13M
Q3 22	$33M	$3M
Q4 22	-$2M	-$30M
Q2 23	$38M	$12M
Q3 23	$41M	$13M
Q4 23	$20M	-$13M
Q1 24	$24M	$4M
Q2 24	$51M	$32M
Q4 24	$30M	-$2M
Q1 25	$32M	$12M
Q2 25	$54M	$42M
Q3 25	$47M	$30M

Capital Expenditures

Quarter	CapEx
Q2 21	$22M
Q3 21	$20M
Q4 21	$37M
Q1 22	$28M
Q2 22	$28M
Q3 22	$30M
Q4 22	$27M
Q2 23	$26M
Q3 23	$28M
Q4 23	$33M
Q1 24	$20M
Q2 24	$20M
Q4 24	$32M
Q1 25	$20M
Q2 25	$12M
Q3 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+111.3%	+64.0%
Q3 21	+6.7%	+8.5%
Q4 21	-3.8%	+6.8%
Q1 22	-1.2%	+3.7%
Q2 22	-7.3%	-0.7%
Q3 22	-3.6%	+3.5%
Q4 22	-1.9%	+1.9%
Q2 23	-18.2%	-13.1%
Q3 23	-13.9%	-11.4%
Q4 23	+1.4%	+7.4%
Q1 24	+3.0%	-4.0%
Q2 24	+4.6%	+5.8%
Q4 24	-0.4%	+6.3%
Q1 25	+0.8%	-6.8%
Q2 25	+0.8%	+2.3%
Q3 25	+7.9%	+5.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$7M	1.3%
Q3 21	$4M	0.7%
Q4 21	$1M	0.2%
Q1 22	$4M	0.7%
Q2 22	$4M	0.7%
Q3 22	$3M	0.6%
Q4 22	$3M	0.6%
Q2 23	$5M	1.3%
Q3 23	$5M	1.2%
Q4 23	$5M	1.0%
Q1 24	$2M	0.5%
Q2 24	$5M	1.1%
Q4 24	$5M	1.1%
Q1 25	$7M	1.4%
Q2 25	$5M	1.1%
Q3 25	$6M	1.1%

OpEx Breakdown

Quarter	SG&A
Q2 21	$234M
Q3 21	$218M
Q4 21	$225M
Q1 22	$229M
Q2 22	$228M
Q3 22	$225M
Q4 22	$234M
Q2 23	$223M
Q3 23	$228M
Q4 23	$248M
Q1 24	$240M
Q2 24	$231M
Q4 24	$233M
Q1 25	$256M
Q2 25	$247M
Q3 25	$252M

Revenue Segments

Quarter	Product Sales	Services And Plans
Q2 21	$458M	$91M
Q3 21	$426M	$92M
Q1 22	$433M	$94M
Q2 22	$422M	$88M
Q3 22	$411M	$89M
Q4 22	$383M	$86M
Q2 24	$362M	$90M
Q1 25	$413M	$98M
Q2 25	$395M	$92M
Q3 25	$393M	$94M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$315M	$0	$315M
Q2 22	$254M	$0	$254M
Q3 22	$256M	$0	$256M
Q4 22	$229M	$0	$229M
Q1 23	$247M	$0	$247M
Q2 23	$255M	$0	$255M
Q3 23	$266M	$0	$266M
Q4 23	$150M	$0	$150M
Q1 24	$150M	$0	$150M
Q2 24	$180M	$0	$180M
Q3 24	$81M	$0	$81M
Q4 24	$74M	$0	$74M
Q1 25	$80M	$0	$80M
Q2 25	$48M	$0	$48M
Q3 25	$56M	$0	$56M
Q4 25	$39M	$0	$39M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	96M	+0.1%	+19.6%
Q3 21	97M	+0.4%	+15.2%
Q4 21	83M	-13.9%	-13.4%
Q1 22	95M	+14.3%	-1.2%
Q2 22	80M	-15.3%	-16.3%
Q3 22	79M	-1.4%	-17.8%
Q4 22	79M	-0.4%	-5.0%
Q2 23	78M	-0.8%	-17.5%
Q3 23	78M	-0.2%	-2.8%
Q4 23	78M	+0.1%	-1.3%
Q1 24	79M	+0.7%	-0.2%
Q2 24	79M	-0.3%	+0.3%
Q4 24	79M	+0.2%	+0.8%
Q1 25	79M	+0.6%	+1.3%
Q2 25	80M	+1.0%	+1.6%
Q3 25	81M	+1.4%	+3.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$43.0K	13K
Q3 21	$40.5K	13K
Q4 21	$37.4K	13K
Q1 22	$38.4K	14K
Q2 22	$37.1K	14K
Q3 22	$36.3K	14K
Q4 22	$33.6K	14K
Q2 23	$30.9K	14K
Q3 23	$31.4K	14K
Q4 23	$36.2K	14K
Q1 24	$34.5K	14K
Q2 24	$32.3K	14K
Q4 24	$32.6K	13K
Q1 25	$38.1K	13K
Q2 25	$36.3K	13K
Q3 25	$36.3K	13K

Revenue / Employee